ZKP

Business Context and Reporting Period

Company: Lafayette Digital Acquisition Corp. I (a Cayman Islands exempted company and "shell company").
Reporting Period: Fiscal year ended December 31, 2025 (Inception: August 5, 2025).
Business Model: Special Purpose Acquisition Company (SPAC) formed to effect a merger, share exchange, or asset acquisition with one or more businesses, primarily targeting the financial services and technology sectors (e.g., blockchain, digital assets, AI, cybersecurity).
Status: No operations or revenue generated to date. The company consummated its Initial Public Offering (IPO) on January 12, 2026, subsequent to the reporting period.

Key Financial Metrics

Material Changes and Subsequent Events

The financial statements as of December 31, 2025, reflect the pre-IPO phase. Significant material changes occurred immediately following the reporting period:

• IPO Completion: On January 12, 2026, the company completed its IPO of 28,750,000 Units (including full over-allotment) at $10.00 per Unit, generating gross proceeds of $287,500,000.
• Private Placement: Simultaneously, 760,000 Private Units were sold to the Sponsor and BTIG, LLC for $7,600,000.
• Trust Account Funding: $287,500,000 was deposited into a U.S.-based trust account.
• Transaction Costs: Total transaction costs were $16,395,917, comprising $5,750,000 in cash underwriting fees, $10,062,500 in deferred underwriting fees, and $583,417 in other offering costs.
• Debt Repayment: The outstanding promissory note to the Sponsor was fully repaid on January 14, 2026.

Guidance, Outlook, and Risks

Outlook and Strategy:

• Target Sectors: Focus on financial services and technology, specifically blockchain-enabled infrastructure, digital assets, fintech, AI, and cybersecurity. Priority is given to opportunities aligned with the Ethereum ecosystem.
• Completion Window: The company has 24 months from the IPO closing (January 12, 2026) to consummate an initial business combination. If unsuccessful, the company will liquidate and redeem public shares.
• Redemption Rights: Public shareholders may redeem shares for a pro-rata portion of the trust account (approx. $10.00 per share plus interest) upon the completion of a business combination or liquidation.

• Geopolitical Instability: Risks associated with the Russia-Ukraine and Israel-Hamas conflicts, including market volatility and supply chain disruptions.
• Business Combination Failure: No assurance that a target will be identified or that a combination will be completed within the 24-month window.
• Warrant Expiration: Warrants will expire worthless if no business combination is completed.
• Liquidity: Prior to the IPO, the company had no cash. Post-IPO liquidity is dependent on the trust account and potential working capital loans from the Sponsor (up to $1,500,000 convertible to private units).

Management emphasizes an experienced team with deep expertise in global macro, blockchain, and financial services. The company intends to use funds outside the trust account for due diligence and transaction costs, with the Sponsor providing administrative services at $20,000 per month.

Investor Verification Checklist

• Trust Account Integrity: Verify the $287,500,000 deposit in the trust account with Continental Stock Transfer & Trust Company.
• Deferred Underwriting Fees: Confirm the obligation to pay $10,062,500 in deferred fees upon a successful business combination.
• Sponsor Commitments: Review the Sponsor's waiver of redemption rights for Founder Shares and Private Shares, and their indemnification obligations regarding third-party claims against the trust.
• Lock-Up Provisions: Verify the 6-month lock-up period for Founder Shares post-combination (or until share price exceeds $12.00 for 20 of 30 days).
• Extension Mechanisms: Understand the process and shareholder approval requirements for extending the 24-month completion window.