Siddhi Acquisition Corp (SDHI) - Q3 2025 Filing Summary
Business Context and Reporting Period
Siddhi Acquisition Corp is a Cayman Islands exempted corporation formed as a blank check company (SPAC) for the purpose of effecting a business combination. The reporting period covers the quarter and nine months ended September 30, 2025. The Company consummated its Initial Public Offering (IPO) on April 2, 2025, selling 27,600,000 units at $10.00 per unit, including the full exercise of the underwriter's over-allotment option. As of September 30, 2025, the Company has not yet selected a specific business combination target.
Key Financial Metrics
| Metric | Value (Sep 30, 2025) |
|---|---|
| Trust Account Balance | $283,244,155 |
| Cash (Outside Trust) | $759,129 |
| Working Capital | $754,209 |
| Total Assets | $284,135,310 |
| Total Liabilities | $16,659,446 |
| Net Income (3 Months Ended Sep 30) | $2,842,367 |
| Net Loss (9 Months Ended Sep 30) | $(2,807,335) |
| Deferred Underwriting Fee | $8,280,000 |
| Advisory Fee Payable | $8,280,000 |
Material Changes vs. Prior Period
- Capitalization: The Company transitioned from a pre-IPO shell with minimal assets ($343,383 total assets as of Dec 31, 2024) to a post-IPO entity with significant trust assets ($283.2 million) following the April 2025 offering.
- Revenue and Income: The Company generated no operating revenue. Net income for the three months ended September 30, 2025, was driven by $2,996,664 in interest earned on Trust Account investments, offset by $154,297 in operating costs. This contrasts with a net loss of $45,056 for the period from inception through September 30, 2024.
- Liabilities: Significant non-cash liabilities were recorded, including an $8,280,000 deferred underwriting fee and an $8,280,000 advisory fee payable to the underwriter (Santander), which were not present in the prior period.
- Share Structure: As of September 30, 2025, there were 27,938,000 Class A ordinary shares and 6,900,000 Class B ordinary shares outstanding. 27,600,000 Class A shares are subject to possible redemption.
Outlook, Risks, and Management Commentary
- Completion Window: The Company has 21 months from the IPO closing (April 2, 2025) to complete a business combination, extendable to 24 months if a definitive agreement is executed within the initial 21 months. Failure to do so will result in liquidation and redemption of public shares.
- Liquidity: Management believes current cash outside the Trust Account ($759,129) is sufficient to fund operations for at least one year. The Sponsor may provide working capital loans up to $1,500,000, convertible into units at $10.00 per unit.
- Risks: The filing highlights geopolitical risks (Russia-Ukraine and Israel-Hamas conflicts) that could disrupt global markets and the Company's ability to find a target. There is no assurance a business combination will be completed.
- Related Party Fees: The Company pays a monthly administrative fee of $15,000 to a related party and a success fee of 40,000 shares to a consultant upon completion of a business combination.
Investor Verification Checklist
- Trust Account Yield: Verify the current interest rate environment and its impact on the redemption value per share (currently approx. $10.26).
- Deferred Fees: Confirm the terms of the $8,280,000 deferred underwriting fee and $8,280,000 advisory fee, noting they are payable only upon a successful business combination.
- Redemption Rights: Review the specific conditions under which public shareholders can redeem shares, including the 21-month deadline.
- Sponsor Commitment: Verify the Sponsor's agreement to waive redemption rights on founder shares and their liability for third-party claims reducing Trust Account funds below $10.05 per share.
- Working Capital Sufficiency: Assess whether the $759,129 cash balance is adequate to cover due diligence and operational costs if the search for a target extends beyond the current estimate.