SEDAR Interim Financial Statements

[
  {
    "companyName": "Mercer Park Opportunities Corp.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 12734,
      "prepaidExpenses": 65108,
      "restrictedCashAndShortTermInvestmentsHeldInEscrow": 225896389,
      "totalCurrentAssets": 225974231,
      "accountsPayableAndAccruedLiabilities": 618829,
      "dueToRelatedParties": 430142,
      "deferredUnderwritersCommission": 8500000,
      "classARestrictedVotingSharesSubjectToRedemption": 219512500,
      "warrantLiability": 558391,
      "totalCurrentLiabilities": 229619862,
      "shareCapital": 3681890,
      "contributedSurplus": 8566835,
      "deficit": -15894356,
      "totalShareholdersEquityDeficit": -3645631,
      "totalLiabilitiesAndShareholdersEquityDeficit": 225974231,
      "cashPerShare": 0.0022,
      "workingCapitalPerShare": -0.6185
    },
    "incomeStatement": {
      "interestIncome": 2079770,
      "transactionCosts": 0,
      "netUnrealizedLossGainOnChangesInTheFairValueOfFinancialLiabilities": 760035,
      "generalAndAdministrative": 555098,
      "totalExpenses": 1315133,
      "netIncomeLossAndComprehensiveIncomeLossForThePeriod": 764637,
      "basicAndDilutedNetIncomeLossPerClassBShare": 0.13,
      "weightedAverageNumberOfClassBSharesOutstandingBasicAndDiluted": 5896093
    },
    "cashFlowStatement": {
      "netLossForThePeriod": -3839407,
      "transactionCostsAssociatedWithFinancingActivities": 0,
      "netUnrealizedLossOnChangesInTheFairValueOfFinancialLiabilities": 9472535,
      "prepaidExpenses": -51965,
      "accountsPayableAndAccruedLiabilities": 521863,
      "dueToRelatedParties": 430142,
      "netCashProvidedByOperatingActivities": 6533168,
      "interestIncomeEarnedOnRestrictedCashAndShortTermInvestmentsHeldInEscrow": -6843690,
      "fundsHeldInEscrow": 0,
      "netCashUsedInInvestingActivities": -6843690,
      "proceedsFromIssuanceOfClassBSharesToFounders": 0,
      "proceedsFromIssuanceOfClassBUnits": 0,
      "proceedsFromIssuanceOfWarrantsToFounders": 0,
      "proceedsFromIssuanceOfClassARestrictedVotingUnits": 0,
      "transactionCosts": 0,
      "netCashProvidedByFinancingActivities": 0,
      "netChangeInCashAndCashEquivalentsDuringThePeriod": -310522,
      "cashAndCashEquivalentsBeginningOfPeriod": 323256,
      "cashAndCashEquivalentsEndOfPeriod": 12734
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Restricted Cash and Short-Term Investments",
        "description": "Restricted cash and short-term investments held in escrow",
        "ownershipPercentage": null,
        "value": 225896389,
        "notes": "Comprised of cash $221,684,911 and accrued interest $4,211,478. Held by Odyssey Trust Company as Escrow Agent."
      },
      {
        "type": "Marketable Securities",
        "description": "Investments in United States Treasury Bills (as of March 31, 2025)",
        "ownershipPercentage": null,
        "value": 212500000,
        "notes": "Part of restricted cash and short-term investments held in escrow as of prior period."
      }
    ],
    "shareStructure": {
      "authorizedShares": "100,000,000 Class A Restricted Voting Shares; 100,000,000 Class B Shares; 250,000,000 Subordinate Voting Shares; 10,000,000 Multiple Voting Shares; up to 40,000,000 Preference Shares",
      "issuedShares": 21250000,
      "classesOfShares": [
        "Class A Restricted Voting Shares",
        "Class B Shares",
        "Subordinate Voting Shares",
        "Multiple Voting Shares",
        "Preference Shares"
      ],
      "warrants": [
        {
          "number": 21250000,
          "exercisePrice": 11,
          "expiryDate": "5 years after completion of Qualifying Acquisition"
        },
        {
          "number": 618750,
          "exercisePrice": 11,
          "expiryDate": "5 years after completion of Qualifying Acquisition"
        },
        {
          "number": 466875,
          "exercisePrice": 11,
          "expiryDate": "5 years after completion of Qualifying Acquisition"
        }
      ],
      "options": [],
      "rightsConvertibleInstruments": "21,716,875 Rights outstanding. Each Right entitles holder to receive 1/10 of a Class A Restricted Voting Share (which will become 1/10 of a Subordinate Voting Share) following closing of Qualifying Acquisition. Rights expire if not converted within 6 months after Qualifying Acquisition or if Qualifying Acquisition does not occur within Permitted Timeline."
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": {
        "threeMonthsEndedDec312025": {
          "administrativeServiceExpenses": 30000,
          "professionalFees": 6568
        },
        "nineMonthsEndedDec312025": {
          "administrativeServiceExpenses": 90000,
          "professionalFees": 19771
        },
        "threeMonthsEndedDec312024": {
          "administrativeServiceExpenses": 30000,
          "professionalFees": 6561
        },
        "fromMay92024ToDec312024": {
          "administrativeServiceExpenses": 50000,
          "professionalFees": 14137
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Sponsor (Mercer Park III, L.P.)",
          "description": "Administrative services agreement for office space, utilities, and administrative support",
          "amount": 10000,
          "period": "Monthly"
        },
        {
          "counterparty": "Marrelli Support Services Inc.",
          "description": "Professional fees for accounting and financial reporting services",
          "amount": 19771,
          "period": "Nine months ended December 31, 2025"
        },
        {
          "counterparty": "Chief Executive Officer",
          "description": "Out-of-pocket expenses paid on behalf of Corporation for Qualifying Acquisition process",
          "amount": 417000,
          "period": "Payable as at December 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-10-21",
        "description": "Entered into transaction agreement to indirectly acquire all shares of Cube Group, Inc. for $300 million, representing proposed qualifying acquisition. Transaction subject to Exchange, regulatory and other approvals. Closing targeted for April 1, 2026.",
        "impactValue": 300000000
      }
    ]
  }
]