UY Scuti Acquisition Corp.

UYSC: 8-K · debt financing

UY Scuti Acquisition Corp. issued an unsecured, interest-free $900,000 promissory note to Isdera HK Limited on October 22, 2026, formalizing two $450,000 extension loans that funded trust deposits and extended its deal deadline to January 1, 2027. The same day, the SPAC issued a second promissory note to merger target Xinghui Automotive Technology allowing drawdowns up to $200,000 for transaction costs, with $135,154 already outstanding. Both notes are payable at business-combination closing and convertible into units at $10.00 per unit unless the holder becomes a subsidiary of the post-deal public company. The financing signals continued sponsor and counterparty support for the pending merger with Isdera Group, originally signed July 18, 2025, though repeated extensions underscore completion risk that remains subject to shareholder approval and PRC regulatory clearance.

SEC 8-K•2d ago

UYSC: 8-K · debt financing

UY Scuti Acquisition Corp. deposited $450,000 into its trust account on September 30, 2026 to extend its business combination deadline for a third three-month period, moving the deadline from October 1, 2026 to January 1, 2027. The extension payment was loaned to the SPAC by Isdera HK Limited, an affiliate of merger target Isdera Group Limited, and the company expects to issue a promissory note for the loan. The filing also discloses a joinder agreement and First Amendment to the Merger Agreement adding Isdera, Inc. and Isdera Technology Limited as parties, keeping the pending business combination with Isdera Group (parent of Xinghui Automotive Technology) on track.

SEC 8-K•18d ago

UYSC: 8-K · acquisition merger

UY Scuti Acquisition Corp. announced that on September 22, 2026 it entered into a Joinder Agreement making its newly formed subsidiaries Isdera Inc (Purchaser) and Isdera Technology Limited (Merger Sub) parties to the July 18, 2025 Merger Agreement with Isdera Group Limited. Concurrently, the parties signed a First Amendment that revises the definition of 'Company Net Value' to $920,000,000, corrects the 'Purchaser Rights' conversion definition, and restates schedules for closing consideration allocation and Isdera Group's share capital. This is procedural de-SPAC progress: the deal structure and target valuation are now formalized, but the filing does not announce a closing date or new deal economics, so the market impact is moderate rather than transformative.

SEC 8-K•0mo ago

UYSC: 8-K · leadership change

UY Scuti Acquisition Corp. disclosed that CEO and director Jialuan Ma resigned effective August 6, 2026, citing personal reasons and explicitly noting no disagreement with the company over operations, policies, or practices. Ms. Ma had led the pre-deal SPAC since August 2024 and served as its Principal Executive Officer. On August 8, 2026, the board appointed Qunxue Yin as CEO and Chairman of the Board, effective immediately. Yin, 62, is a retired banking executive who spent 2002-2023 at China Everbright Bank's Suzhou Branch and is the sole director and control person of the company's sponsor, UY Scuti Investments Limited. The sponsor, which holds 1,448,348 ordinary shares, intends to transfer 50,000 shares to Yin as consideration for taking the CEO role. Consolidating the CEO and Chairman roles under the sponsor's control person signals management continuity for the blank-check company as it seeks a de-SPAC target, while concentrating governance in the sponsor.

SEC 8-K•2mo ago

UYSC: 10-K · periodic report

UY Scuti Acquisition Corp. filed its annual Form 10-K for the fiscal year ended March 31, 2026, reporting that it has not yet completed a business combination. The company held an extraordinary general meeting on March 31, 2026, where shareholders approved extending the deadline to complete a merger by up to 12 months, to April 1, 2027, contingent on the sponsor depositing $450,000 for each three-month extension. Following the approval of the extension, holders of 2,437,288 ordinary shares elected to redeem their shares for approximately $10.38 per share, removing about $25.3 million from the trust account. Approximately $34.4 million remains in the trust, with 3,312,712 public shares outstanding. The company remains in pursuit of a merger with Isdera Group Limited, an automotive designer, pursuant to a Merger Agreement signed in July 2025. The transaction values Isdera at $1 billion, and the company has secured loans from the sponsor and its affiliates to fund the extension payments required to keep the deal alive.

SEC 10-K•3mo ago

UYSC: 8-K · debt financing

UY Scuti Acquisition Corp. disclosed in a Form 8-K that it has extended its deadline to complete an initial business combination by depositing $450,000 into its trust account. The deposit was funded by a loan from Isdera HK Limited, an affiliate of the company's merger target, Isdera Group Limited. This action extends the deadline to consummate the business combination from July 1, 2026, to October 1, 2026, marking the company's second three-month extension period. UY Scuti expects to issue a promissory note to the lender regarding the loan and will file the note as an exhibit. The proposed business combination involves UY Scuti merging with Isdera Group, the parent company of Xinghui Automotive Technology. The parties anticipate filing a registration statement on Form F-4 or S-4 to provide shareholders with a proxy statement and prospectus regarding the transaction.

SEC 8-K•3mo ago