YHN Acquisition I Limited has received two Nasdaq deficiency notices stating its Ordinary Shares no longer meet minimum market value requirements for continued listing on the Nasdaq Global Market.
Nasdaq found the company fell below the $15,000,000 Market Value of Publicly Held Shares threshold and the $50,000,000 Market Value of Listed Securities threshold for 30 consecutive business days from March 5, 2026 to April 16, 2026. The stock continues trading on Nasdaq under “YHNA,” and the company has until October 14, 2026 to regain compliance by maintaining the required market values for at least 10 consecutive business days or potentially transferring to the Nasdaq Capital Market.
YHN Acquisition I Limited, a Hong Kong–based SPAC incorporated in the British Virgin Islands, filed its annual report for the year ended December 31, 2025. The company has no operating business and is focused on completing an initial business combination.
YHN entered into a Business Combination Agreement with Mingde Technology Limited, valuing the deal at $200,000,000 plus up to $80,000,000 in earnout shares, payable in 20,000,000 new PubCo ordinary shares and up to 8,000,000 additional earnout shares tied to trading milestones.
The SPAC raised $60,000,000 from its IPO of 6,000,000 units and a further $2,500,000 from 250,000 private units, placing $60,300,000 into a trust account. After redemptions of 3,464,179 shares, 2,535,821 public shares remain redeemable.
For 2025, YHN reported net income of $1,325,117, mainly from interest and dividend income on trust investments, compared with net income of $502,638 in 2024. As of December 31, 2025, cash outside the trust totaled $140,550, and the trust value attributable to redeemable shares was $27,050,906.
Shareholders approved amendments allowing up to three three‑month extensions of the business combination deadline from December 19, 2025 to September 19, 2026, with $150,000 deposited into the trust for each extension. The company discloses substantial doubt about its ability to continue as a going concern if no deal is completed by September 19, 2026, in which case remaining public shares would be redeemed and the SPAC liquidated.
YHN Acquisition I Ltd former CEO and director Tominaga Satoshi sold ordinary shares in an open-market transaction. The Form 4/A reports a sale of 15,000 Ordinary Shares, no par value, at a price of $0.014 per share. Following this transaction, Tominaga Satoshi directly holds 15,000 ordinary shares.
YHN Acquisition I Limited disclosed that on March 19, 2026 it deposited $150,000 into the trust account created for its initial public offering. This payment extends the deadline to complete a business combination from March 19, 2026 to June 19, 2026.
The extension gives the SPAC three additional months to identify and close a suitable merger or acquisition target while keeping IPO funds in the trust structure.
YHN Acquisition I Limited received an amended Schedule 13G showing that Westchester Capital Management, LLC, a Delaware investment adviser, now reports beneficial ownership of 0 ordinary shares, or 0.0% of the class. This percentage is based on 4,285,821 ordinary shares outstanding as of December 8, 2025, as cited from the company’s prior current report.
Westchester indicates it has no sole or shared power to vote or dispose of any YHN Acquisition I shares. The filing also confirms the position is held in the ordinary course of business and not for the purpose of influencing control of the company.
Mizuho Financial Group, Inc. filed an amended Schedule 13G reporting a small position in YHN Acquisition I Ltd common shares. The filing shows beneficial ownership of 191 shares, representing 0.0% of the outstanding class, with sole voting and dispositive power over all reported shares.
The shares are directly held by Mizuho Securities USA LLC, a wholly owned subsidiary, and Mizuho Financial Group, Inc., Mizuho Bank, Ltd. and Mizuho Americas LLC may be deemed indirect beneficial owners. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
W. R. Berkley Corporation, together with its subsidiary Berkley Insurance Company, reports beneficial ownership of 335,894 ordinary shares of YHN Acquisition I Limited, representing 7.8% of the class as of the event date.
The filing shows no sole voting or dispositive power, and shared voting and dispositive power over all 335,894 shares. The reporting persons state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of YHN Acquisition I Limited.
YHN Acquisition I Ltd received an amended Schedule 13G from Feis Equities LLC and Lawrence M. Feis, disclosing passive ownership of 332,160 ordinary shares. This represents 7.75% of the company’s ordinary shares, based on 4,285,821 shares outstanding as of December 8, 2025.
The filing states that the reporting persons have sole voting and dispositive power over these shares and certifies that the holdings are not intended to change or influence control of the company. Both Feis Equities LLC and Lawrence M. Feis sign the report and provide a joint filing agreement.