Newbridge Acquisition Limited, a SPAC based in the British Virgin Islands, completed its IPO on February 2, 2026, selling 5,750,000 units at $10.00 each plus 186,250 private units, raising gross proceeds of $57.5 million and $1.86 million, respectively. As of March 31, 2026, $57,806,561 was invested in a trust account, while cash outside the trust was $1,846,192 and total assets were $59,652,753.
The company reported Q1 2026 net income of $95,982, driven by $306,561 of interest on trust investments offset by $210,579 of general and administrative expenses. Newbridge has a working capital deficit of $501,095 and $52,163,181 of ordinary shares classified as redeemable. Management discloses substantial doubt about the company’s ability to continue as a going concern if it cannot complete a business combination within 15 months from the IPO closing, extendable up to 21 months.
Newbridge Acquisition Limited ownership disclosure: Wolverine Asset Management, LLC and related holders report shared voting and dispositive power over 364,829 Class A Ordinary Shares, representing 5.97% of the outstanding Class A shares. Shares outstanding were 6,108,750 as of March 23, 2026.
The filing states that Wolverine Holdings, Christopher L. Gust, and Robert R. Bellick each may be deemed beneficial owners of the same 364,829 shares through shared authority as managers and that Wolverine Flagship Fund Trading Limited has rights to dividends or sale proceeds for those shares.