0001104659-26-105499 | 10-Q/A | XBRL Viewer

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the SEC on March 6, 2026. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future periods.

Principles of Consolidation

On January 19, 2026, 1573562 B.C. Ltd. (“Newco”) a British Columbia limited company and a wholly-owned direct subsidiary of the Company was formed.

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $665,383 in cash and $749,812 cash equivalents as of March 31, 2026 and December 31, 2025.

Investments Held in Trust Account

The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. In contrast, when the investments held in Trust Account are comprised of money market funds, these are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in income from investments held in the Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. As of March 31, 2026, the assets held in the Trust Account were in money market funds.

The Company has the right to withdraw funds for working capital limited to up to 5% of the interest earned on the Trust Account, as of March 31, 2026 and December 31, 2025 the Company has $140,482 available for withdrawal and has not withdrawn any funds from the Trust Account for working capital.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, excluding the subscription agreement liability, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Fair value is defined as the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Offering Costs

The Company complies with the requirements of the Financial Accounting Standards Board (“FASB”) ASC 340-10-S99 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offering.” Offering costs consist principally of professional and registration fees that are directly related to the Initial Public Offering. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares. Offering costs allocated to the Public Shares were charged to temporary equity, and offering costs allocated to Public Warrants (as defined below) and Private Placement Warrants were charged to shareholders’ deficit as the Public and Private Placement Warrants (as defined below), after management’s evaluation, were accounted for under equity treatment.

Class A Ordinary Shares Subject to Possible Redemption

The public shares contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies public shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and then to accumulated deficit. The Company has the right to withdraw funds for working capital limited to up to 5% of the interest earned on the Trust Account. As of March 31, 2026 and December 31, 2025 the Company has $140,482 available for withdrawal and has not withdrawn any funds from the Trust Account for working capital. Accordingly, as of March 31, 2026 and December 31, 2025, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. As of March 31, 2026 and December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balances sheet are reconciled in the following table:


Gross proceeds	$	230,000,000
Less:
Proceeds allocated to public warrants		(1,855,333)
Class A ordinary shares issuance cost		(14,190,584)
Plus:
Remeasurement of carrying value to redemption value		18,715,081
Class A ordinary shares subject to possible redemption, December 31, 2025		232,669,164
Plus:
Remeasurement of carrying value to redemption value		1,944,194
Class A ordinary shares subject to possible redemption, March 31, 2026	$	234,613,358

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception.

The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.

Warrant Instruments

The Company accounted for the Public and Private Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging.” Accordingly, the Company evaluated and classified the warrant instruments under equity treatment at their assigned values. There are 7,666,667 Public Warrants and 7,046,111 Private Placement Warrants currently outstanding as of March 31, 2026 and December 31, 2025.

Net Income per Ordinary Share (As Restated)

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Income and losses are shared pro rata to the shares. Net income per Ordinary Share is computed by dividing net income by the weighted average number of Ordinary Shares outstanding for the period. Accretion associated with the redeemable Ordinary Shares is excluded from net income per Ordinary Share as the redemption value approximates fair value.

The calculation of diluted income per Ordinary Share does not consider the effect of the Warrants issued in connection with the (i) Initial Public Offering, (ii) the exercise of the over-allotment option and (iii) Private Placement, since the average price of the Ordinary Shares for the period from March 12, 2025 (inception) through March 31, 2026 was less than the exercise price and therefore, the inclusion of such Warrants under the Treasury stock method would be anti-dilutive and the exercise is contingent upon the occurrence of future events.

The following tables reflect the calculation of basic and diluted net income per Ordinary Share:


	For the Three Months Ended
	March 31, 2026
	Class A ordinary
	shares		Class B ordinary
	subject to		shares not
	possible		subject to
	redemption		redemption
Basic and diluted net income per share:
Numerator:
Allocation of net income	$	(8,992,899)	$	(2,997,634)
Denominator:
Basic and diluted weighted-average shares outstanding		23,000,000		7,666,667
Basic and diluted net income per ordinary share	$	(0.39)	$	(0.39)

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2026

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Management identified an error in the accounting for the Company’s subscription agreement liability as of and for the three months ended March 31, 2026. Specifically, the subscription agreement liability was measured using certain incorrect valuation inputs, resulting in an incorrect valuation of the liability and the related impact on the Company’s financial statements.

Upon further review, management determined that the subscription agreement liability should have been measured using assumptions and inputs that more accurately reflected the terms and conditions of the underlying Subscription Agreements. As a result, the fair value of the subscription agreement liability reported in the Company’s previously issued condensed consolidated balance sheet as of March 31, 2026, was overstated by $411,329,404, with a corresponding overstatement of net loss in the condensed consolidated statement of operations and related effects on the condensed consolidated statement of shareholders’ equity (deficit) and on non-cash amounts within the condensed consolidated statement of cash flows for the three months ended March 31, 2026.

The impact of the restatement on the Company’s historical financial statements is reflected in the following tables:


		As filed			Adjustment			As Restated
Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited)
Subscription agreement liability		$	425,184,274		$	(411,329,404)		$	13,854,870
Total Liabilities		$	434,485,842		$	(411,329,404)		$	23,156,438
Accumulated deficit		$	(433,528,198)		$	411,329,404		$	(22,198,794)
Shareholders’ deficit		$	(433,527,431)		$	411,329,404		$	(22,198,027)

Condensed Consolidated Statements of Shareholders’ Equity (Deficit) as of March 31, 2026 (unaudited)
Net loss		$	(423,319,937)		$	411,329,404		$	(11,990,533)
Accumulated deficit		$	(433,528,198)		$	411,329,404		$	(22,198,794)
Shareholders’ deficit		$	(433,527,431)		$	411,329,404		$	(22,198,027)

Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 (unaudited)
Change in the fair value of subscription agreement liability		$	(425,184,274)		$	411,329,404		$	(13,854,870)
Net loss		$	(423,319,937)		$	411,329,404		$	(11,990,533)
Basic and diluted net loss per ordinary share, Class A ordinary shares subject to possible redemption		$	(13.80)		$	13.41		$	(0.39)
Basic and diluted net loss per ordinary share, Class B ordinary shares not subject to redemption		$	(13.80)		$	13.41		$	(0.39)

Condensed Consolidated Statement of Cashflows for the three months ended March 31, 2026 (unaudited)
Net loss		$	(423,319,937)		$	411,329,404		$	(11,990,533)
Subscription agreement liability		$	425,184,274		$	(411,329,404)		$	13,854,870

SHAREHOLDERS' DEFICIT

3 Months Ended

Mar. 31, 2026

SHAREHOLDERS' DEFICIT

SHAREHOLDERS' DEFICIT

NOTE 8. SHAREHOLDERS’ DEFICIT

Preference Shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At March 31, 2026 and December 31, 2025, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At March 31, 2026 and December 31, 2025, there were no Class A ordinary shares issued or outstanding, excluding the 23,000,000 shares subject to possible redemption.

Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At March 31, 2026 and December 31, 2025, there were 7,666,667 Class B ordinary shares issued and outstanding (see Note 6), of which an aggregate of up to 1,000,000 shares are subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ over-allotment option is exercised so that the number of Founder Shares will equal 25% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. On September 5, 2025, the underwriters exercised their over-allotment option in full to be settled as part of the closing of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, 1,000,000 Founder Shares are no longer subject to forfeiture by the Sponsor.

Only holders of Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as otherwise required by law.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holder, on a one-for-one basis, subject to adjustment.

Warrants — As of March 31, 2026 and December 31, 2025, there were 14,712,778 Warrants outstanding, including 7,666,667 of Public Warrants and 7,046,111 of Private Placement Warrants. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire seven years from the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating thereto is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of Public Warrants — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

●

in whole and not in part;

●

at a price of $0.01 per Public Warrant;

●

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

●

if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.

The Company will not redeem the warrants for cash unless a registration statement under the Securities Act covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period or the Company has elected to require the exercise of the public warrants on a cashless basis. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the warrants for redemption as described in this paragraph, its management will have the option to require any holder that wishes to exercise his, her or its warrant following the notice of redemption to do so on a cashless basis. In the case of such a cashless exercise, each holder would pay the exercise price by surrendering the Public Warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” less the exercise price of the warrants by (y) the fair market value. The “fair market value” as used in the preceding sentence shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of redemption is sent to the holders of the public warrants. If its management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A ordinary shares to be received upon exercise of the warrants, including the “fair market value” in such case. The Company has established the $18.00 per share (as adjusted) redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the public warrant exercise price. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants, each Public Warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price as well as the $11.50 Public Warrant exercise price after the redemption notice is issued.

In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its Initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by its board of directors and, in the case of any such issuance to either of the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of its Initial Business Combination on the date of the completion of its Initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the public warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants were identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Mar. 11, 2025
Condensed Consolidated Balance Sheets
Subscription agreement liability	$ 13,854,870
Total Liabilities	23,156,438	$ 9,302,634
Accumulated deficit	(22,198,794)	(8,264,067)
Shareholders' deficit	(22,198,027)	(8,263,300)	$ 25,000
Shareholders' (Deficit) Equity
Net loss	(11,990,533)
Accumulated deficit	(22,198,794)	(8,264,067)
Shareholders' deficit	(22,198,027)	$ (8,263,300)	$ 25,000
Condensed Consolidated Statement of Operations
Change in fair value of subscription agreement liability	(13,854,870)
Net loss	(11,990,533)
Condensed Consolidated Statement of Cashflows
Net loss	(11,990,533)
Change in fair value of subscription agreement liability	$ 13,854,870
Class A ordinary shares subject to possible redemption
Condensed Consolidated Statement of Operations
Basic net income per ordinary share	$ (0.39)
Diluted net income per ordinary share	(0.39)
Class B ordinary shares
Condensed Consolidated Statement of Operations
Basic net income per ordinary share	(0.39)
Diluted net income per ordinary share	$ (0.39)
As filed
Condensed Consolidated Balance Sheets
Subscription agreement liability	$ 425,184,274
Total Liabilities	434,485,842
Accumulated deficit	(433,528,198)
Shareholders' deficit	(433,527,431)
Shareholders' (Deficit) Equity
Net loss	(423,319,937)
Accumulated deficit	(433,528,198)
Shareholders' deficit	(433,527,431)
Condensed Consolidated Statement of Operations
Change in fair value of subscription agreement liability	(425,184,274)
Net loss	(423,319,937)
Condensed Consolidated Statement of Cashflows
Net loss	(423,319,937)
Change in fair value of subscription agreement liability	$ 425,184,274
As filed \| Class A ordinary shares subject to possible redemption
Condensed Consolidated Statement of Operations
Basic net income per ordinary share	$ (13.8)
Diluted net income per ordinary share	(13.8)
As filed \| Class B ordinary shares
Condensed Consolidated Statement of Operations
Basic net income per ordinary share	(13.8)
Diluted net income per ordinary share	$ (13.8)
Adjustment
Condensed Consolidated Balance Sheets
Subscription agreement liability	$ (411,329,404)
Total Liabilities	(411,329,404)
Accumulated deficit	411,329,404
Shareholders' deficit	411,329,404
Shareholders' (Deficit) Equity
Net loss	411,329,404
Accumulated deficit	411,329,404
Shareholders' deficit	411,329,404
Condensed Consolidated Statement of Operations
Change in fair value of subscription agreement liability	411,329,404
Net loss	411,329,404
Condensed Consolidated Statement of Cashflows
Net loss	411,329,404
Change in fair value of subscription agreement liability	$ (411,329,404)
Adjustment \| Class A ordinary shares subject to possible redemption
Condensed Consolidated Statement of Operations
Basic net income per ordinary share	$ 13.41
Diluted net income per ordinary share	13.41
Adjustment \| Class B ordinary shares
Condensed Consolidated Statement of Operations
Basic net income per ordinary share	13.41
Diluted net income per ordinary share	$ 13.41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Warrant Instruments (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Warrant Instruments
Number of warrants outstanding	14,712,778	14,712,778
Public Warrants
Warrant Instruments
Number of warrants outstanding	7,666,667	7,666,667
Private Placement Warrants
Warrant Instruments
Number of warrants outstanding	7,046,111	7,046,111

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS (Details) - Subsequent Events - USD ($)	Jul. 06, 2026	Apr. 29, 2026
SUBSEQUENT EVENTS
Amount withdrawn from the trust account for working capital purposes		$ 102,326
Class A ordinary shares redeemed	21,075,896

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Sep. 03, 2025	Mar. 31, 2025	Mar. 31, 2026	Mar. 28, 2025
RELATED PARTY TRANSACTIONS
General and administrative expenses			$ 182,183
Sponsor \| Unsecured promissory note
RELATED PARTY TRANSACTIONS
Aggregate principal amount			151,636	$ 250,000
Outstanding borrowing paid			151,636
Administrative Services Agreement \| Sponsor
RELATED PARTY TRANSACTIONS
General and administrative expenses		$ 0	$ 90,000
Monthly expenses	$ 30,000
Related Party Loans
RELATED PARTY TRANSACTIONS
Exercise price			$ 0.9
Loans outstanding			$ 0
Related Party Loans \| Maximum
RELATED PARTY TRANSACTIONS
Loan amount converted into warrants			$ 1,500,000

FAIR VALUE MEASUREMENTS - Asset held in the Trust Account (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
FAIR VALUE MEASUREMENTS
Assets held in the Trust Account	$ 234,715,684	$ 232,809,646
Recurring
FAIR VALUE MEASUREMENTS
Assets held in the Trust Account	234,715,684
Recurring \| Level 1
FAIR VALUE MEASUREMENTS
Investments held in Trust Account - U.S. Treasury Securities Money Market Fund	234,715,684	$ 232,809,646
Recurring \| Level 3
FAIR VALUE MEASUREMENTS
Subscription agreement liability	$ 13,854,870

SHAREHOLDERS' DEFICIT (Details)		3 Months Ended	10 Months Ended
SHAREHOLDERS' DEFICIT (Details)	Aug. 15, 2025 shares	Mar. 31, 2026 Vote $ / shares shares	Dec. 31, 2025 $ / shares shares	Sep. 05, 2025 shares	Mar. 31, 2025 $ / shares shares
SHAREHOLDERS' DEFICIT
Preferred shares, shares authorized		1,000,000	1,000,000		1,000,000
Preferred shares, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001		$ 0.0001
Preferred shares, shares issued		0	0
Preferred shares, shares outstanding		0	0		0
Class A ordinary shares
SHAREHOLDERS' DEFICIT
Common shares, authorized		200,000,000	200,000,000		200,000,000
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001		$ 0.0001
Number of votes per share \| Vote		1
Common shares, issued		0	0
Common shares, outstanding		0	0
Class A ordinary shares subject to possible redemption
SHAREHOLDERS' DEFICIT
Common shares redemption, issued		23,000,000	23,000,000
Common shares redemption, outstanding		23,000,000	23,000,000
Class B ordinary shares
SHAREHOLDERS' DEFICIT
Common shares, authorized		20,000,000	20,000,000		20,000,000
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001		$ 0.0001
Number of votes per share \| Vote		1
Common shares, issued		7,666,667	7,666,667
Common shares, outstanding		7,666,667	7,666,667
Conversion ratio		1
Class B ordinary shares \| Founder shares
SHAREHOLDERS' DEFICIT
Common shares, outstanding	7,666,667
Number of shares no longer subject to forfeiture				1,000,000
Conversion ratio	1.33
Class B ordinary shares \| Founder shares \| Sponsor
SHAREHOLDERS' DEFICIT
Common shares, outstanding	7,546,667
Number of shares subject to forfeiture		1,000,000	1,000,000
Founder shares as percentage of issued and outstanding shares, if forfeiture is made (in %)		25.00%	25.00%
Number of shares no longer subject to forfeiture				1,000,000

COMMITMENTS (Details)			3 Months Ended
COMMITMENTS (Details)	Jan. 21, 2026 USD ($) $ / shares shares	Sep. 05, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) item shares	Dec. 31, 2025 USD ($)
Subsidiary, Sale of Stock [Line Items]
Maximum number of demands security holders entitled \| item			3
Cash underwriting fee \| $		$ 4,600,000
Deferred underwriting fee per unit \| $ / shares		$ 0.4
Deferred Underwriting Fee \| $		$ 9,200,000	$ 9,200,000	$ 9,200,000
Subscription agreement \| $			13,854,870
Change in fair value of subscription agreement liability \| $			$ 13,854,870
Sponsor
Subsidiary, Sale of Stock [Line Items]
Exercise price per share \| $ / shares	$ 0.9
Founder shares \| Sponsor
Subsidiary, Sale of Stock [Line Items]
Percentage of equity interest forfeited	15.00%
Sponsor earnout shares	1,000,000
Transferred founder shares	1,250,000
Shares lock up period	6 months
Working Capital Loan \| Sponsor
Subsidiary, Sale of Stock [Line Items]
Convertible working capital loans \| $	$ 1,500,000
Common Class B \| Founder shares
Subsidiary, Sale of Stock [Line Items]
Number of shares forfeited	1,000,000
Underwriters over-allotment option
Subsidiary, Sale of Stock [Line Items]
Over allotment period			45 days
Maximum number of additional units offered for purchase			3,000,000
Number of units issued		3,000,000
Private Placement Warrants \| Underwriters over-allotment option
Subsidiary, Sale of Stock [Line Items]
Percentage of equity interest forfeited	15.00%
Number of warrants forfeited	383,333

PUBLIC OFFERING

3 Months Ended

Mar. 31, 2026

PUBLIC OFFERING

PUBLIC OFFERING

NOTE 4. PUBLIC OFFERING

Pursuant to the Initial Public Offering on September 5, 2025, the Company sold 23,000,000 Units, including 3,000,000 Units for the full close of the underwriter’s over-allotment option, at a purchase price of $10.00 per Unit, generating gross proceeds of $230,000,000. Each Unit consists of one Class A ordinary share and one-third of one redeemable public warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).

PUBLIC OFFERING (Details) - USD ($)	Sep. 05, 2025	Mar. 31, 2026
Public Warrants
PUBLIC OFFERING
Number of warrants in a unit		0.33
Exercise price		$ 11.5
Class A ordinary shares
PUBLIC OFFERING
Number of shares in a unit		1
Class A ordinary shares \| Public Warrants
PUBLIC OFFERING
Number of shares called by each warrant		1
Exercise price		$ 11.5
IPO including over-allotment
PUBLIC OFFERING
Number of units issued	23,000,000
Price per unit issued	$ 10
Gross proceeds from initial public offering	$ 230,000,000
Underwriters over-allotment option
PUBLIC OFFERING
Number of units issued	3,000,000

FAIR VALUE MEASUREMENTS - The key inputs into the Monte Carlo Simulation for the warrants (Details) - Level 3	Mar. 31, 2026 $ / shares Y	Jan. 31, 2026 $ / shares Y
Estimated fair value of the post-Business Combination common shares
FAIR VALUE MEASUREMENTS
Warrants within the subscription agreement liability \| $ / shares	8.57	7.52
Expected term (years)
FAIR VALUE MEASUREMENTS
Warrants within the subscription agreement liability \| Y	5.33	5.7
Risk-free rate
FAIR VALUE MEASUREMENTS
Warrants within the subscription agreement liability	0.0388	0.0383
Expected volatility
FAIR VALUE MEASUREMENTS
Warrants within the subscription agreement liability	0.80	0.80
Expected yield
FAIR VALUE MEASUREMENTS
Warrants within the subscription agreement liability	0.50	0.50
Implied market adjustment
FAIR VALUE MEASUREMENTS
Warrants within the subscription agreement liability	0.461	0.461

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unrecognized tax benefits	$ 0	$ 0
Accrued for interest and penalties	0	$ 0
Provision for income tax	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) - USD ($)				3 Months Ended
	Jan. 21, 2026	Sep. 05, 2025	Mar. 28, 2025	Mar. 31, 2026	Dec. 31, 2025
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Transaction costs		$ 14,319,936
Cash underwriting fee		4,600,000
Deferred Underwriting Fee		9,200,000		$ 9,200,000	$ 9,200,000
Other offering costs		519,936
Percent of fair market value of target businesses				80.00%
Percentage of ownership interest to be acquired				50.00%
Trust Account		$ 230,000,000
Share price				$ 10
Number of business days prior to business combination				2 days
Permitted Withdrawals percentage				5.00%
Percentage of restriction on redemption of shares				15.00%
Redemption percentage of shares if business combination not completed				100.00%
Maximum period to complete the business combination				24 months
Maximum number of business days for completion of redemption				10 days
Dissolution expense payable from interest earned on trust account				$ 100,000
Cash and cash equivalents				665,383	$ 749,812
Working capital deficit				$ 726,579
Sponsor
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Share price				$ 10
Exercise price per share	$ 0.9
Sponsor \| Unsecured promissory note
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Aggregate principal amount			$ 250,000	$ 151,636
Founder shares \| Sponsor
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Sponsor earnout shares	1,000,000
Transferred founder shares	1,250,000
Shares lock up period	6 months
Related Party Loans
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Exercise price				$ 0.9
Loans outstanding				$ 0
Related Party Loans \| Maximum
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Loan amount converted into warrants				$ 1,500,000
Working Capital Loan \| Sponsor
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Convertible working capital loans	$ 1,500,000
Private Placement Warrants
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of warrants issued		7,046,111
Price per warrant issued		$ 0.9
Gross proceeds from warrants issuance		$ 6,341,500
Private Placement Warrants \| Sponsor
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of warrants issued		4,490,555
Public Warrants
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of warrants in a unit				0.33
Exercise price				$ 11.5
Class A ordinary shares
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of shares in a unit				1
Class A ordinary shares \| Private Placement Warrants
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of shares called by each warrant				1
Exercise price				$ 11.5
Class A ordinary shares \| Public Warrants
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of shares called by each warrant				1
Exercise price				$ 11.5
Class B ordinary shares \| Founder shares
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of shares forfeited	1,000,000
Class B ordinary shares \| Founder shares \| Sponsor
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Consideration received from sponsor			$ 25,000	$ 25,000
IPO including over-allotment
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of units issued		23,000,000
Price per unit issued		$ 10
Gross proceeds from initial public offering		$ 230,000,000
Initial Public Offering
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Maximum period to liquidate for trust accounts funds				24 months
Underwriters over-allotment option
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of units issued		3,000,000
Underwriters over-allotment option \| Private Placement Warrants
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of warrants issued		2,555,556
Private investment in public equity financing
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of units issued	10,556,367
Price per unit issued	$ 10.2
Number of shares in a unit	1
Number of warrants in a unit	1
Exercise price	$ 12

FAIR VALUE MEASUREMENTS - Public warrants (Details) - Public Warrants	Sep. 05, 2025 USD ($) $ / shares Y
FAIR VALUE MEASUREMENTS
Fair value of warrants \| $	$ 1,855,333
Fair value per warrant	$ 0.24
Warrants and Rights Outstanding, Valuation Technique [Extensible Enumeration]	us-gaap:MonteCarloModelMember
Underlying stock price
FAIR VALUE MEASUREMENTS
Warrants, measurement input	9.92
Exercise price
FAIR VALUE MEASUREMENTS
Warrants, measurement input	11.5
Volatility
FAIR VALUE MEASUREMENTS
Warrants, measurement input	0.04
Remaining term (years)
FAIR VALUE MEASUREMENTS
Warrants, measurement input \| Y	7.01
Risk-free rate
FAIR VALUE MEASUREMENTS
Warrants, measurement input	0.0373
Black-Scholes value
FAIR VALUE MEASUREMENTS
Warrants, measurement input	1.14
Pre-adjusted value per share
FAIR VALUE MEASUREMENTS
Warrants, measurement input	1.14
Implied market value adjustment
FAIR VALUE MEASUREMENTS
Warrants, measurement input	0.212

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS (As Restated)

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events, other than the below, that would have required adjustment or disclosure in the condensed consolidated financial statements.

On April 29, 2026, the Company withdrew $102,326 from the Trust Account for working capital purposes.

On July 6, 2026, the Company held its extraordinary general meeting of shareholders in connection with the proposed Business Combination Agreement with General Fusion. The Company’s shareholders approved the Business Combination and related proposals. In connection with the shareholder vote, holders of 21,075,896 Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account.

On July 10, 2026, the Company consummated its previously announced Business Combination Agreement with General Fusion, pursuant to which the Company transferred by way of continuation and deregistration from the Cayman Islands to the Province of British Columbia and became General Fusion Group Ltd.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 10. SEGMENT INFORMATION

The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following:


		March 31, 2026			December 31, 2025
Investments held in Trust Account		$	234,715,684		$	232,809,646
Cash and cash equivalents		$	665,383		$	749,812


	For the
	Three Months Ended
	March 31,
	2026
General and administrative expenses	$	182,184
Interest earned on investments held in Trust Account	$	2,046,520

The CODM reviews interest earned on the Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the Trust Agreement.

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative costs, as reported on the statement of operations, are the significant segment expenses provided to the CODM on a regular basis.

All other segment items included in net income are reported on the statement of operations and described within their respective disclosures.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Sep. 03, 2026
Document and Entity Information
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42822
Entity Registrant Name	GENERAL FUSION GROUP LTD.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Greg Twinney
Entity Address, Adress Line Two	6020 Russ Baker Way
Entity Address, City or Town	Richmond
Entity Address State Or Province	BC
Entity Address, Postal Zip Code	V7B 1B4
Entity Address, Country	CA
City Area Code	604
Local Phone Number	439-3003
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Central Index Key	0002074850
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	true
Amendment Description	Spring Valley Acquisition Corp. III (N/K/A General Fusion Group Ltd.) (the “Company,” “SVIII,” “we,” “us” or “our”) is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2026 (this “Amended Form 10-Q”) to amend and restate certain terms in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 originally filed with the Securities and Exchange Commission on May 15, 2026.
Common Stock
Document and Entity Information
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	GFUZ
Security Exchange Name	NASDAQ
Warrants
Document and Entity Information
Title of 12(b) Security	Warrants
Trading Symbol	GFUZW
Security Exchange Name	NASDAQ
Subordinate Voting Shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		53,132,058
Multiple Voting Shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		10,416,663

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

On January 19, 2026, 1573562 B.C. Ltd. (“Newco”) a British Columbia limited company and a wholly-owned direct subsidiary of the Company was formed.

Emerging Growth Company

Use of Estimates

Concentration of Credit Risk

Cash and Cash Equivalents

Investments Held in Trust Account

Fair Value of Financial Instruments

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Offering Costs

Offering Costs

Class A Ordinary Shares Subject to Possible Redemption

Class A Ordinary Shares Subject to Possible Redemption


Gross proceeds	$	230,000,000
Less:
Proceeds allocated to public warrants		(1,855,333)
Class A ordinary shares issuance cost		(14,190,584)
Plus:
Remeasurement of carrying value to redemption value		18,715,081
Class A ordinary shares subject to possible redemption, December 31, 2025		232,669,164
Plus:
Remeasurement of carrying value to redemption value		1,944,194
Class A ordinary shares subject to possible redemption, March 31, 2026	$	234,613,358

Income Taxes

Income Taxes

Warrant Instruments

Warrant Instruments

Net Income per Ordinary Share (As Restated)

Net Income per Ordinary Share (As Restated)

The following tables reflect the calculation of basic and diluted net income per Ordinary Share:


	For the Three Months Ended
	March 31, 2026
	Class A ordinary
	shares		Class B ordinary
	subject to		shares not
	possible		subject to
	redemption		redemption
Basic and diluted net income per share:
Numerator:
Allocation of net income	$	(8,992,899)	$	(2,997,634)
Denominator:
Basic and diluted weighted-average shares outstanding		23,000,000		7,666,667
Basic and diluted net income per ordinary share	$	(0.39)	$	(0.39)

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

SEGMENT INFORMATION

Schedule of key metrics reviewed by CODM


		March 31, 2026			December 31, 2025
Investments held in Trust Account		$	234,715,684		$	232,809,646
Cash and cash equivalents		$	665,383		$	749,812


	For the
	Three Months Ended
	March 31,
	2026
General and administrative expenses	$	182,184
Interest earned on investments held in Trust Account	$	2,046,520

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

SEGMENT INFORMATION (Details)	3 Months Ended
SEGMENT INFORMATION (Details)	Mar. 31, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
SEGMENT INFORMATION
Investments held in Trust Account	$ 234,715,684	$ 232,809,646
Cash and cash equivalents	665,383	749,812
General and administrative expenses	182,183
Interest earned on investments held in Trust Account	$ 2,046,520
Single reportable segment
SEGMENT INFORMATION
Number of reportable segment \| segment	1
Investments held in Trust Account	$ 234,715,684	232,809,646
Cash and cash equivalents	665,383	$ 749,812
General and administrative expenses	182,184
Interest earned on investments held in Trust Account	$ 2,046,520

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2026

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Schedule of impact of the restatement on the Company's historical financial statements


		As filed			Adjustment			As Restated
Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited)
Subscription agreement liability		$	425,184,274		$	(411,329,404)		$	13,854,870
Total Liabilities		$	434,485,842		$	(411,329,404)		$	23,156,438
Accumulated deficit		$	(433,528,198)		$	411,329,404		$	(22,198,794)
Shareholders’ deficit		$	(433,527,431)		$	411,329,404		$	(22,198,027)

Condensed Consolidated Statements of Shareholders’ Equity (Deficit) as of March 31, 2026 (unaudited)
Net loss		$	(423,319,937)		$	411,329,404		$	(11,990,533)
Accumulated deficit		$	(433,528,198)		$	411,329,404		$	(22,198,794)
Shareholders’ deficit		$	(433,527,431)		$	411,329,404		$	(22,198,027)

Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 (unaudited)
Change in the fair value of subscription agreement liability		$	(425,184,274)		$	411,329,404		$	(13,854,870)
Net loss		$	(423,319,937)		$	411,329,404		$	(11,990,533)
Basic and diluted net loss per ordinary share, Class A ordinary shares subject to possible redemption		$	(13.80)		$	13.41		$	(0.39)
Basic and diluted net loss per ordinary share, Class B ordinary shares not subject to redemption		$	(13.80)		$	13.41		$	(0.39)

Condensed Consolidated Statement of Cashflows for the three months ended March 31, 2026 (unaudited)
Net loss		$	(423,319,937)		$	411,329,404		$	(11,990,533)
Subscription agreement liability		$	425,184,274		$	(411,329,404)		$	13,854,870

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income per Ordinary Share (As Restated) (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Class A ordinary shares subject to possible redemption
Basic net income per share:
Allocation of net income \| $	$ (8,992,899)
Basic weighted-average shares outstanding \| shares	23,000,000
Basic net income per ordinary share \| $ / shares	$ (0.39)
Diluted net income per share:
Allocation of net income \| $	$ (8,992,899)
Diluted weighted-average shares outstanding \| shares	23,000,000
Diluted net income per ordinary share \| $ / shares	$ (0.39)
Class B ordinary shares
Basic net income per share:
Allocation of net income \| $	$ (2,997,634)
Basic weighted-average shares outstanding \| shares	7,666,667
Basic net income per ordinary share \| $ / shares	$ (0.39)
Diluted net income per share:
Allocation of net income \| $	$ (2,997,634)
Diluted weighted-average shares outstanding \| shares	7,666,667
Diluted net income per ordinary share \| $ / shares	$ (0.39)

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 6. RELATED PARTY TRANSACTIONS

Founder Shares

On March 28, 2025, the Sponsor and independent directors (“Initial Shareholders”) paid $25,000 to cover the Company’s offering and formation costs in exchange for 5,750,000 Class B ordinary shares (the “Founder Shares”) issued to the Initial Shareholders. On August 15, 2025, the Company effected an approximately 1 to 1.33 share split and upon completion of the share split, each of the independent directors transferred 13,333 Founder Shares to the Sponsor for an amount of $43.48. As a result, the Sponsor currently holds 7,546,667 Founder Shares, and each of the independent directors currently holds 40,000 Founder Shares for an aggregate of 7,666,667 Founder Shares. All share and per share data has been retrospectively presented.

The Founder Shares include an aggregate of up to 1,000,000 shares that were subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ over-allotment option is exercised, so that the number of Founder Shares will collectively represent 25% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering. On September 5, 2025, the underwriters exercised their over-allotment option in full to be settled as part of the closing of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, 1,000,000 Founder Shares are no longer subject to forfeiture by the Sponsor.

The Initial Shareholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property.

On January 21, 2026, the sponsor has agreed to forfeit 15% of its founder shares of the Company simultaneously and in connection with the consummation of the Company’s business combination with General Fusion, Inc.

Promissory Note — Related Party

On March 28, 2025, the Company issued an unsecured promissory note to the Sponsor (“IPO Note”), pursuant to which the Company was able to borrow up to an aggregate principal amount of $250,000. The IPO Note is non-interest bearing and payable on the earlier of (i) December 31, 2025 or (ii) the consummation of the Initial Public Offering. The borrowings of $151,636 under the IPO Note were paid simultaneously with the closing of the Initial Public Offering. Borrowings under the IPO Note are no longer available.

Administrative Services Agreement

Commencing on September 3, 2025, the effective date of the registration statements for the Initial Public Offering, the Company entered into an agreement with the Sponsor to pay an aggregate of $30,000 per month for office space and administrative support. The Company incurred and paid $90,000 and $0 in such fees included as general and administrative expenses on the accompanying statement of operations for the three months ended March 31, 2026 and for the period from March 12, 2025 (inception) through March 31, 2025.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, any of their respective affiliates or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants at a price of $0.90 per warrant. As of March 31, 2026, there are no Working Capital Loans outstanding.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 665,383	$ 749,812
Prepaid expenses	157,964	$ 100,885
Due from Sponsor	$ 4,800
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Sponsor [Member]	Sponsor [Member]
Total current assets	$ 828,147	$ 850,697
Long-term prepaid insurance	27,938	48,155
Investments held in Trust Account	234,715,684	232,809,646
Total Assets	235,571,769	233,708,498
Current liabilities
Accrued offering costs	75,000	75,000
Accrued expenses	26,068	27,134
Advance from related party	$ 500	$ 500
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current liabilities	$ 101,568	$ 102,634
Subscription agreement liability	13,854,870
Deferred Underwriting Fee	9,200,000	9,200,000
Total Liabilities	23,156,438	9,302,634
Commitments and Contingencies (Note 6)
Class A ordinary shares subject to possible redemption, $0.0001 par value; 23,000,000 shares at redemption value of $10.20 and $10.12 per share at March 31, 2026 and December 31, 2025, respectively	234,613,358	232,669,164
Shareholders' (Deficit) Equity
Common shares value issued
Accumulated deficit	(22,198,794)	(8,264,067)
Total Shareholders' Deficit	(22,198,027)	(8,263,300)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders' Deficit	235,571,769	233,708,498
Class A ordinary shares
Shareholders' (Deficit) Equity
Common shares value issued	767	767
Class A ordinary shares subject to possible redemption
Current liabilities
Class A ordinary shares subject to possible redemption, $0.0001 par value; 23,000,000 shares at redemption value of $10.20 and $10.12 per share at March 31, 2026 and December 31, 2025, respectively	$ 234,613,358	$ 232,669,164

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS	3 Months Ended
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS	Mar. 31, 2026 USD ($) $ / shares shares
General and administrative expenses	$ 182,183
Loss from operations	(182,183)
Other income (expense):
Change in fair value of subscription agreement liability	(13,854,870)
Interest earned on investments held in Trust Account	2,046,520
Other expense	(11,808,350)
Net loss	$ (11,990,533)
Class A ordinary shares subject to possible redemption
Other income (expense):
Basic weighted average shares outstanding \| shares	23,000,000
Diluted weighted average shares outstanding \| shares	23,000,000
Basic net loss \| $ / shares	$ (0.39)
Diluted net loss \| $ / shares	$ (0.39)
Class B ordinary shares
Other income (expense):
Basic weighted average shares outstanding \| shares	7,666,667
Diluted weighted average shares outstanding \| shares	7,666,667
Basic net loss \| $ / shares	$ (0.39)
Diluted net loss \| $ / shares	$ (0.39)

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS (As Restated)

Level 1:

Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:

Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:

Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

The fair value of the public warrants is $1,855,333 or $0.24 per public warrant. The fair value of public warrants was determined using Monte Carlo Simulation Model. The public warrants have been classified within shareholders’ deficit and will not require remeasurement after issuance. The following table presents the quantitative information regarding market assumptions used in the valuation of the public warrants:


	September 5, 2025
Underlying stock price	$	9.92
Exercise price	$	11.50
Volatility		4.0	%
Remaining term (years)		7.01
Risk-free rate		3.73	%
Black-Scholes value	$	1.14
Pre-adjusted value per share	$	1.14
Implied market value adjustment		21.20	%

At March 31, 2026, assets held in the Trust Account were comprised of $234,715,684 in money market funds which are invested primarily in U.S. Treasury Securities.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description		Level		March 31, 2026
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund		1		$	234,715,684
Liability:
Subscription agreement liability		3		$	13,854,870


Description		Level		December 31, 2025
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund		1		$	232,809,646

The subscription agreement liability was classified as a Level 3 fair value measurement, and its valuation required significant management judgment in selecting the valuation methodology and key inputs. As of March 31, 2026, the subscription agreement liability is valued using a Monte Carlo simulation model that incorporates both the redeemable convertible preferred shares and warrants deliverable under the Subscription Agreements, measured as a forward contract. The model relies on significant unobservable inputs, including equity volatility, yield assumption and estimated fair value of the post-Business Combination common shares issuable upon conversion of the preferred shares and exercise of the warrants. The valuation incorporated the contractual terms of the underlying instruments, including the conversion features and related price reset mechanisms, cumulative dividends payable in kind or in cash, the Company’s optional redemption right at declining premiums, the holders’ redemption rights, and anti-dilution protections. Changes in these unobservable inputs could have resulted in a significantly higher or lower fair value measurement.

The fair value of the forward contract is measured as the fair value of the preferred shares and warrants to be issued under the Subscription Agreements, less the fixed consideration to be received. The fair values of the preferred shares and warrants contained within the Subscriptions Agreements were estimated using the Monte Carlo simulation method. The assumptions used to estimate the fair value of the preferred shares and warrants contained within the Subscription Agreements are set forth below:


		Initial			March 31,
		Recognition			2026
Estimated fair value of the post-Business Combination common shares		$	7.52		$	8.57
Expected term (years)			5.7			5.33
Risk-free rate			3.83	%		3.88	%
Expected volatility			80.0	%		80.0	%
Expected yield			50.0	%		50.0	%
Implied market adjustment			46.1	%		46.1	%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

COMMITMENTS

3 Months Ended

Mar. 31, 2026

COMMITMENTS

COMMITMENTS

NOTE 7. COMMITMENTS

Registration Rights

The holders of the (i) Founder Shares, (ii) private placement warrants, which are issued in a private placement simultaneously with the closing of the Initial Public Offering, private placement warrants and the Class A ordinary shares underlying such private placement warrants and (iii) warrants that may be issued upon conversion of working capital loans will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares). The holders of these securities were entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting commissions. On September 5, 2025, the underwriters exercised their over-allotment option, closing on the 3,000,000 additional Units simultaneously with the Initial Public Offering.

The underwriters were entitled to a cash underwriting discount of $4,600,000, which was paid in cash to the underwriters at the closing of the Initial Public Offering.

Additionally, the underwriters are entitled to a deferred fee of $0.40 per Unit, or $9,200,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement and will be based on the amount of funds remaining in the Trust Account after shareholder redemptions of public shares in connection with the consummation of a Business Combination.

On January 21, 2026, the underwriters agree to forfeit, simultaneously and in connection with the consummation of the Business Combination with General Fusion, an aggregated pro-rata portion (or as otherwise agreed amongst the Underwriters) of 15% of their private placement warrants, equal to an aggregate of 383,333 private placement warrants. This agreement is conditioned upon the closing of the General Fusion Business Combination, as the Business Combination is not considered probably as of this filing, no adjustments have been made to the accompanying unaudited condensed consolidated financial statements.

Initial Business Combination

On January 21, 2026, SVIII entered into the Business Combination Agreement with General Fusion and NewCo.

Concurrently with the execution and delivery of the Business Combination Agreement, SVIII, General Fusion and the Sponsor entered into a the Sponsor Letter pursuant to which, among other things (1) the Sponsor agreed to vote all Founder Shares held by it in favor of the Business Combination Agreement, the Business Combination and related proposals, (2) the Sponsor agreed that, at the Closing, it will forfeit 1,000,000 Founder Shares and, in connection therewith, SVIII agreed to issue to the Sponsor an aggregate of 1,000,000 Earnout Shares, (3) the Sponsor agreed to transfer, directly or constructively, an aggregate of 1,250,000 Founder Shares to certain investors in General Fusion’s most recent simple agreements for future equity financing round, and (4) the parties agreed that if SVIII obtains working capital loans from the Sponsor or an affiliate to finance transaction costs related to the Business Combination, up to $1,500,000 of such loans may be converted into warrants to purchase Common Shares for an exercise price of $0.90 per share, at the Sponsor’s option.

Concurrently with the execution and delivery of the Business Combination Agreement, SVIII, General Fusion and certain of General Fusion’s securityholders entered into the Support Agreement pursuant to which, among other things, each such securityholder agreed to support and vote in favor of the Plan of Arrangement.

Pursuant to the terms of the Business Combination Agreement, contemporaneously with the Closing, New SVIII, the Sponsor, and certain securityholders of General Fusion will enter into the Registration Rights Agreement, pursuant to which, among other things, (1) New SVIII will agree to file, as soon as practicable (and in any event within 30 days) following the Closing Date, a registration statement covering the resale of certain Common Shares and other equity securities of New SVIII held by the Sponsor and such other securityholders parties from time to time, (2) such holders of registrable securities will be granted certain takedown, demand, block trade and piggyback registration rights with respect to their registrable securities, in each case, on the terms and subject to the conditions set forth in the Registration Rights Agreement, and (3) the Registration Rights Agreement, dated as of September 3, 2025, between SVIII, the Sponsor and certain other parties will be amended, restated and terminated as of the Closing.

Also pursuant to the terms of the Business Combination Agreement, at the Closing, certain Company securityholders will enter into the Lock-Up Agreements, pursuant to which, among other things, each such securityholder will agree not to sell, for a period of 180 days following the Closing (subject to certain exceptions), the Common Shares held by such securityholder immediately after the effective time of the Business Combination, on the terms and subject to the conditions set forth in the Lock-Up Agreement. In addition, the Sponsor and the other parties to the letter agreement entered into by such parties with SVIII in connection with SVIII’s initial public offering will enter into an amendment to such letter agreement to change the lock-up period in such letter agreement to six months after the Closing Date.

Subscription Agreement Liability (As Restated)

The Subscription Agreements obligate the Company to issue, and the PIPE Financing investors to purchase, the units, with the arrangement settling in its entirety or not at all. Pursuant to ASC 480-10-25-8, a financial instrument other than an outstanding share is classified as a liability if it embodies a conditional or unconditional obligation to transfer assets or issue equity shares. As the arrangement obligates the issuance of units containing preferred shares that are contingently redeemable at the holder’s option and liability-classified warrants, the arrangement represents a forward sale contract classified as a liability in accordance with ASC 480, accounted for as one unit of account during the interim period. Furthermore, the warrants are liability classified as they do not meet the indexation to own equity criteria per ASC 815-40 due to the existence of a specific exercise price resetting feature. The subscription agreement liability is measured at fair value at inception and remeasured at each reporting date, with changes in fair value recognized within change in fair value of subscription agreement liability in the condensed consolidated statements of operations, until the contract is settled or expires. Subsequent to June 30, 2026, the Subscription Agreements were settled on July 10, 2026 concurrently with the consummation of the transactions contemplated by the Business Combination Agreement, including the PIPE Financing. See Note 11. Subsequent Events

As of March 31, 2026, the Company recorded a liability in connection with the Subscription Agreements of $13,854,870 on the accompanying condensed consolidated balance sheet and a change in the fair value of subscription agreement liability of $13,854,870 within the accompanying condensed consolidated statement of operations.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

Schedule of quantitative information regarding market assumptions used in the valuation of the public warrants


	September 5, 2025
Underlying stock price	$	9.92
Exercise price	$	11.50
Volatility		4.0	%
Remaining term (years)		7.01
Risk-free rate		3.73	%
Black-Scholes value	$	1.14
Pre-adjusted value per share	$	1.14
Implied market value adjustment		21.20	%

Schedule of assets that are measured at fair value on a recurring basis


Description		Level		March 31, 2026
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund		1		$	234,715,684
Liability:
Subscription agreement liability		3		$	13,854,870


Description		Level		December 31, 2025
Assets:
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund		1		$	232,809,646

Schedule of subscription agreement liability


		Initial			March 31,
		Recognition			2026
Estimated fair value of the post-Business Combination common shares		$	7.52		$	8.57
Expected term (years)			5.7			5.33
Risk-free rate			3.83	%		3.88	%
Expected volatility			80.0	%		80.0	%
Expected yield			50.0	%		50.0	%
Implied market adjustment			46.1	%		46.1	%

SHAREHOLDERS' DEFICIT - Warrants (Details) - $ / shares	3 Months Ended
SHAREHOLDERS' DEFICIT - Warrants (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
SHAREHOLDERS' DEFICIT
Number of warrants outstanding	14,712,778	14,712,778
Threshold period for filing registration statement after business combination	15 days
Threshold business days for making the registration statement effective	60 days
Public Warrants
SHAREHOLDERS' DEFICIT
Number of warrants outstanding	7,666,667	7,666,667
Restricted period on warrant exercise, business combination	30 days
Restricted period on warrant exercise, closing of initial public offering	12 months
Warrant term	7 years
Redemption price per warrant (in dollars per share)	$ 0.01
Minimum threshold prior written notice period for redemption of warrants	30 days
Stock price trigger for redemption of warrants	$ 18
Threshold trading days for redemption of warrants	20 days
Threshold consecutive trading days for redemption of warrants	30 days
Trading day prior to the date on which the notice of exercise is received	10 days
Exercise price	$ 11.5
Newly Issued Price	$ 9.2
Percentage of gross proceeds	60.00%
Threshold trading days for volume weighted average price per share	20 days
Market Price	$ 9.2
Adjusted exercise price per warrant	115.00%
Adjusted Redemption price trigger	180.00%
Private Placement Warrants
SHAREHOLDERS' DEFICIT
Number of warrants outstanding	7,046,111	7,046,111
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days

RELATED PARTY TRANSACTIONS - Founder Shares (Details)				3 Months Ended
RELATED PARTY TRANSACTIONS - Founder Shares (Details)	Jan. 21, 2026	Aug. 15, 2025 $ / shares shares	Mar. 28, 2025 USD ($) D $ / shares shares	Mar. 31, 2026 USD ($) shares	Dec. 31, 2025 shares	Sep. 05, 2025 shares
Class B ordinary shares
RELATED PARTY TRANSACTIONS
Share split ratio				1
Common shares, outstanding				7,666,667	7,666,667
Class A ordinary shares
RELATED PARTY TRANSACTIONS
Common shares, outstanding				0	0
Founder shares
RELATED PARTY TRANSACTIONS
Restrictions on transfer period of time after business combination completion			1 year
Founder shares \| Class B ordinary shares
RELATED PARTY TRANSACTIONS
Share split ratio		1.33
Number of shares transferred		13,333
Transfer price per share \| $ / shares		$ 43.48
Common shares, outstanding		7,666,667
Shares held by each independent director		40,000
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by stockholders		25.00%
Number of shares no longer subject to forfeiture						1,000,000
Founder shares \| Class B ordinary shares \| Maximum
RELATED PARTY TRANSACTIONS
Number of shares subject to forfeiture		1,000,000
Founder shares \| Class A ordinary shares
RELATED PARTY TRANSACTIONS
Stock price trigger (in dollars per share) \| $ / shares			$ 12
Threshold number of trading days \| D			20
Threshold number of consecutive trading days \| D			30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences \| D			150
Founder shares \| Sponsor
RELATED PARTY TRANSACTIONS
Percentage of equity interest forfeited	15.00%
Founder shares \| Sponsor \| Class B ordinary shares
RELATED PARTY TRANSACTIONS
Consideration received from sponsor \| $			$ 25,000	$ 25,000
Issuance of ordinary shares (shares)			5,750,000
Common shares, outstanding		7,546,667
Number of shares no longer subject to forfeiture						1,000,000

PRIVATE PLACEMENT

3 Months Ended

Mar. 31, 2026

PRIVATE PLACEMENT

PRIVATE PLACEMENT

NOTE 5. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering on September 5, 2025, the Sponsor purchased 4,490,555 Private Placement Warrants at a price of $0.90 per warrant, generating gross proceeds of $4,041,500 in the aggregate. The underwriters have used a portion of their underwriting discount and commission and purchased an aggregate of 2,555,556 Private Placement Warrants at a price of $0.90 per warrant, generating gross proceeds of $2,300,000 in the aggregate.

Each whole public warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. The proceeds from the sale of the Private Placement Securities were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Securities held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants expire worthless.

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

3 Months Ended

Mar. 31, 2026

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Spring Valley Acquisition Corp. III (N/K/A General Fusion Group Ltd.) (the “Company” or “SVIII”) is a blank check company incorporated as a Cayman Islands exempted corporation on March 12, 2025. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”).

On January 19, 2026, 1573562 B.C. Ltd. (“Newco”) a British Columbia limited company and a wholly-owned direct subsidiary of the Company was formed.

The Company is not limited to a particular industry or geographic region for purposes of completing a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of March 31, 2026, the Company had not commenced any operations. All activity for the period from March 12, 2025 (inception) through March 31, 2026 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination and completion of the proposed Business Combination, as discussed below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

The Company’s Sponsor is Spring Valley Acquisition III Sponsor, LLC (the “Sponsor”). The registration statements for the Company’s Initial Public Offering became effective on September 3, 2025. On September 5, 2025, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units”), which includes the full exercise by the underwriters of their over-allotment option of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 7,046,111 Private Placement Warrants (the “Private Placement Warrants”) to the Sponsor and to Cohen and Company Capital Markets, a division of Cohen & Company Securities, LLC (“CCM”) and Clear Street LLC (“Clear Street”), the representative of the underwriters of the Initial Public Offering, at a price of $0.90 per warrant, generating gross proceeds of $6,341,500. Of those 7,046,111 Private Placement Warrants, the Sponsor purchased 4,490,555 Private Placement Warrants and the underwriters purchased 2,555,556 Private Placement Warrants. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement Warrants, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination (less deferred underwriting commissions).

Transaction costs amounted to $14,319,936, consisting of $4,600,000 of cash underwriting fee, $9,200,000 of deferred underwriting fee and $519,936 of other offering costs.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Securities, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (excluding the Permitted Withdrawals (as defined below) and any deferred underwriting commissions held in the Trust Account) at the time of the agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.

Following the closing of the Initial Public Offering on September 5, 2025, an amount of $230,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units, and a portion of the net proceeds from the sale of the Private Placement Securities, was held in a trust account (“Trust Account”) and invested or held only in (i) U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries, (ii) uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank, as determined by the Company, until the earlier of (i) the completion of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. No later than 24 months after the closing of the Initial Public Offering or such earlier liquidation date as the Company’s board of directors may approve, or such later time as provided for in any amendment to the Company’s Amended and Restated Memorandum and Articles of Association (an “Extension Period”), subject to applicable law, the amounts held in the Trust Account will be held as cash or cash items, including in demand deposit accounts.

The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations or funds for working capital requirements (such withdrawals for working capital limited to up to 5% of the interest earned on the Trust Account) (“Permitted Withdrawals”). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s public warrants. The Class A ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

If the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased in or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination. Additionally, each public shareholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination.

Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent.

The Initial Shareholders have agreed to (i) waive its redemption rights with respect to their private placement shares in connection with the completion of the initial business combination, (ii) waive their redemption rights with respect to their private placement shares in connection with a shareholder vote to approve an amendment to the amended and restated memorandum and articles of association (A) to modify the substance or timing of the obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company fails to complete the initial Business Combination within 24 months from the closing of the Initial Public Offering or such earlier liquidation date as the Company’s board of directors may approve, or during any Extension Period, subject to applicable law or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their private placement shares if the Company fails to complete the initial Business Combination within the prescribed timeframe. In addition, the Sponsor has agreed to vote any private placement shares held by it in favor of the initial Business Combination.

The Company has until 24 months from the closing of the Initial Public Offering (the “Combination Period”) to complete a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, including interest earned on the funds held in the Trust Account (which interest shall be net of Permitted Withdrawals and up to $100,000 of interest to pay dissolution expenses) and not previously released to the Company to pay its taxes and Permitted Withdrawals, if any, divided by the number of then-outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Initial Shareholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders acquire Public Shares in or after the Initial Public Offering, such Public Shares are entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the initial amount held in the Trust Account ($10.00).

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn for Permitted Withdrawals. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Initial Business Combination

On January 21, 2026, SVIII entered into a Business Combination Agreement (the “Business Combination Agreement”) with General Fusion Inc., a British Columbia limited company (“General Fusion”), and 1573562 B.C. Ltd., a British Columbia limited company (“NewCo”). The transactions contemplated by the Business Combination Agreement are referred to herein as the “Business Combination,” the closing of the Business Combination is referred to herein as the “Closing” and the date on which the Closing occurs is referred to herein as the “Closing Date.”

Subject to its terms and conditions, the Business Combination Agreement provides, among other things, that (1) at least one business day prior to the Closing Date, SVIII will continue from the Cayman Islands to British Columbia (the “SPAC Continuation”), (2) on the Closing Date, NewCo will amalgamate with and into General Fusion (the “Amalgamation”), with NewCo surviving the Amalgamation as a wholly-owned subsidiary of New SVIII, pursuant to an arrangement under the applicable provisions of the Business Corporations Act (British Columbia) (the “BCBCA”) and the plan of arrangement attached as an exhibit to the Business Combination Agreement (the “Plan of Arrangement”), and (3) New SVIII will adopt amended and restated articles in substantially the form attached as an exhibit to the Business Combination Agreement (the “Restated Articles”).

Concurrently with the execution and delivery of the Business Combination Agreement, SVIII, General Fusion and the Sponsor entered into a letter agreement (the “Sponsor Letter”) pursuant to which, among other things (1) the Sponsor agreed to vote all Class B ordinary shares of SVIII (“Founder Shares”) held by it in favor of the Business Combination Agreement, the Business Combination and related proposals, (2) the Sponsor agreed that, at the Closing, it will forfeit 1,000,000 Founder Shares and, in connection therewith, SVIII agreed to issue to the Sponsor an aggregate of 1,000,000 Earnout Shares, (3) the Sponsor agreed to transfer, directly or constructively, an aggregate of 1,250,000 Founder Shares to certain investors in General Fusion’s most recent simple agreements for future equity financing round, and (4) the parties agreed that if SVIII obtains working capital loans from the Sponsor or an affiliate to finance transaction costs related to the Business Combination, up to $1,500,000 of such loans may be converted into warrants to purchase Common Shares for an exercise price of $0.90 per share, at the Sponsor’s option.

Concurrently with the execution and delivery of the Business Combination Agreement, SVIII, General Fusion and certain of General Fusion’s securityholders entered into a Voting and Support Agreement (the “Support Agreement”) pursuant to which, among other things, each such securityholder agreed to support and vote in favor of the Plan of Arrangement.

Pursuant to the terms of the Business Combination Agreement, contemporaneously with the Closing, New SVIII, the Sponsor, and certain securityholders of General Fusion will enter into an amended and restated registration rights agreement (the “Registration Rights Agreement”), pursuant to which, among other things, (1) New SVIII will agree to file, as soon as practicable (and in any event within 30 days) following the Closing Date, a registration statement covering the resale of certain Common Shares and other equity securities of New SVIII held by the Sponsor and such other securityholders parties from time to time, (2) such holders of registrable securities will be granted certain takedown, demand, block trade and piggyback registration rights with respect to their registrable securities, in each case, on the terms and subject to the conditions set forth in the Registration Rights Agreement, and (3) the Registration Rights Agreement, dated as of September 3, 2025, between SVIII, the Sponsor and certain other parties will be amended, restated and terminated as of the Closing.

Also pursuant to the terms of the Business Combination Agreement, at the Closing, certain Company securityholders will enter into a lock-up agreement (each, a “Lock-Up Agreement”), pursuant to which, among other things, each such securityholder will agree not to sell, for a period of 180 days following the Closing (subject to certain exceptions), the Common Shares held by such securityholder immediately after the effective time of the Business Combination, on the terms and subject to the conditions set forth in the Lock-Up Agreement. In addition, the Sponsor and the other parties to the letter agreement entered into by such parties with SVIII in connection with SVIII’s initial public offering will enter into an amendment to such letter agreement to change the lock-up period in such letter agreement to six months after the Closing Date.

In connection with the transactions contemplated by the Business Combination Agreement, on January 21, SVIII and General Fusion entered into separate securities purchase agreements (the “Subscription Agreements”) with certain accredited investors (each, an “Investor” and the lead Investor, the “Anchor PIPE Investor”). Pursuant to the Subscription Agreements, the Investors have agreed, among other things, to purchase an aggregate of 10,556,367 units of General Fusion at a price of $10.20 per unit, each unit comprising (1) one convertible preferred share of General Fusion having the rights, preferences and privileges set forth in the Restated Articles (such stock the “Convertible Preferred Shares”) and (2) one warrant (collectively, the “Investor Warrants”) exercisable for a Common Share at a price of $12.00 per share, in a private placement to be consummated on the Closing Date, prior to the Amalgamation (the “PIPE Financing”).

Liquidity, Capital Resources and Going Concern

As of March 31, 2026, the Company had $665,383 in cash and cash equivalents held outside of the Trust Account and a working capital surplus of $726,579.

The Company’s liquidity needs to date were satisfied through the payment of $25,000 from the Sponsor to cover certain expenses on behalf of the Company in exchange for issuance of the Founder Shares (as defined in Note 6), and loan from the Sponsor of $151,636 under the IPO Note (as defined in Note 6) and the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. The Company repaid the IPO Note in full on September 5, 2025, and the facility is no longer available.

In addition, in order to finance the transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team, or any of their affiliates may provide the Company with Working Capital Loans (as defined in Note 6) as may be required (of which up to $1.5 million may be converted at the lender’s option into warrants). As of March 31, 2026, there was no Working Capital Loan outstanding.

In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Going Concern,” as of March 31, 2026, the Company may need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

The Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of these unaudited condensed consolidated financial statements. Management plans to address this uncertainty through a Business Combination. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period. The Company intends to complete the initial Business Combination before the end of the Combination Period. However, there can be no assurance that the Company will be able to consummate any Business Combination by the end of the Combination Period.

Risks and Uncertainties

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Middle East conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the Middle East conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the Middle East conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	Mar. 31, 2026 USD ($)
Cash Flows from Operating Activities:
Net loss	$ (11,990,533)
Adjustments to reconcile net income to net cash used in operating activities:
Change in fair value of subscription agreement liability	13,854,870
Interest earned on investments held in Trust Account	(2,046,520)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(57,079)
Long-term prepaid insurance	20,217
Accrued expenses	(1,066)
Net cash used in operating activities	(220,111)
Cash Flows from Investing Activities:
Investment of cash in Trust Account	140,482
Net cash provided by investing activities	140,482
Cash Flows from Financing Activities:
Due from Sponsor	(4,800)
Net cash used in financing activities	(4,800)
Net Change in Cash and Cash Equivalents	(84,429)
Cash and Cash Equivalents - Beginning of period	749,812
Cash and Cash Equivalents - End of period	$ 665,383

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	1,000,000	1,000,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Class A ordinary shares
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized	200,000,000	200,000,000
Common shares, issued	0	0
Common shares, outstanding	0	0
Class A ordinary shares subject to possible redemption
Common shares redemption, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares redemption, per share	$ 10.2	$ 10.12
Common shares redemption, issued	23,000,000	23,000,000
Common shares redemption, outstanding	23,000,000	23,000,000
Class A ordinary shares not subject to possible redemption
Common shares, issued	0	0
Common shares, outstanding	0	0
Class B ordinary shares
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized	20,000,000	20,000,000
Common shares, issued	7,666,667	7,666,667
Common shares, outstanding	7,666,667	7,666,667

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Class A Ordinary Shares Subject to Possible Redemption (Details) - USD ($)	3 Months Ended	10 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class A Ordinary Shares Subject to Possible Redemption
Maximum percentage of interest earned on the Trust Account	5.00%	5.00%
Available amount for withdrawal from Trust Account	$ 140,482	$ 140,482
Withdrawal of funds from Trust Account	0	0
Class A ordinary shares subject to possible redemption	234,613,358	232,669,164
Class A ordinary shares subject to possible redemption
Class A Ordinary Shares Subject to Possible Redemption
Gross proceeds		230,000,000
Proceeds allocated to public warrants		(1,855,333)
Class A ordinary shares issuance cost		(14,190,584)
Remeasurement of carrying value to redemption value	1,944,194	18,715,081
Class A ordinary shares subject to possible redemption	$ 234,613,358	$ 232,669,164

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash	$ 665,383	$ 665,383
Cash equivalents	$ 749,812	$ 749,812

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments Held in Trust Account (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment maturity term	185 days
Maximum percentage of interest earned on the Trust Account	5.00%	5.00%
Available amount for withdrawal from Trust Account	$ 140,482	$ 140,482
Withdrawal of funds from Trust Account	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Ordinary shares Class A ordinary shares	Ordinary shares Class B ordinary shares	Additional Paid-In Capital	Accumulated Deficit	Class A ordinary shares	Class B ordinary shares	Total
Beginning balance at Mar. 11, 2025
Beginning balance (shares) at Mar. 11, 2025
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
Issuance of ordinary shares		$ 767	24,233				25,000
Issuance of ordinary shares (shares)		7,666,667
Ending balance at Mar. 31, 2025		$ 767	24,233				25,000
Ending balance (shares) at Mar. 31, 2025		7,666,667
Beginning balance at Dec. 31, 2025	$ 0	$ 767	$ 0	(8,264,067)			(8,263,300)
Beginning balance (shares) at Dec. 31, 2025	0	7,666,667			0	7,666,667
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
Accretion for common stock to redemption amount				(1,944,194)			(1,944,194)
Net loss				(11,990,533)			(11,990,533)
Ending balance at Mar. 31, 2026		$ 767		$ (22,198,794)			$ (22,198,027)
Ending balance (shares) at Mar. 31, 2026		7,666,667			0	7,666,667

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (c)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.4-08(g)(1)(i))
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Change in the value of each type or class of stock classified as temporary equity during the period. The redemption requirement does not constitute an unconditional obligation that will be settled in a variable number of shares constituting a monetary value predominantly indexed to (a) a fixed monetary amount known at inception, (b) an amount inversely correlated with the residual value of the entity, or (c) an amount determined by reference to something other than the fair value of issuer's stock. Does not include mandatorily redeemable stock. The exception is if redemption is required upon liquidation or termination of the reporting entity.

+ References

+ Details

PRIVATE PLACEMENT (Details) - Private Placement Warrants - USD ($)	Sep. 05, 2025	Mar. 31, 2026
PRIVATE PLACEMENT
Number of warrants issued	7,046,111
Price per warrant issued	$ 0.9
Gross proceeds from warrants issuance	$ 6,341,500
Class A ordinary shares
PRIVATE PLACEMENT
Number of shares called by each warrant		1
Exercise price		$ 11.5
Private placement \| Underwriters
PRIVATE PLACEMENT
Number of warrants issued	2,555,556
Price per warrant issued	$ 0.9
Gross proceeds from warrants issuance	$ 2,300,000
Sponsor
PRIVATE PLACEMENT
Number of warrants issued	4,490,555
Sponsor \| Private placement
PRIVATE PLACEMENT
Number of warrants issued	4,490,555
Price per warrant issued	$ 0.9
Gross proceeds from warrants issuance	$ 4,041,500

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of Class A ordinary shares subject to possible redemption

As of March 31, 2026 and December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balances sheet are reconciled in the following table:


Gross proceeds	$	230,000,000
Less:
Proceeds allocated to public warrants		(1,855,333)
Class A ordinary shares issuance cost		(14,190,584)
Plus:
Remeasurement of carrying value to redemption value		18,715,081
Class A ordinary shares subject to possible redemption, December 31, 2025		232,669,164
Plus:
Remeasurement of carrying value to redemption value		1,944,194
Class A ordinary shares subject to possible redemption, March 31, 2026	$	234,613,358

Schedule of calculation of basic and diluted net income per ordinary share


	For the Three Months Ended
	March 31, 2026
	Class A ordinary
	shares		Class B ordinary
	subject to		shares not
	possible		subject to
	redemption		redemption
Basic and diluted net income per share:
Numerator:
Allocation of net income	$	(8,992,899)	$	(2,997,634)
Denominator:
Basic and diluted weighted-average shares outstanding		23,000,000		7,666,667
Basic and diluted net income per ordinary share	$	(0.39)	$	(0.39)

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details