Miluna Acquisition Corp
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
MMTX$10.280.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001493152-26-037813
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001493152-26-050736
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 28 previous paragraphs and 31 current paragraphs.
20 unchanged; 8 reworded; 3 added; 0 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
Recent Developments
Current report
On August 27, 2026, the Company filed with the SEC a registration statement on Form S-4 (as amended from time to time, the “Form S-4”) in connection with the Proposed Business Combination. The Form S-4 contains (i) a preliminary prospectus relating to the offer of securities to be issued in connection with the Proposed Business Combination, (ii) a preliminary proxy statement in connection with the solicitation of proxies for an extraordinary general meeting of the Company’s shareholders to be held to approve the Proposed Business Combination and other matters as described in the Form S-4, and (iii) a preliminary resale prospectus relating to the resale of certain securities by the selling securityholders named therein.
Current report
For the three months ended September 30, 2025, we had net loss of $19,000, which consisted of formation and operating costs.
Reworded paragraphs (8)
Previous wording
On April 23, 2026, the Company, Kukugan Invest, a Cayman Islands exempted company (“Parent”), and CADV Ventures S.A., a Polish company and wholly-owned subsidiary of Parent (“CADV.AI”) entered into a Business Combination Agreement, pursuant to which Parent will merge with and into the Company, with the Company continuing as the surviving company, and as a result of which, CADV.AI will become a wholly-owned subsidiary of the Company. Upon the closing of the transactions contemplated by the Business Combination Agreement, the combined company will be renamed Kukugan Corp. The Business Combination Agreement and related agreements are further described in the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2026. Other than as specifically discussed, this report does not assume the closing of the transactions contemplated by the Business Combination Agreement.
Current wording
On April 23, 2026, the Company, Kukugan Invest, a Cayman Islands exempted company (“Parent”), and CADV Ventures S.A., a Polish company and wholly-owned subsidiary of Parent (“CADV.AI”) entered into a Business Combination Agreement, pursuant to which Parent will merge with and into the Company, with the Company continuing as the surviving company, and as a result of which, CADV.AI will become a wholly-owned subsidiary of the Company (the “Proposed Business Combination”). Upon the closing of the transactions contemplated by the Business Combination Agreement, the combined company will be renamed Kukugan Corp. The Business Combination Agreement and related agreements are further described in the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2026. Other than as specifically discussed, this report does not assume the closing of the transactions contemplated by the Business Combination Agreement.
Previous wording
For the three months ended June 30, 2026, we had net income of $93,409, consisting of formation and operating costs of $526,603 and interest income on the Trust Account of $620,012.
Current wording
For the three months ended September 30, 2026, we had net income of $530,968, consisting of formation and operating costs of $113,704 and interest income on the Trust Account of $644,672.
Previous wording
For the six months ended June 30, 2026, we had net income of $555,866, consisting of formation and operating costs of $676,348 and interest income on the Trust Account of $1,232,214.
Current wording
For the nine months ended September 30, 2026, we had net income of $1,086,834, consisting of formation and operating costs of $790,052 and interest income on the Trust Account of $1,876,886.
Previous wording
For the period from June 24, 2025 (inception) to June 30, 2025, we had net loss of $25,128, consisting of formation and operating costs.
Current wording
For the period from June 24, 2025 (inception) through September 30, 2025, we had a net loss of $44,128, which was formation and operating costs.
Previous wording
On October 28, 2025, a total of $69,000,000 from the net proceeds of the IPO and the sale of the Private Units was placed in a trust account (the “Trust Account”) maintained by Efficiency INC. as a trustee and may be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and that invest only in direct U.S. government treasury obligations. As of June 30, 2026, the estimated fair values of investments held in Trust Account amounted to $70,703,700, including $1,703,700 income reinvested.
Current wording
On October 28, 2025, a total of $69,000,000 from the net proceeds of the IPO and the sale of the Private Units was placed in a trust account (the “Trust Account”) maintained by Efficiency INC. as a trustee and may be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and that invest only in direct U.S. government treasury obligations. As of September 30, 2026, the estimated fair values of investments held in Trust Account amounted to $71,348,372.
Previous wording
As of June 30, 2026, we had $136,583 in cash on our balance sheet and a working capital deficit of $665,090. The Company’s liquidity needs prior to the consummation of the IPO had been satisfied through a payment from the Sponsor of $25,000 for the founder shares and the loan under an unsecured promissory note from the Sponsor of $350,000.
Current wording
As of September 30, 2026, we had $93,907 in cash on our balance sheet and a working capital deficit of $778,794. The Company’s liquidity needs prior to the consummation of the IPO had been satisfied through a payment from the Sponsor of $25,000 for the founder shares and the loan under an unsecured promissory note from the Sponsor of $294,067, which permitted borrowings of up to $350,000.
Previous wording
We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or entered any non-financial assets.
Current wording
We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.
Previous wording
The underwriters are entitled to a deferred underwriting commission of $0.10 per Unit or $690,000 in the aggregate of the gross proceeds of the IPO and the over-allotment option held in the Trust Account upon the completion of the Company’s initial business combination subject to the terms of the underwriting agreement.
Current wording
The underwriters are entitled to a deferred underwriting commission of $0.10 per Unit or $690,000 in the aggregate of the gross proceeds of the IPO and the over-allotment option (or an amount equal to 5.0% of the balance remaining in the Trust Account, without accrued interest, adjusted only to account for payment of redemptions and prior to any other disbursements therefrom, upon the consummation of an initial business combination, whichever amount is greater), payable from amounts held in the Trust Account upon the completion of the Company’s initial business combination subject to the terms of the underwriting agreement.