Here are the 10-K annual reports from Lake Superior Acquisition Corp. Rights (LKSPR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow LKSPR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LKSPR filings page.
Lake Superior Acquisition Corp. (LKSP) amended its annual report to clarify that the parties currently contemplate that up to $1,500,000 of potential working capital loans may, at the applicable lender’s option, convert into units at $10.00 per unit upon consummation of an initial business combination. Before the IPO, the contemplated conversion was into Class A ordinary shares at $10.00 per share. No working capital loan had been made or entered into as of the amendment; the terms are not final or binding, remain subject to further negotiation and definitive loan documents, and may not be entered into.
Each unit consists of one Class A ordinary share and one-seventh of one right; each whole right is convertible into one Class A ordinary share upon consummation of a business combination. As of February 12, 2026, LKSP had 11,860,000 Class A ordinary shares, including those underlying units, and 3,833,333 Class B ordinary shares issued and outstanding. The annual report also identifies a material weakness in internal control over financial reporting and discusses whether it can be remediated in a timely manner or at all.
Lake Superior Acquisition Corp. (LKSP), a SPAC formed in the British Virgin Islands, filed its annual report and outlined plans to complete an initial business combination in financial services or adjacent industries.
The company reported cash of $485,927 and working capital of $431,882 as of December 31, 2025, and its auditor raised substantial doubt about its ability to continue as a going concern if no deal is completed by its deadline. LKSP detailed typical SPAC investor protections, including the right for public shareholders to redeem shares for cash around $10.00 per share in connection with a business combination or liquidation.
LKSP disclosed a definitive Business Combination Agreement signed on January 23, 2026 with Openmarkets Group Pty Ltd (OMG) and its seller. The structure includes a merger, a liquidation of the SPAC into a new purchaser entity, and the contribution of all OMG shares in exchange for approximately 30,000,000 purchaser shares, valued at $10.00 per share for deal calculations. The seller may earn up to an additional 70,000,000 milestone shares, including 30,000,000 license milestone shares tied to specific Australian regulatory approvals and up to 40,000,000 performance milestone shares based on client assets serviced by OMG as of December 31, 2028, capped at $400,000,000 of deemed value.
The agreement contains customary closing conditions, representations and warranties, non‑competition and lock‑up arrangements, and a latest outside closing date of December 31, 2026, after which the deal can be terminated if not completed. The filing also highlights significant SPAC‑specific risks, including high potential dilution from founder and milestone shares, redemption risks that could limit cash available for the transaction, intense competition for acquisition targets, and the possibility that shareholders receive no more than approximately $10.00 per share if the SPAC ultimately liquidates.