ILLUW — what changed in the latest 10-Q
A section-by-section comparison of ILLUW'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 · 2026-07-15 vs the prior 10-Q · 2026-04-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +9 | −7 | ~6 | 8 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
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 · 2026-07-15
For the three months ended May 31, 2026, we had a net income $1,925,144, which consisted of interest earned on marketable securities held in Trust Account of $2,037,464, referral fee income of $69,000, offset by formation, general and administrative costs of $181,320.
For the six months ended May 31, 2026, we had a net income $1,837,551, which consisted of interest earned on marketable securities held in Trust Account of $2,037,464, referral fee income of $69,000, offset by formation, general and administrative costs of $268,913.
Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of shares of Class B ordinary shares, par value $0.0001 per share, by the Sponsor and loans from the Sponsor which were fully repaid subsequent to the closing of the Initial Public Offering. A…
On March 2, 2026, we consummated the Initial Public Offering of 23,000,000 Units which includes the full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously with the closing of the…
Following the Initial Public Offering, the full exercise of the over-allotment option, and the sale of the Units, a total of $230,000,000 was placed in the Trust Account. We incurred total transaction costs of the Initial Public Offering amounting to $13,260,344, consisting of a $4,600,000 of cash u…
Text removed vs the prior filing · source: 10-Q · 2026-04-14
For the three months ended February 28, 2026, we had a net loss of $87,593, which consisted of formation, general and administrative costs.
Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of shares of Class B ordinary shares, par value $0.0001 per share, by the Sponsor and loans from the Sponsor which were fully repaid subsequent to the closing of the Initial Public Offering. A…
Subsequent to the quarterly period covered by this Quarterly Report on Form 10-Q, on March 2, 2026, we consummated the Initial Public Offering of 23,000,000 Units which includes the full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit,…
Following the Initial Public Offering, the full exercise of the over-allotment option, and the sale of the Units, a total of $230,000,000 was placed in the Trust Account. We incurred total transaction costs amounting to $13,260,344, consisting of $4,600,000 of cash underwriting fee, $8,050,000 of de…
For the three months ended February 28, 2026, net cash used in operating activities was $41,661. Net loss of $87,593 was affected by payment of operating expenses through advances from related party of $12,445, payment of operating expenses through promissory note – related party of $31,754 and chan…
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