Scuti Acquisition Corp., a Cayman Islands SPAC, reported net income of $69,829 for the quarter and $553,899 for the nine months ended December 31, 2025, as interest of $1,706,108 on cash held in its trust account more than offset operating expenses of $1,152,209.
Total assets were $59.3 million, including $59.2 million of cash in the trust and 5,750,000 ordinary shares classified as redeemable at $10.30 per share. The company has a working capital deficit and relies on a sponsor promissory note with $311,605 outstanding, convertible into units at $10.00 each. In July 2025, Scuti signed a Merger Agreement with Isdera Group Limited, valuing Isdera at $1.0 billion, payable in newly issued shares at $10.00 per share. Management discloses substantial doubt about Scuti’s ability to continue as a going concern if it fails to complete a business combination by April 1, 2026, or by October 1, 2026 if extensions are used.
UY Scuti Acquisition Corp. received an amended Schedule 13G showing that a Wolverine-affiliated group holds a significant minority stake in its ordinary shares.
Wolverine Asset Management, Wolverine Holdings, Christopher L. Gust and Robert R. Bellick report beneficial ownership of 502,944 ordinary shares, representing 6.57% of the class, based on 7,685,348 shares outstanding as of 11/11/2025. They report shared voting and dispositive power over all of these shares and no sole power. The securities are stated to be held in the ordinary course of business and not for the purpose of changing or influencing control of the company. Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends and sale proceeds from these shares.
UY Scuti Acquisition Corp. received an updated ownership report from Feis Equities LLC and Lawrence M. Feis. They each report beneficial ownership of 559,331 ordinary shares, representing 7.3% of the company’s outstanding ordinary shares. This percentage is based on 7,658,348 ordinary shares outstanding as of November 11, 2025.
The filing states that the shares are held with sole voting and dispositive power and no shared authority. The reporting persons certify that the securities were not acquired, and are not held, for the purpose of changing or influencing control of the company.