Business Context and Reporting Period
Company: Future Vision II Acquisition Corp. (FVN), a Cayman Islands exempted company and blank check SPAC.
Reporting Period: Quarter ended March 31, 2026.
Status: The Company is in the pre-business combination phase. It has not commenced operations and generates no operating revenue. Its primary activity is seeking a target for a Business Combination. The Company is classified as a shell company, smaller reporting company, and emerging growth company.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Net Income | $418,756 | $454,300 |
| Operating Expenses | $121,203 | $166,900 |
| Trust Account Balance | $61,762,576 | $61,035,590 |
| Income from Trust Account | $535,511 | $612,361 |
| Cash (Operating) | $873,737 | $1,024,709 |
| Working Capital | $558,479 | N/A |
| Current Liabilities | $379,475 | $158,000 |
| Ordinary Shares Subject to Redemption | 5,750,000 | 5,750,000 |
Material Changes vs. Prior Period
- Net Income Decline: Net income decreased by approximately 8% ($35,544) compared to Q1 2025, primarily driven by a reduction in income earned on marketable securities held in the Trust Account ($535,511 vs. $612,361).
- Operating Expense Reduction: Total operating expenses decreased by $45,697 (27%) due to lower formation and operating costs ($91,203 vs. $136,900), while the administrative fee remained constant at $30,000.
- Extension Financing: The Company incurred a new liability of $191,475 in the form of a promissory note to a related party (Sponsor) to fund the first extension of the Business Combination deadline. This amount was deposited into the Trust Account.
- Shareholder Equity: Total Shareholders' Equity decreased from $1,804,521 to $558,479 due to the accretion of the redemption value of ordinary shares ($1,664,798), which exceeded the net income for the period.
Outlook, Risks, and Unusual Items
Business Combination Status
- Terminated Deal: The Merger Agreement with VIWO Technology Inc. was terminated on December 29, 2025, as the transaction was not consummated by the outside closing date.
- New Target: On January 16, 2026, the Company entered into a Merger Agreement with MicroTouch Technology INC. Upon consummation, the Company will change its name to "MicroTouch Inc."
- Deadline Extensions: The initial deadline to consummate a Business Combination was March 13, 2026. The Company has executed three one-month extensions (First, Second, and Third) as of May 2026, extending the deadline to June 13, 2026. Each extension required a deposit of $191,475 into the Trust Account funded by a related-party promissory note.
Risks and Contingencies
- Going Concern: Management has raised substantial doubt about the Company's ability to continue as a going concern if a Business Combination is not consummated by the mandatory liquidation date (September 13, 2026, or extended date).
- Nasdaq Delisting Risk: On May 5, 2026, the Company received notice from Nasdaq regarding non-compliance with the minimum public holder requirement (Rule 5550(a)(3)). The Company must submit a compliance plan by June 22, 2026. Failure to regain compliance could result in delisting, which may prevent the consummation of the MicroTouch merger.
- Liquidity: The Company relies on the Sponsor to fund extension fees and working capital needs. If the Business Combination fails, the Company will liquidate and distribute Trust Account funds to public shareholders.
Investor Verification Checklist
- Extension Funding: Verify the status of the promissory notes issued to the Sponsor for the First, Second, and Third extensions ($191,475 each) and confirm the current deadline for the Business Combination.
- Nasdaq Compliance: Monitor the Company's progress in submitting and having accepted a plan to regain compliance with the 300 public holder requirement to avoid delisting.
- MicroTouch Merger Conditions: Review the specific closing conditions of the MicroTouch Merger Agreement, particularly those related to continued listing on a national securities exchange.
- Trust Account Yield: Assess the impact of current interest rates on the Trust Account balance, as this directly influences the per-share redemption value.
- Related Party Liabilities: Confirm the total amount of related-party debt (administrative fees and extension notes) and the terms regarding forgiveness upon liquidation.