None
SEDAR Interim Financial Statements
SPAC · Price
[
{
"companyName": "MERCER PARK OPPORTUNITIES CORP.",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"asAt20250930": {
"cashAndCashEquivalents": 18394,
"prepaidExpenses": 93232,
"restrictedCashAndShortTermInvestmentsHeldInEscrow": 223816802,
"totalCurrentAssets": 223928428,
"totalAssets": 223928428,
"accountsPayableAndAccruedLiabilities": 326265,
"dueToRelatedParties": 201575,
"deferredUnderwritersCommission": 8500000,
"classARestrictedVotingSharesSubjectToRedemption": 219087500,
"warrantLiability": 223356,
"totalCurrentLiabilities": 228338696,
"totalLiabilities": 228338696,
"shareCapital": 3681890,
"contributedSurplus": 8566835,
"deficit": -16658993,
"totalShareholdersEquity": -4410268,
"cashPerShare": 0.0031,
"workingCapitalPerShare": -0.7480
},
"asAt20250331": {
"cashAndCashEquivalents": 323256,
"prepaidExpenses": 13143,
"restrictedCashAndShortTermInvestmentsHeldInEscrow": 219052699,
"totalCurrentAssets": 219389098,
"totalAssets": 219389098,
"accountsPayableAndAccruedLiabilities": 96966,
"dueToRelatedParties": 0,
"deferredUnderwritersCommission": 8500000,
"classARestrictedVotingSharesSubjectToRedemption": 210375000,
"warrantLiability": 223356,
"totalCurrentLiabilities": 219195322,
"totalLiabilities": 219195322,
"shareCapital": 3681890,
"contributedSurplus": 8566835,
"deficit": -12054949,
"totalShareholdersEquity": 193776,
"cashPerShare": null,
"workingCapitalPerShare": null
}
},
"incomeStatement": {
"threeMonthsEnded20250930": {
"interestIncome": 2295706,
"transactionCosts": 0,
"netUnrealizedLossOnChangesInFairValueOfFinancialLiabilities": 6699178,
"generalAndAdministrative": 336783,
"totalExpenses": 7035961,
"netLossAndComprehensiveLoss": -4740255,
"basicAndDilutedNetLossPerClassBShare": -0.80,
"weightedAverageNumberOfClassBSharesOutstanding": 5896093
},
"threeMonthsEnded20240930": {
"interestIncome": 1581979,
"transactionCosts": 11473819,
"netUnrealizedLossOnChangesInFairValueOfFinancialLiabilities": 9057381,
"generalAndAdministrative": 334291,
"totalExpenses": 20865491,
"netLossAndComprehensiveLoss": -19283512,
"basicAndDilutedNetLossPerClassBShare": -3.79,
"weightedAverageNumberOfClassBSharesOutstanding": 5088340
},
"sixMonthsEnded20250930": {
"interestIncome": 4766726,
"transactionCosts": 0,
"netUnrealizedLossOnChangesInFairValueOfFinancialLiabilities": 8712500,
"generalAndAdministrative": 658270,
"totalExpenses": 9370770,
"netLossAndComprehensiveLoss": -4604044,
"basicAndDilutedNetLossPerClassBShare": -0.78,
"weightedAverageNumberOfClassBSharesOutstanding": 5896093
},
"sixMonthsEnded20240930": {
"interestIncome": 1581979,
"transactionCosts": 12050676,
"netUnrealizedLossOnChangesInFairValueOfFinancialLiabilities": 9057381,
"generalAndAdministrative": 334291,
"totalExpenses": 21442348,
"netLossAndComprehensiveLoss": -19860369,
"basicAndDilutedNetLossPerClassBShare": -6.09,
"weightedAverageNumberOfClassBSharesOutstanding": 3259718
}
},
"cashFlowStatement": {
"sixMonthsEnded20250930": {
"netLossForThePeriod": -4604044,
"nonCashItemsIncludedInNetLossAndOtherAdjustments": {
"transactionCostsAssociatedWithFinancingActivities": 0,
"netUnrealizedLossOnChangesInTheFairValueOfFinancialLiabilities": 8712500
},
"changesInNonCashWorkingCapitalItems": {
"prepaidExpenses": -80089,
"accountsPayableAndAccruedLiabilities": 229299,
"dueToRelatedParties": 201575
},
"netCashProvidedByOperatingActivities": 4459241,
"interestIncomeEarnedOnRestrictedCashAndShortTermInvestmentsHeldInEscrow": -4764103,
"fundsHeldInEscrow": 0,
"netCashUsedInInvestingActivities": -4764103,
"proceedsFromIssuanceOfClassBSharesToFounders": 0,
"proceedsFromIssuanceOfClassBUnits": 0,
"proceedsFromIssuanceOfWarrantsToFounders": 0,
"proceedsFromIssuanceOfClassARestrictedVotingUnits": 0,
"transactionCosts": 0,
"netCashProvidedByFinancingActivities": 0,
"netChangeInCashAndCashEquivalentsDuringThePeriod": -304862,
"cashAndCashEquivalentsBeginningOfPeriod": 323256,
"cashAndCashEquivalentsEndOfPeriod": 18394
},
"sixMonthsEnded20240930": {
"netLossForThePeriod": -19860369,
"nonCashItemsIncludedInNetLossAndOtherAdjustments": {
"transactionCostsAssociatedWithFinancingActivities": 12050676,
"netUnrealizedLossOnChangesInTheFairValueOfFinancialLiabilities": 9057381
},
"changesInNonCashWorkingCapitalItems": {
"prepaidExpenses": -31892,
"accountsPayableAndAccruedLiabilities": 92666,
"dueToRelatedParties": 0
},
"netCashProvidedByOperatingActivities": 1308462,
"interestIncomeEarnedOnRestrictedCashAndShortTermInvestmentsHeldInEscrow": -1579508,
"fundsHeldInEscrow": -212500000,
"netCashUsedInInvestingActivities": -214079508,
"proceedsFromIssuanceOfClassBSharesToFounders": 25010,
"proceedsFromIssuanceOfClassBUnits": 4668750,
"proceedsFromIssuanceOfWarrantsToFounders": 618750,
"proceedsFromIssuanceOfClassARestrictedVotingUnits": 212500000,
"transactionCosts": -4092155,
"netCashProvidedByFinancingActivities": 213720355,
"netChangeInCashAndCashEquivalentsDuringThePeriod": 949309,
"cashAndCashEquivalentsBeginningOfPeriod": 0,
"cashAndCashEquivalentsEndOfPeriod": 949309
}
},
"investmentsAndOtherAssets": [
{
"type": "Escrow Account",
"description": "Restricted cash and short-term investments held in escrow",
"ownershipPercentage": null,
"value": 223816802,
"notes": "Held by Odyssey Trust Company, as Escrow Agent, at a Canadian chartered bank or subsidiary thereof. Includes cash and accrued interest."
}
],
"shareStructure": {
"authorizedShares": "Class A Restricted Voting Shares: 100,000,000; Class B Shares: 100,000,000; Subordinate Voting Shares: 250,000,000; Multiple Voting Shares: 10,000,000; Preference Shares: 40,000,000",
"issuedShares": 5896093,
"classesOfShares": [
"Class A Restricted Voting Shares",
"Class B Shares",
"Subordinate Voting Shares",
"Multiple Voting Shares",
"Preference Shares"
],
"warrants": [
{
"number": 618750,
"exercisePrice": 11.00,
"expiryDate": "Five years after completion of Qualifying Acquisition"
},
{
"number": 466875,
"exercisePrice": 11.00,
"expiryDate": "Five years after completion of Qualifying Acquisition"
},
{
"number": 21250000,
"exercisePrice": 11.00,
"expiryDate": "Five years after completion of Qualifying Acquisition"
}
],
"options": [],
"rightsConvertibleInstruments": "21,716,875 Rights, each convertible into one-tenth of a Class A Restricted Voting Share (which becomes one-tenth of a Subordinate Voting Share) upon closing of Qualifying Acquisition."
},
"managementCompensation": {
"currency": "USD",
"periods": {
"threeMonthsEnded20250930": {
"administrativeServicesFee": 30000,
"professionalFees": 6616
},
"sixMonthsEnded20250930": {
"administrativeServicesFee": 60000,
"professionalFees": 13203
},
"threeMonthsEnded20240930": {
"administrativeServicesFee": 20000,
"professionalFees": 7576
},
"sixMonthsEnded20240930": {
"administrativeServicesFee": 20000,
"professionalFees": 7576
}
},
"namedIndividuals": [
{
"name": "Jonathan Sandelman",
"title": "Director",
"period": "2025",
"components": {
"salary": null,
"bonus": null,
"total": null
}
},
{
"name": "Mina Mawani",
"title": "Director",
"period": "2025",
"components": {
"salary": null,
"bonus": null,
"total": null
}
}
],
"otherRelatedPartyTransactions": [
{
"counterparty": "Sponsor (Mercer Park III, L.P.)",
"description": "Administrative services agreement",
"amount": 10000,
"period": "Monthly"
},
{
"counterparty": "Marrelli Support Services Inc.",
"description": "Professional fees for accounting and financial reporting",
"amount": 6575,
"period": "As at September 30, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": "2025-10-21",
"description": "Entered into a transaction agreement with Cube Group, Inc. for the Corporation's proposed qualifying acquisition.",
"impactValue": 300000000
}
]
}
]
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