SIDDHI ACQUISITION CORP FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

Overview

The report provides an overview of a blank check company that was incorporated in the Cayman Islands on July 5, 2024. The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company intends to use cash derived from the proceeds of its Initial Public Offering (IPO) and the sale of Private Placement Units, as well as debt, to complete its Business Combination.

Results of Operations

The company has not engaged in any operations or generated any revenues to date. Its activities have been limited to organizational activities, preparing for the IPO, and identifying a target company for a Business Combination. The company does not expect to generate any operating revenues until after the completion of its Business Combination. For the three months ended March 31, 2025, the company had a net loss of $43,850, which consisted of general and administrative costs.

Liquidity and Capital Resources

Prior to the IPO, the company’s only source of liquidity was an initial purchase of Class B ordinary shares by the Sponsor and loans from the Sponsor, which were repaid after the IPO. On April 2, 2025, the company consummated the IPO of 27,600,000 units at $10.00 per unit, which includes the full exercise of the underwriter’s over-allotment option. Simultaneously, the company consummated the sale of 338,000 Private Placement Units to the Sponsor at $10.00 per unit, generating gross proceeds of $3,380,000.

Following the IPO and the sale of the Private Placement Units, a total of $277,380,000 was placed in the Trust Account. The company incurred $9,056,885 in expenses, consisting of $250,000 in cash underwriting fees, $8,280,000 in deferred underwriting fees, and $526,885 in other offering costs.

For the three months ended March 31, 2025, no cash was provided by operating activities, as the net loss of $43,850 was offset by changes in operating assets and liabilities.

The company intends to use the funds held in the Trust Account, including any interest earned (less income taxes payable), to complete its Business Combination. The funds held outside the Trust Account will be used primarily to identify and evaluate target businesses, perform due diligence, and structure, negotiate, and complete a Business Combination.

The company does not believe it will need to raise additional funds to meet its expenditures, but it may need to obtain additional financing to complete its Business Combination or if it becomes obligated to redeem a significant number of its Public Shares upon consummation of the Business Combination.

Off-Balance Sheet Arrangements and Contractual Obligations

The company has no off-balance sheet arrangements as of March 31, 2025. Its only contractual obligation is an agreement to pay a monthly technology, software, computer, systems, administrative support, secretarial services, and infrastructure fee of $15,000, which began on March 31, 2025 and will continue until the earlier of the completion of the Business Combination and the company’s liquidation.

The company also has a deferred underwriting discount of $0.30 per Unit, or $8,280,000, payable to the underwriter upon the completion of the initial Business Combination. Additionally, the underwriter will be entitled to an advisory fee of 3% of the gross proceeds (or $8,280,000) upon and subject to the closing of the initial Business Combination.

Critical Accounting Estimates

As of March 31, 2025, the company did not have any critical accounting estimates to be disclosed. Management does not believe that any recently issued, but not yet effective, accounting standards would have a material effect on the company’s condensed financial statements if currently adopted.