Charlton Aria shareholder redemptions total $63.2M
The agreement requires at least $30,000,000 in aggregate cash at closing; $30,597,806 remained in trust after redemptions.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Charlton Aria Acquisition Corp. (CHAR) entered a business combination agreement with KQC Quantum, Inc. on October 6, 2026. Under the agreement, KQC MS Limited would merge into CHAR, which would survive as Parent’s wholly owned subsidiary, subject to the agreement’s conditions. The agreement assigns Parent an $80,000,000 equity value, provides for up to 1,500,000 earnout shares, and requires at least $30,000,000 in aggregate cash available at closing.
On October 19, shareholders approved up to 12 one-month extensions, through October 25, 2027. Holders of 5,725,962 public shares redeemed for approximately $11.03 per share, or $63,157,704 in aggregate. After the redemptions, 2,774,038 public shares remained outstanding and $30,597,806 remained in trust. Third-quarter net income was $138,124 versus $806,989 in 2025; nine-month net income was $1,405,762 versus $2,316,270.
As of September 30, 2026, cash was $30,962 and the working-capital deficit was $2,914,552. Management said these conditions raise substantial doubt about CHAR’s ability to continue as a going concern within one year after the financial statements are issued.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Major pointGoing-concern doubt: $30,962 cash and a $2,914,552 working-capital deficit as of September 30, 2026.
- Minor pointQuarterly net income fell to $138,124 from $806,989 in 2025.
Filing Explained
The sponsor’s conversion reclassified shares; the converted shares receive no distribution from the trust account.
The proposed combination remains conditional: after quarter-end, Charlton Aria deposited
On
To use another one-month extension, the sponsor or its designees must deposit
Key Figures
Key Terms
going concern financial
Working Capital Loans financial
temporary equity financial
earnout shares financial
De-SPAC Costs financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What conditions must CHAR meet to close its proposed business combination?
How much does each CHAR deadline extension require?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
For the transition period from __________ to __________
Commission File Number:
(Exact name of registrant as specified in its charter)
| N/A | ||
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices and zip code)
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Smaller reporting company | |
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of October 22, 2026, there were
TABLE OF CONTENTS
| PART I. FINANCIAL INFORMATION | 1 | |
| Item 1. Financial Statements (Unaudited) | 1 | |
| Balance Sheets as of September 30, 2026 and December 31, 2025 (Unaudited) | 1 | |
| Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) | 2 | |
| Statements of Changes in Shareholders’ Deficit for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) | 3 | |
| Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 (Unaudited) | 5 | |
| Notes to Unaudited Financial Statements | 6 | |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22 | |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 29 | |
| Item 4. Controls and Procedures | 30 | |
| PART II. OTHER INFORMATION | 31 | |
| Item 1. Legal Proceedings | 31 | |
| Item 1A. Risk Factors | 31 | |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 31 | |
| Item 3. Defaults Upon Senior Securities | 31 | |
| Item 4. Mine Safety Disclosures | 31 | |
| Item 5. Other Information | 31 | |
| Item 6. Exhibits | 32 | |
| Signatures | 33 | |
i
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CHARLTON ARIA ACQUISITION CORPORATION
BALANCE SHEETS
(Unaudited)
| September 30, 2026 |
December 31, 2025 |
|||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash | $ | $ | ||||||
| Prepaid expenses | ||||||||
| Total current assets | ||||||||
| Cash and investments held in trust account | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities, Class A ordinary shares subject to possible redemption and shareholders’ deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | $ | ||||||
| Due to related parties | ||||||||
| Working capital loans, related party | ||||||||
| Total current liabilities | ||||||||
| Deferred underwriting commission payable | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies (Note 6) | ||||||||
| Class A ordinary shares subject to possible redemption, | ||||||||
| Shareholders’ deficit | ||||||||
| Preference shares, $ | - | - | ||||||
| Class A ordinary shares, $ | ||||||||
| Class B ordinary shares, $ | ||||||||
| Additional paid-in capital | - | - | ||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total shareholders’ deficit | ( | ) | ( | ) | ||||
| Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ deficit | $ | $ | ||||||
The accompanying notes are an integral part of these unaudited financial statements.
1
CHARLTON ARIA ACQUISITION CORPORATION
STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, 2026 |
Three Months Ended September 30, 2025 |
Nine Months Ended September 30, 2026 |
Nine Months Ended September 30, 2025 |
|||||||||||||
| Formation and operating costs | $ | $ | $ | $ | ||||||||||||
| Loss from operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other income: | ||||||||||||||||
| Interest and dividends earned on cash and investments held in trust account | ||||||||||||||||
| Interest income | - | |||||||||||||||
| Total other income | ||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||
| Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | ||||||||||||||||
| Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | $ | $ | $ | ||||||||||||
| Basic and diluted weighted average shares outstanding, non-redeemable Class A and Class B ordinary shares | ||||||||||||||||
| Basic and diluted net income per share, non-redeemable Class A and Class B ordinary shares | $ | $ | $ | $ | ||||||||||||
The accompanying notes are an integral part of these unaudited financial statements.
2
CHARLTON ARIA ACQUISITION CORPORATION
STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
For the Three and Nine Months Ended September 30, 2026 and 2025
(Unaudited)
For the Three and Nine Months Ended September 30, 2026
| Class A Shares |
Class A Amount |
Class B Shares |
Class B Amount |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
||||||||||||||||||||||
| Balance, December 31, 2025 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
| Remeasurement of carrying value to redemption value | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Net income | - | - | - | - | - | |||||||||||||||||||||||
| Balance, March 31, 2026 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
| Remeasurement of carrying value to redemption value | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Extension deposit attributable to Class A ordinary shares subject to redemption | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Net income | - | - | - | - | - | |||||||||||||||||||||||
| Balance, June 30, 2026 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
| Remeasurement of carrying value to redemption value | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Extension deposit attributable to Class A ordinary shares subject to redemption | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Net income | - | - | - | - | - | |||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
The accompanying notes are an integral part of these unaudited financial statements.
3
For the Three and Nine Months Ended September 30, 2025
| Class A Shares |
Class A Amount |
Class B Shares |
Class B Amount |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
||||||||||||||||||||||
| Balance, December 31, 2024 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
| Remeasurement of carrying value to redemption value | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Net income | - | - | - | - | - | |||||||||||||||||||||||
| Balance, March 31, 2025 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
| Remeasurement of carrying value to redemption value | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Net income | - | - | - | - | - | |||||||||||||||||||||||
| Balance, June 30, 2025 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
| Remeasurement of carrying value to redemption value | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Net income | - | - | - | - | - | |||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
The accompanying notes are an integral part of these unaudited financial statements.
4
CHARLTON ARIA ACQUISITION CORPORATION
STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine Months Ended September 30, 2026 |
Nine Months Ended September 30, 2025 |
|||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | $ | ||||||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
| Interest and dividends earned on cash and investments held in trust account | ( | ) | ( | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses | ( | ) | ( | ) | ||||
| Accounts payable and accrued expenses | ( | ) | ||||||
| Due to related parties | ( | ) | ||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Extension deposits into trust account | ( | ) | - | |||||
| Net cash used in investing activities | ( | ) | - | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from working capital loans, related party | - | |||||||
| Net cash provided by financing activities | - | |||||||
| Net change in cash | ( | ) | ||||||
| Cash, beginning of period | ||||||||
| Cash, end of period | $ | $ | ||||||
| Supplemental disclosure of non-cash financing activities: | ||||||||
| Remeasurement of carrying value to redemption value | $ | $ | ||||||
| Extension deposits attributable to Class A ordinary shares subject to possible redemption | $ | $ | - | |||||
The accompanying notes are an integral part of these unaudited financial statements.
5
CHARLTON ARIA ACQUISITION CORPORATION
NOTES TO UNAUDITED FINANCIAL STATEMENTS
Note 1. Organization, Business Operation and Going Concern Consideration
Charlton Aria Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on
As of September 30, 2026, the Company had not commenced any operations. For the period from March 22, 2024 (inception) through September 30, 2026, the Company’s efforts have been limited to organizational activities as well as activities related to the initial public offering (the “IPO”) and the search for a target for a business combination. The Company will not generate any operating revenues until after the completion of an initial business combination, at the earliest. The Company will generate non-operating income in the form of dividend and/or interest income from the proceeds derived from the IPO and private placement (“Private Placement”, see Note 4).
The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placements Units (as defined below), although substantially all of the net proceeds are intended to be applied generally toward consummating an initial business combination. There is no assurance that the Company will be able to complete an initial business combination successfully.
The Company’s founder and sponsor is ST Sponsor II Limited, a Cayman Islands exempted company (the “sponsor”). The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through IPO and the Private Placement.
On October 25, 2024, the Company consummated its initial public offering (the “IPO”) of
Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of
In connection with the IPO, the underwriters were granted an option to purchase up to
6
In connection with the offering of the Option Units and the sale of Additional Private Placement Units, the proceeds of $
Transaction costs amounted to $
In conjunction with the IPO (including the partial exercise of the Over-allotment Option), the Company issued to the underwriter
The Company’s initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least
Upon the closing of the IPO, management has agreed that at least $
7
The Company had until April 25, 2026 (or 18 months from the consummation of the IPO) to consummate its initial business combination. If it anticipates that it may not be able to consummate its initial business combination by then, it may, but is not obligated to, extend the period of time to consummate an initial business combination two times by an additional three months each time (until July 25, 2026 or October 25, 2026, or up to 21 months or 24 months from the consummation of the IPO to complete an initial business combination), provided that the sponsor and/or designees must deposit into the trust account for each three months extension, $
The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial business combination either (i) in connection with a shareholder meeting called to approve the initial business combination or (ii) by means of a tender offer.
The ordinary shares subject to redemption accreted to the redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Financial Accounting Standard Board’s (FASB) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company has determined not to consummate any initial business combination unless the Company has net tangible assets of at least $
If the Company does not complete its initial business combination by Combination Deadline, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to the Company to pay taxes that were paid by the Company or are payable by the Company, if any (less up to $
8
The sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $
Going Concern Consideration
As of September 30, 2026, the Company had $
Risks and Uncertainties
As a result of the armed conflict involving the United States, Israel and Iran that began in February 2026, the ongoing military conflict between the Russian Federation and Ukraine, related economic sanctions, and changes in U.S. and international trade policies, including tariffs, the Company’s ability to consummate an initial business combination, or the operations of a target business with which the Company ultimately consummates an initial business combination, may be materially and adversely affected. In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing, which may be impacted by these events, including as a result of increased market volatility, decreased market liquidity, or third-party financing being unavailable on terms acceptable to the Company or at all. The impact of these events on the world economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate an initial business combination are not yet determinable. The unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty.
9
Note 2. Significant accounting policies
Basis of Presentation
The accompanying unaudited financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC. The interim financial information provided is unaudited but includes all adjustments, consisting only of normal recurring adjustments, which management considers necessary for the fair presentation of the results for the period. Operating results for the nine months ended September 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. The information included in this Form 10-Q should be read in conjunction with information included in the Company’s annual report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on May 28, 2026.
Emerging Growth Company Status
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of unaudited financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Cash
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company has cash of $
10
Cash and Investments Held in Trust Account
As of September 30, 2026 and December 31, 2025, substantially all of the assets of $
Offering Costs
The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, Expenses of Offering. Deferred offering costs consist of underwriting, legal, and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to shareholders’ equity upon the completion of the Initial Public Offering.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation (“FDIC”) of $
Net Income Per Share
The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. Remeasurement of carrying value to redemption value of redeemable ordinary shares is excluded from income per share as the redemption value approximates fair value. For the three and nine months ended September 30, 2026 and 2025, the Company has not considered the effect of the
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | |||||||||||||||
| Redeemable Class A | Non-redeemable Class A and Class B | Redeemable Class A | Non-redeemable Class A and Class B | |||||||||||||
| Basic and diluted net income per ordinary share: | ||||||||||||||||
| Numerator: allocation of net income | $ | $ | $ | $ | ||||||||||||
| Denominator: basic and diluted weighted average shares outstanding | ||||||||||||||||
| Basic and diluted net income per ordinary share | $ | $ | $ | $ | ||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||
| Redeemable Class A | Non-redeemable Class A and Class B | Redeemable Class A | Non-redeemable Class A and Class B | |||||||||||||
| Basic and diluted net income per ordinary share: | ||||||||||||||||
| Numerator: allocation of net income | $ | $ | $ | $ | ||||||||||||
| Denominator: basic and diluted weighted average shares outstanding | ||||||||||||||||
| Basic and diluted net income per ordinary share | $ | $ | $ | $ | ||||||||||||
11
Fair Value of Financial Instruments
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.
The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.
| ● | Level 1: Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. |
| ● | Level 2: Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. |
| ● | Level 3: Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. |
The following table presents information about the Company’s assets that are measured at fair value on September 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
| Carrying Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
| September 30, 2026 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Cash and investments held in trust account | $ | $ | $ | - | $ | - | ||||||||||
| Carrying Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
| December 31, 2025 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Cash and investments held in trust account | $ | $ | $ | - | $ | - | ||||||||||
12
The fair value of the Rights included in the Units sold in the IPO was estimated as of the date of the IPO solely for purposes of allocating the proceeds of the IPO between the Class A ordinary shares and the Rights. The Rights were valued using a market approach, which applied the conversion ratio of one-eighth of one Class A ordinary share per Right to the quoted trading price of the Class A ordinary share of $
Class A ordinary shares subject to possible redemption
The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity” (ASC 480). Ordinary shares subject to mandatory redemption (if any) will be classified as a liability instrument and will be measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) will be classified as temporary equity. At all other times, ordinary shares will be classified as shareholders’ equity. In accordance with ASC 480-10-S99, the Company classifies the Class A ordinary shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. Given that the
As of September 30, 2026 and December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the balance sheet are reconciled in the following table:
| Class A ordinary shares subject to possible redemption, December 31, 2024 | $ | |||
| Plus: remeasurement of carrying value to redemption value | ||||
| Class A ordinary shares subject to possible redemption, December 31, 2025 | ||||
| Plus: remeasurement of carrying value to redemption value | ||||
| Plus: extension deposits into trust account | ||||
| Class A ordinary shares subject to possible redemption, September 30, 2026 | $ |
Income Taxes
The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.
ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s unaudited financial statements.
13
The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited financial statements.
Related parties
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
Recent Accounting Pronouncements
In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement, Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the unaudited financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited financial statements.
Note 3. Initial Public Offering
On October 25, 2024, the Company sold
Note 4. Private Placement
Simultaneously with the closing of the IPO and the Option Units in part, the sponsor purchased an aggregate of
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Note 5. Related Party Transactions
Founder Shares
On April 23, 2024, the Company issued
On September 11, 2024, the sponsor entered into a securities transfer agreement, pursuant to which the sponsor transferred
On October 24, 2024, the effective date of the registration statement of the IPO, the sponsor transferred an aggregate of
The Private Placement shares are identical to the Class A ordinary shares included in the Units sold in the IPO. However, the Company’s insiders have agreed, pursuant to written letter agreements with the Company, (A) to vote their founder shares and Private Placement shares (as well as any public shares acquired in or after the IPO) in favor of any initial business combination, (B) not to propose, or vote in favor of, an amendment to the Company’s memorandum and articles of association effective at the time that would stop the Company’s public shareholders from redeeming their shares for cash or selling their founder shares and Private Placement shares to the Company in connection with an initial business combination or affect the substance or timing of the Company’s obligation to redeem
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The insiders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until (1) with respect to
The Private Placement Units (including the underlying securities) will not be transferable, assignable or saleable until the completion of the Company’s initial business combination (except to certain permitted transferees).
Due to related parties
On June 14, 2024, the Company appointed Mr. Will Garner as Chairman, Chief Executive Officer (“former CEO”) and a member of board of directors of the Company. During his term as Chairman and CEO, he received monthly cash compensation of $
As of September 30, 2026 and December 31, 2025, the Company had compensation expenses payable to Mr. Will Garner of $
On May 25, 2024, the Company appointed Ms. Yuanmei Ma as Chief Financial Officer (“former CFO”), in addition to her current position as a member of the board of the directors. During her term as CFO and a member of board of directors of the Company, she received monthly cash compensation of $
As of September 30, 2026 and December 31, 2025, the Company had compensation expenses payable to Ms. Yuanmei Ma of $
On March 26, 2026, the Company appointed Mr. Jung Min Lee as the new Chief Executive Officer (“CEO”) and a director of the Company. The Company also appointed Mr. Jung Min Lee as the acting Chief Financial Officer of the Company until a new full time Chief Financial Officer is appointed. During his term as CEO and a member of board of directors of the Company, he will receive monthly cash compensation of $
As of September 30, 2026, the Company had compensation expenses payable to Mr. Jung Min Lee of $
On July 22, 2026, the Company appointed Mr. Paul Strickland as the new Chief Financial Officer (“CFO”) and a director of the Company. Accordingly, Mr. Jung Min Lee ceased to serve as the acting Chief Financial Officer of the Company, effective July 22, 2026. During Mr. Paul Strickland’s term as CFO and a member of board of directors of the Company, he will receive monthly cash compensation of $
As of September 30, 2026, the Company had compensation expenses payable to Mr. Paul Strickland of $
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Leading Edge Advisory
On May 30, 2026, the Company engaged Leading Edge Advisory Inc. (“LEA”) under a General Accounting Consulting Agreement. Amendment No. 1 to that agreement, dated July 8, 2026, extended LEA’s services to Korea Quantum Computing Co., Ltd. (“KQC Korea”) and provides that KQC Korea bears LEA’s fees, paid through the Company. Mr. Kyoung Tak Kim, who became a director of the Company on July 22, 2026, is a partner of LEA. Mr. Kim also served as a member of the Company’s audit committee from July 22, 2026 until October 22, 2026. Because Mr. Kim is a director of the Company, the Company considers LEA to be a related party under ASC 850 from July 22, 2026. The agreement and the invoice described below predated Mr. Kim’s appointment to the board of directors.
On August 25, 2026, the Company paid LEA $
Promissory Note, Related Party
On April 18, 2024, the sponsor has agreed to loan the Company up to $
Working Capital Loans
In addition, in order to meet the Company’s working capital needs following the consummation of the initial public offering if the funds not held in the trust account are insufficient, or to extend its life, its insiders, officers and directors or their affiliates/designees may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan to meet the Company’s working capital needs would be deposited into the operating account and evidenced by a promissory note. Each loan to extend the Company’s business combination date would be deposited into the trust account and evidenced by a promissory note. The notes would either be paid upon consummation of the Company’s initial business combination, without interest, or, at the lender’s discretion, up to $
On April 17, 2026 and August 25, 2026, the sponsor agreed to loan the Company up to an aggregated $
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On April 24, 2026 and August 3, 2026, the sponsor deposited an aggregated $
As of September 30, 2026 and December 31, 2025, the Company had borrowings under the Working Capital Loans from the sponsor of $
The Company evaluated the conversion feature of the Working Capital Loans under ASC 815-15, “Derivatives and Hedging – Embedded Derivatives,” and concluded that the conversion feature is not an embedded derivative requiring bifurcation and separate accounting. The Company also evaluated the Working Capital Loans under ASC 470-20, “Debt with Conversion and Other Options,” and concluded that no portion of the proceeds is required to be allocated to the conversion feature. Accordingly, the Working Capital Loans are recorded at their outstanding principal amount.
Note 6. Commitments and Contingencies
Registration Rights
The holders of the founder shares and Private Placement Units, including any Working Capital Units issued upon conversion of Working Capital Loans will be entitled to registration rights pursuant to a registration rights agreement signed on October 24, 2024 by and among the Company and the insiders. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of the Company’s initial business combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
The Company had granted the underwriter a
The underwriter was entitled to cash underwriting discounts and commissions of $
Additionally, the underwriter will be entitled to cash underwriting discounts and commissions of $
As of September 30, 2026 and December 31, 2025, deferred underwriting discounts and commissions amounted to $
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De-SPAC Cost Funding Agreement
On July 8, 2026, the Company and KQC Korea entered into a side letter agreement under which KQC Korea agreed to fund the costs of the proposed business combination, up to $
Note 7. Shareholders’ Deficit
Preference Share. The Company is authorized to issue
Class A Ordinary Share. The Company is authorized to issue
Class B Ordinary Share. The Company is authorized to issue
On September 11, 2024, the sponsor transferred an aggregate of
On October 24, 2024, the effective date of the registration statement of the IPO, the sponsor transferred an aggregate of
Prior to the Company’s initial business combination, pursuant to its second amended and restated memorandum and articles of association, only holders of Class B ordinary shares, or founder shares will have the right to vote on the appointment of directors. Holders of the Company’s Class A ordinary shares will not be entitled to vote on the appointment of directors as long as the Company has Class B ordinary shares issued and outstanding. In addition, prior to its initial business combination, only holders of a majority of the Company’s Class B ordinary shares may remove a member of the board of directors for any reason. Accordingly, holders of Class A ordinary shares may not have any say in selecting management of the Company prior to the consummation of an initial business combination as long as the Company has Class B ordinary shares issued and outstanding.
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial business combination, or earlier at the option of the holder, at a one-to-one ratio.
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Rights
As of September 30, 2026 and December 31, 2025, there were
Note 8. Segment Information
ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.
When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews the key metric, which include the following:
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||
| Professional fees incurred in connection with potential business combination | $ | ( | ) | $ | - | $ | ( | ) | $ | - | ||||||
| Other formation and operating costs | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Interest and dividend income on cash and investments held in trust account and interest income | ||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||
The key measures of segment profit or loss reviewed by the Company’s CODM are interest and dividends earned on cash and investment held in Trust Account and formation and operating costs. The CODM reviews interest and dividends earned on cash and investment held in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Formation and operating costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews formation and operating costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.
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Note 9. Subsequent Events
The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date when these unaudited financial statements were issued. Based on this review, other than the events described below, the Company did not identify any subsequent events that would require adjustment or disclosure in the unaudited financial statements.
On October 6, 2026, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) with KQC Quantum, Inc., a Delaware corporation (“Parent”), KQC MS Limited, a Cayman Islands exempted company and a wholly owned subsidiary of Parent (“Merger Sub”), and, for the limited purposes specified therein, Korea Quantum Computing Co., Ltd., a corporation organized under the laws of the Republic of Korea, and the sponsor. Pursuant to the Business Combination Agreement, and subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent. The Business Combination Agreement provides for an equity value of Parent of $
Concurrently with the execution of the Business Combination Agreement, the Company, Parent and the sponsor entered into a Sponsor Support Agreement, pursuant to which the sponsor agreed, among other things, to vote all of its Class A ordinary shares underlying the Private Placement Units and its founder shares in favor of the proposals to be submitted to the Company’s shareholders in connection with the transactions contemplated by the Business Combination Agreement, and not to redeem any such shares, including in connection with any meeting convened to approve an extension of the Combination Deadline. In addition, on October 6, 2026, the Company, Parent and certain stockholders of Parent entered into a Parent Support Agreement, pursuant to which such stockholders agreed, among other things, to vote their shares of Parent common stock in favor of the transactions contemplated by the Business Combination Agreement.
On October 8, 2026, the Company engaged Clear Street LLC, the representative of the underwriters in the IPO, as its financial and capital markets advisor for the business combination. The Company will pay Clear Street LLC a fee of $
On October 19, 2026, the Company held an extraordinary general meeting of its shareholders (the “Extension Meeting”). The shareholders approved, by special resolution, (i) an amendment to the Company’s second amended and restated memorandum and articles of association to extend the date by which the Company must complete an initial business combination from October 25, 2026 up to twelve times, by one month each time, to as late as October 25, 2027, and (ii) Amendment No. 1 to the Investment Management Trust Agreement to permit those extensions. For each one-month extension, the sponsor, or one or more of its affiliates or designees, must deposit into the trust account $
In connection with the Extension Meeting, holders of
On October 19, 2026, the sponsor converted
On October 27, 2026, the Company deposited $
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References in this report (the “Quarterly Report”) to “we,” “us”, or the “Company” refer to Charlton Aria Acquisition Corporation. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to ST Sponsor II Limited. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
Special Note Regarding Forward-Looking Statements
This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations thereof and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering (the “IPO” described below) filed with the Securities and Exchange Commission (the “SEC”) on October 24, 2024 (File No. 333-282313) (the “Prospectus”) the risk factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the risk factors in the Company’s definitive proxy statement filed with the SEC on October 7, 2026. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Overview
Charlton Aria Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on March 22, 2024 as an exempted company with limited liability. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). We intend to effectuate our Business Combination using cash from the proceeds of our IPO and the sale of our shares, debt or a combination of cash, equity and debt. We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.
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Our Initial Public Offering
On October 25, 2024, we consummated our IPO of 7,500,000 units (the “Public Units”), each Public Unit consisting of one Class A ordinary share (the “Class A Ordinary Shares”) of the Company, par value $0.0001 per share (the “Public Shares”), and one right (the “Rights”) of the Company, each right entitling the holder to receive one-eighth of one Class A Ordinary Share (the “Public Rights”). The Public Units were sold at a price of $10.00 per Unit, and the IPO generated gross proceeds of $75,000,000. Simultaneously with the closing of the IPO, we consummated a private placement (the “Private Placement”) with ST Sponsor II Limited, our sponsor (the “sponsor”), of an aggregate of 240,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $2,400,000. Each Private Placement Unit consists of one Class A ordinary share (the “Private Placement Shares”), and one Right (the “Private Placement Rights”). The terms and provisions of the Private Placement Shares and Private Placement Rights in the Private Placement Units are identical to the Public Shares and Public Rights, respectively, except that, subject to certain limited exceptions, the Private Placement Shares are subject to transfer restrictions until the consummation of the Company’s initial business combination. On October 25, 2024, a total of $75,187,500 of the net proceeds from the IPO and the Private Placement was deposited in a trust account (the “trust account”) established for the benefit of the Company’s Public Shareholders at a U.S. based trust account, with Continental Stock Transfer & Trust Company, acting as trustee.
We also issued to Clear Street LLC, the representative of the underwriters of the IPO (the “Representative”), 75,000 Class A Ordinary Shares as part of the underwriting compensation (the “Representative Shares”) on the closing of the IPO. The Representative Shares are identical to the Class A Ordinary Shares included in the Units, with certain exceptions.
The underwriters were granted a 45-day option to purchase up to an additional 1,125,000 units offered by the Company to cover over-allotments, if any. On November 19, 2024, the Representative exercised the Over-allotment Option in part, and purchased 1,000,000 Units (the “Option Units”), generating gross proceeds of $10,000,000. Simultaneously with the issuance and sale of the Option Units, the Company completed a private placement sale of 15,000 Private Placement Units (the “Additional Private Placement Units”) to the sponsor at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds of $150,000. The Company also issued an additional 10,000 Representative Shares to the Representative.
Since our IPO, our sole business activity has been identifying, evaluating suitable acquisition transaction candidates and preparing for consummation of an initial business combination. We presently have no revenue and have incurred formation and operating costs since inception. Our net income for the three and nine months ended September 30, 2026 and 2025 was attributable to interest and dividends earned on investments held in trust account, which exceeded our formation and operating costs. We have relied upon the sale of our securities and loans from the sponsor and other parties to fund our operations.
In connection with the offering of the Option Units and the sale of Additional Private Placement Units, the proceeds of $10,025,000 from the proceeds of the offering of the Option Units and the sale of Additional Private Placement Units were placed in the trust account established for the benefit of the Company’s public shareholders and the underwriters of the IPO, with Continental Stock Transfer & Trust Company acting as trustee.
The Private Placement Units were issued pursuant to the exemption from registration contained in Section 4(a) (2) of the Securities Act. No commissions were paid in connection with such sales.
Separation of Units
On November 25, 2024, the Company announced that holders of the Company’s Public Units may elect to separately trade the Public Shares and Public Rights from the Public Units, commencing on or about November 26, 2024.
The Class A ordinary shares and rights trade on the Nasdaq Global Market (“Nasdaq”) under the symbols “CHAR” and “CHARR”, respectively. Units not separated continue to trade on Nasdaq under the symbol “CHARU.”
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Cancellation of Founder Shares
On December 9, 2024, after the expiration of the Over-Allotment Option, pursuant to the IPO Prospectus and the founder share purchase agreement between the Company and the sponsor, the Company and the sponsor agreed to cancel 31,250 Class B ordinary shares of the Company so that our insiders would collectively own 20.0% of our issued and outstanding shares after the IPO. As a result, 2,125,000 founder shares remained issued and outstanding.
Change in Control of Sponsor
On May 13, 2025, Sunny Tan Kah Wei, the sole shareholder of our sponsor, closed upon the transaction provided for by a Share Purchase Agreement (the “Sponsor Sale SPA”), dated as of May 12, 2025, with Sovereign Global Trust LLC, a Delaware limited liability company (“Buyer”).
Pursuant to the Sponsor Sale SPA, Mr. Wei sold all of his shares in the sponsor, representing a 100% interest therein, to Buyer, and Buyer became the sole shareholder of our sponsor. The purchase price was $4,000,000 consisting of funds held by Buyer for investment purposes, paid in cash at closing, plus customary transaction costs. This transaction is referred to below as the “Sponsor Transaction.”
Buyer’s sole member and sole manager is Valley Point Limited, a British Virgin Islands corporation (“Valley Point”). Accordingly, Valley Point is now the sole shareholder of the sponsor and as such is deemed to have sole voting and investment discretion with respect to our shares and other securities held by the sponsor. Valley Point’s sole member and sole manager is Chen Siak Chan, a resident and citizen of Singapore. Accordingly, Chen Siak Chan, in his capacity as sole member and sole manager of Valley Point, the sole shareholder of the sponsor, is also deemed to have sole voting and investment discretion with respect to our shares and other securities held by the sponsor.
Extensions
Pursuant to the Second Amended and Restated Memorandum and Articles of Association of the Company, the Company had until April 25, 2026, or 18 months from the consummation of its initial public offering to consummate its initial business combination, provided that the Company may, but is not obligated to, extend the period of time to consummate an initial business combination two times by an additional three months each time (until July 25, 2026 or October 25, 2026, or up to 21 months or 24 months from the consummation of the IPO to complete an initial business combination) if the Sponsor and/or its designees deposit into the trust account $850,000 for each three months extension, for an aggregate of up to $1,700,000.
On April 24, 2026, the Sponsor deposited $850,000 into the trust account, as a result of which, the Company had until July 25, 2026 to complete its initial business combination (the “First Extension”). In connection with the First Extension, the Company issued an unsecured promissory note dated April 23, 2026, in the principal amount of $850,000 to the Sponsor. The promissory note does not bear interest, except that overdue amounts accrue default interest at the prevailing short-term U.S. Treasury Bill rate, and the outstanding principal is payable on the earlier of the consummation of the Company’s initial business combination and the Company’s liquidation.
On August 3, 2026, the Sponsor deposited $850,000 into the trust account, as a result of which, the Company had until October 25, 2026 to complete its initial business combination (the “Second Extension”). In connection with the Second Extension, the Company issued an unsecured promissory note dated July 31, 2026, in the principal amount of $850,000 to the Sponsor. The promissory note does not bear interest, except that overdue amounts accrue default interest at the prevailing short-term U.S. Treasury Bill rate, and the outstanding principal is payable on the earlier of the consummation of the Company’s initial business combination and the Company’s liquidation.
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On October 19, 2026, the Company held an extraordinary general meeting of its shareholders (the “Extension Meeting”). The shareholders approved, by special resolution, (i) an amendment to our second amended and restated memorandum and articles of association to extend the date by which the Company must complete an initial business combination from October 25, 2026 up to twelve times, by one month each time, to as late as October 25, 2027, and (ii) Amendment No. 1 to the Investment Management Trust Agreement to permit those extensions. For each one-month extension, the sponsor, or one or more of its affiliates or designees, must deposit into the trust account $0.03 for each public share that remains outstanding, up to $60,000 per extension. Each deposit will be treated as a loan to the Company.
In connection with the Extension Meeting, holders of 5,725,962 public shares exercised their right to redeem their shares for approximately $11.03 per share, or $63,157,704 in aggregate, paid from the trust account. Following the redemptions, 2,774,038 public shares remain outstanding, and $30,597,806 remained in the trust account. Each one-month extension therefore requires a deposit of $60,000.
On October 19, 2026, the sponsor converted 1,464,999 Class B ordinary shares into the same number of Class A ordinary shares, on a one-for-one basis, in accordance with the Company’s memorandum and articles of association. The sponsor has acknowledged that the Class A ordinary shares it received on the conversion are not entitled to any distribution from the trust account. Following the conversion and the redemptions, 4,579,037 Class A ordinary shares and 660,001 Class B ordinary shares are issued and outstanding.
On October 27, 2026, the Company deposited $60,000 into the trust account to extend the Combination Deadline from October 25, 2026 to November 25, 2026. The Company funded the deposit from its operating account. On October 26, 2026, the Company requested, and Parent approved, an advance of $500,000 of De-SPAC Costs to the Company under Section 5.12 of the Business Combination Agreement, including the amount of the deposit. The advance is not repayable by the Company.
Proposed Business Combination
On October 6, 2026, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) with KQC Quantum, Inc., a Delaware corporation (“Parent”), KQC MS Limited, a Cayman Islands exempted company and a wholly owned subsidiary of Parent (“Merger Sub”), and, for the limited purposes specified therein, Korea Quantum Computing Co., Ltd., a corporation organized under the laws of the Republic of Korea, and the Sponsor. Pursuant to the Business Combination Agreement, and subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent. The Business Combination Agreement provides for an equity value of Parent of $80,000,000 and for up to 1,500,000 earnout shares. Closing is subject to customary conditions, including approval by the Company’s shareholders, the effectiveness of a registration statement on Form S-4, approval for listing on Nasdaq, approval of an extension of the Company’s deadline to complete a business combination, and aggregate cash available at closing, including funds remaining in the trust account after redemptions and the net proceeds of any private placement financing, of not less than $30,000,000. There can be no assurance that the transactions contemplated by the Business Combination Agreement will be completed.
Concurrently with the execution of the Business Combination Agreement, the Company, Parent and the Sponsor entered into a Sponsor Support Agreement, pursuant to which the Sponsor agreed, among other things, to vote all of its Class A ordinary shares underlying the Private Placement Units and its founder shares in favor of the proposals to be submitted to the Company’s shareholders in connection with the transactions contemplated by the Business Combination Agreement, and not to redeem any such shares, including in connection with any meeting convened to approve an extension of the Combination Deadline. In addition, on October 6, 2026, the Company, Parent and certain stockholders of Parent entered into a Parent Support Agreement, pursuant to which such stockholders agreed, among other things, to vote their shares of Parent common stock in favor of the transactions contemplated by the Business Combination Agreement.
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Results of Operations
We have neither engaged in any operations nor generated any revenues to date. Our only activities from March 22, 2024 (inception) to September 30, 2026 were organizational activities, those necessary to prepare for the IPO, described below, and, after the IPO, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination. We may generate non-operating income in the form of interest and dividends earned on investments held in the trust account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing an initial business combination.
For the three months ended September 30, 2026, we had a net income of $138,124, which consisted of interest and dividends earned on investments held in trust account of $844,588, which was partially offset by formation and operating costs of $706,464.
For the three months ended September 30, 2025, we had a net income of $806,989, which consisted of interest and dividends earned on investments held in trust account of $915,972 and interest income of $94, which was partially offset by formation and operating costs of $109,077.
For the nine months ended September 30, 2026, we had a net income of $1,405,762, which consisted of interest and dividends earned on investments held in trust account of $2,435,097 and interest income of $1, which was partially offset by formation and operating costs of $1,029,336.
For the nine months ended September 30, 2025, we had a net income of $2,316,270, which consisted of interest and dividends earned on investments held in trust account of $2,719,802 and interest income of $3,177, which was partially offset by formation and operating costs of $406,709.
Formation and operating costs increased by $597,387 for the three months, and by $622,627 for the nine months, ended September 30, 2026 compared with the same periods in 2025, mainly because of professional fees of $564,145 and $614,145, respectively, incurred in connection with the proposed business combination with KQC Quantum, Inc. Interest and dividends earned on investments held in the trust account decreased by $71,384 for the three months, and by $284,705 for the nine months, ended September 30, 2026, because of lower yields on the money market funds held in the trust account, partly offset by a higher trust balance following the extension deposits.
Liquidity and Capital Resources
The Company’s liquidity needs through September 30, 2026 were satisfied through the payment of $25,000 by the sponsor for the founder shares, the proceeds of the IPO and the private placements held outside the trust account, and loans from the sponsor under the Working Capital Loans.
Following the closing of the IPO and sale of the Private Placement Units on October 25, 2024 and the exercising of over-allotment option in part on November 19, 2024, a total of $85,212,500 was placed in the trust account, and we had $564,299 of cash held outside of the trust account, after payment of costs related to the IPO, and available for working capital purposes. In connection with the IPO, we incurred $3,408,558 in transaction costs, consisting of $1,275,000 of underwriting fees, $1,700,000 of deferred underwriting fees, $92,195 of the Representative Shares (as discussed below), and $341,363 of other offering costs.
In conjunction with the IPO and the exercising of over-allotment option in part, the Company issued to the underwriter 85,000 Class A ordinary shares for no consideration (the “Representative Shares”). The fair value of the Representative Shares accounted for as compensation under the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”) 718, “Compensation: Stock Compensation” (“ASC 718”) is included in the offering costs. The estimated fair value of the Representative Shares as of the IPO date totaled $92,195.
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As of September 30, 2026, the Company had cash of $30,962 and working capital deficit of $2,914,552. The Company expects to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of an initial business combination. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited financial statements are issued. Management’s plan in addressing this uncertainty is through the Working Capital Loans, as defined in Note 5 of the financial statements, and the funding of De-SPAC Costs by KQC Quantum, Inc. under Section 5.12 of the Business Combination Agreement, as described in Note 6 of the financial statements. In addition, if the Company is unable to complete an initial business combination by the Combination Deadline, which may be extended month to month to as late as October 25, 2027, the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate an initial business combination will be successful within the Combination Deadline. As a result, management has determined that such additional condition also raises substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited financial statements are issued. The unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty.
For the nine months ended September 30, 2026, there was $555,171 of cash used in operating activities resulting from interest and dividend earned on investments held in trust account of $2,435,097, the increase in prepaid expenses of $19,166, and the decrease in due to related parties of $10,927. The changes were offset by net income of $1,405,762, and the increase in accounts payable and accrued expenses of $504,257.
For the nine months ended September 30, 2025, there was $436,644 of cash used in operating activities resulting from dividend earned on investments held in trust account of $2,719,802, the increase in prepaid expenses of $27,840, and the decrease in accounts payable and accrued expenses of $17,772. The changes were partially offset by net income of $2,316,270 and the increase in due to related parties of $12,500.
For the nine months ended September 30, 2026, there was $1,700,000 of cash used in investing activities resulting from extension fee deposited into trust account of $1,700,000.
For the nine months ended September 30, 2025, there were no investing activities.
For the nine months ended September 30, 2026, there was $2,280,998 of cash provided by financing activities resulting from proceeds from working capital loan from a related party of $2,280,998, consisting of $1,700,000 of extension loans and $580,998 of loans to fund our working capital needs.
For the nine months ended September 30, 2025, there were no financing activities.
We intend to use the funds held outside the Trust Account to primarily identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete an initial business combination.
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In order to fund working capital deficiencies or finance transaction costs in connection with an initial business combination, our directors, officers and the sponsor (together, the “insiders”) or their affiliates or designees may, but are not obligated to, loan us funds as may be required. If the Company completes the initial business combination, it would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from the trust account would be used for such repayment. Up to $3,000,000 of such loans (the “Working Capital Loans”) may be convertible into Units of the Company, at a price of $10.00 per Unit (the “Working Capital Units”) at the option of the lender. As of September 30, 2026 and December 31, 2025, the Company had borrowings of $2,381,879 and $100,881 under the Working Capital Loans, respectively. In addition, under Section 5.12 of the Business Combination Agreement, KQC Quantum, Inc. is responsible for De-SPAC Costs up to $2,500,000, without reimbursement, and on October 26, 2026 the Company requested an advance of $500,000 under that section (see Notes 6 and 9 to the financial statements). As of September 30, 2026, KQC Quantum, Inc. had made no advance to the Company.
We believe we will need to raise additional funds in order to meet the expenditures required for operating our business. If our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our Public Shares upon completion of our initial business combination in which case we may issue additional securities or incur debt in connection with such initial business combination. In addition, if we are unable to complete an initial business combination by the Combination Deadline, which may be extended month to month to as late as October 25, 2027, the board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution. There is no assurance that our plans to consummate an initial business combination will be successful within the Combination Deadline. As a result, management has determined that such additional condition also raises substantial doubt about our ability to continue as a going concern.
Following the redemptions at the Extension Meeting, $30,597,806 remained in the trust account, compared with the $30,000,000 minimum cash condition in the Business Combination Agreement. Further redemptions in connection with the shareholder vote on the business combination could prevent that condition from being met unless the Company obtains other financing, such as a private placement.
Off-Balance Sheet Financing Arrangements
We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2026. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.
Contractual Obligations
Registration Rights
The holders of the founder shares and Private Placement Units, including any Working Capital Units issued upon conversion of Working Capital Loans will be entitled to registration rights pursuant to a registration rights agreement signed on October 24, 2024 by and among the Company and the insiders. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed after the completion of our initial business combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the costs and expenses of filing any such registration statements.
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Underwriting Agreement
We granted the underwriters a 45-day option from the date of the IPO to purchase up to 1,125,000 additional Public Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriters had exercised the over-allotment option in part and purchased 1,000,000 Public Units on November 19, 2024.
The underwriters received a cash underwriting discount of $0.15 per Public Unit, or $1,275,000 in the aggregate and paid at the closing of the IPO and the exercising of over-allotment option in part. In addition, the underwriters will be entitled to a deferred fee of $0.20 per Public Unit, or $1,700,000 in the aggregate upon the consummation of an initial business combination. The deferred fee will become payable to the underwriters from the amounts held in the trust account solely in the event that the Company completes its initial business combination, subject to the terms of the underwriting agreement dated October 24, 2024, by and between the Company and Clear Street LLC.
Critical Accounting Estimates
The preparation of unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (the “US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. We did not identify any critical accounting estimates.
Recent Accounting Pronouncements
In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement, Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the unaudited financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on our unaudited financial statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.
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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of September 30, 2026, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of September 30, 2026, our disclosure controls and procedures were not effective due to the material weakness in our internal control over financial reporting resulting from inadequate segregation of duties within account processes due to limited personnel and insufficient written policies and procedures for accounting, IT, and financial reporting and record keeping.
We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
This Quarterly Report does not include an attestation report of internal controls from our independent registered public accounting firm due to our status as an emerging growth company under the JOBS Act.
Changes in Internal Control Over Financial Reporting
On July 22, 2026, Paul Strickland was appointed Chief Financial Officer, and Jung Min Lee, our Chief Executive Officer, ceased to serve as acting Chief Financial Officer. Other than this change, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are not a party to any material legal proceedings and no material legal proceedings have been threatened by us or, to the best of our knowledge, against us.
ITEM 1A. RISK FACTORS
As a smaller reporting company, we are not required to include risk factors in this Quarterly Report. However, factors that could cause our actual results to differ materially from those in this Quarterly Report include any of the risks described in our Prospectus, our Annual Report on Form 10-K for the year ended December 31, 2025, and our definitive proxy statement filed with the SEC on October 7, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. Other than the risk factors set forth in our definitive proxy statement filed with the SEC on October 7, 2026, there have been no material changes to the risk factors disclosed in our Prospectus and our Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On July 31, 2026, the Company issued an unsecured promissory note in the principal amount of $850,000 to the sponsor (the “Second Extension Note”), and on August 3, 2026, the sponsor deposited $850,000 into the trust account to extend the Combination Deadline from July 25, 2026 to October 25, 2026. On August 25, 2026, the Company issued an unsecured promissory note to the sponsor in the principal amount of up to $500,000 (the “Working Capital Note”). Neither note bears interest, except that overdue amounts accrue default interest at the prevailing short-term U.S. Treasury Bill rate, and each is payable on the earlier of the consummation of the Company’s initial business combination and the Company’s liquidation. At the sponsor’s option, amounts outstanding under each note may be converted into private placement units at $10.00 per unit, each unit consisting of one Class A ordinary share and one right to receive one-eighth of one Class A ordinary share, subject to the $3,000,000 limit on convertible Working Capital Loans. The notes were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, as transactions by an issuer not involving a public offering.
There has been no material change in the planned use of the proceeds from the IPO and the private placements as described in the Prospectus. In October, 2026, $63,157,704 was paid from the trust account to holders of 5,725,962 public shares who redeemed their shares in connection with the Extension Meeting.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the quarter ended September 30, 2026, none of our directors or officers
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ITEM 6. EXHIBITS
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.
| Exhibit No. | Description | |
| 2.1 | Business Combination Agreement, dated as of October 6, 2026, by and among the Company, Parent, Merger Sub, and, for the limited purposes specified therein, KQC Korea and the sponsor (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 7, 2026) | |
| 3.1 | Amendment to the Second Amended and Restated Memorandum and Articles of Association of the Company, adopted October 19, 2026 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 22, 2026) | |
| 10.1 | CFO Offer Letter, dated July 22, 2026, between the Company and Paul Strickland (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 28, 2026) | |
| 10.2 | Form of Director Offer Letter (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on July 28, 2026) | |
| 10.3 | Form of Indemnification Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on July 28, 2026) | |
| 10.4 | Promissory Note, dated July 31, 2026, issued by the Company to the sponsor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 5, 2026) | |
| 10.5 | Working Capital Note, dated August 25, 2026, issued by the Company to the sponsor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 27, 2026) | |
| 10.6 | Amendment No. 1 to the Investment Management Trust Agreement, between the Company and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 22, 2026) | |
| 10.7 | Promissory Note, dated April 23, 2026, issued by the Company to the sponsor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2026) | |
| 10.8 | Promissory Note, dated April 17, 2026, issued by the Company to the sponsor (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2026) | |
| 10.9 | Sponsor Support Agreement, dated October 6, 2026, by and among the Company, Parent and the Sponsor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 7, 2026) | |
| 10.10 | Parent Support Agreement, dated October 6, 2026, by and among the Company, Parent and the stockholders of Parent party thereto (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on October 7, 2026) | |
| 31.1* | Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| 31.2* | Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| 32.1** | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| 32.2** | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| 101.INS* | Inline XBRL Instance Document | |
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| 104* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | Filed herewith. |
| ** | Furnished herewith. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CHARLTON ARIA ACQUISITION CORPORATION
| Date: November 5, 2026 | By: | /s/ Jung Min Lee |
| Jung Min Lee | ||
| Chief Executive Officer | ||
| (Principal Executive Officer) |
| Date: November 5, 2026 | By: | /s/ Paul Strickland |
| Paul Strickland | ||
| Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) |
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