IPEX — what changed in the latest 10-Q
A section-by-section comparison of IPEX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-15 vs the prior 10-Q · 2025-11-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +74 | −75 | ~54 | 60 |
| Market risk (Item 3) | Text added/removed | +74 | −75 | ~54 | 59 |
| Controls & procedures | Text added/removed | +74 | −75 | ~54 | 59 |
| Other information | Text added/removed | +74 | −75 | ~54 | 58 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-15
Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit
Temporary equity – Class A ordinary shares subject to possible redemption
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding ― ―
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of March 31, 2026 and December 31, 2025, respectively 230 230
Total Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit $90,313,170 $89,528,052
Text removed vs the prior filing · source: 10-Q · 2025-11-12
Deferred offering costs associated with initial public offering - 131,602
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding - -
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of September 30, 2025 and zero shares issued and outstanding as of December 31, 2024 230 -
(1) December 31, 2024 includes up to 393,750 Class B ordinary shares that were subject to forfeiture until the over-allotment option was exercised in full by the underwriters subsequent to December 31, 2024 (Note 5).
The accompanying notes are an integral part of the unaudited condensed financial statements.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-15
Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit
Temporary equity – Class A ordinary shares subject to possible redemption
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding ― ―
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of March 31, 2026 and December 31, 2025, respectively 230 230
Total Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit $90,313,170 $89,528,052
Text removed vs the prior filing · source: 10-Q · 2025-11-12
Deferred offering costs associated with initial public offering - 131,602
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding - -
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of September 30, 2025 and zero shares issued and outstanding as of December 31, 2024 230 -
(1) December 31, 2024 includes up to 393,750 Class B ordinary shares that were subject to forfeiture until the over-allotment option was exercised in full by the underwriters subsequent to December 31, 2024 (Note 5).
The accompanying notes are an integral part of the unaudited condensed financial statements.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-15
Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit
Temporary equity – Class A ordinary shares subject to possible redemption
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding ― ―
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of March 31, 2026 and December 31, 2025, respectively 230 230
Total Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit $90,313,170 $89,528,052
Text removed vs the prior filing · source: 10-Q · 2025-11-12
Deferred offering costs associated with initial public offering - 131,602
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding - -
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of September 30, 2025 and zero shares issued and outstanding as of December 31, 2024 230 -
(1) December 31, 2024 includes up to 393,750 Class B ordinary shares that were subject to forfeiture until the over-allotment option was exercised in full by the underwriters subsequent to December 31, 2024 (Note 5).
The accompanying notes are an integral part of the unaudited condensed financial statements.
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-15
Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit
Temporary equity – Class A ordinary shares subject to possible redemption
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding ― ―
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of March 31, 2026 and December 31, 2025, respectively 230 230
Total Liabilities, Ordinary Shares subject to possible redemption, and Shareholders’ Deficit $90,313,170 $89,528,052
Text removed vs the prior filing · source: 10-Q · 2025-11-12
Deferred offering costs associated with initial public offering - 131,602
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding - -
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,294,375 shares issued and outstanding (excluding 8,625,000 shares subject to possible redemption) as of September 30, 2025 and zero shares issued and outstanding as of December 31, 2024 230 -
(1) December 31, 2024 includes up to 393,750 Class B ordinary shares that were subject to forfeiture until the over-allotment option was exercised in full by the underwriters subsequent to December 31, 2024 (Note 5).
The accompanying notes are an integral part of the unaudited condensed financial statements.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice