Business Context and Reporting Period
Company: Origin Investment Corp I (a Cayman Islands exempted company and "blank check" SPAC).
Reporting Period: Quarter ended June 30, 2025.
Status: As of the balance sheet date, the Company had not commenced operations. Its sole activities were organizational and preparation for an Initial Public Offering (IPO). The Company is an emerging growth company and a shell company.
Key Financial Metrics
| Metric | Value (as of/for period ended June 30, 2025) |
|---|---|
| Revenue | $0 (No operating revenues generated) |
| Net Loss (3 months) | $(115,827) |
| Net Loss (6 months) | $(120,420) |
| Loss Per Share (Basic & Diluted) | $(0.08) |
| Total Assets | $415,114 (Entirely deferred offering costs) |
| Total Liabilities | $518,752 |
| Shareholders' Equity (Deficit) | $(103,638) |
| Cash and Cash Equivalents | $0 |
| Promissory Note (Related Party) | $355,948 outstanding |
Material Changes and Subsequent Events
The financial statements reflect the Company's pre-IPO status. Significant events occurred subsequent to the June 30, 2025 balance sheet date, fundamentally altering the Company's capital structure:
- Initial Public Offering (July 3, 2025): Consummated the sale of 6,000,000 Units at $10.00 per unit, generating $60,000,000 in gross proceeds.
- Private Placement (July 3, 2025): Sold 355,000 Private Placement Units to the Sponsor for $3,550,000.
- Over-Allotment Exercise (July 18, 2025): Underwriters fully exercised the option to purchase 900,000 additional Units ($9,000,000 proceeds) and 18,000 additional Private Placement Units ($180,000 proceeds).
- Trust Account: Following the IPO and over-allotment, $69,690,000 ($10.10 per unit) was deposited into a Trust Account.
- Debt Repayment: The outstanding promissory note balance of $455,366 was fully repaid on July 18, 2025.
Outlook, Risks, and Management Commentary
Business Plan: The Company intends to effect a merger, share exchange, or asset acquisition with one or more target businesses. It has not selected a target as of the filing date.
Liquidity: Prior to the IPO, liquidity was provided by the Sponsor via a promissory note. Post-IPO, the Company expects sufficient funds in the Trust Account to finance operations for 24 months. The Sponsor may provide additional "Working Capital Loans" if necessary, up to $1,500,000, which may be convertible into units.
Risks:
- Geopolitical Instability: Risks associated with the Russia-Ukraine conflict and Israel-Hamas conflict could disrupt capital markets and affect the ability to complete a business combination.
- Going Concern: While management believes funds are sufficient post-IPO, there is no assurance that the Company will complete a business combination within the 24-month window.
- Redemption Risk: Public shareholders have the right to redeem shares for a pro-rata portion of the Trust Account upon the completion of a business combination.
Investor Verification Checklist
- Verify the final closing details of the IPO and over-allotment in the Form 8-K filed on July 8, 2025.
- Confirm the exact amount currently held in the Trust Account and any interest earned.
- Review the Sponsor's indemnification obligations regarding third-party claims against the Trust Account.
- Monitor the 24-month deadline for completing a Business Combination from the IPO closing date.
- Check for any updates on the selection of a target business combination.