Business Context and Reporting Period
D. Boral Acquisition I Corp. is a blank check company (SPAC) incorporated in the British Virgin Islands, formed to effect a business combination with one or more target businesses. The company is an emerging growth company and a shell company. This Form 10-Q covers the quarterly period ended March 31, 2026. The company consummated its Initial Public Offering (IPO) on February 12, 2026, and has not yet commenced any operations other than organizational activities and the search for a target.
Key Financial Metrics
| Metric | Value (Q1 2026) |
|---|---|
| Net Income | $1,247,160 |
| Total Assets | $289,665,641 |
| Cash Held in Trust Account | $288,873,487 |
| Cash Outside Trust (Working Capital) | $513,684 |
| Total Liabilities | $57,200 |
| Operating Expenses | $126,327 |
| Interest Income (Trust) | $1,373,487 |
| Net Cash Provided by Financing | $288,339,356 |
Note: The company has no operating revenue. Net income is derived primarily from interest earned on the Trust Account.
Material Changes vs. Prior Period
- Balance Sheet Transformation: Total assets increased from $185,954 as of December 31, 2025, to $289,665,641 as of March 31, 2026, driven by the IPO.
- Trust Account Funding: Cash held in the Trust Account increased from $0 to $288,873,487 following the deposit of IPO proceeds.
- Equity Structure: The company issued 28,750,000 Public Units (including over-allotment) and 200,000 Private Units. Class A ordinary shares subject to possible redemption are now recorded at $288,873,487.
- Debt Repayment: The promissory note to a related party, which was $167,129 at year-end 2025, was fully repaid during the quarter.
- Profitability: The company moved from an accumulated deficit of $(66,845) to retained earnings of $733,502 due to significant interest income.
Outlook, Risks, and Management Commentary
- Business Combination Timeline: The company has 18 months from the IPO closing (February 12, 2026) to complete a business combination, extendable to 21 months. Failure to do so will result in liquidation and redemption of public shares.
- Liquidity: The company has approximately $513,684 in cash outside the Trust Account for working capital. Management does not believe additional funds are needed immediately but may seek loans from the Sponsor or affiliates if necessary.
- Redemption Rights: Public shareholders may redeem their shares for a pro rata portion of the Trust Account (initially $10.00 per share plus interest) in connection with a business combination or liquidation.
- Controls and Procedures: Management concluded that disclosure controls and procedures were not effective as of March 31, 2026.
- Risks: As a shell company, the entity faces risks related to the ability to select a target, complete a combination, and potential cybersecurity threats due to reliance on third-party digital technologies.
Investor Verification Checklist
- Trust Account Balance: Verify the $288,873,487 balance and the interest rate assumptions used for future projections.
- Redemption Value: Confirm the per-share redemption value ($10.05 as of March 31, 2026) and potential tax implications on interest income.
- Related Party Transactions: Review the $20,000 monthly administrative fee paid to the Sponsor and the terms of potential working capital loans (up to $2.5 million convertible).
- Warrant Terms: Verify the exercise price of $11.50 per share and the redemption trigger price of $18.00 per share for public warrants.
- Internal Controls: Assess the impact of the ineffective disclosure controls and procedures on future reporting reliability.