Cayson Acquisition Corp
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Aug 7, 2026
CAPN$11.46+0.1%Stored close · as of Nov 3, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001493152-26-023854
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001493152-26-036602
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 52 previous paragraphs and 55 current paragraphs.
42 unchanged; 8 reworded; 5 added; 2 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 (5)
Current report
On July 11, 2025, we entered into an Agreement and Plan of Merger (as amended on September 11, 2025, April 14, 2026 and June 24, 2026, the “Merger Agreement”) with Mango Financial Group Limited, a Cayman Islands exempted company (“Mango Group”), North Water Investment Group Holdings Limited (“North Water”), the parent company of Mango Financial Limited, and Mango Temp Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of Mango Group (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, the separate corporate existence of Merger Sub will cease, and the Company will be the surviving corporation and will continue as a wholly-owned subsidiary of Mango Group (the “Merger”). For additional information regarding Mango Group, the Merger Agreement and the transactions contemplated thereby, see our Current Report on Form 8-K, as filed with the Securities and Exchange Commission on July 14, 2025.
Current report
For the three months ended June 30, 2026, we had a net income of $137,610, which consists of loss of $197,381 derived from formation and operating costs offset by interest earned on cash and investments held in Trust Account of $334,439 and bank interest income of $552.
Current report
For the three months ended June 30, 2025, we had a net income of $383,558, which consists of loss of $259,113 derived from formation and operating costs offset by interest earned on cash and investments held in Trust Account of $640,013 and bank interest income of $2,658.
Current report
For the six months ended June 30, 2026, we had a net income of $390,010, which consists of loss of $491,599 derived from formation and operating costs offset by interest earned on cash and investments held in Trust Account of $880,294 and bank interest income of $1,315.
Current report
For the six months ended June 30, 2025, we had a net income of $788,235, which consists of loss of $494,912 derived from formation and operating costs offset by interest earned on cash and investments held in Trust Account of $1,276,187 and bank interest income of $6,960.
Removed paragraphs (2)
Previous report
For the three months ended March 31, 2026, we had a net income of $252,400, which consists of loss of $294,218 derived from formation and operating costs offset by interest earned on cash and investments held in Trust Account of $545,855 and bank interest income of $763.
Previous report
For the three months ended March 31, 2025, we had a net income of $404,677, which consists of loss of $235,799 derived from formation and operating costs offset by interest earned on cash and investments held in Trust Account of $636,174 and bank interest income of $4,302.
Reworded paragraphs (8)
Previous wording
We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we intend to focus our search on businesses in Asia, we are not limited to a particular industry or geographic region for purposes of consummating an initial business combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the private placement of the private units, the proceeds of the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, stock and debt.
Current wording
We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Previous wording
As of March 31, 2026, our cash was $64,433.
Current wording
As of June 30, 2026, our cash was $54,485.
Previous wording
For the three months ended March 31, 2026, cash and investments provided by operating activities was $763. Net income of $252,400 was adjusted by interest earned on cash and investments held in the Trust Account of $545,855. Changes in operating assets and liabilities used $294,218 of cash for operating activities.
Current wording
For the six months ended June 30, 2026, cash used in operating activities was $9,185. Net income of $390,010 was adjusted by interest earned on cash and investments held in the Trust Account of $880,294. Changes in operating assets and liabilities provided $481,099 of cash for operating activities.
Previous wording
For the three months ended March 31, 2026, cash provided by investing activities was $27,411,647. which represents the cash withdrawn from trust account in connection with redemption, and the extension payment deposited into the Trust account, in connection with the Company’s extension of the deadline to consummate a Business Combination. Such funds are subject to possible redemption by the Company’s public shareholders in accordance with the terms of the Trust Account.
Current wording
For the six months ended June 30, 2026, cash provided by investing activities was $27,036,646, which represents the cash withdrawn from trust account in connection with redemption, offset by the extension payments deposited into the Trust account, in connection with the Company’s extension of the deadline to consummate a Business Combination. Such funds are subject to possible redemption by the Company’s public shareholders in accordance with the terms of the Trust Account.
Previous wording
For the three months ended March 31, 2026, cash used in financing activities was $27,411,647, consisting of payment of $27,536,647 made in relation to redemption of ordinary shares and proceed of $125,000 from promissory notes.
Current wording
For the six months ended June 30, 2026, cash used in financing activities was $27,036,646, consisting of payment of $27,536,646 made in relation to redemption of ordinary shares and proceeds of $500,000 from promissory notes.
Previous wording
As of March 31, 2026, we had cash and investments held in the Trust Account of $37,622,133. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), 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.
Current wording
As of June 30, 2026, we had cash and investments held in the Trust Account of $38,331,573. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), 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.
Previous wording
As of March 31, 2026, we had a cash balance of $64,433 held outside the Trust Account and working capital deficit of $1,351,907. We intend to use the funds held outside the Trust Account primarily to pay existing accounts payable, identify and evaluate target business combination candidates, perform business due diligence on prospective target businesses, pay for travel expenditures to plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete a Business Combination, and to pay for directors and officers liability insurance premiums.
Current wording
As of June 30, 2026, we had a cash balance of $54,485 held outside the Trust Account and working capital deficit of $1,719,032. We intend to use the funds held outside the Trust Account primarily to pay existing accounts payable, identify and evaluate target business combination candidates, perform business due diligence on prospective target businesses, pay for travel expenditures to plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete a Business Combination, and to pay for directors and officers liability insurance premiums.
Previous wording
Commencing on September 19, 2024, one of the Sponsors will be allowed to charge the Company an allocable share of its overhead, up to $10,000 per month to the close of the Business Combination, to compensate it for the Company’s use of its office, utilities and personnel. As of March 31, 2026 and December 31, 2025, an administration fee of $44,000 and $14,000 has been accrued to accrued expenses, respectively.
Current wording
Commencing on September 19, 2024, one of the Sponsors will be allowed to charge the Company an allocable share of its overhead, up to $10,000 per month to the close of the Business Combination, to compensate it for the Company’s use of its office, utilities and personnel. As of June 30, 2026 and December 31, 2025, an administration fee of $74,000 and $14,000 has been accrued to accrued expenses, respectively.