Silverbox Corp V - 10-Q Summary (Quarter Ended June 30, 2026)
Business Context and Reporting Period
Silverbox Corp V is a Cayman Islands exempted company and a "blank check" special purpose acquisition company (SPAC) incorporated on May 29, 2025. The company has not yet commenced operations or selected a specific business combination target. The reporting period covers the three and six months ended June 30, 2026. The company completed its Initial Public Offering (IPO) on December 4, 2025, raising gross proceeds of $276,000,000 from the sale of 27,600,000 units.
Key Financial Metrics
| Metric | Six Months Ended June 30, 2026 | Three Months Ended June 30, 2026 |
|---|---|---|
| Net Income | $2,326,820 | $1,749,483 |
| Operating Costs | $1,691,025 | $230,798 |
| Interest Income (Trust Account) | $4,888,777 | $2,499,063 |
| Change in Fair Value of Warrant Liabilities | ($870,932) | ($518,782) |
| Cash (Outside Trust) | $383,385 | $383,385 |
| Cash and Investments in Trust Account | $281,657,661 | $281,657,661 |
| Total Liabilities | $22,410,366 | $22,410,366 |
| Working Capital Surplus | $446,952 | $446,952 |
Per Share Data: Basic and diluted net income per share for Class A and Class B ordinary shares was $0.07 for the six months ended June 30, 2026, and $0.05 for the three months ended June 30, 2026.
Material Changes vs. Prior Period
- Trust Account Growth: The balance in the Trust Account increased from $276,768,884 as of December 31, 2025, to $281,657,661 as of June 30, 2026, primarily due to interest earned on U.S. Treasury securities.
- Warrant Liability Increase: Derivative liabilities (warrants) increased from $3,576,268 to $4,447,200, resulting in a non-cash loss of $870,932 for the six-month period due to changes in fair value.
- Deferred Fees: Deferred legal fees increased significantly from $81,595 to $1,307,978, reflecting accrued costs payable upon the consummation of a business combination.
- Cash Position: Operating cash outside the Trust Account decreased from $812,892 to $383,385, reflecting the burn rate of operating expenses.
Outlook, Risks, and Contingencies
Going Concern: The filing states that the company's liquidity condition raises substantial doubt about its ability to continue as a going concern for one year from the issuance date. Management plans to address this by completing a business combination. If a combination is not completed within the 24-month "Completion Window" (ending December 4, 2027), the company will liquidate.
Contingent Liabilities:
- Deferred Underwriting Fee: $8,280,000 payable upon completion of a business combination.
- Advisory Fee Payable: $8,280,000 recorded as a liability for advisory services provided by Santander US Capital Markets LLC, payable upon closing.
- Deferred Legal Fees: $1,307,978 payable upon closing.
Risks: The company faces risks related to geopolitical instability (Russia-Ukraine, Israel-Hamas, Iran conflicts) which could impact capital markets and the ability to find a target. There is no assurance that a business combination will be completed.
Investor Verification Checklist
- Trust Account Balance: Verify the current redemption value per share ($10.21 as of June 30, 2026) and the composition of assets (U.S. Treasury bills) in the Trust Account.
- Liquidity Runway: Assess the $383,385 cash balance outside the Trust Account against the monthly operating burn rate to determine the time remaining before additional financing is required.
- Warrant Valuation: Review the fair value assumptions (volatility, risk-free rate) used to value the warrant liabilities, as fluctuations significantly impact reported net income.
- Deferred Obligations: Confirm the total contingent liabilities ($17.8M+ in deferred fees) that will be due upon a successful business combination.
- Completion Deadline: Note the 24-month deadline (December 4, 2027) to complete a business combination or face mandatory liquidation.