| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Operating Income | -$26K | — | — |
| Net Income | -$26K | — | — |
| EPS (Basic) | -$0.01 | — | — |
| EPS (Diluted) | -$0.01 | — | — |
| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Current Assets | $16K | -73.5% | — |
| Total Assets | $309K | -7.9% | — |
| Current Liabilities | $383K | -0.3% | — |
| Stockholders' Equity | -$73K | -53.2% | — |
| Line Item | 2026-04-30 | Q/Q | Y/Y |
|---|---|---|---|
| Operating Cash Flow | -$27K | — | — |
| Financing Cash Flow | -$19K | — | — |
Business Overview
Vernal Capital Acquisition Corp. is a blank check company incorporated in the Cayman Islands on July 28, 2025, formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses across any industry or geographic region. As of April 30, 2026, the Company had not commenced operations and was in the process of completing its initial public offering, which closed on May 7, 2026, raising $100 million in gross proceeds from public units and $2.5 million from private placement with sponsors.
Forward Guidance
"The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on interest earned in the Trust Account) at the time of the agreement to enter into an initial Business Combination." "The Company will have 15 months from the closing of the IPO (subject to six one-month extensions after the closing of the offering by depositing into the Trust Account, for each one-month extension, $330,000, or up to $379,500 if the underwriters over-allotment option is exercised in full, representing $0.0330 per share of the total units sold in the offering) to complete its initial Business Combination."
Key Risk Factors
The Company faces substantial doubt about its ability to continue as a going concern, as it lacks sufficient financial resources to sustain operations beyond one year and must complete a business combination within 15-21 months or face automatic liquidation. Additionally, the Company is exposed to geopolitical and economic uncertainties including trade tensions, global conflicts, market volatility, supply chain disruptions, and potential sanctions that could materially and adversely affect its ability to consummate a business combination. The Sponsors' indemnification obligations to protect the Trust Account may be inadequate, as the Company has not independently verified whether the Sponsors have sufficient funds to satisfy these obligations.