Jaws Mustang Acquisition Corp
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001410578-25-001671
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001104659-25-111323
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 51 previous paragraphs and 53 current paragraphs.
39 unchanged; 11 reworded; 3 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
On July 11, 2025, the Company issued a promissory note to our Sponsor in the principal amount of $150,000 (the “July 11 th Note”). The July 11 th Note is non-interest bearing and due upon the completion of a business combination. In the event that the Company does not consummate a Business Combination, the July 11 th Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. As of September 30, 2025 and December 31, 2024, there were amounts of $150,000 and $0 outstanding under the July 11 th Note, respectively.
Current report
On July 21, 2025, the Company issued a promissory note to Madison Grose in the principal amount of $272,000 (the “July 21 st Note”). The July 21 st Note is non-interest bearing and due upon the completion of a business combination. In the event that the Company does not consummate a Business Combination, the July 21 st Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. As of September 30, 2025 and December 31, 2024, there were amounts of $272,000 and $0 outstanding under the July 21 st Note, respectively.
Current report
Net (Loss) Income per Ordinary Share
Removed paragraphs (1)
Previous report
Net Income (Loss) per Ordinary Share
Reworded paragraphs (11)
Previous wording
On November 26, 2024, the Company held an extraordinary general meeting of shareholders (A) to amend, by way of special resolution, the Company’s Memorandum and Articles of Association to extend the date termination date by which the Company has to consummate a business combination from December 4, 2024 to January 4, 2025 and to allow the Company, without another shareholder vote, to elect to extend the Termination Date to consummate a business combination on a monthly basis for up to twenty-three times by an additional one month each time after the Charter Extension Date, by resolution of the Company’s board of directors, if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date, until December 4, 2026, or a total of up to twenty-three months after the Charter Extension Date, unless the closing of a business combination shall have occurred prior thereto. In connection with the vote to approve the Extension Amendment Proposal, the holders of 1,315,813 Class A Ordinary Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.48 per share, for an aggregate redemption amount of approximately $15,111,008. Following the extraordinary general meeting, the Termination Date was extended eight times on a monthly basis until September 4, 2025.
Current wording
On November 26, 2024, the Company held an extraordinary general meeting of shareholders (A) to amend, by way of special resolution, the Company’s Memorandum and Articles of Association to extend the date termination date by which the Company has to consummate a business combination from December 4, 2024 to January 4, 2025 and to allow the Company, without another shareholder vote, to elect to extend the Termination Date to consummate a business combination on a monthly basis for up to twenty-three times by an additional one month each time after the Charter Extension Date, by resolution of the Company’s board of directors, if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date, until December 4, 2026, or a total of up to twenty-three months after the Charter Extension Date, unless the closing of a business combination shall have occurred prior thereto. In connection with the vote to approve the Extension Amendment Proposal, the holders of 1,315,813 Class A Ordinary Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.48 per share, for an aggregate redemption amount of approximately $15,111,008. Following the extraordinary general meeting, the Termination Date was extended eleven times on a monthly basis until December 4, 2025.
Previous wording
For the six months ended June 30, 2025, we had a net loss of $267,778, which consisted of general and administrative expenses of $281,547, partially offset by interest earned on cash held in Trust Account of $13,769.
Current wording
For the three months ended September 30, 2025, we had a net loss of $59,961, which consisted of general and administrative expenses of $66,945, partially offset by interest earned on cash held in Trust Account of $6,984.
Previous wording
For the six months ended June 30, 2024, we had a net loss of $2,818,131, which consisted of general and administrative expenses of $906,450 and change in fair value of warrant liabilities of $2,233,500, partially offset by interest earned on cash held in Trust Account of $321,819.
Current wording
For the nine months ended September 30, 2025, we had a net loss of $327,739, which consisted of general and administrative expenses of $348,492, partially offset by interest earned on cash held in Trust Account of $20,753.
Previous wording
For the three months ended June 30, 2025, we had a net income of $240,199, which consisted of interest earned on cash held in Trust Account of $6,945 and change in fair value of warrant liabilities of $372,250, partially offset by general and administrative expenses of $138,996.
Current wording
For the three months ended September 30, 2024, we had a net income of $2,928,626, which consisted of interest earned on cash held in Trust Account of $149,324 and change in fair value of warrant liabilities of $2,978,000, partially offset by general and administrative expenses of $198,698.
Previous wording
For the three months ended June 30, 2024, we had a net income of $4,341,773, which consisted of interest earned on cash held in Trust Account of $147,343 and change in fair value of warrant liabilities of $4,467,000, partially offset by general and administrative expenses of $272,570.
Current wording
For the nine months ended September 30, 2024, we had a net income of $110,495, which consisted of interest earned on cash held in Trust Account of $471,143 and change in fair value of warrant liabilities of $744,500, partially offset by general and administrative expenses of $1,105,148.
Previous wording
For the six months ended June 30, 2025, cash used in operating activities was $280,910. Net loss of $267,778 was affected by interest earned on cash held in Trust Account of $13,769. Changes in operating assets and liabilities provided $637 of cash for operating activities.
Current wording
For the nine months ended September 30, 2025, cash used in operating activities was $627,178. Net loss of $327,739 was affected by interest earned on cash held in Trust Account of $ $20,753. Changes in operating assets and liabilities used $278,686 of cash for operating activities.
Previous wording
For the six months ended June 30, 2024, cash used in operating activities was $382,900. Net loss of $2,818,131 was affected by change in fair value of warrant liabilities of $2,233,500 and interest earned on cash held in Trust Account of $321,819. Changes in operating assets and liabilities provided $523,550 of cash for operating activities.
Current wording
For the nine months ended September 30, 2024, cash used in operating activities was $443,431. Net income of $110,495 was affected by change in fair value of warrant liabilities of $744,500 and interest earned on cash held in Trust Account of $471,143. Changes in operating assets and liabilities provided $661,717 of cash for operating activities.
Previous wording
As of June 30, 2025, we had cash held in the Trust Account of $1,049,122. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. For the six months ended June 30, 2025, the Company did not withdraw any amount from Trust Account in connection with the redemption. For the period ended December 31, 2024, the Company withdrew $22,773,579 from Trust Account in connection with the redemption.
Current wording
As of September 30, 2025, we had cash held in the Trust Account of $1,056,106. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. For the nine months ended September 30, 2025, the Company did not withdraw any amount from Trust Account in connection with the redemption. For the year ended December 31, 2024, the Company withdrew $22,773,579 from Trust Account in connection with the redemption.
Previous wording
As of June 30, 2025, we had cash of $38,297. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
Current wording
As of September 30, 2025, we had cash of $114,029. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
Previous wording
In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”) 205-40 “Going Concern,” the Company has until by September 4, 2025 (or up to December 4, 2026, assuming all extensions are exercised), assuming all extensions are exercised, to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after September 4, 2025 (or up to December 4, 2026, assuming all extensions are exercised). Management intends to complete a Business Combination prior to the mandatory liquidation date.
Current wording
In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”) 205-40 “Going Concern,” the Company has up to December 4, 2026, assuming all extensions are exercised, assuming all extensions are exercised, to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after December 4, 2026, assuming all extensions are exercised. Management intends to complete a Business Combination prior to the mandatory liquidation date.
Previous wording
Net income (loss) per ordinary share is computed by dividing the net income (loss) by the weighted average number of ordinary shares outstanding during the period. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income of the Company. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from the earnings per share as the redemption value approximates fair value.
Current wording
Net (loss) income per ordinary share is computed by dividing the net (loss) income by the weighted average number of ordinary shares outstanding during the period. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the (loss) income of the Company. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from the earnings per share as the redemption value approximates fair value.