Business Context and Reporting Period
Evolution Global Acquisition Corp (EVOX) is a Cayman Islands-based blank check company (SPAC) formed on June 26, 2025, to effect a business combination. The company completed its Initial Public Offering (IPO) on November 12, 2025, raising $240 million. This Form 10-Q covers the quarter and six months ended June 30, 2026. The company has not commenced operations and is currently in the process of identifying a target for acquisition.
Key Financial Metrics
| Metric | Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 |
|---|---|---|
| Net Income | $1,935,195 | $3,887,040 |
| Operating Costs (G&A) | $218,601 | $387,672 |
| Interest Income (Trust Account) | $2,153,796 | $4,274,712 |
| Cash and Cash Equivalents | $842,432 | $842,432 |
| Investments in Trust Account | $245,481,456 | $245,481,456 |
| Working Capital Surplus | $686,902 | $686,902 |
| Deferred Underwriting Fee | $9,600,000 | $9,600,000 |
| Net Income Per Share (Class A & B) | $0.06 | $0.12 |
Material Changes vs. Prior Period
- Trust Account Growth: Investments held in the Trust Account increased from $241,206,744 at December 31, 2025, to $245,481,456 at June 30, 2026, driven by $4.27 million in interest income earned during the six-month period.
- Redemption Value Accretion: The redemption value per Class A ordinary share subject to possible redemption increased from $10.05 to $10.23 per share due to interest earnings.
- Cash Position: Cash and cash equivalents outside the Trust Account decreased from $1,120,561 to $842,432, reflecting a net cash outflow of $254,705 from operating activities and $23,424 from financing activities.
- Shareholder Deficit: Accumulated deficit increased to $(8,887,348) due to accretion charges related to the redemption value of Class A shares, partially offset by net income.
Outlook, Risks, and Management Commentary
- Completion Window: The company has 24 months from the IPO closing (November 12, 2025) to complete a business combination. If not completed, the company must liquidate.
- Liquidity: Management believes current cash and working capital are sufficient to fund operations for at least one year. The Sponsor has agreed to provide working capital loans up to $1.5 million if necessary, which may be convertible into warrants.
- Management Changes: Ashley Zumwalt-Forbes resigned as COO and Director on May 5, 2026. Michael Bloom was appointed as an independent director on May 6, 2026.
- Risks: The company faces standard SPAC risks, including the inability to complete a business combination, market volatility, and the potential for public shareholders to redeem shares, which could reduce funds available for the transaction.
- Guidance: No specific financial guidance was provided, as the company's future performance is entirely dependent on the successful consummation of a business combination.
Investor Verification Checklist
- Verify the 24-month deadline for completing a business combination and any potential extension mechanisms requiring shareholder votes.
- Confirm the redemption rights of public shareholders and the current per-share redemption value ($10.23) held in the Trust Account.
- Review the deferred underwriting fee of $9.6 million, which is payable only upon the successful completion of a business combination.
- Assess the liquidity position outside the Trust Account ($842,432) to ensure it is sufficient to cover operating expenses until the combination or liquidation.
- Monitor the status of the Sponsor's working capital loans and any potential conversion into warrants that could dilute existing shareholders.