MergerMay 11, 2026, 05:27 PM
FACT II Acquisition to Merge with Precision Aerospace; Q1 Net Income $1.03M
AI Summary
FACT II Acquisition Corp. announced it has entered into a definitive business combination agreement with Precision Aerospace & Defense Group, Inc. This merger is a crucial step for the SPAC to fulfill its primary objective. For the first quarter of 2026, the company reported a net income of $1.03 million, a decrease from the $1.45 million reported in the prior year's quarter, with basic and diluted EPS falling to $0.04. Additionally, management noted substantial doubt regarding the company's ability to continue as a going concern.
Key Highlights
- Entered a business combination agreement with Precision Aerospace & Defense Group, Inc. on November 26, 2025.
- Reported Q1 2026 net income of $1,034,133, down from $1,447,897 in Q1 2025.
- Basic and diluted net income per Class A and Class B ordinary share was $0.04 for Q1 2026, down from $0.06 in Q1 2025.
- Cash held in Trust Account increased to $185,334,240 as of March 31, 2026, from $183,785,456 at December 31, 2025.
- Total assets were $185,815,214 as of March 31, 2026, compared to $184,422,847 at December 31, 2025.
- Total liabilities increased to $9,519,706 as of March 31, 2026, from $9,161,472 at December 31, 2025.
- Net cash used in operating activities was $131,882 for the three months ended March 31, 2026.
- Management identified substantial doubt about the company's ability to continue as a going concern.