Oxley Bridge Acquisition Ltd - 10-Q Summary (Q3 2025)
Business Context and Reporting Period
Oxley Bridge Acquisition Limited is a Cayman Islands exempted company operating as a Special Purpose Acquisition Company (SPAC). The company was incorporated on August 6, 2024, and consummated its Initial Public Offering (IPO) on June 26, 2025. As of September 30, 2025, the company has not commenced operations and is focused on identifying and evaluating prospective acquisition candidates in the global consumer and technology sectors, specifically targeting businesses with operations in Asia (excluding China, Hong Kong, and Macau). The company has until June 26, 2027, to complete an initial Business Combination.
Key Financial Metrics
| Metric | Value (as of/for period ended Sept 30, 2025) |
|---|---|
| Trust Account Balance | $255,759,767 |
| Cash (Outside Trust) | $1,090,102 |
| Working Capital | $1,057,034 |
| Net Income (3 Months) | $2,434,270 |
| Net Income (9 Months) | $2,443,288 |
| Operating Expenses (3 Months) | $219,074 |
| Deferred Underwriting Commissions | $12,045,000 |
| Shares Outstanding (Class A) | 25,300,000 (Subject to Redemption) |
| Shares Outstanding (Class B) | 6,325,000 (Founder Shares) |
Material Changes vs. Prior Period
- Post-IPO Status: The most significant change is the completion of the IPO on June 26, 2025. Prior to this date (Dec 31, 2024), the company had no cash, no assets in a trust account, and a shareholders' deficit of only $23,833. As of September 30, 2025, total assets increased to $257,016,649.
- Revenue Generation: The company generated no operating revenue. Net income for the nine months ended September 30, 2025, was driven entirely by investment income ($2,759,767) and dividend income ($8,926) earned on funds held in the Trust Account, offset by formation and administrative expenses.
- Capital Structure: The company issued 25,300,000 Units (including full exercise of the over-allotment option) and 6,400,000 Private Placement Warrants, raising gross proceeds of $259,400,000.
Outlook, Risks, and Management Commentary
- Combination Deadline: The company must consummate a Business Combination by June 26, 2027. Failure to do so will result in liquidation and redemption of Public Shares at the Trust Account value (approx. $10.11 per share as of Sept 30, 2025).
- Liquidity and Going Concern: Management has raised substantial doubt about the company's ability to continue as a going concern if a Business Combination is not completed within the Combination Period. Current liquidity outside the Trust Account ($1.09M) is intended to fund operations and search for targets.
- Deferred Fees: A deferred underwriting fee of $12,045,000 is payable only upon the successful completion of a Business Combination.
- Risks: Risks include the inability to find a suitable target, market volatility, regulatory changes, and the potential for the Trust Account assets to be subject to creditor claims (though the Sponsor has agreed to indemnify the Trust Account against certain claims).
Investor Verification Checklist
- Verify the current balance per share in the Trust Account to ensure it remains above the $10.00 redemption threshold.
- Confirm the status of the Sponsor's indemnification obligations regarding third-party claims against the Trust Account.
- Monitor the company's cash burn rate outside the Trust Account to ensure sufficient working capital remains until the combination deadline.
- Review any updates on the search for a target business, as no definitive agreement has been entered into as of the filing date.
- Check for any amendments to the Combination Period or redemption rights, which would require shareholder approval.