UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended ~~March~~June 3130, 2025

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

For the transition period from to

Commission File No. 001-41832

Quetta Acquisition Corporation

(Exact name of registrant as specified in its charter)

Delaware		93-1358026
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1185 Avenue of the Americas, Suite 304, New York, NY 10036

(Address of Principal Executive Offices, including zip code)

(212) 612-1400

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	QETA	The Nasdaq Stock Market LLC
Rights	QETAR	The Nasdaq Stock Market LLC
Units	QETAU	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (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, a smaller reporting company, or an emerging growth 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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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 ~~May~~August 219, 2025, there were 3,747,748 shares of the registrant’s common stock, including shares of common stock underlying the units, $0.0001 par value per share, issued and outstanding.

TABLE OF CONTENTS

		Page	~~Page~~
PART 1 - FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS	~~FINANCIAL STATEMENTS~~1	1
		Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)	1
	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited)	1
		Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	2
		Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Changes in Stockholders’ Deficit for the three and six months ended June 30, 2025 and 2024 (Unaudited)	3
		Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	4
	Notes to Consolidated Financial Statements (Unaudited)	~~Notes to Consolidated Financial Statements (Unaudited)~~5	5
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	~~MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS~~17	17
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	~~QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~21	21
Item 4.	CONTROLS AND PROCEDURES	~~CONTROLS AND PROCEDURES~~21	21
PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	~~LEGAL PROCEEDINGS~~22	22
Item 1A.	RISK FACTORS	~~RISK FACTORS~~22	22
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	~~UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS~~22	22
Item 3.	DEFAULTS UPON SENIOR SECURITIES	~~DEFAULTS UPON SENIOR SECURITIES~~22	22
Item 4.	MINE SAFETY DISCLOSURES	~~MINE SAFETY DISCLOSURES~~22	22
Item 5.	OTHER INFORMATION	~~OTHER INFORMATION~~22	22
Item 6.	EXHIBITS	~~EXHIBITS~~23	23
PART III - SIGNATURES		24	24

PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

QUETTA ACQUISITION CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2025			December 31, 2024
	June 30, 2025			December 31, 2024
ASSETS
Current Assets
Cash	$	~~243~~225,~~921~~929		$	1,554,737
Prepaid expenses and other assets		4694,~~445~~869			18,981
Total Current Assets		~~290~~320,~~366~~798			1,573,718
Investments held in Trust Account		18,~~417~~716,~~128~~360			73,115,355
Total Assets	$	1819,~~707~~037,~~494~~158		$	74,689,073
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Due to related party - administrative fee	$	1020,000		$	30,000
Due to related party		-50,000			3,951
Accounts payable and accrued expenses		~~170~~709,~~794~~660			70,978
Franchise tax payable		818,~~066~~266			66,000
Income tax payable		2766,~~503~~050			931,118
Excise tax payable		551,522			-
Promissory note – KM QUAD		~~750~~1,040,000			500,000
Total Current Liabilities		12,~~517~~455,~~885~~498			1,602,047
Deferred underwriting fee payable		2,415,000			2,415,000
Total Liabilities		34,~~932~~870,~~885~~498			4,017,047
Commitments and Contingencies		-			-
Common stock subject to possible redemption, $0.0001 par value; 20,000,000 shares authorized; 1,700,703 and 6,900,000 shares issued and outstanding at redemption value of $10.80 and $10.60 as of March 31, 2025 and December 31, 2024, respectively		18,372,996			73,137,958
Common stock subject to possible redemption, $0.0001 par value; 20,000,000 shares authorized; 1,700,703 and 6,900,000 shares issued and outstanding at redemption value of $10.99 and $10.60 as of June 30, 2025 and December 31, 2024, respectively		18,696,615			73,137,958
Stockholders’ Deficit
Common stock, $0.0001 par value; 20,000,000 shares authorized; 2,047,045 shares issued and outstanding (excluding 1,700,703 and 6,900,000 shares subject to possible redemption as of March 31, 2025 and December 31, 2024, respectively)		204			204
Common stock, $0.0001 par value; 20,000,000 shares authorized; 2,047,045 shares issued and outstanding (excluding 1,700,703 and 6,900,000 shares subject to possible redemption as of June 30, 2025 and December 31, 2024, respectively)		204			204
Accumulated deficit		(34,~~598~~530,~~591~~159	)		(2,466,136	)
Total Stockholders’ Deficit		(34,~~598~~529,~~387~~955	)		(2,465,932	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	1819,~~707~~037,~~494~~158		$	74,689,073

The accompanying notes are an integral part of these unaudited consolidated financial statements.

QUETTA ACQUISITION CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	2025			2024			2025			2024
	For the Three Months Ended March 31,
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Formation and operational costs	$	377,102		$	77,029
Formation and operation costs	$	723,999		$	150,225		$	1,101,101		$	227,254
Related party administrative fees		30,000			30,000
Related Party Administrative Fees		30,000			30,000			60,000			60,000
Franchise tax expense		10,000			16,200
Franchise tax expenses		10,200			17,477			20,200			33,677
Loss from operations		(~~417~~764,~~102~~199	)		(~~123~~197,~~229~~702	)		(1,181,301	)		(320,931	)
Other income:
Other Income:
Interest income		61,~~169~~391			64,~~283~~829			7,560			11,112
Interest earned on investments held in Trust Account		~~273~~192,~~997~~365			~~919~~929,~~706~~916			466,362			1,849,622
Income (loss) before income taxes		(~~136~~570,~~936~~443	)		~~802~~737,~~760~~043			(707,379	)		1,539,803
Provision for income taxes		(5637,~~735~~507	)		(~~191~~192,~~056~~626	)		(94,242	)		(383,682	)
Net income (loss)	$	(~~193~~607,~~671~~950	)	$	~~611~~544,~~704~~417		$	(801,621	)	$	1,156,121
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption		21,~~278~~700,~~403~~703			6,900,000			1,987,957			6,900,000
Basic and diluted net income (loss) per share, redeemable common stock	$	(0.0416	)	$	0.0706		$	(0.20	)	$	0.13
Basic and diluted weighted average shares outstanding, non-redeemable common stock		2,047,045			2,047,045
Basic and diluted weighted average shares outstanding, common stock		2,047,045			2,047,045			2,047,045			2,047,045
Basic and diluted net income (loss) per share, non-redeemable common stock	$	(0.04	)	$	0.07
Basic and diluted net income (loss) per share, non redeemable common stock	$	(0.16	)	$	0.06		$	(0.20	)	$	0.13

The accompanying notes are an integral part of these unaudited consolidated financial statements.

QUETTA ACQUISITION CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(Unaudited)

For the Three ~~Month~~and ~~Ended~~Six ~~March~~Months 31ended in June 30, 2025

					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
Balance–December 31, 2024		2,047,045	$	204	$	-	$	(2,466,136	)	$	(2,465,932	)
Remeasurement of common stock subject to possible redemption		-		-		-		(207,262	)		(207,262	)
Extension fees attributable to common stock subject to redemption		-		-		-		(180,000	)		(180,000	)
Excise tax imposed on common stock redemptions		-		-		-		(551,522	)		(551,522	)
Net loss		-		-		-		(193,671	)		(193,671	)
Balance–March 31, 2025		2,047,045	$	204	$	-	$	(3,598,591	)	$	(3,598,387	)
Remeasurement of common stock subject to possible redemption		-		-		-		(143,618	)		(143,618	)
Extension fees attributable to common stock subject to redemption		-		-		-		(180,000	)		(180,000	)
Net loss		-		-		-		(607,950	)		(607,950	)
Balance–June 30, 2025		2,047,045	$	204	$	-	$	(4,530,159	)	$	(4,529,955	)

For the Three ~~Month~~and ~~Ended~~Six ~~March~~Months 31ended in June 30, 2024

					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
Balance–December 31, 2023		2,047,045	$	204	$	-	$	(1,743,798	)	$	(1,743,594	)
Balance		2,047,045	$	204	$	-	$	(1,743,798	)	$	(1,743,594
Remeasurement of common stock subject to possible redemption		-		-		-		(711,273	)		(711,273	)
Net income		-		-		-		611,704			611,704
Net income (loss)		-		-		-		611,704			611,704
Balance–March 31, 2024		2,047,045	$	204	$	-	$	(1,843,367	)	$	(1,843,163	)
Balance		2,047,045	$	204	$	-	$	(1,843,367	)	$	(1,843,163	)
Remeasurement of common stock subject to possible redemption		-		-		-		(720,990	)		(720,990	)
Net income		-		-		-		544,417			544,417
Net income (loss)		-		-		-		544,417			544,417
Balance–June 30, 2024		2,047,045	$	204	$	-	$	(2,019,940	)	$	(2,019,736	)
Balance		2,047,045	$	204	$	-	$	(2,019,940	)	$	(2,019,736	)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

QUETTA ACQUISITION CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	2025			2024
	For the Three Months Ended March 31,
	For the Six Months Ended June 30,
	2025			2024
Cash Flows from Operating Activities:
Net income (loss)	$	(~~193~~801,~~671~~621	)	$	~~611~~1,~~704~~156,121
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Interest earned on investments held in Trust Account		(~~273~~466,~~997~~362	)		(~~919~~1,~~706~~849,622	)
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(2775,~~464~~888	)		23(4,~~352~~096	)
Accounts payable and accrued expenses		99638,~~816~~682			1738,~~400~~650
Income tax payable		(~~903~~865,~~615~~068	)		~~191~~383,~~056~~682
Franchise tax payable		(5747,~~934~~734	)		118,~~822~~122
Due to related party		(346,~~951~~049	)		-
Due to related party - administrative fee		(2010,000	)		30(18,~~000~~710	)
Net cash used in operating activities		(1,~~380~~581,~~816~~942	)		(44275,~~372~~853	)
Cash Flows from Investing Activities:
Investment of cash into Trust Account		(~~180~~360,000	)		-
Cash withdrawn from Trust Account to pay redeemed public stockholders		55,152,224			-
Net cash provided by investing activities		54,972,224			-
Cash withdrawn from Trust Account to pay taxes		73,134			-
Net cash provided by investing activities		54,865,358			-
Cash Flows from Financing Activities:
Payment to redeemed public stockholders		(55,152,224	)		-
Proceeds from promissory note - KM QUAD		~~250~~540,000			-
Net cash used in financing activities		(54,~~902~~612,224	)		-
Net Changes in Cash		(1,~~310~~328,~~816~~808	)		(44275,~~372~~853	)
Cash - Beginning of period		1,554,737			610,185
Cash - End of period	$	~~243~~225,~~921~~929		$	~~565~~334,~~813~~332
Supplemental Disclosure of Non-cash Financing Activities:
Extension fees attributable to common stock subject to redemption	$	~~180~~360,000		$	-
Excise tax imposed on common stock redemptions	$	551,522		$	-
Remeasurement of common stock subject to possible redemption	$	~~207~~350,~~262~~880		$	~~711~~1,~~273~~432,263

The accompanying notes are an integral part of these unaudited consolidated financial statements.

QUETTA ACQUISITION CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 — Description of Organization and Business Operations

Quetta Acquisition Corporation (the “Company” or “Quetta”) is a blank check company incorporated as a Delaware Corporation on May 1, 2023. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”). The Company intends to focus on target businesses in Asia.

As of ~~March~~June 3130, 2025, the Company had not commenced any operations. All activities through ~~March~~June 3130, 2025, are related to the Company’s formation and the initial public offering (“IPO” as defined below) and subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end. The Company’s sponsor is Yocto Investments LLC (the “Sponsor”), a Delaware limited liability company.

The registration statement for the Company’s IPO became effective on October 5, 2023. On October 11, 2023, the Company consummated the IPO of 6,900,000 units (the “Public Units’), including the full exercise of the over-allotment option of 900,000 Units granted to the underwriters. The Public Units were sold at an offering price of $10.00 per unit generating gross proceeds of $69,000,000. Simultaneously with the IPO, the Company sold to its Sponsor 253,045 units at $10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds of $2,530,450, which is described in Note 4.

Transaction costs amounted to $4,202,729, consisted of $690,000 cash underwriting fees (net of $690,000 expense reimbursement from the underwriters), $2,415,000 deferred underwriting fees (payable only upon completion of a Business Combination) and $1,097,729 other offering costs.

Upon the closing of the IPO and the private placement on October 11, 2023, a total of $69,690,000 was placed in a trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company as a trustee and will 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. These funds will not be released until the earlier of the completion of the initial Business Combination and the liquidation due to the Company’s failure to complete a Business Combination within the applicable period of time. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. In addition, interest income earned on the funds in the Trust Account may be released to the Company to pay its income or other tax obligations. With these exceptions, expenses incurred by the Company may be paid prior to a business combination only from the net proceeds of the IPO and private placement not held in the Trust Account.

Pursuant to Nasdaq listing rules, the Company’s initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for its initial Business Combination, although the Company may structure a Business Combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income tax obligations). The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Proposed Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and any of the Company’s officers or directors that may hold Founder Shares (as defined in Note 5) (the “Initial Stockholders”) and the underwriters have agreed (a) to vote their Founder Shares, Private Shares (as defined in Note 4), Shares issued as underwriting commissions (see Note 6) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and (b) not to convert any shares (including the Founder Shares) in connection with a stockholder vote to approve, or sell the shares to the Company in any tender offer in connection with, a proposed Business Combination.

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Public Shares, without the prior consent of the Company.

The Initial Stockholders have agreed (a) to waive their redemption rights with respect to the Founder Shares, Private Shares, and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose, or vote in favor of, an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable, and less certain amount of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the other Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares, and Private Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or the other Initial Stockholders acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.10.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.10 per Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims.

On October 18, 2024, the Company entered into a non-binding letter of intent (“LOI”) with QUAD, regarding a potential business combination (the “Proposed Transaction”). The LOI is non-binding and no agreement providing for any Proposed Transaction or any other transaction or the participation by either party therein will be deemed to exist unless and until definitive agreements have been executed. As a result of the execution of the LOI, the deadline by which the Company must complete its initial business combination has been extended to January 10, 2025.

On February 5, 2025, Quad Global Inc. (“Quad Global” or the “Purchaser”), is a wholly owned subsidiary of the Company and a Cayman Island ~~exempted~~ exempted company, was formed to be the surviving company after the reincorporation merger in connection with a contemplated business combination. It has no principal operations or revenue producing activities.

On January 28, 2025, Quad Group Inc., is a wholly owned subsidiary of the Quad Global and a Cayman Island exempted company, was formed to be the Merger Sub in connection with a contemplated business combination. It has no principal operations or revenue producing activities.

Merger Agreement

On February 14, 2025, Quetta entered into entered into an Agreement and Plan of Merger (the “Merger Agreement”) with KM QUAD, a Cayman Islands company (“KM QUAD”), the parent company of Jiujiang Lida Technology Co., Ltd., a film product design and manufacturer in China. Upon consummation of the transaction contemplated by the Merger Agreement, (i) Quetta will reincorporate by merging with and into Quad Global, and (ii) concurrently with the reincorporation merger, Quad Group Inc., a Cayman Islands exempted company and wholly-owned subsidiary of Quad Global, will be merged with and into KM QUAD, resulting in KM QUAD being a wholly-owned subsidiary of Quad Global. At the effective time of the transaction, KM QUAD’s shareholders and management will receive 30 million ordinary shares of Quad Global. The shares held by certain KM QUAD’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the transaction, subject to certain exceptions.

The aggregate consideration to be paid to KM QUAD shareholders for the Acquisition Merger is $300 million, payable in newly issued purchaser ordinary shares valued at $10.00 per share. The Transaction, which has been approved by the boards of directors of both Quetta and KM QUAD, is subject to regulatory approvals, the approvals by the shareholders of Quetta and KM QUAD, respectively, and the satisfaction of certain other customary closing conditions including the following:

KM QUAD shall bear (i) 50% of the transaction costs incurred by Quetta, excluding any amounts payable at closing from the Trust Account, provided that KM QUAD’s obligation to pay such transaction costs incurred by Quetta shall not exceed $500,000 in total; (ii) 50% of the expenses incurred by Quetta in connection with maintaining ongoing public company responsibilities, provided that KM QUAD’s obligation to pay such Public Company Expenses incurred by Quetta shall not exceed $100,000 in total; and (iii) the extension fees of Quetta covering nine extensions over nine months, in the total amount of $540,000. If the Closing does not occur prior to October 10, 2025 due to a delay in obtaining regulatory approvals, Quetta shall be responsible for any extension fees and other related fees incurred by Quetta beyond October 10, 2025 not to exceed $100,000 per month.

Pursuant to the Merger Agreement, on or before February 14, 2025, KM QUAD deposited $250,000, the first installment of the term extension fees to the Company’s bank account in exchange for a promissory note issued by the Company. QUAD deposited $290,000, the second installment of the extension fees, to the Company’s bank account on or before April 20, 2025 in exchange for a promissory note issued by the Company, provided that the Merger Agreement has not been terminated prior to that date. AsOn of May 129, 2025, KM QUAD ~~has not~~ deposited the second installment of $290,000.

January 2025 Stockholder Meeting

On January 10, 2025, the Company held a special meeting of stockholders (the “January Special Meeting”). During the January Special Meeting, stockholders approved an amendment to the Company’s second amended and restated certificate of incorporation (the “A&R Certificate of Incorporation”) to extend the date by which the Company has to consummate a business combination from January 10, 2025 to October 10, 2026 (36 months from the consummation of the Company’s initial public offering), on a month-by-month basis, up to a total of 21 times, by depositing $60,000 into the Company’s trust account for each such one-month extension.

In ~~connection~~ connection with the stockholders’ vote at the January Special Meeting, an aggregate of 5,199,297 shares with redemption value of ~~approximately~~ approximately $55,152,224 (approximately $10.61 per share) were tendered for redemption. The Company subsequently deposited $60,000 ~~each~~ each time from January 2025 to ~~April~~ August 2025 into the Trust Account to extend the date by which the Company can complete an initial business combination to ~~May~~September 10, 2025.

Going Concern Consideration

As of ~~March~~June 3130, 2025, the Company had $~~243~~225,~~921~~ 929 in cash and a working capital deficit of $12,~~227~~134,~~519~~700. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. There is no assurance that the Company’s plans to raise capital will be successful. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of directors would proceed to commence voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional condition also raises substantial doubt about the Company’s ability to continue as a going concern until the earlier of the consummation of the Business Combination or the date the Company is required to liquidate. The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

Risks and Uncertainties

Various social and political circumstances in the U.S. and around the world (including rising trade tensions between the U.S. and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide.

As a result of these circumstances and the ongoing Russia/Ukraine, Hamas/Israel conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and potential future sanctions on the world economy and the specific impact on the Company’s financial position, results of operations or ability to consummate a Business Combination are not yet determinable. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

The IR Act tax provisions had an impact on the Company’s tax provisions for the three months ended ~~March~~June 3130, 2025 as there were redemptions by the public stockholders in January 2025. As a result, the Company recorded an excise tax liability of $551,522 as of ~~March~~June 3130, 2025. The Company has not filed its 2025 excise tax return and remitted excise tax payment. The Company is currently evaluating its options with respect to payment of this obligation. If the Company is unable to pay its obligation in full, it will be subject to additional interest and penalties which are currently estimated at 8% interest per annum and a 5% underpayment penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid until paid in full.

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, as set forth by the Financial Accounting Standards Board (“FASB”), and pursuant to the rules and regulations of the SEC. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, as filed with the SEC on April 7, 2025. In the opinion of management, the unaudited financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The interim results for the three and six months ended ~~March~~June 3130, 2025 are not necessarily indicative of the results that may be expected through December 31, 2025 or for any future periods.

Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

In preparing the financial statement in conformity with U.S. GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $~~243~~225,~~921~~929 and $1,554,737 in cash and none in cash equivalents as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

Investments Held in Trust Account

As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had $18,~~417~~716,~~128~~360 and $73,115,355, respectively, in investments held in the Trust Account comprised of money market funds that invest in U.S. government securities.

Investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Earnings on investments held in the Trust Account are included in interest earned on investments held in the Trust Account in the accompanying statement of operations. The estimated fair value of investments held in the Trust Account is determined using available market information.

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes (“ASC 740”)”. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of ~~March~~June 3130, 2025 or December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The provision for income taxes was $5637,~~735~~ 507 and $~~191~~94,~~056~~242 for the three and six months ended ~~March~~June 3130, 2025, respectively; and $192,626 and $383,682 for the three and six months ended June 30, 2024, respectively.

Net Income (Loss) Per Common Share

Net income (loss) per common is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture by the Initial Stockholders. At ~~March~~June 3130, 2025, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the period presented.

The following table reflects the calculation of basic and diluted net income (loss) per common share:

Schedule of Basic and Diluted Net Income Per Common Share

	2025			2024
	For the Three Months Ended June 30, 2025			For the Three Months Ended June 30, 2024
	For the Three Months Ended March 31,
	2025			2024
Redeemable common stock subject to possible redemption
Numerator:
Net income (loss) attributable to redeemable common stock subject to possible redemption	$	(~~102~~275,~~015~~883	)	$	~~471~~419,~~749~~857
Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption		21,~~278~~700,~~403~~703			6,900,000
Basic and diluted net income (loss) per share, redeemable common stock	$	(0.0416	)	$	0.0706
Non-redeemable common stock
Numerator:
Net income (loss)	$	(~~193~~607,~~671~~950	)	$	~~611~~544,~~704~~417
Less: Net income (loss) attributable to common stock subject to possible redemption	$	(~~102~~275,~~015~~883	)	$	~~471~~419,~~749~~857
Net income (loss) attributable to non-redeemable common stock	$	(91332,~~656~~067	)	$	~~139~~124,~~955~~560
Denominator: Weighted average non-redeemable common stock
Basic and diluted weighted average shares outstanding, non-redeemable common stock		2,047,045			2,047,045
Basic and diluted net income (loss) per share, non-redeemable common stock	$	(0.0416	)	$	0.0706

Concentration of Credit Risk

	For the Six Months Ended June 30, 2025			For the Six Months Ended June 30, 2024
Redeemable common stock subject to possible redemption
Numerator:
Net income (loss) attributable to redeemable common stock subject to possible redemption	$	(394,941	)	$	891,606
Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption		1,987,957			6,900,000
Basic and diluted net income (loss) per share, redeemable common stock	$	(0.20	)	$	0.13

Non-redeemable common stock
Numerator:
Net income (loss)	$	(801,621	)	$	1,156,121
Less: Net income (loss) attributable to common stock subject to possible redemption	$	(394,941	)	$	891,606
Net income (loss) attributable to non-redeemable common stock	$	(406,680	)	$	264,515
Denominator: Weighted average non-redeemable common stock
Basic and diluted weighted average shares outstanding, non-redeemable common stock		2,047,045			2,047,045
Basic and diluted net income (loss) per share, non-redeemable common stock	$	(0.20	)	$	0.13

~~Financial instruments that potentially subject the~~Concentration ~~Company to concentrations~~ of ~~credit~~Credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such an account.Risk

~~Fair~~Financial instruments ~~Value~~that potentially subject the Company to concentrations of ~~Financial~~credit ~~Instruments~~risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such an account.

~~The~~Fair Value ~~fair value~~ of ~~the Company’s assets and liabilities, which qualify as financial instruments under ASC 825, “~~Financial Instruments~~,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.~~

~~Common~~The fair ~~Stock~~value ~~Subject~~of the Company’s assets and liabilities, which qualify as financial instruments under ASC 825, “Financial Instruments,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to ~~Possible~~their ~~Redemption~~short-term nature.

~~The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.”~~ Common ~~stock~~Stock ~~subject~~Subject to ~~mandatory~~Possible redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. Accordingly, as of March 31, 2025 and December 31, 2024, 1,700,703 and 6,900,000 shares of common stock, respectively, were presented at redemption value as temporary equity, outside of the stockholder’s equity section of the Company’s balance sheet.Redemption

11The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. Accordingly, as of June 30, 2025 and December 31, 2024, 1,700,703 and 6,900,000 shares of common stock, respectively, were presented at redemption value as temporary equity, outside of the stockholder’s equity section of the Company’s balance sheet.

~~Segment Reporting~~11

~~ASC Topic 280, “~~Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

~~The~~ASC Topic ~~Company’s~~280, ~~chief~~“Segment ~~operating~~Reporting,” ~~decision~~establishes ~~maker has~~standards ~~been~~for ~~identified~~companies asto ~~the~~report ~~Chief~~in ~~Executive~~their ~~Officer~~financial ~~(“CODM”)~~statement information about operating segments, ~~who~~products, ~~reviews~~services, ~~the~~geographic ~~operating~~areas, ~~results~~and ~~for~~major ~~the~~customers. ~~Company~~Operating assegments aare ~~whole to~~defined ~~make~~as ~~decisions~~components ~~about~~of ~~allocating~~an ~~resources~~enterprise for ~~and~~which ~~assessing~~separate financial ~~performance.~~information ~~Accordingly,~~is ~~management~~available ~~has~~that ~~determined~~is ~~that~~regularly evaluated by the Company’s chief operating decision maker, ~~only~~or ~~has~~group, ~~one~~in ~~operating~~deciding ~~segment~~how to allocate resources and assess performance.

~~When evaluating the~~ The Company’s ~~performance~~chief ~~and making~~operating ~~key~~decision ~~decisions~~maker ~~regarding~~has ~~resource~~been ~~allocation,~~identified as the Chief Executive Officer (“CODM”), who reviews ~~key~~the operating ~~metrics,~~results ~~formation~~for ~~and~~the ~~operational~~Company ~~costs~~as ~~and~~a ~~interest earned~~whole onto ~~investments~~make ~~held~~decisions inabout ~~Trust~~allocating ~~Account~~resources ~~which~~and ~~include~~assessing financial performance. Accordingly, management has determined that the ~~accompanying~~Company ~~statements~~only ofhas ~~operations~~one operating segment.

~~The~~When evaluating ~~key~~the ~~measures~~Company’s ofperformance ~~segment~~and ~~profit~~making orkey ~~loss~~decisions ~~reviewed by~~regarding ~~our~~resource ~~CODM~~allocation, ~~are~~the ~~interest~~CODM ~~earned~~reviews onkey ~~investments~~metrics, ~~held in Trust Account and~~ formation and operational costs. ~~The~~and ~~CODM reviews~~ interest earned on investments held in Trust Account towhich ~~measure~~include ~~and monitor stockholder value and determine~~ the ~~most~~accompanying ~~effective~~statements ~~strategy~~ of ~~investment with the Trust Account funds while maintaining compliance with the trust agreement~~operations. Formation and operational costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews formation and operational costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

~~Recent~~The key ~~Accounting~~measures ~~Pronouncements~~of segment profit or loss reviewed by our CODM are interest earned on investments held in Trust Account and formation and operational costs. The CODM reviews interest earned on investments held in Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Formation and operational costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews formation and operational costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

~~Management does not believe that any recently issued,~~Recent ~~but~~Accounting ~~not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.~~Pronouncements

~~Note~~Management does 3not —believe ~~Initial~~that ~~Public~~any ~~Offering~~recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

~~On October 11, 2023, the Company sold 6,900,000 Units~~Note at3 a— ~~price~~Initial of $10.00 per Unit (including the full exercise of the over-allotment option of 900,000 Units granted to the underwriters), generating gross proceeds of $69,000,000. Each Unit consists of one share of common stock and one-tenth (1/10) of one right (“Public ~~Right”).~~ ~~Each Public Right will convert into one share of common stock upon the consummation of a Business Combination.~~Offering

~~Note~~On October 411, —2023, ~~Private~~the ~~Placement~~Company sold 6,900,000 Units at a price of $10.00 per Unit (including the full exercise of the over-allotment option of 900,000 Units granted to the underwriters), generating gross proceeds of $69,000,000. Each Unit consists of one share of common stock and one-tenth (1/10) of one right (“Public Right”). Each Public Right will convert into one share of common stock upon the consummation of a Business Combination.

~~Simultaneously with the closing of the IPO, The Sponsor~~Note ~~purchased~~4 an— ~~aggregate of 253,045~~ Private Units at a price of $10.00 per Private Unit for an aggregate purchase price of $2,530,450 in a private placement. The Private Units are identical to the Public Units except with respect to certain registration rights and transfer restrictions. Each Private Unit consists of one share of common stock (“Private Share”) and one-tenth (1/10) of one right (“Private Right”). Each Private Right will convert into one share of common stock upon the consummation of a Business Combination. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.Placement

12Simultaneously with the closing of the IPO, The Sponsor purchased an aggregate of 253,045 Private Units at a price of $10.00 per Private Unit for an aggregate purchase price of $2,530,450 in a private placement. The Private Units are identical to the Public Units except with respect to certain registration rights and transfer restrictions. Each Private Unit consists of one share of common stock (“Private Share”) and one-tenth (1/10) of one right (“Private Right”). Each Private Right will convert into one share of common stock upon the consummation of a Business Combination. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.

~~Note 5 — Related Party Transactions~~12

~~Founder~~Note 5 ~~Shares~~— Related Party Transactions

~~On May 17, 2023, the Company issued 1,725,000 shares of common stock to the Initial Stockholders (the “~~Founder ~~Shares”) for an aggregated consideration of $25,000, or approximately~~ ~~$0.0145 per share. The Initial Stockholders have agreed to forfeit up to 225,000 Founder~~ Shares to the extent that the over-allotment option is not exercised in full so that the Initial Stockholders collectively own 20% of the Company’s issued and outstanding shares after the IPO (assuming the Initial Stockholders do not purchase any Public Shares in the IPO and excluding the Private Units). As a result of the underwriters’ full exercise of the over-allotment option on October 11, 2023, no Founder Share were forfeited. As of March 31, 2025 and December 31, 2024, 1,725,000 Founder Shares were issued and outstanding.

~~The~~On May ~~Initial~~17, ~~Stockholders have agreed~~2023, ~~subject~~the toCompany ~~certain limited~~issued ~~exceptions~~1, ~~not to transfer~~725,000 ~~assign~~shares ~~or sell any~~ of ~~their~~common ~~Founder~~stock ~~Shares until, with respect~~ to ~~50%~~the ofInitial Stockholders (the “Founder Shares,”) ~~the~~for ~~earlier~~an ofaggregated ~~six~~consideration ~~months after the consummation~~ of a$25,000, ~~Business Combination and the date on which the closing price of the common stock equals~~ or ~~exceeds~~approximately $120.500145 per share. ~~(as~~The ~~adjusted~~Initial ~~for~~Stockholders ~~stock~~have ~~splits,~~agreed ~~stock~~to ~~dividends,~~forfeit ~~reorganizations~~up to 225,000 Founder ~~recapitalizations~~Shares ~~and~~to the ~~like)~~extent ~~for~~that ~~any~~the ~~20 trading days within a 30~~over-~~trading~~allotment ~~day~~option ~~period~~is ~~commencing~~not ~~after~~exercised ain ~~Business~~full ~~Combination~~so ~~and,~~that ~~with~~the ~~respect~~Initial toStockholders ~~the~~collectively ~~remaining 50~~own 20% of the ~~Founder Shares,~~Company’s ~~until~~issued ~~the~~and ~~six~~outstanding ~~months~~shares after the ~~consummation~~IPO of(assuming athe ~~Business~~Initial ~~Combination,~~Stockholders ordo ~~earlier,~~not inpurchase ~~either~~any ~~case,~~Public Shares ~~if,~~in ~~subsequent~~the toIPO aand ~~Business Combination,~~excluding the ~~Company~~Private ~~completes~~Units). As a ~~liquidation,~~result ~~merger,~~of ~~stock~~the ~~exchange~~underwriters’ orfull ~~other~~exercise ~~similar~~of ~~transaction~~the ~~which~~over-allotment ~~results~~option on inOctober ~~all~~11, of2023, ~~the~~no ~~Company’s stockholders~~Founder ~~having~~Share ~~the~~were ~~right~~forfeited. toAs ~~exchange~~of ~~their~~June ~~shares~~30, of2025 ~~common~~and ~~stock~~December ~~for~~31, ~~cash~~2024, ~~securities~~1,725,000 orFounder ~~other~~Shares ~~property~~were issued and outstanding.

~~Due~~The Initial Stockholders have agreed, subject to ~~Related~~certain ~~Party~~limited exceptions, not to transfer, assign or sell any of their Founder Shares until, with respect to 50% of the Founder Shares, the earlier of six months after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Founder Shares, until the six months after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

~~The~~Due ~~Sponsor paid out of pocket travel expenses related~~ to ~~due~~Related diligence and research of prospective target business. As of March 31, 2025 and December 31, 2024, $0 and $3,951, respectively, were outstanding. The amount is unsecured, interest-free and due on demand.Party

~~Related~~The Sponsor ~~Party~~paid ~~Loans~~out of pocket travel expenses related to due diligence and research of prospective target business. As of June 30, 2025 and December 31, 2024, $50,000 and $3,951, respectively, were outstanding. The amount is unsecured, interest-free and due on demand.

~~In addition, in order to finance transaction costs~~Related inParty connection with an intended initial Business Combination, the Initial Stockholders or their affiliates may, but are not obligated to, loan us funds as may be required. If the Company completes an initial Business Combination, it will repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Certain amount of such loans may be converted into private at $10.00 per share at the option of the lender. As of March 31, 2025 and December 31, 2024, the Company had no borrowings under the working capital loans.Loans

13In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Initial Stockholders or their affiliates may, but are not obligated to, loan us funds as may be required. If the Company completes an initial Business Combination, it will repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Certain amount of such loans may be converted into private at $10.00 per share at the option of the lender. As of June 30, 2025 and December 31, 2024, the Company had no borrowings under the working capital loans.

~~Administrative Support Agreement~~13

~~The Company entered into an agreement, commencing~~Administrative onSupport October 5, 2023 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support. However, pursuant to the terms of such agreement, the Sponsor agreed to defer the payment of such monthly fee. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of the initial Business Combination. The Company accrued $10,000 and $30,000 administrative fees due to the Sponsor in the accompanying balance sheets as of March 31, 2025 and December 31, 2024, respectively.Agreement

~~Other~~The Company entered into an agreement, commencing on October 5, 2023 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support. However, pursuant to the terms of such agreement, the Sponsor agreed to defer the payment of such monthly fee. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of the initial Business Combination. The Company accrued $20,000 and $30,000 administrative fees due to the Sponsor on the accompanying balance sheets as of June 30, 2025 and December 31, 2024, respectively.

On December 26, 2024, the Company engaged Celine & Partners PLLC (“Celine”) to represent them for all U.S. corporate and securities compliance matters. Celine is controlled by Ms. Celine Chen, who is the wife of Mr. Hui Chen, the Company’s CEO and director. A flat fee of $10,000 per month is charged for the ongoing public reports such as Form 10-Qs, 10-Ks, Form 8-Ks and press releases. For each extension of time to consummate an initial business combination, a fee of $40,000 will be charged for filing the Pre-14A and Def-14A. The Company paid $70,000 legal fees to Celine for the three months ending March 31, 2025.Other

~~Note~~On December 626, —2024, ~~Commitments~~the Company engaged Celine & Partners PLLC (“Celine”) to represent them for all U.S. corporate and securities ~~Contingencies~~compliance matters. Celine is controlled by Ms. Celine Chen, who is the wife of Mr. Hui Chen, the Company’s CEO and director. A flat fee of $10,000 per month is charged for the ongoing public reports such as Form 10-Qs, 10-Ks, Form 8-Ks and press releases. For each extension of time to consummate an initial business combination, a fee of $40,000 is charged for filing the Pre-14A and Def-14A. For the six months ending June 30, 2025, the Company incurred $100,000 in legal fees payable to Celine; $90,000 was paid and $10,000 accrued on the accompanying balance sheets as of June 30, 2025.

~~Registration~~Note 6 ~~Rights~~— Commitments and Contingencies

~~The holders of the Founder Shares issued and outstanding~~Registration on October 5, 2023, as well as the holders of the private units and any shares of the Company’s insiders, officers, directors or their affiliates may be issued in payment of working capital loans and extension loans made to the Company (and any shares of common stock issuable upon conversion of the underlying the private rights), will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of the IPO. The holders of a majority of these securities are entitled to make up to two demands that we register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the private units and units issued in payment of working capital loans made to us can elect to exercise these registration rights at any time commencing on the date that the Company consummate an initial business combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of an initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.Rights

~~Underwriting~~The holders ~~Agreement~~of the Founder Shares issued and outstanding on October 5, 2023, as well as the holders of the private units and any shares of the Company’s insiders, officers, directors or their affiliates may be issued in payment of working capital loans and extension loans made to the Company (and any shares of common stock issuable upon conversion of the underlying the private rights), will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of the IPO. The holders of a majority of these securities are entitled to make up to two demands that we register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the private units and units issued in payment of working capital loans made to us can elect to exercise these registration rights at any time commencing on the date that the Company consummate an initial business combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of an initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

~~The Company granted EF Hutton, the representative~~Underwriting of the underwriters, a 45-day option from October 5, 2023 to purchase up to 900,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. On October 11, 2023, the underwriters fully exercised the over-allotment option to purchase 900,000 units, generating gross proceeds to the Company of $9,000,000.Agreement

The ~~underwriters were paid a cash underwriting discount~~ ofCompany ~~2.0%~~granted ofEF Hutton, the ~~gross~~representative ~~proceeds~~ of the ~~IPO or $1~~underwriters,~~380,000.~~ Ina ~~addition,~~45-day ~~the~~option ~~underwriters~~from ~~will~~October be5, ~~entitled~~2023 to apurchase ~~deferred~~up ~~fee~~to of900,000 ~~3.5% of the~~additional ~~gross~~Units ~~proceeds~~to ofcover ~~the~~over-allotments, ~~IPO~~if ~~or $2~~any,~~415,000~~ ~~will~~at bethe ~~paid~~IPO ~~upon~~price less the ~~closing~~underwriting ofdiscounts aand ~~Business~~commissions. ~~Combination~~On ~~from~~October ~~the~~11, ~~amounts~~2023, ~~held in~~ the ~~Trust Account,~~underwriters ~~subject~~fully toexercised the ~~terms~~over-allotment ofoption ~~the~~to ~~underwriting~~purchase ~~agreement.~~900,000 ~~The~~units, ~~underwriters~~generating ~~reimbursed~~gross ~~$690,000~~proceeds to the Company ~~for~~of ~~the IPO related expenses~~$9,000,000.

~~Additionally,~~The underwriters were paid a cash underwriting discount of 2.0% of the ~~Company~~gross ~~issued~~proceeds of the ~~underwriters 69~~IPO or $1,380,000. ~~shares~~In addition, the underwriters will be entitled to a deferred fee of ~~common~~3.5% ~~stock~~of ~~for~~the gross proceeds of the ~~representative~~IPO ~~shares~~or $2,415,000 atwill be paid upon the closing of a Business Combination from the ~~IPO~~amounts asheld ~~part~~in ofthe ~~representative~~Trust ~~compensation.~~Account, Assubject to the terms of ~~March 31,~~the ~~2025~~underwriting ~~and~~agreement. ~~December~~The ~~31,~~underwriters ~~2024~~reimbursed $690, ~~69,~~000 ~~representative~~to ~~shares~~the ~~were~~Company ~~issued~~for ~~and~~the ~~outstanding~~IPO related expenses.

14Additionally, the Company issued the underwriters 69,000 shares of common stock for the representative shares, at the closing of the IPO as part of representative compensation. As of June 30, 2025 and December 31, 2024, 69,000 representative shares were issued and outstanding.

~~Note 7 — Stockholders’ Deficit~~14

~~Common~~Note 7 ~~Stock~~ — The Company is authorized to issue 20,000,000 shares of common stock with a par value of $0.0001 per share. Holders of common stock are entitled to one vote for each share. As a result of the underwritersStockholders’ full exercise of the over-allotment option on October 11, 2023, there are no Founder Share subject to forfeiture. As of March 31, 2025 and December 31, 2024 there were 2,047,045 shares of common stock issued and outstanding (excluding 1,700,703 and 6,900,000 shares subject to possible redemption as of March 31, 2025 and December 31, 2024, respectively).Deficit

~~Rights~~Common Stock — ~~Each~~The ~~holder~~Company ofis aauthorized ~~right will~~to ~~receive~~issue ~~one~~20,000,000 ~~share~~shares of common stock ~~upon~~with ~~consummation of~~ a ~~Business~~par ~~Combination,~~value ~~even if the holder~~ of ~~such right redeemed all shares held by it in connection with a Business Combination~~$0.0001 Noper ~~fractional shares will be issued upon conversion of the rights~~share. ~~No additional~~Holders ~~consideration will be required to be paid by a holder~~ of ~~rights~~common instock ~~order~~are entitled to ~~receive~~one ~~its~~vote ~~additional~~for ~~shares~~each ~~upon~~share. ~~consummation~~As of a ~~Business Combination,~~result asof the ~~consideration~~underwriters’ ~~related~~full ~~thereto~~exercise ~~has~~of ~~been included in~~ the ~~Unit~~over-allotment ~~purchase price paid for by investors in the IPO. If the~~option ~~Company~~on ~~enters~~October ~~into~~11, ~~a definitive agreement for a Business Combination in which the Company will not be the surviving entity~~2023, ~~the~~there ~~definitive agreement~~are ~~will~~no ~~provide~~Founder ~~for~~Share ~~the~~subject ~~holders of rights~~ to ~~receive~~forfeiture. ~~the~~As ~~same~~of ~~per~~June ~~share~~30, ~~consideration~~2025 ~~the~~and ~~holders~~December of31, ~~the~~2024 ~~common~~there ~~stock~~were ~~will receive~~2,047,045 inshares ~~the~~of ~~transaction on an as-converted into~~ common stock ~~basis~~issued and ~~each~~outstanding ~~holder~~(excluding of1,700,703 aand ~~right~~6,900,000 ~~will~~shares besubject ~~required~~ to ~~affirmatively~~possible ~~covert~~redemption ~~its rights~~as inof ~~order~~June ~~to receive one share underlying each right (without paying additional consideration). The shares issuable upon conversion~~30, of2025 ~~the~~and ~~rights~~December ~~will~~31, be2024, ~~freely tradable (except to the extent held by affiliates of the Company~~respectively).

IfRights — ~~the~~Each ~~Company~~holder isof ~~unable~~a toright ~~complete~~will receive one share of common stock upon consummation of a Business Combination ~~within~~, ~~the~~even ~~Combination~~if ~~Period~~the holder ~~and~~of ~~the~~such ~~Company~~right ~~liquidates~~redeemed ~~the~~all ~~funds~~shares held by it in ~~the~~connection ~~Trust~~with ~~Account,~~a ~~holders~~Business ofCombination. ~~rights~~No fractional shares will ~~not~~be ~~receive~~issued ~~any~~upon conversion of ~~such~~ ~~funds~~the ~~with~~rights. ~~respect~~No additional consideration will be required to ~~their~~be paid by a holder of rights, ~~nor~~in ~~will~~order ~~they~~to receive ~~any~~its ~~distribution~~additional shares ~~from~~upon consummation of a Business Combination, as the ~~Company’s~~consideration ~~assets~~related ~~held~~thereto ~~outside~~has ofbeen included in the ~~Trust~~Unit purchase price ~~Account~~paid ~~with~~for ~~respect~~by toinvestors ~~such~~in ~~rights,~~the ~~and~~IPO. If the ~~rights~~Company enters into a definitive agreement for a Business Combination in which the Company will not ~~expire~~be ~~worthless.~~the ~~Further~~surviving entity, ~~there~~the ~~are~~definitive noagreement ~~contractual~~will ~~penalties~~provide for ~~failure~~the ~~to deliver~~holders ~~securities~~of rights to receive the same per share consideration the holders of the ~~rights~~common ~~upon~~stock ~~consummation~~will ofreceive ain ~~Business~~the ~~Combination.~~transaction ~~Additionally,~~on inan noas-converted ~~event~~into ~~will~~common ~~the~~stock ~~Company~~basis and each holder of a right will be required to ~~net~~affirmatively ~~cash~~covert ~~settle~~its ~~the~~ rights in order to receive one share underlying each right (without paying additional consideration). The ~~Accordingly,~~shares ~~holders~~issuable upon conversion of the rights ~~might~~will ~~not~~be ~~receive~~freely tradable (except to the ~~shares~~extent ofheld ~~common~~by ~~stock~~affiliates ~~underlying~~ of the ~~rights~~Company).

~~Note~~If the 8Company —is ~~Fair~~unable ~~Value~~to ~~Measurements~~complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, holders of the rights might not receive the shares of common stock underlying the rights.

~~The fair value of the Company’s financial assets~~Note ~~and~~8 ~~liabilities~~— ~~reflects~~Fair ~~management’s~~Value estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:Measurements

	Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
	Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
	Level 3:	Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

	Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

	Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

	Level 3:	Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.15

~~Schedule~~The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of ~~Fair~~June 30, ~~Value~~2025 ~~Hierarchy~~and December 31, 2024 and indicates the fair value hierarchy of ~~Valuation~~the ~~Inputs~~valuation inputs the Company utilized to determine such fair value.

	March 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Investments held in Trust Account	$	18,417,128	$	18,417,128		-		-

December 31, 2024

Quoted Prices in Active Markets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Other Unobservable Inputs (Level 3)

June 30, 2025

Quoted Prices in Active Markets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Other Unobservable Inputs (Level 3)

Assets

Investments held in Trust Account

7318,~~115~~716,~~355~~360

Note 9 — Subsequent Events

	December 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Investments held in Trust Account	$	73,115,355	$	73,115,355		-		-

~~The Company evaluated subsequent events and transactions~~Note ~~that~~9 ~~occurred~~— ~~after~~Promissory ~~the~~Note ~~balance~~– ~~sheet~~KM date up the date that the financial statement was issued. Based on the review, as further disclosed in the footnotes and except as disclosed below, management did not identify any material subsequent events that require disclosure in the financial statement.QUAD

OnIn November ~~April 9~~2024, February 2025 and May 2025, the Company ~~deposited~~issued an ~~extension~~unsecured ~~payment~~promissory note in the aggregate principal amount of $60500,000, $250,000 ~~into~~and $290,000, respectively (collectively the ~~Trust~~“KM ~~Account~~QUAD Notes”) to ~~extend~~KM QUAD in connection with the Business Combination. The KM QUAD Notes are unsecured, interest-free and due on the earlier date byof ~~which~~(i) consummation of the Business Combination, (ii) a breach by the Company ~~can~~of ~~complete~~any anits ~~initial~~obligations ~~business~~under ~~combination~~the KM QUAD Notes, (iii) the termination of the proposed Business Combination, or (iv) expiration of the Combination Period (as defined in the KM QUAD Notes). KM QUAD will have the right to ~~May~~convert all or any part of the outstanding and unpaid amount of the KM QUAD Notes into shares of common stock, or other securities, at $10 per share upon the consummation of the Business Combination. As of June 30, 2025 and December 31, 2024, $1,040,000 and $500,000 were outstanding under the KM QUAD Notes.

16Note 10 — Subsequent Events

~~ITEM~~The Company 2evaluated subsequent events and transactions that occurred after the balance sheet date up the date that the financial statement was issued. ~~MANAGEMENT’S~~Based ~~DISCUSSION~~on ~~AND~~the ~~ANALYSIS~~review, OFas ~~FINANCIAL~~further ~~CONDITION~~disclosed ~~AND~~in ~~RESULTS~~the OFfootnotes ~~OPERATIONS~~and except as disclosed below, management did not identify any material subsequent events that require disclosure in the financial statement.

~~References~~On July in9, ~~this~~2025 ~~report~~and ~~(the~~August ~~“Quarterly~~9, ~~Report”) to “we~~2025,” ~~“us” or~~ the “Company” ~~refer~~deposited toan ~~Quetta~~extension ~~Acquisition~~payment ~~Corporation.~~of ~~References to our “management” or our “management team” refer to our officers and directors~~$60,000 ~~and~~each ~~references~~time tointo the ~~“Sponsor”~~Trust ~~refer~~Account to ~~Yocto~~extend ~~Investments~~the ~~LLC.~~date ~~The~~by ~~following~~which ~~discussion and analysis of~~ the Company’s ~~financial~~can ~~condition~~complete ~~and~~an ~~results~~initial ofbusiness ~~operations~~combination ~~should~~to beSeptember ~~read~~10, ~~in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report~~2025. ~~Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.~~

~~Special Note Regarding Forward-Looking Statements~~16

~~This Quarterly Report includes “forward-looking~~ITEM statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected2. ~~All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management~~MANAGEMENT’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the completion of the Proposed Business Combination (as defined below), the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including that the conditions of the Proposed Business Combination are not satisfied. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form S-1 ~~filed~~DISCUSSION ~~with~~AND ~~the~~ANALYSIS ~~U.S.~~OF ~~Securities~~FINANCIAL ~~and~~CONDITION ~~Exchange~~AND ~~Commission~~RESULTS ~~(the~~OF “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.OPERATIONS

~~Overview~~References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Quetta Acquisition Corporation. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Yocto Investments LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

~~We are a blank check company incorporated in Delaware~~Special onNote ~~May~~Regarding 1,Forward-Looking 2023. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, which we refer to herein as our “initial business combination.” Our efforts to identify a prospective target business are not limited to any particular industry or geographic region, although we intend to focus on target businesses in Asia that operate in the financial technology sector. We intend to utilize cash derived from the proceeds of our initial public offering (“IPO” as defined below) and the private placement of Private Units, our securities, debt or a combination of cash, securities and debt, in effecting our initial business combination.Statements

WeThis Quarterly ~~expect~~Report toincludes ~~continue~~“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ ~~incur~~materially ~~significant~~from ~~costs~~those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the ~~pursuit~~completion of ~~our~~the ~~acquisition~~Proposed Business Combination (as defined below), the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. WeWords ~~cannot~~such as ~~assure~~“expect,” ~~you~~“believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including that ~~our~~the ~~plans~~conditions of the Proposed Business Combination are not satisfied. For information identifying important factors that could cause actual results to ~~complete~~differ anmaterially ~~initial~~from ~~business~~those ~~combination~~anticipated ~~will~~in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be ~~successful~~accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

~~Extensions of Time Period to Complete a Business Combination~~Overview

OnWe are ~~October~~a ~~18,~~blank ~~2024~~check company incorporated in Delaware on May 1, 2023. We were formed for the ~~Company~~purpose ~~entered~~of ~~into~~effecting a ~~non-binding~~merger, share exchange, ~~LOI~~asset ~~with~~acquisition, ~~QUAD~~share purchase, ~~regarding~~reorganization aor ~~potential~~similar business combination ~~(the~~with ~~“Proposed~~one ~~Transaction”).~~or ~~The~~more ~~LOI~~businesses isor ~~non-binding~~entities, ~~and~~which nowe ~~agreement~~refer ~~providing~~to ~~for~~herein ~~any~~as ~~Proposed~~our ~~Transaction~~“initial orbusiness combination.” Our efforts to identify a prospective target business are not limited to any ~~other~~particular ~~transaction~~industry or ~~the~~geographic ~~participation~~region, byalthough ~~either~~we ~~party~~intend ~~therein~~to ~~will~~focus beon ~~deemed~~target tobusinesses ~~exist~~in ~~unless and~~Asia ~~until~~that ~~definitive~~operate ~~agreements~~in ~~have~~the ~~been~~financial technology ~~executed~~sector. AsWe aintend ~~result~~to ofutilize cash derived from the ~~execution~~proceeds of ~~the~~our ~~LOI,~~initial ~~the~~public ~~deadline~~offering by(“IPO” ~~which~~as defined below) and the ~~Company~~private ~~must~~placement ~~complete its~~of ~~initial~~Private ~~business~~Units, ~~combination~~our ~~has~~securities, ~~been~~debt ~~extended~~or toa ~~January~~combination 10of cash, ~~2025~~securities and debt, in effecting our initial business combination.

~~On January 10, 2025, the Company held a special meeting~~We ofexpect ~~stockholders~~to ~~(the~~continue ~~“January~~to ~~Special~~incur ~~Meeting”).~~significant ~~During~~costs ~~the~~in ~~January Special Meeting, stockholders approved~~ the ~~proposal~~pursuit ~~to amend~~of ~~Company’s~~our ~~amended~~acquisition ~~and~~plans. ~~restated~~We ~~certificate~~cannot ofassure ~~incorporation~~you ~~and~~that ~~Trust~~our ~~Agreement~~plans to ~~extend the date by which the Company has~~complete toan ~~consummate~~initial a business combination ~~from~~will ~~January~~be 10, 2025 to October 10, 2026 (thirty six (36) months from the consummation of the IPO), on a month-by-month basis, up to a total of twenty-one (21) times, by depositing $60,000 into the Company’s trust account for each such one-month extensionsuccessful.

~~Redemption~~Extensions of Time Period to Complete a Business Combination

InOn October ~~connection~~18, ~~with~~2024, the ~~stockholders’ vote~~Company atentered ~~the~~into ~~January~~a ~~Special~~non-binding ~~Meeting~~LOI ofwith ~~stockholders~~QUAD, ~~held~~regarding bya ~~the~~potential ~~Company~~business oncombination ~~January~~(the ~~10,~~“Proposed Transaction”). ~~2025,~~The ~~5,199,297~~LOI ~~shares~~is ~~were~~non-binding ~~tendered~~and ~~for redemption.~~no Asagreement aproviding ~~result,~~for ~~approximately~~any ~~$55,152,224~~Proposed ~~(approximately~~Transaction ~~$10.608~~or ~~per~~any ~~share)~~other ~~were~~transaction ~~removed~~or ~~from~~ the ~~Company’s trust~~participation ~~account~~by toeither ~~pay~~party ~~such~~therein ~~holders,~~will ~~without~~be ~~taking~~deemed ~~into account additional allocation of payments~~ to ~~cover~~exist ~~any~~unless ~~tax~~and ~~obligation~~until ofdefinitive ~~the Company,~~agreements ~~since~~have ~~that~~been ~~date~~executed. As a result, ~~approximately~~of ~~$18,040,430~~the ~~remained~~execution of in the ~~trust~~LOI, ~~account.~~the ~~Following~~deadline ~~the~~by ~~redemptions,~~which the Company must complete its initial business combination has ~~3,747,748~~been ~~ordinary~~extended ~~shares~~to ~~outstanding~~January 10, 2025.

~~Acquisition~~On January ~~Criteria~~10, ~~Expansion~~2025, the Company held a special meeting of stockholders (the “January Special Meeting”). During the January Special Meeting, stockholders approved the proposal to amend Company’s amended and restated certificate of incorporation and Trust Agreement to extend the date by which the Company has to consummate a business combination from January 10, 2025 to October 10, 2026 (thirty six (36) months from the consummation of the IPO), on a month-by-month basis, up to a total of twenty-one (21) times, by depositing $60,000 into the Company’s trust account for each such one-month extension.

In connection with the stockholders’ vote at the January Special Meeting of stockholders held by the Company on January 10, 2025, stockholders approved the proposal to include any entity with its principal business operations in the geographical regions of the People’s Republic of China, the Hong Kong special administrative region, and the Macau special administrative region in the Company’s acquisition criteria in its search for a prospective target business for its business combination.Redemption

17In connection with the stockholders’ vote at the January Special Meeting of stockholders held by the Company on January 10, 2025, 5,199,297 shares were tendered for redemption. As a result, approximately $55,152,224 (approximately $10.608 per share) were removed from the Company’s trust account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of the Company, since that date. As a result, approximately $18,040,430 remained in the trust account. Following the redemptions, the Company has 3,747,748 shares of common stock issued and outstanding.

~~Trust~~Acquisition Criteria ~~Amendment~~Expansion

~~The Company has until 36 months (or until October~~In ~~10,~~connection ~~2026)~~with ~~from~~ the ~~closing~~stockholders’ ofvote ~~the~~at ~~IPO to consummate a Business Combination. In addition, in~~ the ~~event~~January ~~that~~Special ~~the~~Meeting ~~Company~~of ~~fails~~stockholders toheld ~~timely make~~by ~~a payment for any given month during~~ the ~~twenty-one (21) month period the~~ Company ~~elects~~on toJanuary ~~make an extension~~10, ~~the Company shall~~2025, ~~have~~stockholders aapproved ~~period~~the ofproposal ~~forty five (45) days~~ to ~~pay~~include any ~~applicable~~entity ~~past~~with ~~due~~its ~~payment, which shall be calculated to be equal to the~~ principal ~~of the~~business ~~past~~operations ~~due payment, plus any accrued but unpaid interest~~ in the ~~amount~~geographical regions of ~~three percent (3%) (~~the ~~“Cure Period”). If the~~People’s ~~Company~~Republic ~~fails~~of ~~to make any applicable past due payment during the Cure Period~~China, ~~then~~ the ~~Company~~Hong ~~shall~~Kong ~~immediately~~special ~~cease~~administrative ~~all operations~~region, ~~except~~ ~~for~~and the ~~purpose~~Macau ofspecial ~~winding~~administrative ~~up,~~region ~~and~~in ~~liquidate and dissolve with~~ the ~~same~~Company’s ~~effect~~acquisition criteria asin ifits ~~the~~search ~~Company~~for ~~failed~~a toprospective ~~complete~~target a business ~~combination~~ ~~within~~for ~~thirty-six~~its ~~(36)~~business ~~months from the consummation of the IPO~~combination.

The foregoing description of the Amendment to the Investment Management Trust Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the actual agreement, filed hereto as Exhibit 10.2, and is incorporated by reference herein.17

~~The Company has completed an initial payment of $60,000 pursuant to the Amendment to the Investment Management~~ Trust ~~Agreement and such initial payment has been deposited into the Company’s~~ trust account to extend the time the Company has to complete a business combination until February 10, 2025. Subsequently, the Company deposited $60,000 each time from February 2025 and April 2025 into the trust account to extend the time the Company has to complete a business combination until May 10, 2025.Amendment

~~Merger~~The Company ~~Agreement~~has Inuntil ~~Connection~~36 ~~With~~months KM(or ~~QUAD~~until October 10, 2026) from the closing of the IPO to consummate a Business Combination. In addition, in the event that the Company fails to timely make a payment for any given month during the twenty-one (21) month period the Company elects to make an extension, the Company shall have a period of forty five (45) days to pay any applicable past due payment, which shall be calculated to be equal to the principal of the past due payment, plus any accrued but unpaid interest in the amount of three percent (3%) (the “Cure Period”). If the Company fails to make any applicable past due payment during the Cure Period, then the Company shall immediately cease all operations, except for the purpose of winding up, and liquidate and dissolve with the same effect as if the Company failed to complete a business combination within thirty-six (36) months from the consummation of the IPO.

~~On February 14, 2025, Quetta entered into entered~~The ~~into~~foregoing andescription ~~Agreement and Plan~~ of ~~Merger (~~the ~~“Merger~~Amendment ~~Agreement”)~~to ~~with KM QUAD, a Cayman Islands company (“KM QUAD”),~~ the ~~parent~~Investment ~~company~~Management ofTrust ~~Jiujiang~~Agreement ~~Lida~~does ~~Technology~~not ~~Co.,~~purport ~~Ltd.,~~to abe ~~film~~complete ~~product design~~ and ~~manufacturer~~is qualified in ~~China.~~its ~~Upon~~entirety ~~consummation of the transaction contemplated~~ by the ~~Merger~~terms ~~Agreement, (i) Quetta will reincorporate by merging with~~ and ~~into~~conditions ~~Quad Global Inc., a Cayman Islands exempted company and wholly-owned subsidiary~~ of ~~Quetta (“Quad Global”), and (ii) concurrently with~~ the ~~reincorporation~~actual ~~merger~~agreement, ~~Quad Group~~filed ~~Inc.,~~hereto aas ~~Cayman~~Exhibit ~~Islands exempted company and wholly-owned subsidiary of Quad Global, will be merged with and into KM QUAD, resulting in KM QUAD being a wholly-owned subsidiary of Quad Global~~10. ~~At the effective time of the transaction~~2, ~~KM QUAD’s shareholders~~ and ~~management~~ ~~will~~is ~~receive~~incorporated ~~30 million ordinary shares of Quad Global. The shares held~~ by ~~certain~~reference ~~KM QUAD’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the transaction, subject to certain exceptions~~herein.

~~Upon the closing of the transactions contemplated~~The ~~by the Merger Agreement, the~~ Company ~~will~~has ~~merge~~completed ~~with~~an ~~and~~initial ~~into~~payment ~~Purchaser~~of $60,000 ~~resulting~~pursuant into ~~all Quetta stockholders becoming shareholders of~~ the ~~Purchaser~~Amendment asto ~~described under~~ the ~~below~~Investment ~~section~~Management ~~titled~~Trust ~~“Redomestication~~Agreement ~~Merger.”~~and ~~Concurrently~~such ~~therewith, Merger Sub will~~initial ~~merge~~payment ~~with~~has ~~and~~been deposited into ~~KM QUAD, resulting in Purchaser acquiring 100% of~~ the ~~issued~~Company’s ~~and~~trust ~~outstanding~~account ~~equity~~to ~~securities~~extend ~~of QUAD (~~the ~~“Acquisition Merger”).~~time ~~Upon~~ the ~~closing~~Company ofhas ~~the~~to ~~Acquisition~~complete ~~Merger,~~a ~~the~~business ~~ordinary shares of Purchaser issued shall consist of class A ordinary~~combination ~~shares~~until ~~(“Purchaser~~February ~~Class~~10, A2025. ~~Ordinary Shares”) and class B ordinary shares (“Purchaser Class B Ordinary Shares~~Subsequently,~~” together~~ ~~with~~the ~~Purchaser~~Company ~~Class~~deposited ~~A Ordinary Shares~~$60,000 ~~“Purchaser Ordinary Shares”) where~~ each ~~Purchaser~~time ~~Class~~from AFebruary ~~Ordinary~~2025 ~~Share shall be entitled~~ to ~~one~~August ~~(1)~~2025 ~~vote~~into ~~on all matters subject to a vote at general and special meetings of~~ the ~~post-closing~~trust ~~company and each~~account ~~Purchaser Class B Ordinary Share shall be entitled~~ to 10extend ~~votes~~the ontime ~~all~~the ~~matters~~Company ~~subject~~has to complete a ~~vote~~business atcombination ~~general~~until ~~and~~September ~~special~~10, ~~meetings of the post-closing company~~2025.

~~The aggregate consideration to be paid to KM QUAD shareholders for the Acquisition~~ Merger ~~is $300 million, payable in newly issued purchaser ordinary shares valued at $10.00 per share.~~ ~~The~~Agreement ~~Transaction,~~In ~~which~~Connection ~~has~~With ~~been approved by the boards of directors of both Quetta and~~ KM QUAD, isBusiness ~~subject to regulatory approvals, the approvals by the shareholders of Quetta and KM QUAD, respectively, and the satisfaction of certain other customary closing conditions including the following:~~Combination

KMOn February ~~QUAD~~14, ~~shall~~2025, ~~bear~~Quetta ~~(i)~~entered ~~50%~~into ofentered ~~the~~into ~~transaction~~an ~~costs incurred~~Agreement byand ~~Quetta,~~Plan ~~excluding~~of ~~any~~Merger ~~amounts~~(the ~~payable~~“Merger atAgreement”) ~~closing~~with ~~from~~KM QUAD, ~~the~~a ~~Trust~~Cayman ~~Account,~~Islands ~~provided~~company ~~that~~ (“KM QUAD’s”), ~~obligation~~the toparent ~~pay~~company ~~such transaction~~of ~~costs~~Jiujiang ~~incurred~~Lida byTechnology ~~Quetta~~Co., ~~shall~~Ltd., ~~not~~a ~~exceed~~film ~~$500,000~~product design and manufacturer in ~~total;~~China. ~~(ii)~~Upon ~~50%~~consummation of the ~~expenses~~transaction ~~incurred~~contemplated by ~~Quetta~~the inMerger ~~connection~~Agreement, ~~with~~(i) Quetta will ~~maintaining~~reincorporate ~~ongoing~~by ~~public~~merging ~~company~~with ~~responsibilities,~~and ~~provided~~into ~~that~~Quad KMGlobal ~~QUAD’s~~Inc., ~~obligation~~a toCayman ~~pay~~Islands ~~such~~exempted ~~Public~~company ~~Company~~and ~~Expenses~~wholly-owned ~~incurred by~~subsidiary of Quetta (“Quad ~~shall~~Global” ~~not~~or ~~exceed~~the ~~$100~~“Purchaser”),~~000~~ ~~in total;~~ and (~~iii~~ii) concurrently with the ~~extension~~reincorporation ~~fees~~merger, Quad Group Inc., a Cayman Islands exempted company and wholly-owned subsidiary of ~~Quetta~~Quad ~~covering~~Global, ~~nine~~will ~~extensions~~be ~~over~~merged ~~nine~~with ~~months~~and into KM QUAD, resulting in ~~the total~~KM ~~amount~~QUAD being a wholly-owned subsidiary of ~~$540,000~~Quad Global. IfAt the ~~Closing~~effective ~~does~~time ~~not~~of ~~occur~~the ~~prior~~transaction, toKM ~~October~~QUAD’s ~~10,~~shareholders ~~2025~~and ~~due~~management towill areceive ~~delay~~30 million inordinary ~~obtaining~~shares ~~regulatory~~of ~~approvals,~~Quad ~~Quetta shall~~Global. beThe ~~responsible~~shares ~~for~~held ~~any~~by ~~extension~~certain ~~fees~~KM ~~and~~QUAD’s ~~other~~shareholders ~~related~~will ~~fees~~be ~~incurred~~subject byto ~~Quetta~~lock-up agreements ~~beyond~~for ~~October~~a ~~10,~~period ~~2025~~of ~~not~~six tomonths ~~exceed~~following ~~$100~~the closing of the transaction,~~000~~ ~~per month~~subject to certain exceptions.

~~Pursuant~~Upon the toclosing of the transactions contemplated by the Merger Agreement, onthe orCompany ~~before February~~will ~~14,~~merge ~~2025,~~with KMand ~~QUAD~~into ~~deposited $250~~Purchaser,~~000,~~ ~~the~~resulting ~~first~~in ~~installment~~all Quetta stockholders becoming shareholders of the ~~term~~Purchaser ~~extension~~as ~~fees~~described tounder the ~~Company’s~~below ~~bank~~section ~~account~~titled “Redomestication Merger.” Concurrently therewith, Merger Sub will merge with and into KM QUAD, resulting in ~~exchange~~Purchaser ~~for~~acquiring a100% ~~promissory~~of ~~note~~the issued byand ~~the~~outstanding equity ~~Company.~~securities KMof QUAD ~~shall~~(the ~~wire~~“Acquisition ~~$290,000,~~Merger”). Upon the ~~second~~closing ~~installment~~ of the ~~extension~~Acquisition ~~fees~~Merger, to the ~~Company’s~~ordinary ~~bank~~shares ~~account~~of Purchaser onissued orshall ~~before~~consist ~~April~~of ~~20,~~class ~~2025~~A inordinary ~~exchange~~shares ~~for~~(“Purchaser aClass ~~promissory~~A ~~note~~Ordinary ~~issued~~Shares”) byand ~~the~~class ~~Company~~B ordinary shares (“Purchaser Class B Ordinary Shares,” ~~provided~~together with Purchaser Class A Ordinary Shares, “Purchaser Ordinary Shares”) ~~that~~where ~~the~~each ~~Merger~~Purchaser ~~Agreement~~Class ~~has~~A ~~not~~Ordinary ~~been~~Share ~~terminated~~shall ~~prior~~be entitled to ~~that~~one ~~date.~~(1) Asvote on all matters subject to a vote at general and special meetings of ~~May~~the 1,post-closing ~~2025,~~company KMand each Purchaser Class B Ordinary Share shall be entitled to 10 votes on all matters subject to ~~QUAD~~a ~~has~~vote ~~not~~at ~~deposited~~general ~~the~~and ~~second~~special ~~installment~~meetings of ~~$290,000~~the post-closing company.

18The aggregate consideration to be paid to KM QUAD shareholders for the Acquisition Merger is $300 million, payable in newly issued purchaser ordinary shares valued at $10.00 per share. The Transaction, which has been approved by the boards of directors of both Quetta and KM QUAD, is subject to regulatory approvals, the approvals by the shareholders of Quetta and KM QUAD, respectively, and the satisfaction of certain other customary closing conditions including the following:

~~Results~~KM QUAD shall bear (i) 50% of ~~Operations~~the transaction costs incurred by Quetta, excluding any amounts payable at closing from the Trust Account, provided that KM QUAD’s obligation to pay such transaction costs incurred by Quetta shall not exceed $500,000 in total; (ii) 50% of the expenses incurred by Quetta in connection with maintaining ongoing public company responsibilities, provided that KM QUAD’s obligation to pay such Public Company Expenses incurred by Quetta shall not exceed $100,000 in total; and (iii) the extension fees of Quetta covering nine extensions over nine months, in the total amount of $540,000. If the Closing does not occur prior to October 10, 2025 due to a delay in obtaining regulatory approvals, Quetta shall be responsible for any extension fees and other related fees incurred by Quetta beyond October 10, 2025 not to exceed $100,000 per month.

WePursuant to ~~have~~the ~~neither~~Merger ~~engaged~~Agreement, inon ~~any~~or ~~operations~~before ~~nor~~February ~~generated any~~14, ~~operating~~2025, ~~revenues~~KM toQUAD ~~date.~~deposited ~~Our~~$250,000, ~~activities~~the ~~from~~first ~~May~~installment 1,of ~~2023~~the ~~(inception)~~term ~~through~~extension ~~March~~fees to ~~31,~~the ~~2025~~Company’s ~~were~~bank ~~organizational~~account ~~activities~~in ~~and those~~exchange ~~necessary~~for toa ~~prepare~~promissory ~~for~~note ~~our~~issued ~~IPO,~~by ~~which~~the isCompany. ~~described~~KM ~~below~~QUAD shall wire $290,000, ~~and~~the ~~subsequent~~second installment toof the ~~IPO~~extension fees, ~~identifying~~to athe ~~target~~Company’s ~~company~~bank account on or before April 20, 2025 in exchange for ana ~~initial~~promissory note ~~business~~issued ~~combination.~~by Wethe doCompany, provided that the Merger Agreement has not ~~expect~~been terminated prior to ~~generate~~that ~~any~~date. ~~operating~~On ~~revenues~~May ~~until~~29, ~~after~~2025, ~~the~~KM ~~completion~~QUAD ofdeposited the ~~our~~second ~~initial~~installment ~~business~~of ~~combination~~$290,000.

~~We expect to generate non-operating income in~~Board ~~the~~change form of interest income on investments held in trust account after the IPO. We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

~~For~~On April 29, 2025, the ~~three~~Company ~~months~~reported ~~ended~~the ~~March~~death ~~31,~~of ~~2025~~Brandon Miller, wea ~~had net~~member ~~loss~~ of ~~$193,671,~~the ~~which~~Company’s ~~consisted~~board of ~~general~~directors (the “Board”) and ~~administrative~~the ~~expenses~~Chairperson of ~~$377~~the Audit Committee. On the same day,~~102,~~ ~~related~~the ~~party~~Board ~~administrative~~appointed ~~fees~~Qi Gong, a current member of ~~$30~~the Board,~~000,~~ to serve as ~~franchise~~Chairperson ~~tax~~of ~~expense~~the Audit Committee. The Board also appointed Ping Zhang as a member of ~~$10~~the Board,~~000~~ ~~and~~including ~~income~~committee ~~tax~~positions ~~expense~~on ofthe Audit ~~$56~~Committee,~~735,~~ ~~partially~~the ~~offset~~Compensation byCommittee, ~~interest~~and ~~income~~the ofNominating ~~$280~~Committee,~~166~~ to fill the vacancy created by Mr. Miller’s death.

For the three months ended March 31, 2024, we had net income of $611,704, which consisted of formation and operational costs of $77,029, related party administrative fees of $30,000, franchise tax expense of $16,200 and income tax expense of $191,056, offset by interest income of $925,989.18

~~Liquidity~~Results of ~~and Capital Resources~~Operations

~~On October 11, 2023, we completed our initial public~~We ~~offering~~have ~~(“IPO”)~~neither ofengaged ~~6,900,000~~in ~~units~~any ~~(the~~operations ~~“Public~~nor ~~Units’),~~generated ~~including~~any ~~the~~operating ~~full~~revenues ~~exercise of the over-allotment option of 900,000 Units granted~~ to ~~the underwriters~~date. ~~The~~Our ~~Public~~activities ~~Units~~from ~~were~~May ~~sold at an offering price of $10.00 per unit generating gross proceeds of $69~~1,~~000,000.~~ ~~Each~~2023 ~~Unit consists of one share of common stock and one-tenth~~ (~~1/10~~inception) ~~of one right (“Public Right”). Each Public~~through ~~Right~~June ~~will~~30, ~~convert~~2025 ~~into~~were ~~one~~organizational ~~share~~activities ofand ~~common~~those ~~stock~~necessary ~~upon~~to ~~the~~prepare ~~consummation~~for ofour ~~a Business Combination. Simultaneously with the~~ IPO, wewhich ~~sold to~~is ~~our~~described ~~Sponsor 253~~below,~~045~~ ~~units~~and atsubsequent ~~$10.00 per unit (~~to the ~~“Private~~IPO, ~~Units”)~~identifying in a ~~private~~target ~~placement~~company ~~generating~~for ~~total~~an ~~gross~~initial ~~proceeds of~~business ~~$2,530,450~~combination. ~~The~~We ~~Private~~do ~~Units~~not ~~are~~expect ~~identical~~ to ~~the~~generate ~~Public~~any ~~Units~~operating ~~except~~revenues ~~with respect to certain registration rights and transfer restrictions.~~until ~~Each~~after ~~Private Unit consists of one share of common stock (“Private Share”) and one-tenth (1/10) of one right (“Private Right”). Each Private Right will convert into one share of common stock upon~~ the ~~consummation~~completion of aour ~~Business~~initial ~~Combination.~~business ~~Additionally, we issued the underwriters 69,000 shares of common stock for the representative shares, at the closing of the IPO as part of representative compensation~~combination.

~~Upon~~We expect ~~the~~to ~~closing~~generate ofnon-operating ~~the~~income ~~IPO~~in ~~and~~ the ~~private~~form ~~placement on~~of ~~October~~interest ~~11,~~income ~~2023,~~on ainvestments ~~total~~held ~~of $69,690,000 was placed~~ in a trust account (after the ~~“Trust~~IPO. ~~Account”)~~We ~~maintained by Continental~~expect ~~Stock~~that ~~Transfer~~we ~~& Trust Company as a trustee and~~ will beincur ~~invested~~increased ~~only~~expenses inas ~~U.S. government treasury bills with~~ a ~~maturity~~result of ~~185~~being ~~days or~~a ~~less~~public orcompany in(for ~~money~~legal, ~~market~~financial ~~funds~~reporting, ~~meeting~~accounting ~~certain~~and ~~conditions~~auditing compliance), ~~under~~as ~~Rule~~well ~~2a-7~~as ~~under~~for ~~the~~due ~~Investment~~diligence ~~Company~~expenses ~~Act~~in ofconnection ~~1940,~~with assearching ~~amended (the “Investment Company Act”)~~for, and ~~that~~completing, ~~invest~~a ~~only~~Business ~~in direct U~~Combination.~~S. government treasury obligations.~~

~~We intend to use substantially all of the net proceeds~~For of the ~~IPO~~three ~~and~~months ~~the~~ended ~~private~~June ~~placement~~30, ~~including~~2025, ~~the~~we ~~funds~~had ~~held~~net inloss ~~the~~of ~~Trust Account~~$607,950, inwhich ~~connection~~consisted ~~with~~of ~~our~~general ~~initial business combination~~ and toadministrative ~~pay our~~ expenses ~~relating~~of ~~thereto~~$723, ~~including deferred underwriting discounts and commissions payable to the underwriters in the~~999, ~~IPO~~related inparty anadministrative ~~amount~~fees ~~equal to 3.5%~~ of ~~the~~$30,000, ~~total~~franchise ~~gross~~tax ~~proceeds~~expense ~~raised in the IPO upon consummation~~ of ~~our initial business combination. To the extent that our capital stock is used in whole or in part as consideration to effect our initial business combination~~$10,200 ~~the~~and ~~remaining proceeds~~income ~~held~~tax inexpense ~~the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations~~ of ~~the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’ operations~~$37, ~~for strategic acquisitions and for marketing~~507, ~~research~~partially ~~and~~offset ~~development of existing or new products. Such funds could also~~by beinterest ~~used~~income ~~to repay any operating expenses or finders’ fees which we had incurred prior to the completion~~ of ~~our initial business combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses~~$193,756.

AsFor the ofsix ~~March~~months 31ended June 30, 2025, ~~the~~we ~~Company~~ had ~~cash~~net loss of $~~243~~801,~~921 and~~621, awhich ~~working~~consisted ~~capital~~of ~~deficit~~general and administrative expenses of $1,~~227~~101,~~519~~101, related party administrative fees of $60,000, franchise tax expense of $20,200 and income tax expense of $94,242, offset by interest income of $473,922.

19For the three months ended June 30, 2024, we had net income of $544,417, which consisted of formation and operational costs of $150,225, related party administrative fees of $30,000, franchise tax expense of $17,477 and income tax expense of $192,626, offset by interest income of $934,745.

~~The Company has incurred and expects to~~For ~~continue~~the tosix ~~incur~~months ~~significant~~ended ~~professional~~June ~~costs~~30, to2024, ~~remain~~we ashad anet ~~publicly~~income ~~traded company and to incur significant transaction costs in pursuit~~ of ~~the~~$1,156,121, ~~consummation~~which ofconsisted ~~a Business Combination. In connection with the Company’s assessment~~ of ~~going~~formation ~~concern considerations~~and inoperational ~~accordance~~costs ~~with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures~~ of ~~Uncertainties about an Entity’s Ability to Continue as a Going Concern~~$227,~~” management has~~254, ~~determined~~related ~~that~~party ~~these~~administrative ~~conditions~~fees ~~raise~~of ~~substantial doubt about the Company’s ability to continue as a going concern. In addition~~$60, ~~if the Company is unable to complete a Business Combination within the Combination Period~~000, ~~the~~franchise ~~Company’s~~tax ~~board~~expense of ~~directors~~ ~~would~~$33,677 ~~proceed to commence a voluntary liquidation~~ and ~~thereby~~income atax ~~formal~~expense ~~dissolution~~ of ~~the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result~~$383, ~~management~~682, ~~has~~offset ~~determined~~by ~~that such additional conditions also raise substantial doubt about the Company’s ability to continue~~interest asincome ~~a going concern within one year after the date that the financial statements are issued. The financial statements do not include any adjustments that might result from the outcome~~ of ~~this uncertainty~~$1,860,734.

~~Off-Balance~~Liquidity and ~~Sheet~~Capital ~~Arrangements~~Resources

WeOn October ~~have~~11, no2023, ~~obligations~~we completed our initial public offering (“IPO”) of 6,900,000 ~~assets~~units or(the ~~liabilities~~“Public Units’), ~~which~~including ~~would~~the befull ~~considered~~exercise ~~off~~of the over-~~balance~~allotment ~~sheet~~option ~~arrangements~~of as900,000 Units granted to the underwriters. The Public Units were sold at an offering price of ~~March~~$10.00 31per unit generating gross proceeds of $69,000,000. ~~2025~~Each Unit consists of one share of common stock and one-tenth (1/10) of one right (“Public Right”). WeEach doPublic ~~not~~Right ~~participate~~will inconvert ~~transactions~~into ~~that~~one ~~create~~share ~~relationships~~of common stock upon the consummation of a Business Combination. Simultaneously with ~~unconsolidated~~the ~~entities~~IPO, orwe ~~financial~~sold ~~partnerships~~to our Sponsor 253,045 ~~often~~units ~~referred~~at to$10.00 asper ~~variable~~unit ~~interest~~(the ~~entities~~“Private Units”) in a private placement generating total gross proceeds of $2,530,450. ~~which~~The ~~would~~Private ~~have~~Units ~~been~~are ~~established for~~identical to the ~~purpose~~Public Units except with respect to certain registration rights and transfer restrictions. Each Private Unit consists of ~~facilitating~~one ~~off~~share of common stock (“Private Share”) and one-~~balance~~tenth ~~sheet~~(1/10) ~~arrangements~~of one right (“Private Right”). WeEach ~~have~~Private ~~not~~Right ~~entered~~will convert into ~~any~~one ~~off-balance~~share ~~sheet~~of ~~financing~~common ~~arrangements,~~stock upon ~~established~~the ~~any~~consummation ~~special~~of ~~purpose~~a ~~entities~~Business Combination. Additionally, ~~guaranteed~~we ~~any~~issued ~~debt~~the orunderwriters ~~commitments~~69,000 shares of ~~other~~common ~~entities~~stock for the representative shares, orat ~~purchased~~the ~~any~~closing ~~non-financial~~of ~~assets~~the IPO as part of representative compensation.

~~JOBS~~Upon the closing of the IPO and the private placement on October 11, 2023, a total of $69,690,000 was placed in a trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company as a trustee and will 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.

OnWe intend ~~April~~to 5,use ~~2012,~~substantially ~~the~~all ~~JOBS~~of ~~Act~~the ~~was~~net ~~signed~~proceeds ~~into~~of ~~law. The~~the ~~JOBS~~IPO ~~Act~~and ~~contains~~the ~~provisions~~private ~~that~~placement, ~~among~~including ~~other~~the ~~things~~funds held in the Trust Account, in ~~relax~~connection ~~certain~~with ~~reporting~~our ~~requirements~~initial ~~for~~business ~~qualifying~~combination ~~public~~and ~~companies.~~to Wepay ~~will qualify~~our asexpenses anrelating ~~“emerging~~thereto, ~~growth~~including ~~company”~~deferred underwriting discounts and ~~under~~commissions payable to the ~~JOBS~~underwriters ~~Act~~in ~~will~~the beIPO ~~allowed~~in an amount equal to ~~comply~~3.5% ~~with~~of ~~new~~the ortotal ~~revised~~gross ~~accounting~~proceeds ~~pronouncements based~~raised onin the ~~effective~~IPO ~~date~~upon consummation ~~for~~of ~~private~~our ~~(not~~initial ~~publicly~~business ~~traded) companies~~combination. WeTo ~~are~~the ~~electing~~extent tothat ~~delay~~our ~~the~~capital ~~adoption~~stock ofis ~~new~~used in whole or ~~revised~~in ~~accounting~~part as consideration to ~~standards~~effect our initial business combination, ~~and~~the remaining proceeds held in the Trust Account as awell ~~result,~~as weany ~~may~~other net proceeds not ~~comply~~expended will ~~with~~be ~~new~~used oras ~~revised~~working ~~accounting~~capital ~~standards~~to onfinance the ~~relevant~~operations ~~dates~~of onthe ~~which~~target ~~adoption~~business. ofSuch ~~such~~working capital funds could be used in a variety ~~standards~~of isways ~~required~~including ~~for~~continuing ~~non-emerging~~or ~~growth~~expanding ~~companies.~~the Astarget abusiness’ ~~result~~operations, ~~our~~for ~~financial~~strategic ~~statements~~acquisitions ~~may~~and ~~not~~for marketing, research and development of existing or new products. Such funds could also be ~~comparable~~used to ~~companies~~repay ~~that comply~~any ~~with~~operating ~~new~~expenses or ~~revised~~finders’ ~~accounting~~fees ~~pronouncements~~which we ashad incurred prior to the completion of ~~public~~our ~~company~~initial ~~effective~~business ~~dates~~combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

~~Additionally, we are in the process of evaluating~~As ~~the benefits~~ of ~~relying~~June ~~on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act~~30, if2025, as an “emerging growth company,” we choose to rely on such exemptions, we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the ~~compensation~~Company ~~disclosure~~had ~~that~~cash ~~may be required~~ of ~~non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act~~$225,929 ~~(iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit~~ and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a ~~period~~working ofcapital ~~five~~deficit ~~years following the completion~~ of ~~our IPO or until we are no longer an “emerging growth company~~$2,~~” whichever is earlier~~134,700.

~~Contractual~~The Company ~~Obligations~~has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. In addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional conditions also raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than described below.~~19

~~Administrative~~Off-Balance Sheet ~~Services Agreement~~Arrangements

We have ~~entered~~no ~~into~~obligations, anassets ~~administrative~~or ~~services~~liabilities, ~~agreement pursuant to~~ which wewould ~~will~~be ~~pay~~considered ~~the~~off-balance ~~Sponsor~~sheet aarrangements ~~total~~as of ~~$10~~June 30,~~000~~ ~~per~~2025. ~~month~~We ~~for~~do ~~office~~not ~~space,~~participate in ~~utilities,~~transactions ~~secretarial~~that ~~and~~create ~~administrative~~relationships ~~support. However,~~with ~~pursuant~~unconsolidated toentities ~~the~~or ~~terms~~financial ~~of such agreement~~partnerships, ~~the~~often ~~Sponsor~~referred ~~agreed~~ to ~~defer~~as ~~the~~variable ~~payment of such monthly fee. Any such unpaid amount~~interest ~~will~~entities, ~~accrue~~which ~~without~~would ~~interest~~have ~~and~~been beestablished ~~due~~for ~~and payable no later than~~ the ~~date~~purpose of ~~the~~facilitating ~~consummation~~off-balance ofsheet ~~the~~arrangements. ~~initial~~We ~~Business~~have ~~Combination.~~not ~~For~~entered into ~~the~~any ~~three~~off-balance ~~months~~sheet ~~ended~~financing ~~March 31~~arrangements, ~~2025,~~established ~~the~~any ~~Company~~special ~~has~~purpose ~~incurred $30~~entities,~~000~~ inguaranteed ~~related~~any ~~party~~debt ~~fees~~or ~~for~~commitments ~~the~~of ~~services~~other ~~provided~~entities, or bypurchased ~~the~~any ~~Sponsor under~~non-financial ~~this agreement~~assets.

~~Underwriting Agreement~~JOBS Act

~~Upon~~On April ~~closing~~5, of2012, athe ~~Business~~JOBS ~~Combination~~Act was signed into law. The JOBS Act contains provisions that, ~~the~~among ~~underwriters will~~other bethings, ~~entitled~~relax tocertain areporting ~~deferred~~requirements for ~~fee~~qualifying ofpublic 3companies.5% ofWe ~~the~~will ~~gross~~qualify ~~proceeds~~as ofan ~~the~~“emerging ~~IPO,~~growth orcompany” ~~$2,415,000.~~and ~~The~~under ~~deferred~~the ~~fee~~JOBS Act will ~~become~~be ~~payable~~allowed to ~~the~~ ~~underwriters~~comply ~~from~~with ~~the~~new ~~amounts~~or ~~held~~revised inaccounting ~~the~~pronouncements ~~Trust~~based ~~Account~~on ~~solely~~the ineffective ~~the~~date ~~event~~for ~~that~~private we(not ~~complete~~publicly atraded) ~~Business~~companies. ~~Combination,~~We ~~subject~~are electing to delay the ~~terms~~ adoption of ~~the~~new ~~underwriting~~or ~~agreement.~~revised ~~Additionally~~accounting standards, weand ~~issued~~as ~~the~~a ~~underwriters 69~~result,~~000~~ ~~shares~~we ~~common~~may ~~stock,~~not comply with new or revised accounting standards on the ~~representative~~relevant ~~shares~~dates on which adoption of such standards is required for non-emerging growth companies. As a result, atour ~~the~~financial ~~closing~~statements ofmay ~~the~~not ~~IPO~~be ascomparable ~~part~~to companies that comply with new or revised accounting pronouncements as of ~~representative~~public ~~compensation~~company effective dates.

~~Promissory~~Additionally, we ~~Note~~are in ~~Connection~~the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions, we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with ~~Extension~~any ~~Payments~~requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our IPO or until we are no longer an “emerging growth company,” whichever is earlier.

~~In the event that the closing of the KM QUAD Business~~Contractual Combination does not occur by February 10, 2025, the Company shall have the right to extend the time to complete the KM QUAD Business Combination up to twenty-one (21) times for one month each time until October 10, 2026. QUAD shall be responsible for the extension fees covering nine extensions over nine months, in total amount of $540,000.Obligations

~~On or before February 14, 2025, KM QUAD wired the~~We ~~first~~do installment of the prepaid extension fees, in the amount of $250,000, to the Company’s designated bank account in exchange for a promissory note issued by the Company. KM QUAD shall wire the second installment of the prepaid extension fees, in the amount of $290,000, to the Company’s designated bank account on or before April 20, 2025 in exchange for a promissory note issued by the Company, provided that the Agreement has not ~~been~~have ~~terminated prior to that date. If the closing of the KM QUAD Business Combination does not occur prior to October 10, 2025 due to a delay in obtaining CSRC approvals, KM QUAD shall be responsible for~~ any ~~extension~~long-term ~~fees and other related fees incurred by the Company beyond October 10~~debt, ~~2025~~capital ~~not~~lease ~~to exceed $100~~obligations,~~000~~ ~~per~~operating ~~month.~~lease Ifobligations ~~the closing of the KM QUAD Business Combination~~ or ~~termination~~long-term ~~of the Agreement occurs prior to October 10~~liabilities, ~~2025,~~other ~~the~~than ~~Company shall return the remaining balance of the prepaid extension~~described ~~fees, if any, to KM QUAD on a pro rata basis~~below. Alternatively, at the closing of the KM QUAD Business Combination, the Company shall have the right to convert any prepaid extension fees that were paid and not returned into Purchaser Class A Ordinary Shares at $10.00 per share.

~~Critical~~Administrative Services ~~Accounting Policies and Estimates~~Agreement

~~The~~We have ~~preparation~~entered ofinto ~~unaudited~~an ~~financial~~administrative ~~statements and~~services ~~related~~agreement ~~disclosures~~pursuant into ~~conformity~~which ~~with~~we ~~accounting~~will ~~principles~~pay ~~generally~~the ~~accepted~~Sponsor ina ~~the~~total ~~United~~of ~~States~~$10,000 ofper ~~America~~month ~~requires~~for ~~management~~office tospace, ~~make~~utilities, ~~estimates~~secretarial and ~~assumptions~~administrative ~~that~~support. ~~affect~~However, ~~the~~pursuant ~~reported~~to ~~amounts~~the terms of ~~assets~~such ~~and liabilities~~agreement, ~~disclosure~~the ofSponsor ~~contingent~~agreed ~~assets~~to ~~and liabilities~~defer at the ~~date~~payment of ~~the~~such ~~financial~~monthly ~~statements,~~fee. Any such unpaid amount will accrue without interest and ~~income~~be due and ~~expenses~~payable ~~during~~no later than the ~~periods~~date ~~reported~~of the consummation of the initial Business Combination. ~~Actual~~The ~~results~~Company ~~could~~accrued ~~materially~~$20,000 ~~differ~~and ~~from~~$30,000 administrative fees due to the Sponsor ~~those~~on ~~estimates.~~the Weaccompanying ~~have~~balance ~~not~~sheets ~~identified~~as ~~any~~of ~~critical~~June ~~accounting~~30, ~~policies~~2025 and ~~estimates~~December 31, 2024, respectively.

~~Recent accounting pronouncements~~Underwriting Agreement

~~Management~~Upon closing ~~does~~of ~~not~~a ~~believe~~Business ~~that~~Combination, ~~any~~the ~~other~~underwriters ~~recently issued,~~will ~~but~~be ~~not~~entitled ~~yet~~to ~~effective~~a deferred fee of 3.5% of the gross proceeds of the IPO, ~~accounting~~or ~~pronouncements~~$2,415,000. The ifdeferred ~~currently~~fee ~~adopted,~~will ~~would~~become ~~have~~payable to the underwriters from the amounts held in the Trust Account solely in the event that we complete a ~~material~~Business ~~effect~~Combination, onsubject to the ~~Company’s~~terms ~~financial~~of the underwriting agreement. Additionally, we issued the underwriters 69,000 shares common ~~statements~~stock, or the representative shares, at the closing of the IPO as part of representative compensation.

20Promissory Note in Connection with Extension Payments

~~Item~~In the 3event that the closing of the KM QUAD Business Combination does not occur by February 10, 2025, the Company shall have the right to extend the time to complete the KM QUAD Business Combination up to twenty-one (21) times for one month each time until October 10, 2026. ~~Quantitative~~QUAD ~~and~~shall ~~Qualitative~~be ~~Disclosures~~responsible ~~About~~for ~~Market~~the ~~Risk~~extension fees covering nine extensions over nine months, in total amount of $540,000.

~~Not~~On or ~~required~~before February 14, 2025, KM QUAD wired the first installment of the prepaid extension fees, in the amount of $250,000, to the Company’s designated bank account in exchange for ~~smaller~~a ~~reporting~~promissory ~~companies~~note issued by the Company. KM QUAD shall wire the second installment of the prepaid extension fees, in the amount of $290,000, to the Company’s designated bank account on or before April 20, 2025 in exchange for a promissory note issued by the Company, provided that the Agreement has not been terminated prior to that date. If the closing of the KM QUAD Business Combination does not occur prior to October 10, 2025 due to a delay in obtaining CSRC approvals, KM QUAD shall be responsible for any extension fees and other related fees incurred by the Company beyond October 10, 2025 not to exceed $100,000 per month. If the closing of the KM QUAD Business Combination or termination of the Agreement occurs prior to October 10, 2025, the Company shall return the remaining balance of the prepaid extension fees, if any, to KM QUAD on a pro rata basis. Alternatively, at the closing of the KM QUAD Business Combination, the Company shall have the right to convert any prepaid extension fees that were paid and not returned into Purchaser Class A Ordinary Shares at $10.00 per share.

~~Item~~Critical Accounting 4.Policies ~~Controls~~ and ~~Procedures~~Estimates

~~Disclosure~~The preparation ~~controls~~of ~~and~~unaudited ~~procedures~~financial ~~are~~statements ~~controls~~ and ~~other~~ ~~procedures~~related ~~that~~disclosures ~~are~~in ~~designed~~conformity towith ~~ensure~~accounting ~~that~~principles ~~information~~generally ~~required~~accepted ~~to be disclosed~~ in the ~~our~~United ~~reports~~States ~~filed~~of orAmerica ~~submitted~~requires ~~under~~management ~~the~~to ~~Exchange Act~~make isestimates ~~recorded, processed, summarized~~ and ~~reported~~assumptions ~~within~~that ~~the~~affect ~~time periods specified in~~ the ~~SEC’s~~reported ~~rules~~amounts ~~and~~of ~~forms.~~assets ~~Disclosure controls~~ and ~~procedures include~~liabilities, disclosure ~~without~~of ~~limitation,~~contingent ~~controls~~assets and ~~procedures~~liabilities ~~designed~~at tothe ~~ensure~~date ~~that~~of ~~information~~the ~~required~~financial tostatements, beand ~~disclosed~~income inand ~~our reports~~expenses ~~filed~~during ~~or submitted under~~ the ~~Exchange~~periods ~~Act~~reported. Actual isresults ~~accumulated~~could ~~and~~materially ~~communicated~~differ tofrom ~~our~~those ~~management,~~estimates. ~~including~~We ~~our~~have ~~Chief~~not ~~Executive~~identified ~~Officer and~~any ~~Chief~~critical ~~Financial~~accounting ~~Officer,~~policies toand ~~allow timely decisions regarding required disclosure~~estimates.

~~Evaluation~~Recent accounting ~~of Disclosure Controls and Procedures~~pronouncements

~~We maintain disclosure controls and procedures that~~Management ~~are~~does ~~designed~~not tobelieve ~~ensure~~ that ~~information~~any ~~required~~other torecently ~~be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded~~issued, ~~processed,~~but ~~summarized~~not ~~and~~yet ~~reported within the time period specified in the SEC’s rules and forms~~effective, ~~and~~accounting ~~that such information is accumulated and communicated to management including our Chief Executive Officer~~pronouncements, ~~Chief~~if ~~Financial~~currently ~~Officer~~adopted, aswould ~~appropriate, to~~have ~~allow timely decisions regarding required disclosure. As of March 31, 2025, our Chief Executive Officer and Chief Financial Officer~~a ~~carried~~material ~~out~~effect anon ~~evaluation with~~ the ~~participation~~Company’s offinancial ~~management of the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934~~statements. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were ineffective at a reasonable assurance level as of March 31, 2025.

~~Changes in Internal Control over Financial Reporting~~20

~~There was no change in our internal control over financial~~Item ~~reporting~~3. ~~identified~~Quantitative ~~in connection with the evaluation required by Rule 13a-15(d)~~ and ~~15d-15(d)~~Qualitative ofDisclosures ~~the~~About ~~Securities~~Market ~~Exchange Act of 1934 that occurred during the quarter ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.~~Risk

~~Inherent~~Not required ~~Limitations~~for onsmaller ~~Effectiveness~~reporting ~~of Internal Controls~~companies.

~~A control system, no matter how well designed and~~Item ~~operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives~~4. InControls ~~reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the benefits of possible controls~~ and procedures relative to their costs. In addition, the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.Procedures

21Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

~~PART~~Evaluation of IIDisclosure -Controls ~~OTHER~~and ~~INFORMATION~~Procedures

~~ITEM~~We maintain 1disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management including our Chief Executive Officer, Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. ~~LEGAL~~As ~~PROCEEDINGS~~of June 30, 2025, our Chief Executive Officer and Chief Financial Officer carried out an evaluation with the participation of management of the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were ineffective at a reasonable assurance level as of June 30, 2025.

~~None.~~Changes in Internal Control over Financial Reporting

~~ITEM~~There was ~~1A.~~no ~~RISK~~change ~~FACTORS~~in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Securities Exchange Act of 1934 that occurred during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

~~As a smaller reporting company, we are not required~~Inherent toLimitations ~~make~~on ~~disclosures~~Effectiveness ~~under~~of ~~this~~Internal ~~Item.~~Controls

~~ITEM~~A control 2system, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. ~~UNREGISTERED~~In ~~SALES~~reaching OFa ~~EQUITY~~reasonable ~~SECURITIES~~level ~~AND~~of ~~USE~~assurance, OFmanagement ~~PROCEEDS~~necessarily was required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. In addition, the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

On October 11, 2023, Quetta Acquisition Corporation (the “Company”) consummated its initial public offering (the “IPO”) of 6,900,000 units (the “Units”), which includes full exercise of the underwriter’s over-allotment option. Each Unit consists of one common stock of the Company, par value $0.0001 per share (the “Common Stock”) and one-tenth (1/10) of one right (“Right”) to receive one share of common stock upon the consummation of an initial business combination. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $69,000,000. Simultaneously with the closing of the IPO, the Company consummated a private placement (the “Private Placement”) in which Yocto Investments LLC (the “Sponsor”), purchased 253,045 private units (the “Private Placement Units”) at a price of $10.00 per Private Unit, generating total proceeds of $2,530,450. The Private Units were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the transactions did not involve a public offering. The Private Units are identical to the Public Units sold in the Initial Public Offering.21

~~A total of $69,690,000 of the proceeds from the IPO~~PART ~~and~~II ~~the~~- ~~sale~~OTHER of the Private Placement Units were placed in a trust account established for the benefit of the Company’s public shareholders. We paid a total of $1,380,000 underwriting discounts and commissions and $1,097,729 for other offering costs and expenses (excluding $690,000 of representative shares at fair value) related to the Initial Public Offering. In addition, the underwriters agreed to defer $2,415,000 in underwriting discounts and commissions. The underwriters reimbursed $690,000 to us for the IPO related expenses.INFORMATION

~~For a description of the use of the proceeds generated~~ITEM in1. ~~our~~LEGAL ~~Initial Public Offering, see Part I, Item 2 of this Quarterly Report.~~PROCEEDINGS

~~On January 10, 2025, the Company held a special meeting of stockholders (the “January Special Meeting”)~~None. During the January Special Meeting, stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation, (ii) an amendment to the Company’s Investment Management Trust Agreement dated October 5, 2023 and (iii) a proposal to include any entity with its principal business operations in the geographical regions of China, Hong Kong, and Macau in the Company’s acquisition criteria in its search for a prospective target business for its business combination. In connection with the stockholders’ vote at the January Special Meeting, 5,199,297 shares were tendered for redemption. As a result, approximately $55,152,224 (approximately $10.608 per share) were removed from the Company’s trust account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of the Company, since that date. As a result, approximately $18,040,430 will remain in the trust account. Following the redemptions, the Company has 3,747,748 ordinary shares outstanding.

ITEM 3 1A. ~~DEFAULTS~~RISK ~~UPON SENIOR SECURITIES~~FACTORS

~~None~~As a smaller reporting company, we are not required to make disclosures under this Item.

ITEM 4 2. ~~MINE~~UNREGISTERED ~~SAFETY~~SALES ~~DISCLOSURES~~OF EQUITY SECURITIES AND USE OF PROCEEDS

~~Not~~On October ~~applicable~~11, 2023, Quetta Acquisition Corporation (the “Company”) consummated its initial public offering (the “IPO”) of 6,900,000 units (the “Units”), which includes full exercise of the underwriter’s over-allotment option. Each Unit consists of one common stock of the Company, par value $0.0001 per share (the “Common Stock”) and one-tenth (1/10) of one right (“Right”) to receive one share of common stock upon the consummation of an initial business combination. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $69,000,000. Simultaneously with the closing of the IPO, the Company consummated a private placement (the “Private Placement”) in which Yocto Investments LLC (the “Sponsor”), purchased 253,045 private units (the “Private Placement Units”) at a price of $10.00 per Private Unit, generating total proceeds of $2,530,450. The Private Units were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the transactions did not involve a public offering. The Private Units are identical to the Public Units sold in the Initial Public Offering.

~~ITEM~~A total 5of $69,690,000 of the proceeds from the IPO and the sale of the Private Placement Units were placed in a trust account established for the benefit of the Company’s public shareholders. ~~OTHER~~We ~~INFORMATION~~paid a total of $1,380,000 underwriting discounts and commissions and $1,097,729 for other offering costs and expenses (excluding $690,000 of representative shares at fair value) related to the Initial Public Offering. In addition, the underwriters agreed to defer $2,415,000 in underwriting discounts and commissions. The underwriters reimbursed $690,000 to us for the IPO related expenses.

~~None~~For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report.

22On January 10, 2025, the Company held a special meeting of stockholders (the “January Special Meeting”). During the January Special Meeting, stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation, (ii) an amendment to the Company’s Investment Management Trust Agreement dated October 5, 2023 and (iii) a proposal to include any entity with its principal business operations in the geographical regions of China, Hong Kong, and Macau in the Company’s acquisition criteria in its search for a prospective target business for its business combination. In connection with the stockholders’ vote at the January Special Meeting, 5,199,297 shares were tendered for redemption. As a result, approximately $55,152,224 (approximately $10.608 per share) were removed from the Company’s trust account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of the Company, since that date. As a result, approximately $18,040,430 will remain in the trust account. Following the redemptions, the Company has 3,747,748 shares of common stock issued and outstanding.

ITEM 6 3. ~~EXHIBITS~~DEFAULTS UPON SENIOR SECURITIES

~~The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q~~None.

Exhibit No.		Description
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

ITEM 4. MINE SAFETY DISCLOSURES

* Filed herewithNot applicable. ** Furnished.

23ITEM 5. OTHER INFORMATION

~~SIGNATURES~~None.

~~In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~22

	QUETTA ACQUISITION CORPORATION
Date: May 2, 2025	By:	/s/ Hui Chen
	Name:	Hui Chen
	Title:	Chairperson, Chief Executive Officer
		(Principal Executive Officer)

ITEM 6. EXHIBITS

24The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Exhibit No.		Description
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*		Inline XBRL Instance Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.
**	Furnished.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	QUETTA ACQUISITION CORPORATION

Date: August 19, 2025	By:	/s/ Hui Chen
	Name:	Hui Chen
	Title:	Chairperson, Chief Executive Officer
		(Principal Executive Officer)

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