NMP

Business Context and Reporting Period

NMP Acquisition Corp. is a Cayman Islands exempted company and a "blank check" entity 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 June 30, 2026. As of this date, the company had not commenced any operations; all activity relates to its formation, its Initial Public Offering (IPO) consummated in July 2025, and the search for a target business.

Key Financial Metrics

Material Changes vs. Prior Period

• Profitability Shift: The company reported a net income of $1,361,683 for the six months ended June 30, 2026, compared to a net loss of $133,456 for the same period in 2025. This reversal is primarily driven by investment income earned on the Trust Account ($2,078,318), which was $0 in the prior year as the IPO had not yet closed.
• Expense Growth: Formation and operating expenses increased significantly to $716,635 for the six months ended June 30, 2026, from $133,456 in the prior year, reflecting post-IPO operational costs.
• Trust Account Growth: Investments held in the Trust Account increased from $117,283,599 at December 31, 2025, to $119,211,917 at June 30, 2026, due to accrued interest.
• Cash Position: Operating cash flow was negative ($396,501 used) for the six months ended June 30, 2026, compared to positive cash flow ($140,243 provided) in the prior year. This is due to the timing of expense payments and the non-cash nature of the investment income.

Outlook, Risks, and Management Commentary

• Going Concern: Management has determined that the timing of the liquidation deadline raises substantial doubt about the company's ability to continue as a going concern for the next twelve months. The company must complete a business combination by January 2, 2027, or it will liquidate.
• Liquidity: The company has a working capital deficit of $180,342. Liquidity is supported by cash on hand ($106,746), permitted withdrawals of interest from the Trust Account (up to $300,000 aggregate), and a promissory note from the Sponsor allowing for loans up to $300,000 (potentially $500,000).
• Redemption Value: As of June 30, 2026, Class A ordinary shares subject to redemption are valued at approximately $10.34 per share.
• Risks: The company faces risks associated with early-stage companies, including the inability to complete a business combination, potential dilution, and market volatility. Global events (e.g., conflicts in Russia/Ukraine, Israel/Hamas) may impact the search for a target.
• Unusual Items: Net income is heavily influenced by non-operating investment income from the Trust Account. Operating activities remain cash-negative.

Investor Verification Checklist

• Verify the January 2, 2027 deadline for completing a business combination and the lack of an approved extension plan.
• Confirm the working capital deficit of $180,342 and the reliance on Sponsor loans or Trust interest withdrawals to fund operations.
• Review the redemption value of $10.34 per share for the 11.5 million Class A shares subject to redemption.
• Assess the related party transactions, including the $240,000 accrued under the Administrative Services Agreement and the $4,963 outstanding on the Sponsor's promissory note.
• Monitor the Trust Account balance ($119.2 million) to ensure it remains sufficient to cover potential redemptions and transaction costs.