KRAKacquisition Corp

Previous wording

For the three months ended March 31, 2026, we had a net loss of $8,910,820, which resulted from interest income on marketable securities held in the trust and operating accounts of $2,054,610 offset by general and administrative expenses of $10,965,430.

Current wording

For the three months ended June 30, 2026, we had a net income of $2,845,920, which resulted from interest earned on marketable securities held in the trust and operating accounts of $3,077,909 offset by general and administrative expenses of $231,989.

Previous wording

For the three months ended March 31, 2026, net cash used in operating activities was $669,888. Net loss of $8,910,820 was adjusted for interest income on marketable securities of $2,049,415. Changes in operating assets and liabilities used $10,290,347 primarily due to the increase in prepaid expenses of $69,647, non-current prepaid insurance of $57,816, the decrease in accrued expenses of $4,781, the decrease in accounts payable of $4,779, offset by the increases in due to related party of $77,370 and advisory payable of $10,350,000 .

Current wording

For the six months ended June 30, 2026, net cash used in operating activities was $882,361. Net loss of $6,064,900 was adjusted for interest earned on marketable securities of $5,120,100. Changes in operating assets and liabilities provided $10,302,639 primarily due to the increase in advisory payable of $10,350,000, partially offset by an increases in prepaid insurance.

Previous wording

For the three months ended March 31, 2026, cash used by investing activities was $344,949,706, which was primarily due to cash being deposited into the trust account of $345,000,000, and the proceeds from sale of investments deposited in the operating account for working capital needs of $50,294.

Current wording

For the six months ended June 30, 2026, cash used by investing activities was $344,794,728, which was primarily due to cash being deposited into the trust account of $345,000,000, net of proceeds from sale of investments deposited in the operating account for working capital needs of $205,272.

Previous wording

For the three months ended March 31, 2026, net cash provided by financing activities was $346,400,064, which was due to proceeds from the sale of Units (defined below), Private Placement Warrants (as defined below) and public warrants issued as part of the Units.

Current wording

For the six months ended June 30, 2026, net cash provided by financing activities was $346,379,495, primarily attributable to proceeds from the sale of Units (defined below), Private Placement Warrants (as defined below) and public warrants issued as part of the Units. These proceeds were partially offset by the payment of offering costs totaling $418,758 and the repayment of a promissory note of $201,747.

Previous wording

The underwriters were entitled to an underwriting discount of $250,000 in the aggregate. Additionally, the underwriter was entitled to a deferred underwriting discount of $0.30 per Unit, or $10,350,000 in the aggregate in connection with the underwriter’s full exercise of the over-allotment. Such deferred underwriting commissions will not be payable with respect to any shares redeemed in connection with an initial Business Combination and may be paid at the sole and absolute discretion of the Company’s Management Team to any one or more Financial Industry Regulation Authority (“FINRA”) members, which may or may not include the underwriter in the Initial Public Offering. The deferred underwriting discount will become payable to the underwriter from the amounts held in the Trust Account solely in the event the Company completes its initial Business Combination.

Current wording

The Underwriter were entitled to an underwriting discount of $250,000 in the aggregate. Additionally, the Underwriter was entitled to a deferred underwriting discount of $0.30 per Unit, or $10,350,000 in the aggregate in connection with the Underwriter’s full exercise of the over-allotment. Such deferred underwriting commissions will not be payable with respect to any shares redeemed in connection with an initial Business Combination and may be paid at the sole and absolute discretion of the Company’s Management Team to any one or more Financial Industry Regulation Authority (“FINRA”) members, which may or may not include the Underwriter in the Initial Public Offering. The deferred underwriting discount will become payable to the Underwriter from the amounts held in the Trust Account solely in the event the Company completes its initial Business Combination.

Previous wording

The Company’s Class A Ordinary Shares that were sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s Articles of Association. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including Class A ordinary shares that have redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will only redeem its Public Shares. However, the threshold in its Articles of Association would not change the nature of the underlying shares as redeemable and thus the Public Shares are required to be presented outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value ($10.06 per share as of March 31, 2026) at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional paid-in capital, in accumulated deficit.

Current wording

The Company’s Class A Ordinary Shares that were sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s Articles of Association. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including Class A ordinary shares that have redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will only redeem its Public Shares. However, the threshold in its Articles of Association would not change the nature of the underlying shares as redeemable and thus the Public Shares are required to be presented outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value ($10.14 per share as of June 30, 2026) at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional paid-in capital, in accumulated deficit.

Previous wording

Net Loss Per Ordinary Share

Current wording

Net Income (Loss) Per Ordinary Share

Previous wording

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the Initial Public Offering since the exercise of the warrants are contingent upon the occurrence of future events. The Company has two classes of ordinary shares, which are referred to as redeemable Class A ordinary shares and Class B ordinary shares. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from loss per ordinary share as the redemption value approximates fair value.

Current wording

Net income (loss) per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering since the exercise of the warrants are contingent upon the occurrence of future events. The Company has two classes of ordinary shares, which are referred to as redeemable Class A ordinary shares and Class B ordinary shares. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from loss per ordinary share as the redemption value approximates fair value.