LightWave Acquisition Corp.

LWAC: 10-Q · periodic report

LightWave Acquisition Corp. reported net income of $1.76 million for the quarter ended March 31, 2026, driven primarily by $1.94 million in interest earnings from its trust account. The company holds $222 million in the trust account, which is reserved for a future business combination, while maintaining only $625,000 in operating cash outside the trust. The SPAC incurred $186,000 in general and administrative expenses during the quarter, reflecting ongoing costs for legal, accounting, and administrative support as it searches for a target. No business combination has been completed, and the company remains in the pre-deal phase with a deadline to complete a transaction by June 2027. Management disclosed substantial doubt about the company's ability to continue as a going concern within one year, citing projected working capital deficits and the need for additional debt or equity financing to fund operations and transaction costs. This is a standard disclosure for pre-deal SPACs that rely on trust interest for liquidity but have limited operating cash reserves.

SEC 10-Q•5mo ago