Business Context and Reporting Period
Company: Origin Investment Corp I (a Cayman Islands exempted company and special purpose acquisition company).
Reporting Period: Quarter ended September 30, 2025 (Nine months from inception on September 25, 2024).
Status: The Company is a "blank check" company formed to effect a business combination. It has not commenced operations or generated operating revenue. On July 3, 2025, the Company consummated its Initial Public Offering (IPO) of 6,000,000 units, and on July 18, 2025, the underwriters fully exercised their over-allotment option for an additional 900,000 units.
Key Financial Metrics
| Metric | Value (as of/for period ended Sept 30, 2025) |
|---|---|
| Total Assets | $71,947,756 |
| Cash and Cash Equivalents | $1,429,005 |
| Investments in Trust Account | $70,363,576 |
| Total Liabilities | $230,917 |
| Ordinary Shares Subject to Redemption | $70,363,576 (6,900,000 shares) |
| Shareholders' Equity | $1,353,263 |
| Net Income (9 months) | $263,638 |
| Net Income (3 months) | $384,058 |
| Operating Expenses (9 months) | $409,938 |
| Interest Income (9 months) | $673,576 |
Material Changes vs. Prior Period
- Capitalization: The Company transitioned from a pre-IPO shell with minimal assets ($269,945 as of Dec 31, 2024) to a post-IPO entity with over $71 million in assets following the July 2025 IPO and over-allotment exercise.
- Profitability: The Company moved from a net loss of $1,262 for the period from inception through September 30, 2024, to a net income of $263,638 for the nine months ended September 30, 2025. This shift is driven entirely by interest income earned on Trust Account investments ($673,576) exceeding operating expenses.
- Debt: The promissory note to a related party, which was $169,877 as of December 31, 2024, was fully repaid and is $0 as of September 30, 2025.
- Equity Structure: 6,900,000 public shares are now classified as temporary equity (subject to redemption) valued at $70,363,576, whereas no such shares existed in the prior period.
Outlook, Risks, and Management Commentary
- Business Combination Timeline: The Company has 24 months from the closing of the IPO (July 3, 2025) to complete an initial business combination. If unsuccessful, the Company will liquidate and redeem public shares.
- Liquidity: Management believes current cash ($1.4 million) and working capital are sufficient to fund operations for the next 12 months. The Sponsor has agreed to provide working capital loans if necessary, up to $1.5 million, which may be convertible into units.
- Trust Account: $69,690,000 ($10.10 per unit) was deposited into the Trust Account. Funds are invested in U.S. government treasury obligations or money market funds. Interest income is available to pay taxes and, potentially, liquidation expenses.
- Risks: The filing highlights geopolitical risks (Russia-Ukraine conflict, Israel-Hamas conflict) that could disrupt capital markets and hinder the search for a target. There is also the risk that the Company may not have sufficient funds to complete a business combination if operating costs exceed estimates.
- Related Party Transactions: The Company pays the Sponsor $25,000 per month for administrative support. As of September 30, 2025, $75,000 was accrued for these services.
Investor Verification Checklist
- Trust Account Balance: Verify the current balance of the Trust Account ($70,363,576) and the per-share redemption value ($10.20 as of Sept 30, 2025).
- Extension Options: Confirm the specific terms regarding the 24-month deadline to complete a business combination and any provisions for shareholder votes to extend this period.
- Warrant Terms: Review the exercise price ($11.50) and redemption triggers ($18.00 per share) for the 3,857,500 outstanding warrants.
- Sponsor Commitments: Verify the Sponsor's ability to fund working capital loans and their agreement to waive redemption rights on Founder Shares and Private Placement Units.
- Redemption Rights: Understand the conditions under which public shareholders can redeem their shares for cash prior to a business combination.