GPAC

Business Context and Reporting Period

General Purpose Acquisition Corp. (GPAC) is a Cayman Islands exempted company incorporated on July 25, 2025, operating as a "blank check" company. The filing covers the quarter ended June 30, 2026. The Company consummated its Initial Public Offering (IPO) on December 4, 2025, raising $230 million in gross proceeds. As of the reporting date, the Company has not commenced operations and has not selected a specific business combination target. It is classified as a shell company, an emerging growth company, and a non-accelerated filer.

Key Financial Metrics

Note: The Company has no operating revenue. Net income is derived entirely from interest earned on Trust Account investments, offset by general and administrative expenses.

Material Changes vs. Prior Period

• Trust Account Growth: The balance in the Trust Account increased from $230,640,427 at December 31, 2025, to $234,527,947 at June 30, 2026, an increase of approximately $3.89 million due to interest income earned on U.S. government treasury obligations.
• Shareholder Deficit: The accumulated deficit increased from $(8,012,446) to $(8,529,541). This increase is primarily due to the remeasurement of Class A ordinary shares subject to possible redemption to their redemption value, which is charged against accumulated deficit.
• Cash Position: Cash held outside the Trust Account decreased from $1,163,614 to $937,889, reflecting a net cash outflow of $223,632 from operating activities.
• Related Party Liabilities: Amounts due to related parties increased from $22,581 to $172,581, driven by accrued administrative service fees of $25,000 per month.

Outlook, Risks, and Management Commentary

• Business Combination Deadline: The Company must complete an initial business combination within 24 months of the IPO closing (December 4, 2025), or by December 4, 2027, unless extended. If no combination is completed, the Company will liquidate and redeem public shares.
• Liquidity: Management believes current cash outside the Trust ($937,889) is sufficient to meet working capital needs for at least one year. The Company may seek additional financing from the Sponsor or affiliates via working capital loans if necessary.
• Risk Factors: The filing highlights risks associated with global geopolitical instability (wars in Ukraine and the Middle East), which could disrupt capital markets and hinder the search for a target. There is no assurance a business combination will be successful.
• Redemption Rights: Public shareholders may redeem their shares for a pro-rata portion of the Trust Account upon the completion of a business combination or upon liquidation. The redemption value per share was approximately $10.20 as of June 30, 2026.
• Warrants: There are 11,500,000 Public Warrants and 330,000 Private Placement Warrants outstanding, exercisable at $11.50 per share. Warrants cannot be exercised until 30 days after a business combination.

Investor Verification Checklist

• Trust Account Yield: Verify the interest rate environment and the specific composition of the Trust Account investments to understand the sustainability of the income stream.
• Extension Provisions: Review the Company's charter for specific terms regarding the extension of the 24-month completion window and any associated deposit requirements.
• Related Party Fees: Confirm the ongoing $25,000 monthly administrative fee and the total accrued liability to the Sponsor.
• Deferred Underwriting: Note the $9.2 million deferred fee payable only upon a successful business combination, which reduces the net cash available to the post-merger entity.
• Target Search Status: Confirm that no substantive discussions with a specific target have been initiated, as stated in the filing.