Business Context and Reporting Period
Company: Origin Investment Corp I (a Cayman Islands exempted company and Special Purpose Acquisition Company).
Reporting Period: Quarter ended March 31, 2026.
Status: The Company is a "blank check" company formed to effect a business combination. As of the reporting date, it has not commenced operations, selected a target, or initiated substantive discussions with potential targets. It is classified as an emerging growth company and a shell company.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Net Income (Loss) | $390,562 | $(4,593) |
| Operating Expenses | $240,702 | $4,593 |
| Interest Income (Trust Account) | $631,264 | $0 |
| Cash and Cash Equivalents | $834,106 | $0 |
| Investments in Trust Account | $71,682,535 | $0 |
| Total Assets | $72,635,633 | $0 |
| Total Liabilities | $108,771 | $0 |
| Shares Subject to Redemption | 6,900,000 | 0 |
| Redemption Value Per Share | $10.39 | N/A |
Material Changes vs. Prior Period
- Revenue and Profitability: The Company transitioned from a net loss of $4,593 in Q1 2025 to a net income of $390,562 in Q1 2026. This shift is primarily driven by $631,264 in interest income earned on the Trust Account, which was established following the Initial Public Offering (IPO) in July 2025.
- Operating Expenses: General and administrative expenses increased significantly to $240,702 from $4,593. This includes $75,000 in accrued administrative support fees paid to the Sponsor.
- Liquidity and Assets: Total assets grew to $72.6 million, driven by the Trust Account balance of $71.7 million. Cash held outside the Trust Account decreased from $1.15 million to $834,106 due to operating cash outflows of $317,667.
- Capital Structure: The Company completed its IPO in July 2025, resulting in 6,900,000 public shares subject to possible redemption. In Q1 2025, the Company had not yet consummated its IPO.
Outlook, Risks, and Management Commentary
- Business Combination Deadline: The Company must complete an initial business combination within 24 months of the IPO closing (July 2025). If unsuccessful, the Company will liquidate and redeem public shares.
- Liquidity and Going Concern: Management believes current cash and working capital are sufficient to operate for the next 12 months. However, the Company may require additional financing (Working Capital Loans) to cover transaction costs or working capital deficiencies. Up to $1.5 million of such loans may be convertible into units.
- Trust Account: Funds in the Trust Account ($71.7 million) are invested in U.S. government treasury obligations or money market funds. Interest income is used to pay taxes and may be released to the Company.
- Risks: The Company faces risks associated with early-stage companies, including the inability to complete a business combination, market volatility, geopolitical instability, and the potential for warrants to expire worthless if a combination is not consummated.
- Related Party Transactions: The Company pays its Sponsor $25,000 per month for administrative support. The Sponsor has agreed to indemnify the Company for certain claims that could reduce Trust Account funds below $10.10 per share.
Investor Verification Checklist
- Trust Account Balance: Verify the current balance of $71,682,535 and the per-share redemption value of $10.39.
- Combination Timeline: Confirm the 24-month deadline from the July 2025 IPO closing and any potential extension mechanisms.
- Operating Cash Burn: Monitor the $317,667 net cash used in operating activities to assess the runway of the $834,106 cash balance outside the Trust Account.
- Warrant Terms: Review the exercise price of $11.50 and the redemption trigger price of $18.00 for the 3,857,500 outstanding warrants.
- Sponsor Indemnity: Assess the financial capacity of the Sponsor (Origin Equity LLC) to satisfy indemnification obligations if third-party claims arise.