Business Context and Reporting Period
United Acquisition Corp. I is a Cayman Islands special purpose acquisition company (SPAC) incorporated on October 22, 2025. The company is in the pre-business combination phase, formed to merge with or acquire one or more target businesses. This Form 10-Q covers the quarter and six months ended June 30, 2026. The company has not commenced any operations; all activity relates to formation, its Initial Public Offering (IPO), and identifying a target.
Key Financial Metrics
| Metric | Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | As of June 30, 2026 |
|---|---|---|---|
| Net Income | $691,371 | $1,051,344 | - |
| General & Administrative Costs | $214,466 | $511,978 | - |
| Interest Income (Trust Account) | $905,837 | $1,480,859 | - |
| Cash (Outside Trust) | - | - | $1,963,796 |
| Marketable Securities (Trust Account) | - | - | $103,303,859 |
| Working Capital | - | - | $1,864,388 |
| Deferred Underwriting Fees | - | - | $3,563,805 |
| Class A Shares (Subject to Redemption) | - | - | 10,182,300 |
| Class B Shares (Founder) | - | - | 3,394,100 |
Material Changes vs. Prior Period
- Balance Sheet Transformation: Total assets increased from $360,668 as of December 31, 2025, to $105,487,468 as of June 30, 2026, driven by the consummation of the IPO and the deposit of proceeds into the Trust Account.
- Trust Account Funding: The Trust Account balance grew from $0 to $103,303,859. This includes $101,823,000 in principal proceeds from the IPO and partial over-allotment exercise, plus $1,480,859 in interest income earned during the six-month period.
- Share Structure: Following the IPO on January 30, 2026, and a partial over-allotment exercise on February 12, 2026, 10,182,300 Class A shares are subject to redemption. Additionally, 439,233 founder shares (Class B) were forfeited on March 14, 2026, after the underwriters' over-allotment option expired.
- Profitability: The company reported a net loss prior to the IPO. For the six months ended June 30, 2026, the company reported net income of $1,051,344, primarily due to interest income on the Trust Account exceeding operating expenses.
Outlook, Risks, and Management Commentary
- Completion Window: The company has 24 months from the IPO closing date (January 30, 2026) to complete a Business Combination. If unsuccessful, the company will liquidate and redeem public shares.
- Liquidity: Management believes the $1.96 million in cash held outside the Trust Account is sufficient to fund operations for at least one year. The company may seek additional financing or working capital loans from the Sponsor (up to $1.5 million) if needed.
- Redemption Rights: Public shareholders may redeem their shares for a pro rata share of the Trust Account upon the completion of a Business Combination or liquidation. The redemption value is currently approximately $10.14 per share.
- Risks: Risks include the inability to complete a Business Combination within the 24-month window, market volatility, and the potential for the Trust Account value to fluctuate (though invested in U.S. Treasuries). The company is an "emerging growth company" and a "shell company."
- Deferred Fees: Approximately $3.56 million in deferred underwriting fees are payable only upon the successful completion of a Business Combination.
Investor Verification Checklist
- Trust Account Balance: Verify the current balance of $103,303,859 and the per-share redemption value of approximately $10.14.
- Completion Deadline: Confirm the 24-month deadline (January 30, 2028) to complete a merger or face liquidation.
- Deferred Underwriting Liability: Note the $3,563,805 deferred fee obligation contingent on a successful deal.
- Share Forfeiture: Confirm the reduction in founder shares to 3,394,100 following the expiration of the over-allotment option.
- Working Capital: Assess the $1.96 million cash reserve outside the Trust Account against the $20,000 monthly administrative fee and due diligence costs.