Cal Redwood Acquisition Corp.
For the period ended Jun 30, 2026. Filed Aug 17, 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 17, 2026
CRAQ$10.44-0.1%Stored close · as of Nov 5, 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.
0001213900-26-057773
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-17.
0002058359-26-000008
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 29 previous paragraphs and 31 current paragraphs.
20 unchanged; 8 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
For the six months ended June 30, 2026, we had a net income $3,643,470, which consisted of earnings on investments held in Trust Account of $4,143,176 and interest from the operating bank account of $15,551 offset by general and administrative expenses of $515,257.
Current report
For the three months ended June 30, 2025, we had a net income $599,557, which consisted of earnings on investments held in Trust Account of $868,152 and interest from operating bank account of $5,084 offset by compensation expense of $132,300, bank service fees of $5,000, and general and administrative expenses of $136,379.
Current report
For the period from January 7, 2025 (inception) through June 30, 2025, we had a net income $556,735, which consisted of earnings on investments held in Trust Account of $868,152 and interest income from bank operating account of $5,084 offset by compensation expense of $132,300, bank service fees of $5,000, and general and administrative expenses of $179,201.
Removed paragraphs (1)
Previous report
For the period from January 7, 2025 (inception) through March 31, 2025, we had a net loss $42,822, which consisted of general and administrative costs.
Reworded paragraphs (8)
Previous wording
For the three months ended March 31, 2026, we had a net income $1,917,622, which consisted of earnings on investments held in Trust Account of $2,041,625 and interest from the operating bank account of $8,109 offset by general and administrative costs of $132,112.
Current wording
For the three months ended June 30, 2026, we had a net income $1,725,848, which consisted of earnings on investments held in Trust Account of $2,101,551 and interest from the operating bank account of $7,442 offset by general and administrative expenses of $383,145.
Previous wording
For the three months ended March 31, 2026, net cash used in operating activities was $134,643. Net income of $1,917,622 was affected by earnings on investments held in Trust Account of $2,041,625. Changes in operating assets and liabilities used $10,640 of cash from operating activities.
Current wording
For the six months ended June 30, 2026, net cash used in operating activities was $200,517. Net income of $3,643,470 was affected by earnings on investments held in Trust Account of $4,143,176. Changes in operating assets and liabilities provided $299,189 of cash from operating activities.
Previous wording
For the period from January 7, 2025 (inception) through March 31, 2025, net cash used in operating activities was $0. Net loss of $42,822 was affected by payment of expense through promissory note – related party of $15,420. Changes in operating assets and liabilities used $27,402 of cash from operating activities.
Current wording
For the period from January 7, 2025 (inception) through June 30, 2025, net cash used in operating activities was $151,248. Net income of $556,735 was affected by payment of expense through promissory note – related party of $36,220, earnings on investments held in Trust Account of $868,152 and compensation expense of $132,300. Changes in operating assets and liabilities used $8,351 of cash from operating activities.
Previous wording
As of March 31, 2026, we had cash and investments held in the trust account of $237,675,190 consisting primarily of money market funds. We may withdraw earnings 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 earnings on the Trust Account (less taxes payable, if any), 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 investments held in the trust account of $239,776,741 consisting primarily of money market funds and U.S. Treasury Bills. We may withdraw earnings 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 earnings on the Trust Account (less taxes payable, if any), 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 cash of $962,299. 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 June 30, 2026, we had cash of $821,425. 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
From time to time, our officers and directors may pay expenses on behalf of the Company which may be in the form of non-interest bearing loans that are due on demand. At March 31, 2026 and December 31, 2025, we owed $29,694 to affiliates of the Company. We report this amount as due to affiliates on the Company’s condensed balance sheets.
Current wording
From time to time, our officers and directors may pay expenses on behalf of the Company which may be in the form of non-interest bearing loans that are due on demand. At June 30, 2026 and December 31, 2025, we owed $50,993 and $29,694, respectively, to affiliates of the Company. We report this amount as due to affiliates on the Company’s condensed balance sheets.
Previous wording
We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our business combination. Moreover, we may need to obtain additional financing either to complete our business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our business combination, in which case we may issue additional securities or incur debt in connection with such business combination.
Current wording
In connection with the Company’s assessment of going concern considerations in accordance with ASC Topic 205-40, “Presentation of Financial Statements-Going Concern,” the Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the initial Business Combination. The Company has the Completion Window (until May 27, 2027) to complete the initial Business Combination. Management has determined that the mandatory liquidation and subsequent dissolution, should the Company be unable to complete a Business Combination by May 27, 2027 raises substantial doubt about the Company’s ability to continue as a going concern. Management plans to address this uncertainty through search for and completion of a Business Combination. There are no assurances that the Company’s plans to consummate a Business Combination will be successful by May 27, 2027. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Previous wording
We do not have any long-term debt, capital lease obligations.
Current wording
We do not have any long-term debt or capital lease obligations.