Business Context and Reporting Period
Company: Emmis Acquisition Corp. (EMIS)
Reporting Period: Quarter ended March 31, 2026
Entity Type: Cayman Islands exempted company; Special Purpose Acquisition Company (SPAC)
Status: Shell company; Emerging Growth Company; Non-accelerated filer
Business Purpose: Formed to effect a merger, amalgamation, or business combination with one or more target businesses. No operations commenced as of the reporting date.
Key Financial Metrics
| Metric | Value (Q1 2026) | Value (Dec 31, 2025) |
|---|---|---|
| Trust Account Balance | $117,288,329 | $116,149,606 |
| Cash (Outside Trust) | $782,141 | $947,868 |
| Total Assets | $118,322,369 | $117,320,852 |
| Net Income | $973,234 | N/A (Inception period) |
| Operating Costs | $165,489 | $0 |
| Interest Income (Trust) | $1,138,723 | $0 |
| Current Liabilities | $124,990 | $96,707 |
| Shares Subject to Redemption | 11,500,000 Class A | 11,500,000 Class A |
| Redemption Value Per Share | $10.20 | $10.10 |
Material Changes vs. Prior Period
- Trust Account Growth: The Trust Account increased by $1,138,723 due to interest earned on marketable securities (U.S. Treasury bills), raising the per-share redemption value from $10.10 to $10.20.
- Operating Activity: The company incurred $165,489 in general and administrative costs for the quarter, compared to $0 in the prior period (inception through March 2025).
- Liquidity: Cash held outside the Trust Account decreased by $165,727, primarily due to operating cash outflows of $162,487 and a $3,240 reduction in amounts due from the Sponsor.
- Equity: Total Shareholders' Equity decreased from $1,074,539 to $909,050. This reduction is primarily due to the accretion of Class A ordinary shares to their redemption value ($1,138,723), partially offset by net income.
Outlook, Risks, and Management Commentary
- Combination Period: The Company has 18 months from the IPO closing (September 26, 2025) to consummate a Business Combination. If unsuccessful, the Company will liquidate and redeem public shares.
- Liquidity Assessment: Management believes current funds ($782,141 outside Trust) are sufficient to finance working capital needs for the next 12 months. No additional fundraising is currently anticipated.
- Related Party Obligations: The Company pays an affiliate of the Sponsor $10,000 per month for administrative services. As of March 31, 2026, $30,000 in fees were incurred for the quarter.
- Risk Factors: Risks include the inability to complete a Business Combination, potential claims against the Trust Account (though Sponsor has agreed to indemnify up to $10.00 per share), and macroeconomic impacts from geopolitical events (e.g., Russia-Ukraine conflict) or pandemics.
- Contingencies: Upon a successful Business Combination, a Business Combination Marketing fee of 3% of the remaining Trust balance (minimum $1,000,000) is payable to the Representative.
Investor Verification Checklist
- Trust Account Composition: Verify that the $117.3M in the Trust Account remains invested in U.S. government securities or money market funds as required.
- Redemption Rights: Confirm the current redemption price per share ($10.20) and the total number of shares subject to redemption (11,500,000).
- Extension Options: Review the Charter for any provisions allowing the extension of the 18-month Combination Period and the associated costs.
- Sponsor Indemnity: Verify the enforceability of the Sponsor's agreement to indemnify the Trust Account against third-party claims.
- Working Capital Sufficiency: Monitor the burn rate of the $782,141 cash balance outside the Trust to ensure it covers the remaining search period.