Miluna Acquisition Corp (MMTX) - Q1 2026 Filing Summary
Business Context and Reporting Period
Miluna Acquisition Corp is a Cayman Islands-based blank check company (SPAC) incorporated on June 24, 2025, and listed on Nasdaq. The company is an emerging growth company and a shell company formed to effect a business combination. This report covers the quarterly period ended March 31, 2026. As of the filing date, the company had not commenced operations other than those related to its formation and the search for a target business.
Key Financial Metrics
| Metric | Value (Q1 2026) |
|---|---|
| Net Income | $462,457 |
| Operating Costs | $(149,745) |
| Interest Income (Trust Account) | $612,202 |
| Cash (Operating) | $476,842 |
| Trust Account Balance | $70,083,688 |
| Working Capital | $551,513 |
| Deferred Underwriting Fee | $690,000 |
| Redeemable Shares Outstanding | 6,900,000 |
| Redemption Value Per Share | $10.16 |
Material Changes vs. Prior Period
- Trust Account Growth: The balance in the trust account increased from $69,471,486 (Dec 31, 2025) to $70,083,688 (Mar 31, 2026), driven by $612,202 in interest income.
- Equity Position: Shareholders' equity shifted from a positive balance of $11,258 to a deficit of $(138,487). This change is primarily due to the accretion of the redemption value of ordinary shares ($612,202), which is charged against accumulated deficit, partially offset by the net income for the quarter.
- Cash Position: Operating cash decreased from $692,004 to $476,842, reflecting a net cash outflow of $215,162 used in operating activities, largely due to increases in prepaid expenses.
Outlook, Management Commentary, and Risks
Business Combination: On April 23, 2026 (subsequent to the period end), the company entered into a Business Combination Agreement with Kukugan Invest and its subsidiary CADV Ventures S.A. Upon closing, the combined entity will be renamed Kukugan Corp.
Liquidity: The company maintains $476,842 in operating cash. Management believes this is sufficient to meet obligations for the next 12 months. The company may rely on working capital loans from the Sponsor or affiliates if needed, though none were outstanding as of March 31, 2026.
Risks: The filing highlights risks associated with geopolitical instability (Russia-Ukraine and Israel-Hamas conflicts) which could impact capital markets and the ability to consummate a business combination. Additionally, the company faces the standard SPAC risk of failing to complete a transaction within the 18-month window (extendable to 21 months), which would trigger liquidation.
Corporate Changes: Ms. Mei Chi Tsai resigned from the Board in February 2026, and Ms. Yajuan Ding was appointed as an independent director.
Investor Verification Checklist
- Trust Account Yield: Verify the interest rate environment and the specific composition of the trust account investments (U.S. Treasury Securities/Money Market Funds) to assess future income potential.
- Extension Terms: Confirm the specific terms for extending the combination period beyond 18 months, including the required deposit of $0.033 per share into the trust account.
- Deferred Fees: Note the $690,000 deferred underwriting fee payable only upon successful consummation of a business combination.
- Subsequent Event Status: Review the Form 8-K filed on April 27, 2026, for detailed terms of the proposed merger with Kukugan Invest/CADV.AI.
- Redemption Rights: Understand that public shareholders may redeem shares for their pro-rata share of the trust account ($10.16 as of March 31, 2026) upon a business combination or liquidation.