Business Context and Reporting Period
Lafayette Digital Acquisition Corp. I (the "Company") is a Cayman Islands exempted company incorporated on August 5, 2025, operating as a blank check company (SPAC). This Form 10-Q covers the period from inception through September 30, 2025. As of the reporting date, the Company had not commenced operations and had no operating revenue. The Company's sole activity during this period was formation and preparation for its Initial Public Offering (IPO).
Key Financial Metrics
| Metric | Value |
|---|---|
| Total Assets | $123,811 |
| Total Liabilities | $156,835 |
| Shareholder's Deficit | ($33,024) |
| Net Loss (Inception to 9/30/2025) | ($58,024) |
| Cash and Cash Equivalents | $0 |
| Working Capital Deficit | ($151,119) |
| Debt (Promissory Note - Related Party) | $101,085 |
Note: The Company had no cash on hand as of September 30, 2025. All formation and administrative costs were funded via a related-party promissory note or accrued expenses.
Material Changes and Subsequent Events
While the reporting period ended September 30, 2025, with the Company in a pre-revenue, pre-IPO state, significant events occurred subsequent to the balance sheet date:
- Initial Public Offering (IPO): On January 12, 2026, the Company consummated its IPO of 28,750,000 Units (including full exercise of the over-allotment option) at $10.00 per Unit, generating gross proceeds of $287,500,000.
- Private Placement: Simultaneously with the IPO, the Company sold 760,000 Private Units to the Sponsor and BTIG, LLC for $7,600,000.
- Trust Account: $287,500,000 was deposited into a Trust Account following the IPO.
- Debt Repayment: The outstanding promissory note balance of $197,368 was repaid in full on January 14, 2026.
- Transaction Costs: Total transaction costs amounted to $16,395,917, including $5,750,000 in cash underwriting fees and $10,062,500 in deferred underwriting fees.
Outlook, Risks, and Management Commentary
Outlook: The Company intends to use the proceeds from the IPO and Private Placement to consummate a Business Combination. Management believes the funds in the Trust Account and working capital outside the Trust Account are sufficient to operate for at least one year from the IPO date. The Company has 24 months from the closing of the IPO to complete a Business Combination.
Risks and Contingencies:
- Geopolitical Instability: The filing highlights risks associated with the Russia-Ukraine and Israel-Hamas conflicts, which could cause market volatility, supply chain interruptions, and impact the ability to find a target business.
- Going Concern: As of September 30, 2025, the Company had a working capital deficit and no cash. However, management determined that the consummation of the IPO (which occurred in January 2026) resolved immediate liquidity concerns.
- Business Combination Failure: If the Company fails to complete a Business Combination within the specified timeframe, it will liquidate and redeem Public Shares at a price of approximately $10.00 per share (plus interest).
Investor Verification Checklist
- IPO Closing Date: Verify the January 12, 2026 closing date and the full exercise of the 3,750,000 Unit over-allotment option.
- Trust Account Balance: Confirm the $287,500,000 deposit into the Trust Account and the identity of the trustee (Continental Stock Transfer & Trust Company).
- Deferred Underwriting Fees: Note the $10,062,500 deferred fee payable only upon the successful consummation of a Business Combination.
- Related Party Transactions: Review the $20,000 per month administrative services agreement with the Sponsor and the terms of the Working Capital Loans (up to $1,500,000 convertible).
- Share Structure: Confirm the 9,583,333 Class B Founder Shares are no longer subject to forfeiture following the over-allotment exercise.