Westin Acquisition Corp., a Cayman Islands-based SPAC, reported its first post-IPO quarter for the period ended December 31, 2025. Total assets were $58.3 million, including $57.9 million of cash and marketable securities held in a trust account funded by its $57.5 million IPO and $2.35 million private placement.
The company generated net income of $128,860 for the quarter and $124,521 for the six months since inception, mainly from $391,639 of interest on trust investments, partially offset by $267,118 of formation and administrative expenses. Cash outside the trust was $432,172, with a working capital deficit of $62,156.
Management disclosed that it has not identified a business combination target and must complete a transaction within the defined combination period, initially through May 5, 2027. Due to limited liquidity and the fixed deadline, the company concluded that substantial doubt exists about its ability to continue as a going concern. Management also found its disclosure controls and procedures ineffective, citing weaknesses in identifying and disclosing commitments and contingencies.
Westin Acquisition Corp. (WSTNU) is a newly formed Cayman Islands blank check company that had not begun operating a business as of September 30, 2025. For the quarter, it recorded a small net loss of $4,339, entirely from formation and operating costs, and had total assets of $460,563 in deferred offering costs funded via a related-party promissory note.
After quarter-end, on November 5, 2025, Westin completed its IPO of 5,750,000 units at $10.00 per unit, raising $57,500,000. The IPO proceeds, together with a portion of private placement proceeds, were placed into a U.S. Treasury-backed trust account to fund a future business combination. Public shareholders will have the right to redeem their Class A shares for cash from the trust in connection with that transaction.
Management discloses substantial doubt about the company’s ability to continue as a going concern because Westin must complete a qualifying business combination within 18 months of the IPO or liquidate, and it has incurred and expects to continue to incur significant costs. The report also notes that disclosure controls and procedures were deemed ineffective, specifically around identifying and timely disclosing commitments and contingencies.
Westin Acquisition Corp filed a Form 12b-25 to notify the SEC that it will be late in filing its Form 10-Q for the quarter ended September 30, 2025. The company explains that the quarterly financial statements could not be completed in time to allow for the necessary review of the Form 10-Q and obtaining required signatures before the original due date.
This notification is a procedural step that alerts regulators and investors that the quarterly report will be delayed due to the additional time needed to finalize and review the financial information.