Business Context and Reporting Period
Company: United Acquisition Corp. I (UAC)
Entity Type: Cayman Islands exempted company; Special Purpose Acquisition Company (SPAC).
Reporting Period: October 22, 2025 (inception) through December 31, 2025.
Business Purpose: Formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company has no operating history and has not generated any revenues.
Key Subsequent Events: The Initial Public Offering (IPO) was consummated on January 30, 2026, with a partial exercise of the over-allotment option on February 12, 2026. Trading of units, shares, and warrants commenced on NYSE American in late January and February 2026.
Key Financial Metrics
| Metric | Value (Period Ended Dec 31, 2025) |
|---|---|
| Revenue | $0 (No operations) |
| Net Loss | $(395,502) |
| Operating Expenses | $49,502 (Formation, general, and administrative) |
| Share-Based Compensation | $346,000 |
| Cash Balance | $1,960 |
| Working Capital Deficit | $(354,610) |
| Total Assets | $360,668 |
| Total Liabilities | $385,170 |
| Trust Account Balance (Post-IPO) | $101,823,000 (As of Feb 12, 2026) |
Material Changes and Subsequent Events
The financial statements reflect the pre-IPO period. Significant capital events occurred subsequent to the reporting period:
- Initial Public Offering (Jan 30, 2026): Sold 10,000,000 units at $10.00 per unit, generating $100,000,000 in gross proceeds.
- Private Placement (Jan 30, 2026): Sold 275,000 private placement units and 2,333,333 private placement warrants, generating $4,500,000 in gross proceeds.
- Over-Allotment Exercise (Feb 12, 2026): Underwriters partially exercised their option to purchase an additional 182,300 units, generating $1,823,000 in gross proceeds. Additional private placement units and warrants were sold simultaneously.
- Trust Account Funding: A total of $101,823,000 was deposited into the Trust Account following the IPO and over-allotment exercise.
- Transaction Costs: Total transaction costs amounted to approximately $5.63 million, including $1.53 million in upfront underwriting fees and $3.56 million in deferred underwriting fees.
Guidance, Outlook, and Risks
Outlook: The company has 24 months from the closing of the IPO (January 30, 2026) to consummate an initial business combination. If unsuccessful, the company will liquidate and redeem public shares at a pro rata share of the Trust Account (approximately $10.00 per share, plus interest).
Management Commentary: Management intends to focus on private companies that would benefit from a public listing. The company relies on the expertise of its Sponsor, United Acquisition SPAC LLC, and its management team, led by Paul Packer.
Risks and Contingencies:
- Liquidity: As of December 31, 2025, the company had a working capital deficit. Post-IPO liquidity is derived from funds held outside the Trust Account and potential working capital loans from the Sponsor (up to $1.5 million).
- Business Combination Failure: If the company fails to complete a business combination within 24 months, public shareholders will receive their pro rata share of the Trust Account, and warrants will expire worthless.
- Third-Party Claims: There is a risk that third-party claims could reduce the amount available in the Trust Account for redemption, though the Sponsor has agreed to indemnify the Trust Account against such claims (with exceptions).
- Geopolitical and Economic Factors: Risks include geopolitical instability (e.g., conflicts in Ukraine and the Middle East), inflation, and rising interest rates affecting the ability to complete a transaction.
Investor Verification Checklist
- Trust Account Status: Verify the current balance and interest earnings in the Trust Account held by Continental Stock Transfer & Trust Company.
- Share Count: Confirm the number of outstanding Class A and Class B shares following the partial over-allotment exercise and subsequent forfeiture of 439,233 founder shares.
- Deferred Fees: Note the $3.56 million in deferred underwriting commissions payable only upon successful completion of a business combination.
- Related Party Transactions: Review the $20,000 monthly administrative fee payable to the Sponsor and the terms of the promissory note (repaid at IPO closing).
- Redemption Rights: Understand the conditions under which public shareholders can redeem shares, including the 20% limitation on redemption rights for "Excess Shares" if a shareholder vote is required.