Business Context and Reporting Period
Company: Evolution Global Acquisition Corp (EVOX)
Reporting Period: Quarter ended March 31, 2026
Status: The Company is a Cayman Islands-incorporated blank check company (SPAC) formed on June 26, 2025. It has not commenced operations and is in the process of identifying a target for a Business Combination. The Company completed its Initial Public Offering (IPO) on November 12, 2025, raising $240 million in gross proceeds.
Key Financial Metrics
| Metric | Value (Q1 2026) |
|---|---|
| Net Income | $1,951,845 |
| Operating Costs | $169,071 |
| Interest Income (Trust Account) | $2,120,916 |
| Cash and Cash Equivalents | $1,010,726 |
| Investments in Trust Account | $243,327,660 |
| Total Assets | $244,523,231 |
| Total Liabilities | $9,863,518 |
| Deferred Underwriting Fee | $9,600,000 |
| Working Capital Surplus | $887,802 |
| Net Income Per Share (Class A & B) | $0.06 |
Material Changes vs. Prior Period
- Trust Account Growth: Investments held in the Trust Account increased from $241,206,744 (Dec 31, 2025) to $243,327,660 (Mar 31, 2026), driven by $2,120,916 in interest income.
- Share Redemption Value: The redemption value per Class A ordinary share subject to possible redemption increased from $10.05 to $10.14.
- Cash Position: Cash and cash equivalents outside the Trust Account decreased by $109,835 to $1,010,726, reflecting net cash used in operating activities.
- Liabilities: Current liabilities increased from $166,686 to $263,518, primarily due to an increase in accounts payable and accrued expenses.
Outlook, Risks, and Management Commentary
- Business Combination Deadline: The Company has 24 months from the IPO closing (November 12, 2025) to complete a Business Combination. Extensions require shareholder approval.
- Liquidity: Management believes current working capital ($1.01 million) is sufficient to fund operations for at least one year. The Sponsor may provide working capital loans up to $1.5 million if necessary, which may be convertible to warrants.
- Redemption Rights: Public shareholders may redeem shares for a pro rata portion of the Trust Account upon the completion of a Business Combination. The Sponsor has waived redemption rights for Founder Shares.
- Risks: The Company faces risks typical of early-stage SPACs, including the inability to complete a Business Combination, market volatility, and regulatory changes. There is no assurance a transaction will be consummated.
- Warrants: There are 18,800,000 warrants outstanding (12 million Public, 6.8 million Private) exercisable at $11.50 per share. Warrants are not exercisable until 30 days after a Business Combination.
Investor Verification Checklist
- Trust Account Balance: Verify the current balance of $243.3 million and the per-share redemption value of $10.14.
- Deferred Fees: Confirm the $9.6 million deferred underwriting fee payable only upon a successful Business Combination.
- Share Structure: Note the 24 million Class A shares (public) and 8 million Class B shares (founder/sponsor), with Class B converting 1:1 to Class A upon a transaction.
- Extension Provisions: Review the terms for extending the 24-month completion window, which requires a shareholder vote and potential additional funding.
- Related Party Transactions: Monitor the $20,187 due to the Sponsor and the potential for future working capital loans.