Cayman Islands | 6770 | 98-1875195 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) | ||||
Christopher J. Capuzzi, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, NY 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 | Ilir Mujalovic Harald Halbhuber Allen Overy Shearman Sterling US LLP 599 Lexington Avenue New York, New York 10022 Tel: (212) 848-4000 | ||
Large accelerated filer ☐ | Accelerated filer ☐ | Smaller reporting company | |||||||
Emerging growth company | |||||||||
As of September 30, 2025 | ||||||||||||||||||||||||
Offering Price of $ Unit | 25% of Maximum Redemption | 50% of Maximum Redemption | 75% of Maximum Redemption | Maximum Redemption | ||||||||||||||||||||
Adjusted NTBVPS | Adjusted NTBVPS | Difference Between Adjusted NTBVPS and Offering Price | Adjusted NTBVPS | Difference Between Adjusted NTBVPS Offering Price | Adjusted NTBVPS | Difference Between Adjusted NTBVPS and Offering Price | Adjusted NTBVPS | Difference Between Adjusted NTBVPS and Offering Price | ||||||||||||||||
Assuming Full Exercise of Over-Allotment Option | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||
Assuming No Exercise of Over-Allotment Option | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||
Per Unit | Total | |||||
Public offering price | $10.00 | $250,000,000 | ||||
Underwriting discounts and commissions(1) | $0.31 | $7,750,000 | ||||
Proceeds, before expenses, to KRAKacquisition Corp | $9.69 | $242,250,000 | ||||
(1) | Includes $0.01 per unit on all units sold other than units sold per the underwriter’s over-allotment option ($250,000 in the aggregate) that shall be paid upon the closing of this offering. There will be no incremental upfront underwriting discounts and commissions if the underwriter’s over-allotment option is exercised. Also, includes $0.30 per unit on all units sold (up to $7,500,000 in the aggregate or up to $8,625,000 in the aggregate if the underwriter’s over-allotment option is exercised in full, which amount shall be subject to pro-rata reduction based on the number of Class A ordinary shares redeemed by our public shareholders) for deferred underwriting commissions to be deposited into a trust account located in the United States and released to Santander US Capital Markets LLC for its own account only upon the completion of an initial business combination. Such deferred commissions will be subject to pro rata reduction based on the extent of redemptions that reduce the amount of the trust account at the time of our consummation of our initial business combination. The deferred commissions may be allocated to members of FINRA who have assisted in the consummation of our initial business combination, at our discretion. See the section of this prospectus entitled “Underwriting.” |
• | “amended and restated memorandum and articles of association” refers to the second amended and restated memorandum and articles of association that the company will adopt prior to the consummation of this offering; |
• | “Class A ordinary shares” refer to our Class A ordinary shares of par value $0.0001 per share in the share capital of the company; |
• | “Class B ordinary shares” refer to our Class B ordinary shares of par value $0.0001 per share in the share capital of the company; |
• | “co-founders” are to, collectively, Kraken, Natural Capital and Tribe Capital; |
• | “Companies Act” are to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time; |
• | “Excise Tax” are to the 1% U.S. federal excise tax on stock repurchases under Section 4501 of the U.S. Internal Revenue Code of 1986, as amended, enacted by the Inflation Reduction Act of 2022; |
• | “equity-linked securities” are to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in connection with our initial business combination, including but not limited to a private placement of equity or debt; |
• | “founder shares” are to our Class B ordinary shares initially purchased by our sponsor in a private placement prior to this offering, and our Class A ordinary shares issued upon the conversion thereof as provided herein (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”); |
• | “initial shareholders” are to holders of our founder shares prior to this offering; |
• | “Kraken” refer to Payward, Inc. (d/b/a Kraken); |
• | “management” or our “management team” are to our officers and directors; |
• | “Natural Capital” are to Natural Capital Sponsor I LLC, a Delaware limited liability company; |
• | “we,” “us,” “company” or “our company” are to KRAKacquisition Corp, a Cayman Islands exempted company; |
• | “ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares, collectively; |
• | “permitted withdrawals” are to the amounts of interest earned on the funds held in the trust account that may be released to us to (i) fund our working capital requirements, which amount may be withdrawn quarterly and shall not equal more than 5% of the interest earned on the trust account, and/or (ii) pay taxes payable; |
• | “private placement warrants” are to the warrants issued to our sponsor in a private placement simultaneously with the closing of this offering or upon conversion of working capital loans, as further described in this prospectus; |
• | “public shares” are to our Class A ordinary shares sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market); |
• | “public shareholders” are to the holders of our public shares, including our initial shareholders and management team to the extent our initial shareholders and/or members of our management team purchase public shares, provided that each initial shareholder’s and member of our management team’s status as a “public shareholder” shall only exist with respect to such public shares; |
• | “public warrants” are to the warrants sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market); |
• | “sponsor” are to NCTK Sponsor LLC, a Delaware limited liability company; |
• | “taxes payable” are to the amounts of interest earned on the funds held in the trust account that may be released to us to pay our tax obligations (which shall exclude the 1% U.S. federal excise tax that was implemented by the Inflation Reduction Act of 2022 if any is imposed on us); |
• | “Tribe Capital” are to Tribe Capital Management, LLC, a Delaware limited liability company; and |
• | “warrants” are to our public warrants and private placement warrants. |
• | 17th century Dutch East India Company shares began as speculative trading but laid the foundation for the modern equity markets. |
• | 19th century commodity futures markets were born from volatile grain and livestock prices—allowed farmers to hedge production and created durable institutions like the Chicago Board of Trade. |
• | 1980s junk bonds, once dismissed as “speculative-grade” and fueling an era of leveraged buyouts, also unlocked permanent access to capital markets for mid-sized companies that had been excluded from traditional financing. |
• | Over $240 billion of private investment has flowed into digital assets since 2016, including more than $200 billion in the last five years. |
• | As of December 15, 2025, cryptocurrencies collectively exceed $3 trillion in value, with Bitcoin alone accounting for approximately $1.74 trillion. |
• | Stablecoins settled approximately $136 billion of payments from January 2023 to August 2025. |
• | Adoption is mainstream, with more than 650 million users of digital assets globally as of the end of 2024, representing over 10% of the world’s adult population. |
• | Stablecoin remittances reached approximately 3% of global cross-border flows in the first quarter of 2025. |
• | Approximately $670 billion in stablecoin-denominated loans originated over the last five years as of September 2025. |
• | Business to business stablecoin payments annualizing approximately $76 billion as of October 2025. |
• | Global cryptocurrency has significantly broadened over the last five years, with the total market capitalization up approximately seventeen times since 2020 as of December 6, 2025. |
• | Policymakers are responding in the U.S. with the recent passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (“GENIUS”) Act, providing initial legal frameworks that we believe is required for the digital asset economy to grow, with comparable regulatory efforts underway globally. |
• | Deep Ecosystem Access. As one of the longest-standing and most trusted platforms in the digital asset ecosystem, Kraken maintains direct relationships with counterparties as a service provider, customer or strategic partner. These relationships create differentiated sourcing opportunities and position us to add long-term value beyond the initial business combination. |
• | Enhanced Diligence. Kraken’s vantage point as an operator, rather than solely as a capital provider, offers unique insights into market structure, technology and competitive positioning. This perspective allows us to assess targets with greater depth than traditional financial sponsors. |
• | Proven Operating Experience. With over a decade of experience building and scaling a global digital asset platform, Kraken provides practical expertise in areas such as technology, risk management, compliance and global expansion. We believe this operating knowledge will make us a preferred partner for potential targets. |
• | Regulatory Expertise. Having navigated evolving regulatory frameworks across multiple jurisdictions since its founding in 2011, Kraken brings a sophisticated understanding of compliance and licensing. Kraken currently holds licenses and registrations in Europe (Cyprus, EEA, United Kingdom), North America (United States, Canada), Australia, Bermuda, and Singapore. This experience not only strengthens our due diligence process but also enhances the credibility of our future partner in the public markets. |
• | Innovative technology with clear use cases and organic growth potential. |
• | Differentiated approach capable of disrupting incumbent financial or technology systems. |
• | Strong regulatory alignment and ability to operate within evolving policy frameworks. |
• | Exceptional leadership teams with a track record of execution. |
• | Defensible market position reinforced by high barriers to entry and durable customer relationships. |
• | Compelling financial profile including attractive margins, resilient cash flow characteristics, and a path to scalable growth. |
• | Strategic fit with our partners where our network, capital, and expertise can accelerate growth and help unlock the public markets. |
Entity | Amount of Compensation to be Received or Securities Issued or to be Issued | Consideration Paid or to be Paid | ||||
NCTK Sponsor LLC | $ | |||||
$ | ||||||
Up to $ | ||||||
Sponsor, officers or directors, or our or their affiliates | $ | |||||
Up to $ | ||||||
Reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.(3) | ||||||
(1) | The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment as provided herein. Further, if we increase or decrease the size of this offering, we will effect a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the ownership of our initial shareholders, on an as-converted basis, at 20.00% of our issued and outstanding ordinary shares |
(2) | The $1.00 per private placement warrant conversion price for such working capital loans may potentially be significantly less than the market price of our Class A ordinary shares at the time the lenders elect to convert their working capital loans into private placement warrants. Therefore, such private placement warrant issuances may result in significant dilution to holders of our shares. For more information also see “Risk Factors—Risks Relating to our Search for, and Consummation of, or Inability to Consummate, a Business Combination—We may issue our securities to investors in connection with our initial business combination at a price which is less than the prevailing market price of our securities at that time.” |
(3) | For more information, also see “Effecting Our Initial Business Combination—Sources of Target Businesses,” “Management—Officer and Director Compensation” and “Certain Relationships and Related Party Transactions.” |
Subject Securities | Transfer Restrictions | Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||
Founder Shares | Agreement not to (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or | Transfers are permitted (a) to our officers or directors, any affiliate or family member of any of our officers or directors, any members or partners of our sponsor or their | |||||||
Subject Securities | Transfer Restrictions | Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||
indirectly, or establish or increase a put equivalent position or liquidation with respect to or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) publicly announce any intention to effect any transaction specified in clause (a) or (b) (collectively, “Transfer”), until the earlier of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share exchange, | affiliates, any affiliates of our sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of the laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement, in connection with an extension of the timeframe for us to consummate a business combination or in connection with the consummation of an initial business combination at prices no greater than the price at which the securities were originally purchased; (f) by pro rata distributions from our sponsor to its members, partners or stockholders pursuant to our sponsor’s limited liability company agreement or other charter documents; (g) by virtue of the laws of the Delaware or the limited liability company agreement of our sponsor upon dissolution of our sponsor; (h) in the event of our liquidation prior to the consummation of a business combination; | ||||||||
Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||||
Private placement warrants | |||||||||
Any units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable for, Class A ordinary shares | |||||||||
• | one Class A ordinary share; and |
• | one-fourth of one redeemable warrant. |
(1) | Assumes no exercise of the underwriter’s over-allotment option and the forfeiture by our sponsor of 937,500 founder shares. As discussed under “—Founder shares” below, for our initial shareholders to maintain ownership of 20.00% of the outstanding shares following completion of this offering, if the over-allotment option is not exercised by the underwriter, our sponsor would be required to forfeit 937,500 shares to us for no consideration. |
(2) | Includes up to 937,500 shares that are subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. |
(3) | The ordinary shares included in the units are Class A ordinary shares. Founder shares are classified as Class B ordinary shares, which shares are convertible into our Class A ordinary shares on a one-for-one basis, subject to adjustment as described below adjacent to the caption “Founder shares conversion and anti-dilution rights.” |
(4) | Assumes surrender of all 937,500 founder shares. Up to 937,500 founder shares will be surrendered to us for no consideration depending on the extent to which the underwriter’s over-allotment option is exercised. |
(5) | Comprised of 6,250,000 public warrants included in the units to be sold in this offering and 2,250,000 private placement warrants to be sold in the private placement. |
• | in whole and not in part; |
• | at a price of $0.01 per public warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption, given after the public warrants become exercisable (the “30-day redemption period”) to each public warrant holder; and |
• | if, and only if, the last sale price of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a public warrant as described under the heading “Description of Securities—Public Warrants—Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the public warrant holders (the “measurement period”). |
• | the founder shares are Class B ordinary shares that automatically convert into our Class A ordinary shares at the time of our initial business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein; |
• | prior to our initial business combination, our sponsor will have the right to appoint all of our directors, and only holders of the founder shares have the right to vote on the removal of directors prior to our initial business combination or in a vote to transfer the company by way of continuation to a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents of the company or to adopt new constitutional documents of the company, in each case, as a result of the company approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands); and, prior to our initial business combination, holders of a majority of founder shares may remove members of the board of directors for any reason; |
• | the founder shares are subject to certain transfer restrictions, as described in more detail below; |
• | our sponsor, officers and directors have entered into letter agreements with us, pursuant to which they have agreed (i) to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our initial business combination, (ii) to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the implementation by the directors of, and following a shareholder vote to approve, an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed or repurchased in connection with our initial business combination or to redeem 100% of our public shares if we do not complete an initial business combination within 24 months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of |
• | the founder shares are entitled to registration rights. |
• | the net proceeds of this offering and the sale of the private placement warrants not held in the trust account, which will be approximately $1,000,000 in working capital after the payment of approximately $1,250,000 in expenses relating to this offering; and |
• | any loans or additional investments from our sponsor, members of our management team or their affiliates or other third parties, although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of a business combination. |
• | our registration statement/proxy statement filed for our business combination transaction would disclose the possibility that our sponsor, initial shareholders, directors, officers, advisors or their |
• | if our sponsor, initial shareholders, directors, officers, advisors or their affiliates were to purchase public shares or warrants from public shareholders, they would do so at a price no higher than the price offered through our redemption process; |
• | our registration statement/proxy statement filed for our business combination transaction would include a representation that any of our securities purchased by our sponsor, initial shareholders, directors, officers, advisors or their affiliates would not be voted in favor of approving the business combination transaction; |
• | our sponsor, initial shareholders, directors, officers, advisors or their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights. |
• | conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and |
• | file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies. |
• | conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and |
• | file proxy materials with the SEC. |
• | may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary share; |
• | may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded to Class A ordinary shares; |
• | could cause a change in control if a substantial number of Class A ordinary shares are issued, which may affect, among other things, the post-business combination company’s ability to use its net operating loss carry forwards, if any, and could result in the resignation or removal of officers and directors; |
• | may have the effect of delaying or preventing a change of control of the post-business combination company by diluting the share ownership or voting rights of a person seeking to obtain control of the post-business combination company; |
• | may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants; and |
• | may not result in adjustment to the exercise price of our warrants. |
• | default and foreclosure on the assets of the post-business combination company if its operating revenues are insufficient to repay its debt obligations; |
• | acceleration of the post-business combination company’s obligations to repay such indebtedness, even if it makes all principal and interest payments when due, if it breaches certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
• | the post-business combination company’s immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
• | the post-business combination company’s inability to obtain necessary additional financing if the debt security contains covenants restricting its ability to obtain such financing while the debt security is outstanding; |
• | using a substantial portion of the post-business combination company’s cash flow to pay principal and interest on its debt, which will reduce the funds available for expenses, capital expenditures, acquisitions and other general corporate purposes; |
• | limitations on the post-business combination company’s flexibility in planning for and reacting to changes in its business and in the industry in which it operates; |
• | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and |
• | limitations on the post-business combination company’s ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of its strategy and other purposes and other disadvantages compared to its competitors who have less debt. |
• | Repayment of up to an aggregate of $300,000 in loans made to us by our sponsor to cover offering-related and organizational expenses; |
• | Payment to our sponsor of $30,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative support; |
• | Reimbursement of legal fees and expenses incurred by our sponsor, officers or directors in connection with our formation, the initial business combination and their services to us; |
• | Payment of fees and reimbursement of out-of-pocket expenses related to identifying, investigating and completing an initial business combination; and |
• | Repayment of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $2,000,000 of such loans may be convertible into private placement warrants, at a price of $1.00 per warrant at the option of the lender. The private placement warrants issued upon conversion of any such loans would be identical to the private placement warrants sold in a private placement concurrently with this offering. |
• | We are a blank check company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective. Until we complete our initial business combination, we will have no operations and will generate no operating revenues. |
• | Past performance of our co-founders, our management team, and other businesses associated with our co-founders and management team may not be indicative of future performance of an investment in the Company. |
• | Our public shareholders may not be afforded an opportunity to vote on our proposed business combination, which means we may complete our initial business combination even though a majority of our public shareholders do not support such a combination. |
• | If we seek shareholder approval of our initial business combination, our initial shareholders and management team have agreed to vote in favor of such initial business combination, regardless of how our public shareholders vote. |
• | Your only opportunity to affect the investment decision regarding a potential business combination will be limited to the exercise of your right to redeem your shares from us for cash, unless we seek shareholder approval of the business combination. |
• | Our independent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” |
• | If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors and their affiliates may elect to purchase shares or warrants from public shareholders, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A ordinary shares. |
• | You will not be entitled to protections normally afforded to investors of many other blank check companies. |
• | You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be forced to sell your public shares or warrants, potentially at a loss. |
• | If the net proceeds of this offering and the sale of the private placement warrants not being held in the trust account are insufficient to allow us to operate for at least the next 24 months, we may be unable to complete our initial business combination, in which case our public shareholders may only receive $10.00 per share, or less than such amount in certain circumstances, and our warrants will expire worthless. |
• | The grant of registration rights to our initial shareholders may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect the market price of our Class A ordinary shares. |
• | The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target. |
• | We are not required to obtain an opinion from an independent entity that commonly renders valuation opinions or from an independent accounting firm, and consequently, you may have no assurance from an independent source that the price we are paying for the business is fair to our company from a financial point of view. |
• | We may not be able to complete our initial business combination within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate, in which case our public shareholders may only receive $10.00 per share, or less than such amount in certain circumstances, and our warrants will expire worthless. |
• | If we are unable to consummate a business combination, our public shareholders may be forced to wait more than 24 months if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, before receiving liquidation distributions. |
• | We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors or existing holders which may raise potential conflicts of interest. |
• | Since our sponsor, officers and directors will lose their entire investment in us if our business combination is not completed, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. |
• | Our initial shareholders may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support. |
• | Our officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination. |
• | Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. |
• | The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination. |
• | The value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our ordinary at such time is substantially less than $10.00 per share. |
• | After our initial business combination, substantially all of our assets may be located in a foreign country and substantially all of our revenue will be derived from our operations in such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and legal policies, developments and conditions in the country in which we operate. |
• | The number of special purpose acquisition companies being formed may increase, potentially resulting in more competition for attractive targets. This could increase the cost of our initial business combination and could even result in our inability to find a target or to consummate an initial business combination. |
• | The other risks and uncertainties discussed in “Risk Factors” and elsewhere in this prospectus. |
September 30, 2025 | ||||||
Balance Sheet Data | Actual | As Adjusted(6) | ||||
Working capital (deficiency)(1) | $(479,600) | $716,743 | ||||
Total assets(2) | $456,920 | $250,941,743 | ||||
Total liabilities(3) | $515,177 | $15,225,000 | ||||
Value of Class A ordinary shares that may be redeemed in connection with our initial business combination ($10.00 per share)(4) | — | $250,000,000 | ||||
Shareholder’s equity (deficit)(5) | $(58,257) | $(14,283,257) | ||||
(1) | The “As Adjusted” calculation includes $(58,257) of actual shareholders’ equity on September 30 2025, less over-allotment liability of $(225,000), plus $1,000,000 cash held outside the trust account. |
(2) | The “As Adjusted” calculation equals $250,000,000 cash held in trust from the proceeds of this offering and the sale of the private placement warrants, plus $1,000,000 in cash held outside the trust account, plus $(58,257) of actual shareholders’ equity on September 30, 2025. |
(3) | The “As Adjusted” calculation includes $225,000 related to the fair value of the over-allotment option, deferred underwriting fee of $7,500,000, and advisory fee of $7,500,000. |
(4) | The “As Adjusted” calculation equals calculation equals the 25,000,000 Class A ordinary shares included in the units sold in this offering, multiplied by the redemption value of $10.00 per share. |
(5) | Excludes 25,000,000 class A ordinary shares included in the units sold in this offering that are subject to possible redemption in connection with our initial business combination. The “As Adjusted” calculation equals the “As Adjusted” total assets, less the “As Adjusted” total liabilities, less the value of ordinary shares that may be redeemed in connection with our initial business combination (approximately $10.00 per share). |
(6) | Assumes the full forfeiture of 937,500 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter. |
• | our ability to select an appropriate target business or businesses; |
• | our ability to complete our initial business combination; |
• | our expectations around the performance of the prospective target business or businesses; |
• | our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; |
• | our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements; |
• | our potential ability to obtain additional financing to complete our initial business combination; |
• | our pool of prospective target businesses, including the pool of prospective targets in the blockchain, digital asset, and broader financial technology that meet our acquisition criteria; |
• | the pace of adoption of digital assets, including stablecoins, and anticipated growth of the digital asset industry; |
• | our ability to navigate the evolving regulatory landscape with respect to the digital asset industry; |
• | our ability to consummate an initial business combination due to uncertainty resulting from geopolitical events like the conflict in Ukraine, Israel and Gaza and economic impacts such as inflation, tariffs and rising interest rates; |
• | the ability of our officers and directors to generate a number of potential acquisition opportunities; |
• | our public securities’ potential liquidity and trading; |
• | the lack of a market for our securities; |
• | the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; |
• | the trust account not being subject to the claims of third parties; |
• | the number of redemptions by our public shareholders in connection with a business combination; or |
• | our financial performance following this offering. |
• | higher costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal requirements of overseas markets; |
• | rules and regulations regarding currency redemption; |
• | complex corporate withholding taxes on individuals; |
• | laws governing the manner in which future business combinations may be effected; |
• | exchange listing or delisting requirements; |
• | tariffs and trade barriers; |
• | regulations related to customs and import/export matters; |
• | longer payment cycles and challenges in collecting accounts receivable; |
• | tax issues, such as tax law changes and variations in tax laws as compared to the United States; |
• | currency fluctuations and exchange controls; |
• | rates of inflation; |
• | cultural and language differences; |
• | employment regulations; |
• | protection of intellectual property; |
• | underdeveloped or unpredictable legal or regulatory systems; |
• | corruption, social unrest, crime, strikes, riots, civil disturbances, terrorist attacks, natural disasters and wars; |
• | deterioration of political relations with the United States; and |
• | government appropriations of assets. |
• | Digital assets are relatively novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty that could adversely impact their price. |
• | Bitcoin and other digital assets are viewed differently by different regulatory and standard-setting organizations, both in the United States and globally. Certain governments have prohibited certain digital asset activities or have severely curtailed the use of digital assets by prohibiting the acceptance of payment in certain digital assets for consumer transactions and barring banking institutions from accepting deposits of digital assets. Other nations, however, allow digital assets to be used and traded without restriction. In some jurisdictions, such as in the United States, digital assets are subject to extensive, and in some cases overlapping, unclear and evolving regulatory requirements. |
• | There is a risk that relevant authorities in any jurisdiction may impose more onerous regulation on digital assets, for example banning their use, regulating their operation, or otherwise changing their regulatory treatment. Further, the application of state and federal securities laws and other laws and |
• | The growth of the digital assets industry is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of digital assets may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to digital assets, institutional demand for digital assets as an investment asset, and the participation of traditional financial institutions in the digital assets industry. Even if growth in digital asset adoption occurs in the near or medium-term, there is no assurance that digital asset usage will continue to grow over the long-term. In addition, private actors that are wary of digital assets or the regulatory concerns associated with digital assets have in the past taken and may in the future take further actions that may have an adverse effect on a digital asset business. |
• | The price of many digital assets has been, and will likely continue to be, highly volatile. |
• | may significantly dilute the equity interest of investors in this offering; |
• | may subordinate the rights of holders of ordinary shares if preferred shares are issued with rights senior to those afforded our ordinary shares; |
• | could cause a change of control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; and |
• | may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants. |
• | solely dependent upon the performance of a single business, property or asset, or |
• | dependent upon the development or market acceptance of a single or limited number of products, processes or services. |
• | a limited availability of market quotations for our securities; |
• | reduced liquidity for our securities; |
• | a determination that our Class A ordinary shares would be considered a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; |
• | a limited amount of news and analyst coverage; and |
• | a decreased ability to issue additional securities or obtain additional financing in the future. |
• | default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations; |
• | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
• | our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
• | our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding; |
• | our inability to pay dividends on our ordinary shares; |
• | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes; |
• | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
• | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
• | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and |
• | other disadvantages compared to our competitors who have less debt. |
Public shares | 25,000,000 | ||
Founder shares | 7,187,500 | ||
Total shares | 35,937,500 | ||
Total funds in trust available for initial business combination(1) | $250,000,000 | ||
Public shareholders’ investment per Class A ordinary share(3) | $10.00 | ||
Sponsor’s investment per Class B ordinary share(4) | $0.0035 | ||
Initial implied value per public share(1)(2) | $9.40 | ||
(1) | Assumes no exercise of the underwriter’s over-allotment option and the forfeiture of 937,500 founder shares and excludes deferred underwriting fee of $7,500,000, and advisory fee of $7,500,000. |
(2) | Does not take into account other potential impacts on our valuation at the time of the business combination, such as the value of our warrants, the trading price of our public shares, the business combination transaction costs (including payment of $7,500,000 of deferred underwriting commissions), any equity issued or cash paid to the target’s sellers or other third parties, or the target’s business itself, including its assets, liabilities, management and prospects. |
(3) | While the public shareholders’ investment is in both the public shares and the public warrants, for purposes of this table the full investment amount is ascribed to the public shares only. |
(4) | The sponsor’s total investment in the equity of the company, inclusive of the founder shares and the sponsor’s $2,250,000 investment in the private placement warrants, is $2,275,000. |
• | the history and prospects of companies whose principal business is the acquisition of other companies; |
• | prior offerings of those companies; |
• | our prospects for acquiring an operating business; |
• | a review of debt to equity ratios in leveraged transactions; |
• | our capital structure; |
• | an assessment of our management and their experience in identifying operating companies; |
• | general conditions of the securities markets at the time of this offering; and |
• | other factors as were deemed relevant. |
Without Over- allotment Option | Over-allotment Option Fully Exercised | |||||
Gross proceeds | ||||||
Gross proceeds from units offered to public(1) | $250,000,000 | $287,500,000 | ||||
Gross proceeds from private placement warrants offered in the private placement | $2,250,000 | $2,250,000 | ||||
Total gross proceeds | $252,250,000 | $289,750,000 | ||||
Offering expenses(2) | ||||||
Underwriter’s discounts and commissions (0.1% of gross proceeds from units offered to the public, excluding deferred portion)(3) | $250,000 | $250,000 | ||||
Legal fees and expenses | $325,000 | $325,000 | ||||
Printing and engraving expenses | $30,000 | $30,000 | ||||
Trustee fees and expenses | $10,000 | $10,000 | ||||
Accounting fees and expenses | $82,000 | $82,000 | ||||
SEC/FINRA expenses | $107,142 | $107,142 | ||||
Travel and road show expenses | $20,000 | $20,000 | ||||
Nasdaq listing fees | $85,000 | $85,000 | ||||
Miscellaneous | $340,858 | $340,858 | ||||
Total offering expenses | $1,250,000 | $1,250,000 | ||||
Proceeds after offering expenses | $251,000,000 | $288,500,000 | ||||
Held in trust account(3) | $250,000,000 | $287,500,000 | ||||
% of public offering size | 100% | 100% | ||||
Not held in trust account after offering expenses | $1,000,000 | $1,000,000 | ||||
Amount | % of Total | |||||
Accounting, due diligence, travel, and other expenses in connection with any business combination(5) | $250,000 | 25.0% | ||||
Legal and accounting fees related to regulatory reporting obligations | $125,000 | 12.5% | ||||
Nasdaq and other regulatory fees | $85,000 | 8.5% | ||||
Reimbursement for office space and administrative support(6) | $360,000 | 36.0% | ||||
Directors’ and officers’ liability insurance(7) | $135,000 | 13.5% | ||||
Working capital to cover miscellaneous expenses | $45,000 | 4.5% | ||||
Total | $1,000,000 | 100% | ||||
(1) | Includes amounts payable to public shareholders who properly redeem their shares in connection with our successful completion of our initial business combination. |
(2) | A portion of the offering expenses will be paid from the proceeds of loans from our sponsor of up to $300,000 as described in this prospectus. As of September 30, 2025, we have borrowed approximately $151,747 under the promissory note with our sponsor to be used for a portion of the expenses of this offering. This loan will be repaid upon completion of this offering out of the $2,000,000 of offering proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) and amounts not to be held in the trust account. In the event that offering expenses are less than set forth in this table, any such amounts will be used for post-closing working capital expenses. In the event that the offering expenses are more than as set forth in this table, we may fund such excess with funds not held in the trust account. |
(3) | The underwriter will be paid a commission of $0.01 per unit on all units sold other than units sold per the underwriter’s over-allotment option ($250,000 in the aggregate) upon the closing of this offering. There will be no incremental upfront underwriting discounts and commissions if the underwriter’s over-allotment option is exercised. The underwriter has agreed to defer underwriting commissions equal to 3.0% of the gross proceeds of this offering. Upon completion of our initial business combination, $7,500,000, which constitutes the deferred commissions (or $8,625,000 if the underwriter’s over-allotment option is exercised in full, which amount shall be subject to pro-rata reduction based on the number of Class A ordinary shares redeemed by our public shareholders) will be paid to the underwriter and, at our discretion, to other members of FINRA who have assisted in the consummation of our initial business combination, from the funds held in the trust account, and the remaining funds will be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases of other companies or for working capital. The underwriter will not be entitled to any interest accrued on the deferred underwriting discounts and commissions. See the section of this prospectus entitled “Underwriting.” |
(4) | These expenses are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring our initial business combination based upon the level of complexity of such business combination. In the event we identify a business combination target in a specific industry subject to specific regulations, we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses. The amount in the table above does not include interest available to us from the trust account. The proceeds held in the trust account will be held in cash, including in demand deposit accounts at a bank, or invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Assuming an interest rate of 4.00% per year, we estimate the interest earned on the trust account will be approximately $10.0 million per year; however, we can provide no assurances regarding this amount. |
(5) | Includes estimated amounts that may also be used in connection with our initial business combination to fund a “no shop” provision and commitment fees for financing. |
(6) | Payments for office space and administrative support for twelve (12) months only. Such payments will continue on a monthly basis until the completion of our initial business combination or our liquidation, when we will cease paying these monthly fees. |
(7) | This amount represents the approximate amount of annualized director and officer liability insurance premiums we anticipate paying following the completion of this offering and until we complete a business combination. |
As of September 30, 2025 | ||||||||||||||||||||||||
Offering Price of $10.00 per Unit | 25% of Maximum Redemption | 50% of Maximum Redemption | 75% of Maximum Redemption | Maximum Redemption | ||||||||||||||||||||
Adjusted NTBVS | Adjusted NTBVPS | Difference between Adjusted NTBVPS and Offering Price | Adjusted NTBVPS | Difference between NTBVPS and Offering Price | Adjusted NTBVPS | Difference between Adjusted NTBVPS and Offering Price | Adjusted NTBVPS | Difference between Adjusted NTBVPS and Offering Price | ||||||||||||||||
Assuming Full Exercise of Over-Allotment Option | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||
Assuming No Exercise of Over-Allotment Option | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||
No Redemptions | 25% of Maximum Redemptions | 50% of Maximum Redemptions | 75% of Maximum Redemptions | Maximum Redemptions | ||||||||||||||||||||||||||
Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | Without Over- Allotment | With Over- Allotment | |||||||||||||||||||||
Public Offering Price | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Net Tangible book deficit before this offering | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
Increase attributable to public shareholders | ( | ( | ||||||||||||||||||||||||||||
Pro Forma net tangible book value after this offering | ( | ( | ||||||||||||||||||||||||||||
Dilution to public shareholders | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Percentage of dilution to public shareholders | 24.57% | 24.54% | 29.96% | 29.92% | 38.95% | 38.90% | 56.93% | 56.84% | 110.85% | 110.69% | ||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||
Net tangible book deficit before this offering | $( | $( | $( | $( | $( | $( | $( | $( | $( | $( | ||||||||||||||||||||
Net proceeds from this offering and the sale of the private placement warrants, net of expenses(1) | ||||||||||||||||||||||||||||||
Plus: Offering costs excluded from net tangible book value before this offering | ||||||||||||||||||||||||||||||
Less: Deferred underwriting commissions(2) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||
Less: Advisory fee(4) | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
Less: Warrant liability | ||||||||||||||||||||||||||||||
Less: Over-allotment liability | ( | ( | ( | ( | ( | |||||||||||||||||||||||||
Less: Amounts paid for redemptions(3) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $( | $( | |||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||
Ordinary shares outstanding prior to this offering | ||||||||||||||||||||||||||||||
Less: Ordinary shares forfeited if over-allotment is not exercised | ( | ( | ( | ( | ( | |||||||||||||||||||||||||
Plus: Ordinary shares offered | ||||||||||||||||||||||||||||||
Less: Ordinary shares redeemed | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||
Adjusted NTBVPS | $ | $ | $ | $ | $ | $ | $ | $ | $( | $( | ||||||||||||||||||||
(1) | Expenses applied against gross proceeds include offering expenses of approximately $1,250,000 and underwriting commissions of $7,750,000 (or up to $8,875,000 if the underwriter’s over-allotment option is exercised in full). See “Use of Proceeds.” |
(2) | $0.01 per unit, or $250,000 in the aggregate, is payable upon the closing of this offering. $0.30 per share, or $7,500,000 in the aggregate (or $8,625,000 in the aggregate if the underwriter’s option to purchase additional units is exercised in full, which amount shall be subject to pro-rata reduction based on the number of Class A ordinary shares redeemed by our public shareholders) is payable to the underwriter for deferred underwriting commissions and will be placed in a trust account located in the United States as described herein. The deferred commissions will be fully earned by the underwriter upon the payment of the purchase price for the units purchased by the underwriter on the closing of this offering and will be released to the underwriter only on and concurrently with completion of an initial business combination. Such deferred commissions will be subject to pro rata reduction based on the extent of redemptions that reduce the amount of the trust account at the time of our consummation of our initial business combination. The deferred commissions may be allocated to members of FINRA who have assisted in the consummation of our initial business combination, at our discretion. See the section of this prospectus entitled “Underwriting.” |
(3) | If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, directors, officers, advisors or their affiliates may purchase units, public shares, rights or equity-linked securities in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination, although they are under no obligation to do so. In the event of any such purchases of our shares prior to the completion of our initial business combination or if we enter into non-redemption agreements with certain of our shareholders, the number of Class A ordinary shares subject to redemption will be reduced by the amount of any such purchases or shares subject to non-redemption agreements, increasing the pro forma net tangible book value per share. See “Proposed Business—Permitted Purchases of Our Securities.” |
(4) | We have engaged Santander US Capital Markets LLC to provide advisory services from time to time. As compensation for the services provided under an engagement letter, we will pay Santander US Capital Markets LLC a fee equal to 3.00% of the gross proceeds raised in this offering ($7,500,000 or $8,625,000 in the aggregate if the underwriter’s over-allotment option is exercised in full), payable upon closing of our initial business combination. We have agreed to indemnify Santander US Capital Markets LLC and its affiliates in connection with its role in providing the advisory services. |
Purchased | Total Consideration | Average Price Per Share | |||||||||||||
Number | Percentage | Amount | Percentage | ||||||||||||
Founder Shares(1) | 6,250,000 | 20.00% | $25,000 | 0.01% | $0.0035 | ||||||||||
Public Shareholders | 25,000,000 | 80.00% | $250,000,000 | 99.99% | $10.00 | ||||||||||
31,250,000 | 100% | $250,025,000 | 100.00% | ||||||||||||
(1) | Assumes no exercise of the underwriter’s over-allotment option and the corresponding forfeiture of 937,500 Class B ordinary shares held by our sponsor. |
September 30, 2025 | ||||||
Actual | As Adjusted(1) | |||||
Deferred underwriting commissions | $— | $7,500,000 | ||||
Advisory fee(2) | $— | $7,500,000 | ||||
Notes payable(3) | $151,747 | $— | ||||
Over-allotment liability(4) | $— | $225,000 | ||||
Class A ordinary shares subject to redemption, $0.0001 par value, 500,000,000 shares authorized; 0 and 25,000,000 shares are subject to possible redemption, actual and as adjusted, respectively(5) | $— | $250,000,000 | ||||
Shareholders’ equity (deficit): | ||||||
Preferred shares, $ 0.0001 par value; 5,000,000 shares authorized none issued or outstanding | $— | $— | ||||
Class A ordinary shares, $0.0001 par value, 500,000,000 shares authorized; none and 25,000,000 shares issued and outstanding (excluding 0 and 25,000,000 shares subject to redemption), actual and as adjusted | $— | $— | ||||
Class B ordinary shares, $ 0.0001 par value, 50,000,000 shares authorized; 7,187,500 shares issued and outstanding (actual); 6,250,000 shares issued and outstanding (as adjusted)(6) | $719 | $625 | ||||
Additional paid-in capital | $24,281 | — | ||||
Accumulated deficit | $(83,257) | $(14,283,882) | ||||
Total shareholders’ equity (deficit) | $(58,257) | $(14,283,257) | ||||
Total capitalization | $(58,257) | $250,941,743 | ||||
(1) | Assumes the over-allotment option has not been exercised and the resulting forfeiture of 937,500 founder shares held by our sponsor has occurred. |
(2) | We have engaged Santander US Capital Markets LLC to provide advisory services from time to time. As compensation for the services provided under an engagement letter, we will pay Santander US Capital Markets LLC a fee equal to 3.00% of the gross proceeds raised in this offering ($7,500,000 or $8,625,000 in the aggregate if the underwriter’s over-allotment option is exercised in full), payable upon closing of our initial business combination. We have agreed to indemnify Santander US Capital Markets LLC and its affiliates in connection with its role in providing the advisory services. |
(3) | Our sponsor may loan us up to $300,000 under an unsecured promissory note to be used for a portion of the expenses of this offering. The “as adjusted” information gives effect to the repayment of any loans received from our sponsor out of the proceeds from this offering and the sale of the private placement warrants. As of September 30, 2025, we had borrowed $151,747 under the promissory note with our sponsor. |
(4) | The underwriter’s over-allotment option is deemed to be a freestanding financial instrument indexed on the shares subject to redemption and will be accounted for as a liability pursuant to ASC 480 if not fully exercised at the time of the initial public offering. |
(5) | Upon the completion of our initial business combination, we will provide our shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination including interest earned on the funds held in the trust account and not previously released to us for dissolution expenses, subject to the limitations described herein and any limitations (including, but not limited to, cash requirements) created by the terms of the proposed business combination. For a detailed calculation of Class A ordinary shares subject to redemption, please see the section of this prospectus entitled “Dilution.” |
(6) | Actual share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted amount assumes no exercise of the underwriter’s over-allotment option. |
• | may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A shares on a greater than one-to-one basis upon conversion of the Class B ordinary shares; |
• | may subordinate the rights of holders of our ordinary shares if preferred shares are issued with rights senior to those afforded our ordinary shares; |
• | could cause a change in control if a substantial number of ordinary shares is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; |
• | may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; and |
• | may adversely affect prevailing market prices for our Class A ordinary shares and/or warrants. |
• | default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations; |
• | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
• | our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
• | our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding; |
• | our inability to pay dividends on our ordinary shares; |
• | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes; |
• | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
• | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
• | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and |
• | other purposes and other disadvantages compared to our competitors who have less debt. |
• | staffing for financial, accounting and external reporting areas, including segregation of duties; |
• | reconciliation of accounts; |
• | proper recording of expenses and liabilities in the period to which they relate; |
• | evidence of internal review and approval of accounting transactions; |
• | documentation of processes, assumptions and conclusions underlying significant estimates; and |
• | documentation of accounting policies and procedures. |
• | 17th century Dutch East India Company shares began as speculative trading but laid the foundation for the modern equity markets. |
• | 19th century commodity futures markets were born from volatile grain and livestock prices—allowed farmers to hedge production and created durable institutions like the Chicago Board of Trade. |
• | 1980s junk bonds, once dismissed as “speculative-grade” and fueling an era of leveraged buyouts, also unlocked permanent access to capital markets for mid-sized companies that had been excluded from traditional financing. |
• | Over $240 billion of private investment has flowed into digital assets since 2016, including more than $200 billion in the last five years. |
• | As of December 15, 2025, cryptocurrencies collectively exceed $3 trillion in value, with Bitcoin alone accounting for approximately $1.74 trillion. |
• | Stablecoins settled approximately $136 billion of payments from January 2023 to August 2025. |
• | Adoption is mainstream, with more than 650 million users of digital assets globally as of the end of 2024, representing over 10% of the world’s adult population. |
• | Stablecoin remittances reached approximately 3% of global cross-border flows in the first quarter of 2025. |
• | Approximately $670 billion in stablecoin-denominated loans originated over the last five years as of September 2025. |
• | Business to business stablecoin payments annualizing approximately $76 billion as of October 2025. |
• | Global cryptocurrency has significantly broadened over the last five years, with the total market capitalization up approximately seventeen times since 2020 as of December 6, 2025. |
• | Policymakers are responding in the U.S. with the recent passage of the GENIUS Act, providing initial legal frameworks that we believe is required for the digital asset economy to grow, with comparable regulatory efforts underway globally. |
• | Deep Ecosystem Access. As one of the longest-standing and most trusted platforms in the digital asset ecosystem, Kraken maintains direct relationships with counterparties as a service provider, customer or strategic partner. These relationships create differentiated sourcing opportunities and position us to add long-term value beyond the initial business combination. |
• | Enhanced Diligence. Kraken’s vantage point as an operator, rather than solely as a capital provider, offers unique insights into market structure, technology and competitive positioning. This perspective allows us to assess targets with greater depth than traditional financial sponsors. |
• | Proven Operating Experience. With over a decade of experience building and scaling a global digital asset platform, Kraken provides practical expertise in areas such as technology, risk management, compliance and global expansion. We believe this operating knowledge will make us a preferred partner for potential targets. |
• | Regulatory Expertise. Having navigated evolving regulatory frameworks across multiple jurisdictions since its founding in 2011, Kraken brings a sophisticated understanding of compliance and licensing. Kraken currently holds licenses and registrations in Europe (Cyprus, EEA, United Kingdom), North America (United States, Canada), Australia, Bermuda, and Singapore. This experience not only strengthens our due diligence process but also enhances the credibility of our future partner in the public markets. |
• | Innovative technology with clear use cases and organic growth potential. |
• | Differentiated approach capable of disrupting incumbent financial or technology systems. |
• | Strong regulatory alignment and ability to operate within evolving policy frameworks. |
• | Exceptional leadership teams with a track record of execution. |
• | Defensible market position reinforced by high barriers to entry and durable customer relationships. |
• | Compelling financial profile including attractive margins, resilient cash flow characteristics, and a path to scalable growth. |
• | Strategic fit with our partners where our network, capital, and expertise can accelerate growth and help unlock the public markets. |
Entity | Amount of Compensation to be Received or Securities Issued or to be Issued | Consideration Paid or to be Paid | ||||
NCTK Sponsor LLC | 7,187,500 founder shares(1) (of which 937,500 are subject to forfeiture if the underwriter does not exercise its overallotment option and of which an aggregate of 120,000 Class B ordinary shares will be transferred to our independent directors) | $25,000 or approximately $0.0035 per founder share | ||||
2,250,000 private placement warrants, including if the underwriter’s over-allotment option is exercised in full (which may be exercised on a cashless basis along with the public warrants under the circumstances specified in the warrant agreement) | $2,250,000 (including if the underwriter’s over-allotment option is exercised in full) ($1.00 per warrant) | |||||
Up to $300,000 | Repayment of loans made to us by our sponsor to cover offering-related and organizational expenses | |||||
Sponsor, officers or directors, or our or their affiliates | $30,000 per month | Payment to our sponsor of $30,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative support | ||||
Up to $2,000,000 in working capital loans by our sponsor or an affiliate of our sponsor or certain of our officers and directors. Such loans may be converted at the option of the lender into private placement warrants at a conversion price of $1.00 per warrant(2) | Working capital loans to fund working capital deficiencies or finance transaction costs in connection with an initial business combination | |||||
Reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination. There is | Payment of fees and reimbursement of out-of-pocket expenses related to identifying, investigating and completing an initial business combination | |||||
Entity | Amount of Compensation to be Received or Securities Issued or to be Issued | Consideration Paid or to be Paid | ||||
no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.(3) | ||||||
(1) | The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment as provided herein. Further, if we increase or decrease the size of this offering, we will effect a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the ownership of our initial shareholders, on an as-converted basis, at 20.00% of our issued and outstanding ordinary shares) upon consummation of this offering. As described under “Offering—Founder shares conversion and anti-dilution rights,” the Class B ordinary shares and Class A ordinary shares issuable in connection with the conversion of the Class B ordinary shares may result in material dilution to our public shareholders due to the nominal price of $0.0035 per founder share at which our sponsor purchased the founder shares and/or the anti-dilution rights of our Class B ordinary shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. Our sponsor, directors and officers and their affiliates may receive additional compensation and/or may be issued additional securities in connection with an initial business combination, including securities that may result in material dilution to public shareholders. For more information also see below under “Offering—Payments to insiders.” |
(2) | The $1.00 per private placement warrant conversion price for such working capital loans may potentially be significantly less than the market price of our Class A ordinary shares at the time the lenders elect to convert their working capital loans into private placement warrants. Therefore, such private placement warrant issuances may result in significant dilution to holders of our shares. For more information also see “Risk Factors—Risks Relating to our Search for, and Consummation of, or Inability to Consummate, a Business Combination—We may issue our securities to investors in connection with our initial business combination at a price which is less than the prevailing market price of our securities at that time.” |
(3) | For more information, also see “Effecting Our Initial Business Combination—Sources of Target Businesses,” “Management—Officer and Director Compensation” and “Certain Relationships and Related Party Transactions.” |
Subject Securities | Transfer Restrictions | Persons Subject to Restrictions | Exceptions to Transfer Restrictions | ||||||
Founder Shares | Agreement not to Transfer until the earlier of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the last sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. | Our sponsor, officers, directors and director nominees. | Permitted Transfers, provided, however, that, in the case of clauses (a) through (g), and (i) the Permitted Transferees must enter into a written agreement with us agreeing to be bound by these transfer restrictions. | ||||||
Private placement warrants | Agreement not to Transfer until 30 days after the completion of our initial business combination. | Same as above. | Same as above. | ||||||
Any units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable for, Class A ordinary shares | Agreement not to Transfer during the period commncing on the date of the underwriting agreement and ending 180 days after such date. | Same as above. | (a) Prior written consent of Santander US Capital Markets LLC or (b) Permitted Transfers. | ||||||
• | subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on the particular industry in which we operate after our initial business combination, and |
• | cause us to depend on the marketing and sale of a single product or limited number of products or services. |
• | we issue ordinary shares that will be equal to or in excess of 20% of the number of ordinary shares then outstanding; |
• | any of our directors, officers or substantial shareholders (as defined by Nasdaq rules) has a 5% or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of ordinary shares could result in an increase in outstanding ordinary shares or voting power of 5% or more; or |
• | the issuance or potential issuance of ordinary shares will result in our undergoing a change of control. |
• | our registration statement/proxy statement filed for our business combination transaction would disclose the possibility that our sponsor, initial shareholders, directors, officers, advisors and their affiliates may purchase public shares from public shareholders outside the redemption process, along with the purpose of such purchases; |
• | if our sponsor, initial shareholders, directors, officers, advisors and their affiliates were to purchase public shares from public shareholders, they would do so at a price no higher than the price offered through our redemption process; |
• | our registration statement/proxy statement filed for our business combination transaction would include a representation that any of our securities purchased by our sponsor, initial shareholders, directors, officers, advisors and their affiliates would not be voted in favor of approving the business combination transaction; |
• | our sponsor, initial shareholders, directors, officers, advisors and their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and |
• | we would disclose in a Current Report on Form 8-K, before our security holder meeting to approve the business combination transaction, the following material items: |
• | the amount of our securities purchased outside of the redemption offer by our sponsor, initial shareholders, directors, officers, advisors and their affiliates, along with the purchase price; |
• | the purpose of the purchases by our sponsor, initial shareholders, directors, officers, advisors and their affiliates; |
• | the impact, if any, of the purchases by our sponsor, initial shareholders, directors, officers, advisors and their affiliates on the likelihood that the business combination transaction will be approved; |
• | the identities of our security holders who sold to our sponsor, initial shareholders, directors, officers, advisors and their affiliates (if not purchased on the open market) or the nature of our security holders (e.g., 5% security holders) who sold to our sponsor, initial shareholders, directors, officers, advisors and their affiliates; and |
• | the number of our securities for which we have received redemption requests pursuant to our redemption offer. |
• | conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and |
• | file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies. |
• | conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and |
• | file proxy materials with the SEC. |
• | If we are unable to complete our initial business combination within 24 months from the closing of this offering, or by such earlier liquidation date as our board of directors may approve we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned thereon and not previously released to us for permitted withdrawals (less up to $100,000 of interest to pay dissolution expenses), 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 liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law; |
• | Prior to our initial business combination, we may not issue additional shares that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination; |
• | Although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent entity that commonly renders valuation opinions or an independent accounting firm that such a business combination is fair to our company from a financial point of view; |
• | If a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; |
• | Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination; |
• | If our shareholders approve an amendment to our amended and restated memorandum and articles of association that would affect (i) the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our business combination within 24 months from the closing of this offering, or by such earlier liquidation date as our board of directors may approve or (ii) any other provisions relating to shareholders’ rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares |
• | We will not effectuate our initial business combination with another blank check company or a similar company with nominal operations. |
Redemptions in Connection with our Initial Business Combination | Other Permitted Purchases of Public Shares by us or our Affiliates | Redemptions if we fail to Complete an Initial Business Combination | |||||||
Calculation of redemption price | Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per public share), including interest earned thereon and not previously released to us for permitted withdrawals, divided by the number of then outstanding public shares, subject to any limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination. | If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market prior to or following completion of our initial business combination. There is no limit to the prices that our sponsor, directors, officers, advisors or their affiliates may pay in these transactions. | If we are unable to complete our business combination within 24 months from the closing of this offering or by such earlier liquidation date as our board of directors may approve we will redeem all public shares at a per-share price, payable in cash, equal to the aggregate amount, then on deposit in the trust account (which is initially anticipated to be $10.00 per public share), including interest earned thereon and not previously released to us for permitted withdrawals (less $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares. | ||||||
Redemptions in Connection with our Initial Business Combination | Other Permitted Purchases of Public Shares by us or our Affiliates | Redemptions if we fail to Complete an Initial Business Combination | |||||||
Impact to remaining shareholders | The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of the deferred underwriting commissions and income taxes payable | If the permitted purchases described above are made there would be no impact to our remaining shareholders because the purchase price would not be paid by us. | The redemption of our public shares if we fail to complete our business combination will reduce the book value per share for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions. | ||||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
Escrow of offering proceeds | The rules of Nasdaq provide that at least 90% of the gross proceeds from this offering and the sale of the private placement warrants be deposited in a trust account. $250 million of the net proceeds of this offering and the sale of the private placement warrants will be deposited into a U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee. | Approximately $218,025,000 of the offering proceeds would be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account. | ||||
Investment of net proceeds | $250 million of the net offering proceeds and the sale of the private placement warrants held in trust will be held in cash, including in demand deposits at a bank, or invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. | Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. | ||||
Receipt of interest on escrowed funds | Interest on proceeds from the trust account to be paid to shareholders is reduced by permitted withdrawals, and in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation. | Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination. | ||||
Limitation on fair value or net assets of target business | Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at | The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds. | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
least 80% of our assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination. | ||||||
Trading of securities issued | The units are expected to begin trading on or promptly after the date of this prospectus. We expect that the Class A ordinary shares and public warrants comprising the units will begin separate trading on the 52nd day following the date of this prospectus (or, if such date is not a business day, the following business day) unless Santander US Capital Markets LLC informs us of its decision to allow earlier separate trading, subject to the satisfaction of certain conditions. We will file the Current Report on Form 8-K promptly after the closing of this offering, which is anticipated to take place two business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, an additional Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option. | No trading of the units or the underlying Class A ordinary shares and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account. | ||||
Exercise of the warrants | The warrants cannot be exercised until 30 days after the completion of our initial business combination, subject to certain conditions. | The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account. | ||||
Election to remain an investor | We will provide our public shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest earned thereon and | A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
not previously released to us for permitted withdrawals, subject to the limitations described herein. We may not be required by law to hold a shareholder vote. If we are not required by law and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, we hold a shareholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of at least a majority of the votes cast by such shareholders being entitled to do so (in person or by proxy) at a general meeting of the Company. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. A quorum for such meeting will consist of the holders present in person or by proxy of one-third of the shares of the company entitled to vote at such meeting. | effective date of a post- effective amendment to the company’s registration statement, to decide if it elects to remain a shareholder of the company or require the return of its investment. If the company has not received the notification by the end of the 45th business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued. | |||||
Business combination deadline | If we are unable to complete an initial business combination within 24 months from the closing of this offering, or by such earlier liquidation date as our board of directors may approve, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but | If an acquisition has not been completed within 18 months after the effective date of the company’s registration statement, funds held in the trust or escrow account are returned to investors. | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
not more than ten business days thereafter (and subject to lawfully available funds therefor) redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned thereon and not previously released to us for permitted withdrawals and (less $100,000 of interest to pay dissolution expenses), 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 liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. | ||||||
Release of funds | Except with respect to permitted withdrawals and up to $100,000 of dissolution expenses, if any, the proceeds from this offering held in the trust account will not be released from the trust account until the earliest to occur of: (i) the completion of our initial business combination, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (a) to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering, or by such earlier liquidation date as our board of directors may approve, or (b) with respect to any other provisions | The proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the failure to effect a business combination within the allotted time. | ||||
Terms of Our Offering | Terms Under a Rule 419 Offering | |||||
relating to shareholders’ rights or pre-initial business combination activity and (iii) the redemption of 100% of our public shares if we are unable to complete a business combination within the required time frame (subject to the requirements of applicable law). | ||||||
Name | Age | Position | ||||
Ravi Tanuku | 49 | Chief Executive Officer and Director | ||||
Sahil Gupta | 40 | Chief Financial Officer | ||||
Robert Moore | 42 | Director Nominee | ||||
Boris Revsin | 39 | Director Nominee | ||||
Andrew Artz | 40 | Director Nominee | ||||
Benjamin Davenport | 50 | Director Nominee | ||||
Joshua Rosenthal | 32 | Director Nominee | ||||
Nikita Sachdev | 34 | Director Nominee | ||||
• | the appointment, compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm engaged by us; |
• | pre-approving all audit and permitted non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; |
• | reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures on a regular basis, including the responsibilities, budget, compensation and staffing of our internal audit function, through inquiry and discussions with the independent auditors and management; |
• | reviewing and discussing with the independent auditors all relationships the auditors have with us in order to evaluate their continued independence; |
• | setting clear hiring policies for employees or former employees of the independent auditors; |
• | monitoring for audit partner rotation in compliance with applicable laws and regulations; |
• | reviewing with the independent auditor any audit problems or difficulties encountered during the course of the audit work and management's response; |
• | reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and |
• | reviewing with management, the independent auditors, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities. |
• | reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation; |
• | reviewing and approving on an annual basis the compensation of all of our other officers; |
• | reviewing on an annual basis our executive compensation policies and plans; |
• | implementing and administering our incentive compensation equity-based remuneration and employee benefit plans; |
• | assisting management in complying with our proxy statement and annual report disclosure requirements; |
• | reviewing all perquisites or other personal benefits for our officers and directors, if any; |
• | reviewing and making recommendations to the board of directors with respect to executive officer and director indemnification and insurance matters; |
• | if required, producing a report on executive compensation to be included in our annual proxy statement; and |
• | reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors. |
• | duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; |
• | duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; |
• | directors should not improperly fetter the exercise of future discretion; |
• | duty to exercise authority for the purpose for which it is conferred and a duty to exercise powers fairly as between different sections of shareholders; |
• | duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and |
• | duty to exercise independent judgment. |
Name of Individual | Entity Name | Entity’s Business | Affiliation | ||||||
Ravi Tanuku | |||||||||
Sahil Gupta | |||||||||
Robert Moore | |||||||||
Boris Revsin | |||||||||
Andrew Artz | |||||||||
Joshua Rosenthal | |||||||||
Nikita Sachdev | |||||||||
• | None of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities. |
• | In the course of their other business activities, our co-founders, officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented. |
• | Our initial shareholders purchased founder shares prior to the date of this prospectus and our sponsor will purchase private placement warrants in a transaction that will close simultaneously with the closing of this offering. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private placement warrants and any public shares held by them in connection with the consummation of our initial business combination. Additionally, our initial shareholders have agreed to waive their redemption rights with respect to any founder shares, private placement warrants and any public shares held by them if we fail to consummate our initial business combination within 24 months from the closing of this offering, or by such earlier liquidation date as our board of directors may approve. If we do not complete our initial business combination within such applicable time period, the proceeds of |
• | Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination. |
• | Our co-founders, sponsor, officers or directors may have a conflict of interest with respect to evaluating a business combination and financing arrangements as we may obtain loans from our co-founders, sponsor or an affiliate of our sponsor or any of our officers or directors to finance transaction costs in connection with an intended initial business combination. Up to $2,000,000 of such loans may be convertible into private placement warrants, at a price of $1.00 per warrant at the option of the lender. The private placement warrants issued upon conversion of any such loans would be identical to the private placement warrants sold in a private placement concurrently with this offering. |
• | The low price of $25,000, or $0.0035 per share, that the initial shareholders paid for 7,187,500 founder shares and the $2,250,000 purchase price for the private placement warrants (including in the event the overallotment option is exercised in full, or $1.00 per warrant, which may be exercised on a cashless basis along with the public warrants under the circumstances specified in the warrant agreement). creates an incentive whereby the initial shareholders could potentially make a substantial profit even if the company selects an acquisition target that subsequently declines in value and is unprofitable for public investors. Prior to the completion of this offering, our sponsor will transfer 30,000 founder shares to each of our independent director nominees at their original purchase price. |
• | Our sponsor, officers and directors will lose their entire investment in us and will not be reimbursed for any loans extended, fees due or out-of-pocket expense if we do not complete an initial business combination. |
• | each person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares; |
• | each of our executive officers, directors and director nominees that beneficially owns our ordinary shares; and |
• | all our executive officers, directors and director nominees as a group. |
Before Offering | After Offering | |||||||||||
Name and Address of Beneficial Owner(1) | Number of Shares Beneficially Owned(2) | Approximate Percentage of Outstanding Ordinary Shares | Number of Shares Beneficially Owned(2) | Approximate Percentage of Outstanding Ordinary Shares | ||||||||
NCTK Sponsor LLC(3) | 7,067,500 | 98.3% | 6,130,000 | 19.6% | ||||||||
Ravi Tanuku | — | * | — | * | ||||||||
Sahil Gupta | — | * | — | * | ||||||||
Robert Moore | — | * | — | * | ||||||||
Boris Revsin | — | * | — | * | ||||||||
Andrew Artz | 30,000 | * | 30,000 | * | ||||||||
Benjamin Davenport | 30,000 | * | 30,000 | * | ||||||||
Joshua Rosenthal | 30,000 | * | 30,000 | * | ||||||||
Nikita Sachdev | 30,000 | * | 30,000 | * | ||||||||
All executive officers, directors and director nominees as a group (eight individuals) | 7,187,500 | 100.0% | 6,250,000 | 20.0% | ||||||||
* | Less than one percent. |
(1) | Unless otherwise noted, the business address of each of the following entities or individuals is c/o KRAKacquisition Corp, 1455 Adams Dr #1630, Menlo Park, CA 94025. |
(2) | Interests shown consist solely of founder shares, classified as Class B ordinary shares. Such shares are convertible into Class A ordinary shares on a one-for-one basis, subject to adjustment, as described in the section of this prospectus entitled “Description of Securities.” |
(3) | NCTK Sponsor LLC is the record holder of such shares. The Sponsor Board of Managers controls our sponsor. The Sponsor Board of Managers consists of one member appointed by each of Kraken, Tribe Capital and Natural Capital. As a result, each of Kraken, Tribe Capital and Natural Capital may be deemed to share voting and dispositive power with respect to the securities held by our sponsor. The members of the Sponsor Board of Managers disclaim any beneficial ownership of the securities held by our sponsor, other than to the extent of any pecuniary interest they may have therein, directly or indirectly. |
• | Repayment of up to an aggregate of $300,000 in loans made to us by our sponsor to cover offering-related and organizational expenses; |
• | Payment to our sponsor of $30,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative support; |
• | Reimbursement of legal fees and expenses incurred by our sponsor, officers or directors in connection with our formation, the initial business combination and their services to us; |
• | Payment of fees and reimbursement of out-of-pocket expenses related to identifying, investigating and completing an initial business combination; and |
• | Repayment of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $2,000,000 of such loans may be convertible into private placement warrants, at a price of $1.00 per warrant at the option of the lender. The private placement warrants issued upon conversion of any such loans would be identical to the private placement warrants sold in a private placement concurrently with this, including as to exercise price, exercisability and exercise period. |
• | 25,000,000 Class A ordinary shares underlying the units being offered in this offering; and |
• | 6,250,000 Class B ordinary shares held by our initial shareholders. |
• | the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of shares of each member; |
• | whether voting rights are attached to the share in issue; |
• | the date on which the name of any person was entered on the register as a member; and |
• | the date on which any person ceased to be a member. |
• | 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 given after public warrants become exercisable (the “30-day redemption period”) to each public warrant holder; and |
• | if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the |
• | we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with: |
• | the shareholders have been fairly represented at the meeting in question; |
• | the arrangement is such as a businessman would reasonably approve; and |
• | the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.” |
• | a company is acting, or proposing to act, illegally or beyond the scope of its authority; |
• | the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or |
• | those who control the company are perpetrating a “fraud on the minority.” |
• | an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies; |
• | an exempted company’s register of members is not open to inspection and can be kept outside of the Cayman Islands; |
• | an exempted company does not have to hold an annual general meeting; |
• | an exempted company may issue shares with no par value; |
• | an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 30 years in the first instance); |
• | an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; |
• | an exempted company may register as a limited duration company; and |
• | an exempted company may register as a segregated portfolio company. |
• | If we are unable to complete our initial business combination within 24 months from the closing of the offering, or by such earlier liquidation date as our board of directors may approve, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned thereon and not previously released to us for permitted withdrawals (less $100,000 of interest to pay dissolution expenses), 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 liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law; |
• | Prior to our initial business combination, we may not issue additional share capital that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination; |
• | Although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent entity that commonly renders valuation opinions or an independent accounting firm that such a business combination is fair to our company from a financial point of view; |
• | If a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; |
• | Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination; |
• | Our initial business combination will require the unanimous approval of all of the members of our board of directors then in office; |
• | If our shareholders approve an amendment to our amended and restated memorandum and articles of association that would affect (i) the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our business combination within 24 months from the closing of this offering, or by such earlier liquidation date as our board of directors may approve, or (ii) any other provisions relating to shareholders’ rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned thereon (net of permitted withdrawals), divided by the number of then issued and outstanding public Class A ordinary shares, subject to applicable law; and |
• | We will not effectuate our initial business combination with another blank check company or a similar company with nominal operations. |
• | 1% of the total number of ordinary shares then outstanding, which will equal 312,500 shares immediately after this offering (or 359,375 if the underwriter exercises its over-allotment option in full); or |
• | the average weekly reported trading volume of the ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale. |
• | the issuer of the securities that was formerly a shell company has ceased to be a shell company; |
• | the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; |
• | the issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and |
• | at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. |
SUBJECT SECURITIES | TRANSFER RESTRICTIONS | NATURAL PERSONS AND ENTITIES SUBJECT TO TRANSFER RESTRICTIONS | EXCEPTIONS TO TRANSFER RESTRICTIONS | ||||||
Founder Shares(1)(2) | Agreement not to Transfer until the earlier of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the last sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Further, no transfer of any Class A ordinary shares, Class B ordinary shares or any other securities convertible into, or exercisable or exchangeable for, ordinary shares until 180 days after the date of this prospectus. | Our sponsor, directors and officers | Permitted Transfers, provided, however, that, in the case of clauses (a) through (g), and (i) the Permitted Transferees must enter into a written agreement with us agreeing to be bound by these transfer restrictions. | ||||||
Private placement warrants(1)(2) | Agreement not to Transfer until 30 days after the completion of our initial business combination. | Same as above. | Same as above. | ||||||
SUBJECT SECURITIES | TRANSFER RESTRICTIONS | NATURAL PERSONS AND ENTITIES SUBJECT TO TRANSFER RESTRICTIONS | EXCEPTIONS TO TRANSFER RESTRICTIONS | ||||||
Public Units and underlying securities (if any are purchased in connection with the offering)(2) | Agreement not to Transfer during the period commencing on the date of the underwriting agreement and ending 180 days after such date. | Same as above. | (a) Prior written consent of Santander US Capital Markets LLC or (b) Permitted Transfers. | ||||||
(1) | For more information on the number securities beneficially held by our sponsor, please see the section entitled “Principal Shareholders” in this prospectus. |
(2) | The founder shares and private placement warrants issued in connection or simultaneously with this offering are restricted securities and subject to the limitations on transfer described above under “—Rule 144” and “—Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies.” Further, our sponsor, its permitted transferees or any other person that becomes an affiliate of the post-business combination company for purposes of Rule 144 under the Securities Act may be subject to additional resale restrictions with respect to securities they hold, as described above. |
1. | That no law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and |
2. | In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable: |
2.1 | On or in respect of the shares, debentures or other obligations of the Company; or |
2.2 | by way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of the Tax Concessions Act (As Revised). |
• | banks, financial institutions or financial services entities; |
• | regulated investment companies; |
• | broker-dealers; |
• | S Corporations; |
• | real estate investment trusts; |
• | insurance companies; |
• | taxpayers subject to a mark-to-market method of accounting rules with respect to the securities; |
• | governments or agencies or instrumentalities thereof; |
• | expatriates or former long-term residents of the United States; |
• | persons holding the securities as part of a “straddle,” hedge, integrated transaction or similar transaction; |
• | persons who acquired the securities through the exercise or cancellation of employee share options or otherwise as compensation for their services; |
• | U.S. holders (as defined below) whose functional currency is not the U.S. dollar; |
• | governments or agencies or instrumentalities thereof; |
• | persons that directly, indirectly or constructively own five percent or more (by vote or value) of our shares; and |
• | tax-exempt entities (including private foundations). |
• | an individual who is a citizen or resident of the United States; |
• | a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or under the laws of the United States, any state thereof or the District of Columbia; |
• | an estate whose income is subject to U.S. federal income tax regardless of its source; or |
• | a trust, if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons (as defined in the Code) have authority to control all substantial decisions of the trust, or (ii) it has a valid election in effect under the Treasury Regulations to be treated as a U.S. person (as defined in the Code). |
• | the U.S. holder’s gain or excess distribution will be allocated ratably over the U.S. holder’s holding period for the Class A ordinary shares or warrants; |
• | the amount allocated to the U.S. holder’s taxable year in which the U.S. holder recognized gain or received the excess distribution, or to the period in the U.S. holder’s holding period before the first day of our first taxable year in which we are a PFIC, will be taxed as ordinary income; |
• | the amount allocated to other taxable years (or portions thereof) of the U.S. holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. holder without regard to the U.S. Holder’s other items of income for that year; and |
• | the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U.S. holder. |
• | a non-resident alien individual, other than certain former citizens and residents of the United States subject to U.S. tax as expatriates; |
• | a foreign corporation; or |
• | an estate or trust that is not a U.S. Holder; |
Underwriter | Number of Units | ||
Santander US Capital Markets LLC | 25,000,000 | ||
Total | 25,000,000 | ||
Payable by KRAKacquisition Corp | ||||||
No Exercise | Full Exercise | |||||
Per Unit(1) | $0.31 | $0.31 | ||||
Total(1) | $7,750,000 | $8,875,000 | ||||
(1) | Includes $0.01 per unit on all units sold other than units sold per the underwriter’s over-allotment option ($250,000 in the aggregate) that shall be paid upon the closing of this offering. There will be no incremental upfront underwriting discounts and commissions if the underwriter’s over-allotment option is exercised. Also, includes $0.30 per unit on all units sold (up to $7,500,000 in the aggregate or up to $8,625,000 in the aggregate if the underwriter’s over-allotment option is exercised in full, which amount shall be subject to pro-rata reduction based on the number of Class A ordinary shares redeemed by our public shareholders) for deferred underwriting commissions to be deposited into a trust account located in the United States and released to Santander US Capital Markets LLC for its own account only upon the completion of an initial business combination. Such deferred commissions will be subject to pro rata reduction based on the extent of redemptions that reduce the amount of the trust account at the time of our consummation of our initial business combination. The deferred commissions may be allocated to members of FINRA who have assisted in the consummation of our initial business combination, at our discretion. |
• | Short sales involve secondary market sales by the underwriter of a greater number of units than it is required to purchase in the offering. |
• | “Covered” short sales are sales of units in an amount up to the number of units represented by the underwriter’s over-allotment option. |
• | “Naked” short sales are sales of units in an amount in excess of the number of units represented by the underwriter’s over-allotment option. |
• | Covering transactions involve purchases of units either pursuant to the over-allotment option or in the open market after the distribution has been completed in order to cover short positions. |
• | To close a naked short position, the underwriter must purchase units in the open market after the distribution has been completed. A naked short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in the offering. |
• | To close a covered short position, the underwriter must purchase units in the open market after the distribution has been completed or must exercise the over-allotment option. In determining the source of units to close the covered short position, the underwriter will consider, among other things, the price of units available for purchase in the open market as compared to the price at which it may purchase units through the over-allotment option. |
• | Stabilizing transactions involve bids to purchase units so long as the stabilizing bids do not exceed a specified maximum. |
• | to any legal entity which is a qualified investor as defined in the Prospectus Regulation; |
• | to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the underwriter; or |
• | Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any units or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the underwriter and us that it is a “qualified investor” as defined in the Prospectus Regulation. |
• | it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) to persons who have professional experience in matters relating to investments falling with Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which section 21 of FSMA does not apply to the company; and |
• | it has complied with, and will comply with all applicable provisions of FSMA with respect to anything done by it in relation to the units in, from or otherwise involving the United Kingdom. |
• | released, issued, distributed or caused to be released, issued or distributed to the public in France; or |
• | used in connection with any offer for subscription or sale of the units to the public in France. |
• | to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors (cercle restreint d’investisseurs), in each case investing for their own account, all as defined in, and in accordance with, articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et financier; |
• | to investment services providers authorized to engage in portfolio management on behalf of third parties; or |
• | in a transaction that, in accordance with article L.411-2-II-1" -or-2" -or 3" of the French Code monétaire et financier and article 211-2 of the General Regulations (Règlement Général) of the Autorité des Marchés Financiers, does not constitute a public offer (appel public à l’épargne). |
• | a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or |
• | a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except: |
• | to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA; |
• | where no consideration is or will be given for the transfer; or |
• | where the transfer is by operation of law. |
September 30, 2025 | August 6, 2025 | |||||
ASSETS | (Unaudited) | |||||
Cash and cash equivalents | $35,577 | $— | ||||
Deferred offering costs | 421,343 | 46,916 | ||||
TOTAL ASSETS | $456,920 | $46,916 | ||||
LIABILITIES AND SHAREHOLDER'S (DEFICIT) EQUITY | ||||||
Current liabilities: | ||||||
Accrued offering costs | $340,320 | $21,916 | ||||
Promissory note - related party | 151,747 | — | ||||
Accrued expenses | 23,110 | 8,000 | ||||
Total Liabilities | 515,177 | 29,916 | ||||
Commitments (Note 7) | ||||||
Shareholder's (Deficit) Equity | ||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of September 30, 2025 and August 6, 2025 | — | — | ||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding as of September 30, 2025 and August 6, 2025 | — | — | ||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,187,500 issued and outstanding as of September 30, 2025 and August 6, 2025(1) | 719 | 719 | ||||
Additional paid-in capital | 24,281 | 24,281 | ||||
Accumulated deficit | (83,257) | (8,000) | ||||
Total Shareholder's (Deficit) Equity | (58,257) | 17,000 | ||||
TOTAL LIABILITIES AND SHAREHOLDER'S (DEFICIT) EQUITY | $456,920 | $46,916 | ||||
(1) | Includes 937,500 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (Note 6). |
For the Period from July 28, 2025 (inception) through September 30, 2025 | For the Period from July 28, 2025 (inception) through August 6, 2025 | |||||
(Unaudited) | ||||||
General and administrative expenses | $83,257 | $8,000 | ||||
Net loss | $(83,257) | $(8,000) | ||||
Weighted average shares outstanding, basic and diluted(1) | 6,250,000 | 6,250,000 | ||||
Basic and diluted net loss per ordinary share | $(0.01) | $(0.00) | ||||
(1) | Excludes 937,500 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (Note 6). |
Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholder's Equity (Deficit) | ||||||||||||
Shares | Amount | ||||||||||||||
Balance at July 28, 2025 (inception) | — | $— | $— | $— | $— | ||||||||||
Issuance of Class B ordinary shares to Sponsor(1) | 7,187,500 | 719 | 24,281 | — | 25,000 | ||||||||||
Net loss | — | — | — | (8,000) | (8,000) | ||||||||||
Balance at August 6, 2025 | 7,187,500 | 719 | 24,281 | (8,000) | 17,000 | ||||||||||
Net loss | — | — | — | (75,257) | (75,257) | ||||||||||
Balance at September 30, 2025 (unaudited) | 7,187,500 | $719 | $24,281 | $(83,257) | $(58,257) | ||||||||||
(1) | Includes 937,500 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (Note 6). |
For the Period from July 28, 2025 (inception) through September 30, 2025 | For the Period from July 28, 2025 (inception) through August 6, 2025 | |||||
(Unaudited) | ||||||
Cash Flows from Operating Activities: | ||||||
Net loss | $(83,257) | $(8,000) | ||||
Changes in operating assets and liabilities: | ||||||
Accrued expenses | 23,110 | 8,000 | ||||
Net cash used in operating activities | (60,147) | — | ||||
Cash Flows from Financing Activities: | ||||||
Promissory note - related party | 151,747 | — | ||||
Deferred offering costs | (56,023) | — | ||||
Net cash provided by financing activities | 95,724 | — | ||||
Net Change in Cash and Cash Equivalents | 35,577 | — | ||||
Cash and cash equivalents - Beginning of period | — | — | ||||
Cash and cash equivalents - End of period | $35,577 | $— | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | $25,000 | $25,000 | ||||
Deferred offering costs included in accrued offering costs | $340,320 | $21,916 | ||||
September 30, 2025 | August 6, 2025 | |||||
(Unaudited) | ||||||
Deferred offering costs | $421,343 | $46,916 | ||||
Total Assets | $456,920 | $46,916 | ||||
Period from July 28, 2025 (inception) through September 30, 2025 | Period from July 28, 2025 (inception) through August 6, 2025 | |||||
(Unaudited) | ||||||
General and administrative expenses | $83,257 | $8,000 | ||||
Net Loss | $(83,257) | $(8,000) | ||||
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon a minimum of 30 days' prior written notice of redemption; |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Warrants”) for any 20 trading days within a 30-trading day period commencing at least 30 days after completion of the Company's initial business combination and ending three business days before the Company sends the notice of redemption to the warrant holders. (the “measurement period”), and (b) if public warrants are exercisable and a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the public warrants is effective and a current prospectus relating thereto is available throughout the measurement period and the 30-day redemption period. Notwithstanding the foregoing, the Company may redeem the public warrants during the measurement period if the public warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. |
Item 13. | Other Expenses of Issuance and Distribution. |
Legal fees and expenses | $325,000 | ||
Accounting fees and expenses | $82,000 | ||
Trustee fees and expenses | $10,000 | ||
SEC expenses | $51,119 | ||
FINRA expenses | $56,023 | ||
Travel and road show | $20,000 | ||
Nasdaq listing and filing fees | $85,000 | ||
Printing and engraving expenses | $30,000 | ||
Miscellaneous expenses | $340,858 | ||
Total offering expenses (excluding underwriting discounts and commissions) | $1,000,000 | ||
Item 14. | Indemnification of Directors and Officers. |
Item 15. | Recent Sales of Unregistered Securities. |
Item 16. | Exhibits and Financial Statement Schedules. |
(a) | Exhibits. The Exhibit Index is incorporated herein by reference. |
(b) | Financial Statements. See page F-1 for an index to the financial statements and schedules included in the registration statement. |
Item 17. | Undertakings. |
(a) | The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser. |
(b) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. |
(c) | The undersigned registrant hereby undertakes that: |
A. | (1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act of 1933 shall be deemed to be part of this registration statement as of the time it was declared effective. |
B. | (2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
Exhibit No | Description | ||
Form of Underwriting Agreement. | |||
Amended and restated memorandum and articles of association. | |||
Form of Second amended and restated memorandum and articles of association. | |||
Specimen Unit Certificate. | |||
Specimen Class A Ordinary Share Certificate. | |||
Specimen Warrant Certificate (included as part of Exhibit 4.4). | |||
Form of Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant. | |||
Opinion of Ropes & Gray LLP. | |||
Opinion of Maples and Calder (Cayman) LLP, Cayman Islands Legal Counsel to the Registrant. | |||
Promissory Note, dated August 5, 2025, issued to NCTK Sponsor LLC. | |||
Form of Letter Agreement among the Registrant and its officers and directors and NCTK Sponsor LLC. | |||
Form of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant. | |||
Form of Registration Rights Agreement among the Registrant and certain security holders. | |||
Securities Subscription Agreement, dated August 5, 2025, between the Registrant and NCTK Sponsor LLC. | |||
Form of Private Placement Warrants Purchase Agreement between the Registrant and NCTK Sponsor LLC. | |||
Form of Indemnity Agreement. | |||
Form of Administrative Services Agreement between the Registrant and NCTK Sponsor LLC. | |||
Form of Code of Ethics. | |||
Consent of WithumSmith+Brown, PC. | |||
Consent of Ropes & Gray LLP (included in Exhibit 5.1). | |||
Consent of Maples and Calder (Cayman) LLP, Cayman Islands Legal Counsel to the Registrant (included in Exhibit 5.2) | |||
Power of Attorney (included on signature page of this Registration Statement). | |||
Form of Audit Committee Charter. | |||
Form of Compensation Committee Charter. | |||
Consent of Robert Moore. | |||
Consent of Boris Revsin. | |||
Consent of Andrew Artz. | |||
Consent of Benjamin Davenport. | |||
Consent of Joshua Rosenthal. | |||
Consent of Nikita Sachdev. | |||
Filing Fee Table. | |||
* | Filed herewith. |
KRAKACQUISITION CORP | ||||||
By: | /s/ Ravikant Tanuku | |||||
Name: | Ravikant Tanuku | |||||
Title: | Chief Executive Officer and Director | |||||
Name | Position | Date | ||||
/s/ Ravikant Tanuku | Chief Executive Officer and Director (Principal Executive Officer) | January 12, 2026 | ||||
Ravikant Tanuku | ||||||
/s/ Sahil Gupta | Chief Financial Officer (Principal Financial and Accounting Officer) | January 12, 2026 | ||||
Sahil Gupta | ||||||
By: | /s/ Ravikant Tanuku | |||||
Name: | Ravikant Tanuku | |||||
Title: | Chief Executive Officer and Director | |||||