Business Context and Reporting Period
Company: FutureCrest Acquisition Corp. (FCRS), a Cayman Islands exempted company and blank check SPAC.
Reporting Period: Quarterly period ended June 30, 2026.
Status: The Company has not commenced operations. Its sole purpose is to effect a business combination. As of the reporting date, no specific target has been selected. The Company is classified as a shell company, smaller reporting company, and emerging growth company.
Key Financial Metrics
| Metric | Value (Six Months Ended June 30, 2026) | Value (Three Months Ended June 30, 2026) |
|---|---|---|
| Net Income | $4,027,848 | $2,344,621 |
| Operating Loss | $(1,129,636) | $(253,334) |
| Interest Income (Trust Account) | $5,144,842 | $2,592,208 |
| Cash (Outside Trust) | $628,302 | $628,302 |
| Trust Account Balance | $295,449,955 | $295,449,955 |
| Working Capital Deficit | $(153,839) | $(153,839) |
| Deferred Underwriting Fee | $12,250,000 | $12,250,000 |
| Accumulated Deficit | $(12,355,491) | $(12,355,491) |
Liquidity: The Company holds $628,302 in cash outside the Trust Account. Management has raised substantial doubt about the Company's ability to continue as a going concern for one year following the report date, noting a potential need for additional capital to fund operations.
Material Changes vs. Prior Period
- Trust Account Growth: The Trust Account balance increased from $290,305,113 at December 31, 2025, to $295,449,955 at June 30, 2026, primarily due to interest income of $5,144,842 earned on marketable securities.
- Redemption Value Accretion: The redemption value per Class A ordinary share subject to possible redemption increased from $10.10 to $10.28, driven by the accretion of interest income.
- Operating Expenses: General and administrative costs for the six months ended June 30, 2026, totaled $1,129,636, compared to $17,141 for the period from inception (June 9, 2025) through June 30, 2025.
- Cash Position: Cash held outside the Trust Account decreased from $869,527 to $628,302, reflecting a net cash outflow of $241,225 from operating activities.
Outlook, Risks, and Management Commentary
- Business Combination Deadline: The Company must complete an initial business combination within 24 months from the closing of the Initial Public Offering (September 29, 2025), or by an earlier liquidation date approved by the board. Failure to do so will result in liquidation and redemption of public shares.
- Going Concern: Management explicitly states that the liquidity condition raises substantial doubt about the ability to continue as a going concern. The Company may need to raise additional capital through loans or investments from the Sponsor or third parties, with no assurance such financing will be available.
- Risk Factors: Risks include changes in international trade policies and tariffs, which could negatively impact the search for a target or the performance of a post-combination company. Additionally, new SEC rules adopted in 2024 regarding SPACs may increase costs and time required to complete a transaction.
- Warrant Redemption: Public warrants may be redeemed if the Class A share price equals or exceeds $18.00 per share for 20 trading days within a 30-day period, at a price of $0.01 per warrant.
Investor Verification Checklist
- Trust Account Yield: Verify the current interest rate environment and its impact on the Trust Account balance, which directly influences the redemption price per share.
- Working Capital Runway: Assess the $628,302 cash balance against the $1,129,636 operating burn rate for the six-month period to estimate the time remaining before additional financing is required.
- Extension Possibility: Review the Company's ability to extend the 24-month completion window, which would require shareholder approval and likely result in redemptions reducing the Trust Account.
- Deferred Fees: Confirm the $12,250,000 deferred underwriting fee obligation, which is payable only upon the successful completion of a business combination.
- Sponsor Indemnity: Note that while the Sponsor has agreed to indemnify the Trust Account against certain claims, the Company has not verified if the Sponsor has sufficient assets to satisfy these obligations.