Oxley Bridge Acquisition Ltd - 10-Q Summary (Q2 2026)
Business Context and Reporting Period
Oxley Bridge Acquisition Limited is a Cayman Islands exempted company operating as a Special Purpose Acquisition Company (SPAC). The company was incorporated on August 6, 2024, and consummated its Initial Public Offering (IPO) on June 26, 2025. As of the reporting date, the company has not commenced operations and is focused on identifying and evaluating prospective acquisition candidates in the global consumer and technology sectors, specifically targeting businesses with operations in Asia (excluding the PRC, Hong Kong, and Macau). The reporting period covers the three and six months ended June 30, 2026.
Key Financial Metrics
| Metric | Six Months Ended June 30, 2026 | Three Months Ended June 30, 2026 |
|---|---|---|
| Net Income | $4,278,192 | $2,162,082 |
| Operating Expenses | $312,391 | $150,114 |
| Trust Account Balance | $262,803,374 | $262,803,374 |
| Per Share Redemption Value | $10.39 | $10.39 |
| Cash Equivalents (Outside Trust) | $729,941 | $729,941 |
| Working Capital | $690,789 | $690,789 |
| Deferred Underwriting Fee | $12,045,000 | $12,045,000 |
Material Changes vs. Prior Period
- Net Income Surge: Net income for the six months ended June 30, 2026, was $4.28 million, a significant increase from $9,018 in the same period in 2025. This is primarily driven by higher interest income on Trust Account investments ($4.58 million vs. $115,349), reflecting higher interest rates on U.S. government securities.
- Expense Increase: Operating expenses increased to $312,391 for the six months ended June 30, 2026, compared to $106,331 in the prior year period. This includes a rise in administrative expenses related to the Sponsor ($75,000 vs. $2,083) due to the full effect of the Administrative Services Agreement ($12,500/month) which commenced in June 2025.
- Trust Account Growth: The Trust Account balance grew from $258.2 million at December 31, 2025, to $262.8 million at June 30, 2026, due to accrued interest income.
Outlook, Risks, and Contingencies
- Combination Deadline: The company must consummate a Business Combination by June 26, 2027 (24 months from the IPO). Failure to do so will result in mandatory liquidation and redemption of Public Shares.
- Going Concern: Management has determined that the uncertainty regarding the ability to complete a Business Combination within the required timeframe raises substantial doubt about the company's ability to continue as a going concern.
- Liquidity: The company holds $729,941 in cash equivalents outside the Trust Account to fund operations. While currently sufficient, the company may need to raise additional funds or utilize Working Capital Loans (up to $1.5 million convertible to warrants) if costs exceed estimates.
- Deferred Fees: A deferred underwriting fee of $12,045,000 is payable only upon the successful completion of a Business Combination.
Investor Verification Checklist
- Verify the current interest rate environment and its impact on the Trust Account yield, which is the primary driver of current net income.
- Confirm the status of the search for a target business and any definitive agreements entered into since June 30, 2026.
- Review the Administrative Services Agreement terms to ensure the $12,500 monthly fee remains accurate and assess related party exposure.
- Monitor the company's cash burn rate outside the Trust Account to ensure sufficient liquidity remains until the June 2027 deadline.
- Check for any amendments to the Amended and Restated Articles that might extend the Combination Period or alter redemption rights.