Oxley Bridge Acquisition Limited Reports Financial Results for the Quarter Ended June 30, 2025
Oxley Bridge Acquisition Limited, a Cayman Islands company, filed its Form 10-Q for the quarterly period ended June 30, 2025. The company reported a net loss of $[amount] for the quarter, compared to a net loss of $[amount] for the same period last year. Revenue was $[amount], down from $[amount] in the same quarter last year. The company’s cash and cash equivalents decreased to $[amount] as of June 30, 2025, from $[amount] as of March 31, 2025. The company’s total assets were $[amount] as of June 30, 2025, and its total liabilities were $[amount]. The company’s management’s discussion and analysis (MD&A) provides a detailed review of the company’s financial performance and position, as well as its plans and prospects for the future.
Overview
We are a blank check company incorporated on August 6, 2024 as a Cayman Island exempted company and formed for the purpose of effecting a Business Combination. We intend to use the cash from the proceeds of the Initial Public Offering and the Private Placement, the proceeds of the sale of our securities in connection with our initial Business Combination, securities issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing to effectuate our initial Business Combination.
On June 26, 2025, we consummated our Initial Public Offering of 25,300,000 Units, which includes the full exercise of the Over-Allotment Option, at $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously, we consummated the sale of 6,400,000 Private Placement Warrants to the Sponsor and Cantor at a price of $1.00 per Private Placement Warrant, generating gross proceeds of $6,400,000.
We incurred offering costs of $16,987,383, consisting of $4,400,000 of cash underwriting fee, $12,045,000 of Deferred Fee, and $542,383 of other offering costs. Upon the closing of the Initial Public Offering and the Private Placement, approximately $253,000,000 ($10.00 per Unit) of the net proceeds were placed in the Trust Account.
Recent Developments
On July 1, 2025, the Sponsor paid us $25,309, reducing the related party receivable to $0. On July 28, 2025, we appointed Jingjing (Jessie) Yan as the President of our Company.
Results of Operations
We have not engaged in any operations or generated any revenues to date. Our activities since inception have been organizational and related to the Initial Public Offering and identifying and evaluating prospective acquisition candidates. We will not generate any operating revenues until after completion of our initial Business Combination.
For the three months ended June 30, 2025, we had net income of $21,980, which consisted of income on investments held in the Trust Account of $115,349, offset by formation, general and administrative expenses of $91,286 and administrative expenses – related party of $2,083.
For the six months ended June 30, 2025, we had net income of $9,018, which consisted of income on investments held in the Trust Account of $115,349, offset by formation, general and administrative expenses of $104,248 and administrative expenses – related party of $2,083.
Liquidity, Capital Resources and Going Concern
As of June 30, 2025, we had $1,370,958 in cash and cash equivalents held outside of the Trust Account and a working capital deficit of $1,327,453 (excluding cash and marketable securities held in the Trust Account and the Deferred Fee payable).
Until the consummation of the Initial Public Offering, our only source of liquidity was from the $25,000 of proceeds from our Sponsor’s purchase of Class B Ordinary Shares and a loan of $242,318 from our Sponsor pursuant to the IPO Promissory Note.
Following our Initial Public Offering and the Private Placement, a total of $253,000,000 was placed in the Trust Account. As of June 30, 2025, we had marketable securities held in the Trust Account of $253,115,349 (including approximately $115,349 of gains on marketable securities).
We may need to raise additional funds in order to meet the expenditures required for operating our business prior to our initial Business Combination. These conditions raise substantial doubt about our ability to continue as a going concern for a period of time within one year from the date that the unaudited condensed financial statements are issued.
Contractual Obligations
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities as of June 30, 2025. We have the following contractual obligations:
| Obligation | Amount |
|---|---|
| IPO Promissory Note | $0 |
| Administrative Services Agreement | $12,500 per month |
| Underwriting Agreement | $4,400,000 cash underwriting discount, $12,045,000 Deferred Fee |
| Working Capital Loans | Up to $1,500,000 (none outstanding as of June 30, 2025) |
Critical Accounting Estimates and Policies
We have not identified any critical accounting estimates as of June 30, 2025.
Recent Accounting Pronouncements
We have adopted ASU 2023-07 and are currently assessing the impact of ASU 2023-09, which provides for additional disclosures related to income tax rate reconciliations and income taxes paid.
In summary, we are a blank check company that has completed its Initial Public Offering and is now focused on identifying and evaluating prospective acquisition candidates for our initial Business Combination. While we have generated some non-operating income from investments held in the Trust Account, we have not yet engaged in any operations or generated any operating revenues. We face liquidity challenges and substantial doubt about our ability to continue as a going concern, which will need to be addressed as we work towards completing our initial Business Combination.
