Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary
GSR V Acquisition Corp., a Cayman Islands SPAC, completed its Initial Public Offering on May 15, 2026, issuing 23,000,000 units at $10.00 each for gross proceeds of $230,000,000, plus a $6,710,000 private placement. As of June 30, 2026, $230,000,000 of IPO and private placement proceeds, plus interest, were held in a Trust Account totaling $231,039,036, while cash outside the trust was $1,558,257 with working capital surplus of $1,713,850.
For the quarter ended June 30, 2026, the company recorded net income of $786,553, driven by $1,039,036 of interest and dividends on trust investments, offset by $252,495 of general and administrative expenses. For the six-month period, net income was $729,868. The SPAC has 23,000,000 Class A shares classified as subject to redemption and 6,750,000 Class B founder shares, as well as public and private rights that each entitle the holder to one Class A share upon a future business combination.
Management discloses substantial doubt about the company’s ability to continue as a going concern if a business combination is not completed within the 18–21 month completion window, given the mandatory liquidation requirement. The report also identifies material weaknesses in disclosure controls and procedures related to inadequate segregation of duties and insufficient written accounting, IT, and financial reporting policies.
Positive
- None.
Negative
- Going-concern uncertainty: Management states that the mandatory liquidation feature if no business combination is completed within the 18–21 month window raises substantial doubt about the company’s ability to continue as a going concern.
- Material weaknesses in controls: Disclosure controls and procedures were deemed not effective due to inadequate segregation of duties and insufficient written accounting, IT, and financial reporting policies and procedures.
