SUMA Acquisition Corporation Reports Financial Results for the Quarter Ended March 31, 2026
SUMA Acquisition Corporation, a Cayman Islands company, filed its Form 10-Q for the quarterly period ended March 31, 2026. The company reported a net loss of $1.4 million for the quarter, compared to a net loss of $1.1 million for the same period last year. As of March 31, 2026, the company had cash and cash equivalents of $14.4 million, compared to $15.6 million as of December 31, 2025. The company’s total assets were $16.1 million, with total liabilities of $1.4 million. The company’s Class A Ordinary Shares and Class B Ordinary Shares were listed on the Nasdaq Stock Market LLC under the symbols SUMAU and SUMA, respectively. As of May 13, 2026, there were 17,696,250 Class A Ordinary Shares and 5,750,000 Class B Ordinary Shares issued and outstanding.
Overview
SUMA Acquisition Corporation is a blank check company incorporated in the Cayman Islands on November 21, 2025, for the purpose of effecting a business combination. The company’s sponsors are SUMA Sponsor LP, SUMA Canada Sponsor LP, and SUMA Canada II Sponsor LP.
Although SUMA is not limited to a particular industry or sector for its business combination, it is focusing its search on other developed markets across several technology-enabled sectors. As an early stage and emerging growth company, SUMA is subject to the risks associated with such companies and expects to incur significant costs in pursuing its acquisition plans.
SUMA’s IPO registration statement became effective on March 10, 2026, and the company consummated its initial public offering (IPO) of 17,250,000 public units, including 2,250,000 option units, on March 12, 2026. Each public unit consists of one public share and one-fifth of one public right. The public units were sold at $10.00 per unit, generating gross proceeds of $172,500,000.
Simultaneously with the IPO, SUMA completed the sale of 446,250 private placement units to its sponsors and Seaport at $10.00 per unit, generating gross proceeds of $4,462,500. The net proceeds from the IPO and private placement were placed in a trust account.
SUMA has until March 12, 2028 (24 months from the IPO) to consummate a business combination. If it is unable to do so, the company will cease operations, redeem the public shares, and liquidate, subject to its obligations under Cayman Islands law.
Results of Operations
SUMA has not engaged in any operations or generated any revenues to date. Its activities since inception have been organizational and related to the IPO and identifying and evaluating potential acquisition targets. The company will not generate any operating revenues until after completing its initial business combination.
For the three months ended March 31, 2026, SUMA had a net income of $152,021, which consists of operating costs of $167,161 offset by $319,182 in interest income on cash and investments held in the trust account.
Liquidity and Capital Resources
Following the IPO and private placement, a total of $172,500,000 was placed in the trust account. SUMA incurred $10,153,693 in fees and costs related to the IPO.
For the three months ended March 31, 2026, cash used in operating activities was $189,738. As of March 31, 2026, SUMA had $172,819,182 in cash and marketable securities held in the trust account and $1,167,663 in cash held outside the trust account.
SUMA’s liquidity needs through March 12, 2026 were satisfied through a $25,000 contribution from its sponsors and a loan under the IPO Promissory Note. After the IPO and private placement, its liquidity needs through March 31, 2026 were satisfied by the net proceeds held outside the trust account.
The company may seek to obtain additional financing, either to complete a business combination or if it becomes obligated to redeem a significant number of public shares. SUMA currently believes it will have sufficient funds to operate its business prior to a business combination.
Contractual Obligations
SUMA’s key contractual obligations include:
- Administrative Services Agreement: SUMA may reimburse its U.S. Sponsor $25,000 per month for office space, utilities, and administrative support.
- Underwriting Agreement: The underwriters are entitled to a 1.5% cash underwriting discount and a 4% deferred underwriting commission.
- Registration Rights Agreement: Holders of founder shares, private placement units, and any private placement-equivalent units issued for working capital loans have registration rights.
- Letter Agreement: SUMA’s sponsors, directors, and officers have agreed to transfer restrictions on their shares and units.
Critical Accounting Estimates
As of March 31, 2026, SUMA did not have any critical accounting estimates to disclose.
Outlook
SUMA is focused on identifying and evaluating potential business combination targets, particularly in technology-enabled sectors. The company’s ability to complete a successful business combination within the 24-month time frame will be critical to its future prospects. SUMA’s financial position, with substantial funds held in trust, provides it with the resources to pursue attractive acquisition opportunities. However, the company faces the risks and challenges common to early-stage, acquisition-oriented firms, and there can be no assurance its plans to complete a business combination will be successful.
