Business Context and Reporting Period
Company: Silicon Valley Acquisition Corp. (SVAQ)
Filing Type: Form 10-Q (Quarterly Report)
Period Ended: June 30, 2026
Status: Special Purpose Acquisition Company (SPAC) incorporated in the Cayman Islands. The Company has not commenced operations other than identifying a target for a business combination. On June 17, 2026, the Company entered into a Business Combination Agreement to merge with EigenQ, Inc.
Key Financial Metrics
| Metric | Value (June 30, 2026) | Value (Dec 31, 2025) |
|---|---|---|
| Cash and Cash Equivalents | $1,180,511 | $1,600,031 |
| Investments in Trust Account | $218,979,433 | $200,119,181 |
| Total Assets | $220,344,980 | $201,879,569 |
| Total Liabilities | $9,477,935 | $8,316,797 |
| Class A Shares Subject to Redemption | $218,979,433 | $200,119,181 |
| Shareholders' Deficit | $(8,112,388) | $(6,556,409) |
Results of Operations (Six Months Ended June 30, 2026):
- Net Income: $2,810,623
- General and Administrative Costs: $1,144,779
- Interest Income (Trust Account): $3,860,252
- Unrealized Gain (Over-allotment Liability): $95,150
- Net Income Per Share (Basic & Diluted): $0.10
Material Changes vs. Prior Period
- Trust Account Growth: Investments held in the Trust Account increased by approximately $18.9 million, driven by the partial exercise of the over-allotment option in January 2026 and accrued interest income.
- Over-allotment Option: The underwriters partially exercised the over-allotment option on January 7, 2026, purchasing 1,500,000 additional Units. The remaining option expired on February 7, 2026, resulting in the forfeiture of 499,950 Class B ordinary shares.
- Liabilities: Current liabilities increased significantly due to accrued expenses and offering costs. The over-allotment liability was fully extinguished by the end of the period.
- Business Combination: The Company signed a definitive agreement to merge with EigenQ, Inc., a material development not present in the prior period.
Outlook, Risks, and Management Commentary
Business Combination: The Company is pursuing a merger with EigenQ, Inc. The transaction involves a domestication from the Cayman Islands to Delaware and a name change to "EigenQ Holdings, Inc." The Sponsor has agreed to vote in favor of the combination and waive redemption rights on Founder Shares.
Liquidity and Going Concern: Management has raised substantial doubt about the Company's ability to continue as a going concern for a period of one year following the issuance of the financial statements. The Company currently lacks adequate liquidity to sustain operations solely for completing a business combination without additional financing. There is no current commitment from any financing source to provide additional capital.
Deadlines: The Company has 24 months from the closing of the initial public offering (December 24, 2025) to complete a business combination. If not completed by December 24, 2027, the Company will cease operations and redeem public shares.
Risks: Key risks include the failure to consummate a business combination within the required timeframe, the inability to secure additional working capital, and the potential for public shareholders to redeem shares, which could reduce funds available for the transaction.
Investor Verification Checklist
- Going Concern Status: Verify the Company's plan to secure working capital loans or additional financing to meet operational expenses until the merger closes.
- Redemption Risk: Assess the likelihood of public shareholders redeeming shares prior to the merger, which could impact the cash available for the transaction.
- Merger Terms: Review the specific exchange ratio and valuation ($2.93 billion implied value) in the Business Combination Agreement with EigenQ.
- Deferred Fees: Note the $8.6 million deferred underwriting fee payable only upon successful completion of the business combination.
- Share Forfeiture: Confirm the final count of Founder Shares (Class B) following the expiration of the over-allotment option.