Siddhi Acquisition Corp, a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, has released its Form 10-Q report for the third quarter of 2025. The report provides a detailed overview of the company's financial performance and operational activities for the period ending September 30, 2025.
Financial Highlights
- Net Income: $2.84 million, driven by interest earned on investments held in the Trust Account of $2.996 million, offset by general and administrative costs of $154,297 for the three months ended September 30, 2025.
- Net Income (Loss): $(2.81) million, primarily due to general and administrative costs of $8.67 million, offset by interest earned on investments held in the Trust Account of $5.86 million for the nine months ended September 30, 2025.
- Basic and diluted net income per ordinary share, Class A ordinary shares: $0.08 for the three months ended September 30, 2025.
- Basic and diluted net income (loss) per ordinary share, Class A ordinary shares: $(0.11) for the nine months ended September 30, 2025.
- Basic and diluted net income per ordinary share, Class B ordinary shares: $0.08 for the three months ended September 30, 2025.
- Basic and diluted net income (loss) per ordinary share, Class B ordinary shares: $(0.11) for the nine months ended September 30, 2025.
Business Highlights
- Business Overview: Siddhi Acquisition Corp is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company has not yet selected a specific target for its business combination.
- Operational Activities: Since its inception on July 5, 2024, Siddhi Acquisition Corp has focused on organizational activities, preparing for its Initial Public Offering (IPO), and identifying a target company for a business combination. The company has not engaged in any operations or generated any revenues to date.
- Initial Public Offering: On April 2, 2025, Siddhi Acquisition Corp completed its IPO, raising $276 million through the sale of 27.6 million units at $10.00 per unit. Each unit consists of one Class A ordinary share and one right to receive one-tenth of one Class A ordinary share upon the consummation of an initial business combination.
- Private Placement: Simultaneously with the IPO, the company sold 338,000 private placement units to its sponsor, Siddhi Sponsor LLC, generating gross proceeds of $3.38 million. Each private placement unit consists of one Class A ordinary share and one right entitling the holder to receive one-tenth of one Class A ordinary share upon the consummation of an initial business combination.
- Trust Account: The proceeds from the IPO and private placement were placed in a trust account, initially invested in U.S. government treasury obligations. As of September 30, 2025, the trust account held $283.24 million, including interest income.
- Future Outlook: The company intends to use the funds from the trust account to complete a business combination. Management has broad discretion in applying the net proceeds, which are primarily intended for consummating a business combination. The company has a completion window of 21 months from the IPO closing date to complete the business combination, with a possible extension to 24 months if a definitive agreement is executed within the initial 21 months.
- Segment Information: The company operates as a single segment, with the Chief Executive Officer serving as the chief operating decision maker. The CEO reviews the company's performance based on net income (loss) and total assets, focusing on general and administrative costs to manage cash flow and ensure sufficient capital for a business combination.
- Liquidity and Capital Resources: As of September 30, 2025, Siddhi Acquisition Corp had $759,129 in cash outside the trust account. The company plans to use these funds to identify and evaluate target businesses, perform due diligence, and negotiate a business combination.
- Management's Discussion: The management team is focused on completing a business combination using the proceeds from the IPO and private placement. The company expects to incur significant costs in pursuit of its acquisition plans and is prepared to use its cash resources to fund working capital deficiencies or transaction costs if necessary.
SEC Filing: