ORIQ

Business Context and Reporting Period

Origin Investment Corp I is a Cayman Islands exempted company incorporated on September 25, 2024, operating as a blank check company (SPAC). The filing covers the quarterly period ended June 30, 2026. The Company has not yet commenced operations or selected a business combination target. Its primary activity is identifying and evaluating potential targets for a merger or acquisition. The Company completed its Initial Public Offering (IPO) on July 3, 2025, with the underwriter's over-allotment option fully exercised on July 18, 2025.

Key Financial Metrics

Material Changes vs. Prior Period

• Profitability Shift: The Company reported a net income of $384,061 for the three months ended June 30, 2026, compared to a net loss of $115,827 for the same period in 2025. This reversal is driven by significant interest income earned on the Trust Account ($638,508), which was non-existent in the prior year period.
• Expense Growth: General and administrative expenses increased to $254,447 for the three months ended June 30, 2026, from $115,827 in the prior year period. This increase is largely attributed to the administrative support agreement with the Sponsor ($25,000/month) and ongoing public company compliance costs.
• Trust Account Growth: Investments held in the Trust Account increased from $71,051,271 at December 31, 2025, to $72,321,043 at June 30, 2026, reflecting accrued interest income.
• Cash Position: Cash held outside the Trust Account decreased from $1,151,773 at December 31, 2025, to $681,322 at June 30, 2026, due to operating cash outflows of $470,451 for the six-month period.

Outlook, Risks, and Management Commentary

• Going Concern: Management has determined that the Company currently lacks the liquidity to sustain operations for a reasonable period of time (at least one year) without completing a business combination. This raises substantial doubt about the Company's ability to continue as a going concern. The Company plans to consummate a business combination prior to the end of the Combination Period (24 months from IPO closing).
• Business Combination Deadline: The Company must complete an initial business combination within 24 months from the closing of the IPO (by July 2027) or risk liquidation. If no combination is completed, public shares will be redeemed from the Trust Account.
• Capital Resources: The Company has $681,322 in cash outside the Trust Account to fund operations. The Sponsor and affiliates may provide working capital loans (up to $1,500,000 convertible to units) if necessary, but are not obligated to do so.
• Risks: Key risks include the inability to complete a business combination, market volatility, geopolitical instability, and the potential for the Trust Account assets to be subject to creditor claims. The Company is also subject to Nasdaq listing requirements, including the 36-month rule for SPACs.
• Unusual Items: The Company recognized accretion of ordinary shares to redemption value, which reduced additional paid-in capital and retained earnings. No share-based compensation expense was recognized for founder shares transferred to directors as the business combination is not yet considered probable.

Investor Verification Checklist

• Trust Account Balance: Verify the current redemption value per share ($10.48 as of June 30, 2026) and the total amount held in the Trust Account ($72,321,043).
• Liquidity Runway: Assess the $681,322 cash balance against monthly operating expenses (approx. $125,000 - $130,000 based on G&A) to determine the remaining runway without additional funding.
• Combination Timeline: Confirm the exact deadline for the initial business combination (24 months from July 3, 2025) and any potential extension mechanisms requiring shareholder approval.
• Related Party Obligations: Review the administrative support agreement ($25,000/month) and the terms of potential working capital loans from the Sponsor.
• Redemption Rights: Understand the conditions under which public shareholders can redeem their shares and the impact of redemptions on the Company's ability to complete a transaction.