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Copley Acquisition Corp

For the period ended Dec 31, 2025. Filed Mar 31, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 31, 2026

COPL$10.70+0.7%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year endedDecember 31, 2025

or

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ________________

Commission file number:001-42622

Copley Acquisition Corp

(Exact name of registrant as specified in its charter)

Cayman Islands*00-0000000N/A
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
Suite 4005-4006, 40/F, One Exchange Square 8 Connaught Place, Central, Hong Kong00000N/A
(Address of principal executive offices)(Zip Code)

+852 2861 3335

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolExchange
Units, each consisting of one Class A ordinary share and one-half of one warrantCOPLUNew York Stock Exchange
Class A ordinary shares, par value $0.0001 per shareCOPLNew York Stock Exchange
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per shareCOPLWNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 month (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b)☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of June 30, 2025, the aggregate market value of the Registrant’s ordinary shares held by non-affiliates of the Registrant was $175,096,125.

As of March 31, 2026, the registrant had a total of 17,978,393 Class A ordinary shares, $0.0001 par value, issued and outstanding and 5,750,000 Class B ordinary shares, $0.0001 par value, issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

Copley Acquisition Corp

Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2025

TABLE OF CONTENTS

Page
PART I1
Item 1. Business.1
Item 1A. Risk Factors.18
Item 1B. Unresolved Staff Comments.18
Item 1C. Cybersecurity.18
Item 2. Properties.19
Item 3. Legal Proceedings.19
Item 4. Mine Safety Disclosures.19
PART II20
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.20
Item 6. [Reserved]20
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.21
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.25
Item 8. Financial Statements and Supplementary Data.25
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.25
Item 9A. Controls and Procedures.25
Item 9B. Other Information.26
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.26
PART III27
Item 10. Directors, Executive Officers and Corporate Governance.27
Number and Terms of Office of Officers and Directors31
Committees of the Board of Directors32
Item 11. Executive Compensation.39
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.40
Item 13. Certain Relationships and Related Transactions, and Director Independence.41
Item 14. Principal Accountant Fees and Services.42
PART IV43
Item 15. Exhibit and Financial Statement Schedules.43

i

FORWARD LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. The statements contained in this report that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this report may include, for example, statements about:

●our ability to select an appropriate target business or businesses;
●our ability to complete our initial business combination;
●our expectations around the performance of a prospective target business or businesses;
●our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;
●our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements;
●our potential ability to obtain additional financing to complete our initial business combination;
●our pool of prospective target businesses;
●the adverse impacts of certain events (such as terrorist attacks, natural disasters or a significant outbreak of infectious diseases) on our ability to consummate an initial business combination;
●the ability of our officers and directors to generate a number of potential investment opportunities;
●the potential liquidity and trading of our securities;
●the lack of a market for our securities;
●use of proceeds not held in the trust account or available to us from interest income on the trust account balance;
●the trust account not being subject to claims of third parties; or
●financial performance following our initial public offering.

The forward-looking statements contained in this report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as maybe required under applicable securities laws and/or if and when management knows or has a reasonable basis on which to conclude that previously disclosed projections are no longer reasonably attainable.

ii

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