Business Context and Reporting Period
Company: Origin Investment Corp I (a Cayman Islands exempted company and Special Purpose Acquisition Company or "SPAC").
Reporting Period: Fiscal year ended December 31, 2025.
Status: Pre-business combination. The company was incorporated on September 25, 2024, and consummated its Initial Public Offering (IPO) on July 3, 2025. It has not yet selected a target business for its initial business combination.
Key Financial Metrics
| Metric | Value (Year Ended Dec 31, 2025) |
|---|---|
| Revenue | $0 (No operating revenues generated) |
| Net Income | $683,099 |
| Interest Income (Trust Account) | $1,361,271 |
| General & Administrative Expenses | $678,173 |
| Total Assets | $72,311,172 |
| Trust Account Balance | $71,051,271 (Invested in U.S. Treasury Bills) |
| Cash (Outside Trust) | $1,151,773 |
| Total Liabilities | $174,872 |
| Shareholders' Equity | $1,085,029 |
| Units Outstanding | 6,900,000 Public Units + 373,000 Private Placement Units |
Material Changes vs. Prior Period
- Capitalization: The company transitioned from inception (Sept 2024) to a public entity. Gross proceeds of $69,000,000 were raised via the IPO (including full exercise of the over-allotment option) and $3,730,000 via private placement.
- Trust Account: $69,690,000 was deposited into the Trust Account in 2025, compared to $0 in 2024. The balance grew to $71,051,271 due to interest income.
- Profitability: The company reported a net loss of $8,218 for the period from inception through Dec 31, 2024. For the full year ended Dec 31, 2025, it reported a net income of $683,099, driven primarily by interest income on trust assets.
- Cash Flow: Net cash used in operating activities was $694,715 in 2025. Net cash provided by financing activities was $71,536,487, reflecting the IPO and private placement proceeds.
Outlook, Risks, and Management Commentary
- Business Strategy: The company intends to focus on target businesses in Asia, specifically in Financial Services, Technology, Biotechnology & Pharmaceutical, Advanced Materials, and Clean Energy sectors.
- Combination Deadline: The company must complete its initial business combination within 24 months from the closing of the IPO (July 3, 2025), or it will liquidate and redeem public shares.
- Liquidity: Management believes current cash outside the trust ($1.15M) is sufficient to operate for the next 12 months. The Sponsor may provide working capital loans up to $1,500,000, which may be convertible into warrants.
- Risks:
- Failure to complete a business combination within the 24-month window.
- Reliance on third-party digital technologies creates cybersecurity risks.
- Conflicts of interest regarding the allocation of time by officers/directors and potential conflicts in selecting a target business.
- Market volatility and geopolitical instability (e.g., conflicts in Ukraine and the Middle East) could impact the ability to consummate a deal.
- Unusual Items: The company is classified as an "emerging growth company" and a "smaller reporting company," allowing for reduced disclosure obligations.
Investor Verification Checklist
- Trust Account Integrity: Verify the $71,051,271 balance in the Trust Account and confirm the composition of assets (U.S. Treasury Bills with maturity of 185 days or less).
- Redemption Rights: Confirm the terms under which public shareholders can redeem shares, specifically the $10.10 per share initial deposit value plus accrued interest.
- Sponsor Commitments: Review the Sponsor's (Origin Equity LLC) agreement to waive redemption rights on Founder Shares and Private Placement Units, and their liability for third-party claims reducing the Trust Account below $10.10 per share.
- Related Party Transactions: Verify the $25,000 monthly administrative fee paid to the Sponsor and the status of any working capital loans (currently $0 outstanding).
- Extension Options: Determine if the company has the ability to extend the 24-month combination period and the shareholder approval requirements for such an extension.