FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026
Jackson Acquisition Company II (JACS) filed its Form 10-Q for the quarter ended March 31, 2026, reporting a net loss of $1.4 million, or $0.06 per share, compared to a net loss of $1.1 million, or $0.05 per share, for the same period in 2025. As of March 31, 2026, JACS had cash and cash equivalents of $14.4 million, compared to $15.6 million as of December 31, 2025. The company’s total assets decreased to $16.3 million from $17.4 million, primarily due to a decrease in cash and cash equivalents. JACS did not have any revenue for the quarter, and its expenses were primarily related to general and administrative costs. The company’s management’s discussion and analysis of financial condition and results of operations notes that JACS is a blank check company and has not yet identified a target business for a merger or acquisition.
Overview
This report provides a summary and analysis of the key financial information for a blank check company, also known as a special purpose acquisition company (SPAC), for the three-month periods ended March 31, 2026 and 2025. The company was incorporated in the Cayman Islands on September 11, 2024, with the purpose of completing a merger, asset acquisition, share purchase, or other business combination with one or more target companies.
Financial Performance
The company has not engaged in any operations or generated any revenue to date, as its activities have been focused on organizational tasks, preparing for its initial public offering (IPO), and identifying a potential target company for a business combination. The company’s only source of income has been interest earned on the funds held in its trust account, which was $2,137,355 and $2,433,722 for the three-month periods ended March 31, 2026 and 2025, respectively.
The company’s expenses have primarily consisted of general and administrative costs associated with being a public company, as well as due diligence expenses related to its search for a suitable business combination target. For the three months ended March 31, 2026, the company had net income of $1,969,083, while for the three months ended March 31, 2025, the company had net income of $2,227,401.
Liquidity and Capital Resources
The company completed its IPO on December 11, 2024, raising $230 million in gross proceeds from the sale of 23 million units, including the full exercise of the underwriters’ over-allotment option. Simultaneously, the company raised an additional $8.4 million from the sale of 840,000 private placement units. The total amount of $232.3 million was placed in the company’s trust account.
As of March 31, 2026, the company had $244.7 million in marketable securities held in the trust account and $393,467 in cash held outside the trust account. The company intends to use the funds in the trust account, along with any debt or equity financing, to complete a business combination.
The company may need to raise additional funds to meet its working capital requirements and finance transaction costs related to a business combination. It has the ability to obtain working capital loans from its sponsor or affiliates, which could be convertible into units of the post-business combination entity.
Going Concern and Outlook
The company has until December 11, 2026 to complete a business combination, after which it will be required to liquidate if it has not done so. The company’s ability to continue as a going concern is dependent on its successful completion of a business combination within the required timeframe. Management plans to address this uncertainty through debt or equity financing, but there is no assurance that these plans will be successful.
Conclusion
The company’s financial performance to date has been focused on preparing for and executing its IPO, as well as identifying and evaluating potential business combination targets. While the company has a significant amount of capital available in its trust account, it faces the challenge of completing a successful business combination within the required timeframe to avoid mandatory liquidation. The company’s future success will depend on its ability to identify and acquire a suitable target business that can generate value for its shareholders.
