UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 or

 TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from
to

 Commission file number: 001-42392

 Bleichroeder Acquisition Corp. I

 (Exact name of registrant as specified in its
charter)

 Cayman Islands

 98-1797826

 (State or other jurisdiction of
 incorporation or organization)

 (I.R.S. Employer

Identification No.)

 1345 Avenue of the Americas, Fl 47

 New York, NY

 10105

 (Address of principal executive offices)

 (Zip Code)

 Registrant's telephone number, including
area code: 212 - 984-3835

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Units, each consisting of one Class A Ordinary Share and one Right

 BACQU

 The Nasdaq Stock Market LLC

 Class A Ordinary Shares, par value $0.0001 per share

 BACQ

 The Nasdaq Stock Market LLC

 Rights, each right entitling the holder to receive one-tenth (1/10) of one Class A Ordinary Share

 BACQR

 The Nasdaq Stock Market LLC

 Securities registered pursuant to Section 12(g)
of the Act: None

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes No

has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer, "smaller reporting company," and "emerging
growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

is a shell company (as defined in Rule 12b-2 of the Act). Yes No

 The registrant's shares were not listed
on any exchange and had no value as of the last business day of the second fiscal quarter of 2024. The registrant's Units begin
trading on the Nasdaq Stock Market LLC on November
1, 2024 and the registrant's Class A Ordinary Shares and Rights began trading on the
 Nasdaq Stock Market LLC on December 2, 2024. Accordingly, there was no market value
for the registrant's common equity as of the last business day of the second fiscal quarter of 2024. The aggregate market value
of the outstanding shares of the registrant's Class A Ordinary Shares, other than shares held by persons who may be deemed affiliates
of the registrant, computed by reference to the closing price for the Class A Ordinary Shares on December 31, 2024, as reported on the
 Nasdaq Stock Market LLC, was $ 246,500,000.

 As of March 10, 2025, there were 25,425,000
 Class A ordinary shares, par value $0.0001 per share, and 8,333,333 Class B ordinary
shares, par value $0.0001 per share, of the registrant issued and outstanding.

 PAGE

 Item 1.

 Business.

 Item 1A.

 Risk
 Factors.

 Item 1B.

 Unresolved
 Staff Comments.

 Item
 1C

 Cybersecurity.

 Item
 2.

 Properties.

 Item
 3.

 Legal
 Proceedings.

 Item
 4.

 Mine
 Safety Disclosures.

 PART
 II

 Item
 5.

 Market
 for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Item
 6.

 [Reserved]

 Item
 7.

 Management's
 Discussion and Analysis of Financial Condition and Results of Operations.

 Item 7A.

 Quantitative
 and Qualitative Disclosures About Market Risk.

 Item
 8.

 Financial
 Statements and Supplementary Data.

 Item
 9.

 Changes
 in and Disagreements With Accountants on Accounting and Financial Disclosure.

 Item
 9A.

 Controls
 and Procedures.

 Item
 9B.

 Other
 Information.

 Item
 9C.

 Disclosure
 Regarding Foreign Jurisdictions that Prevent Inspections.

 PART
 III

 Item
 10.

 Directors,
 Executive Officers and Corporate Governance.

 Item
 11.

 Executive
 Compensation.

 Item
 12.

 Security
 Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 Item
 13.

 Certain
 Relationships and Related Transactions, and Director Independence.

 Item
 14.

 Principal
 Accountant Fees and Services.

 PART
 IV

 Item
 15.

 Exhibit
 and Financial Statement Schedules.

 Item
 16.

 Form
 10-K Summary.

 i

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 This Report (as defined below),
including, without limitation, statements under Item 7. "Management's Discussion and Analysis of Financial Condition and Results
of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act (as defined below) and
Section 21E of the Exchange Act (as defined below). These forward-looking statements can be identified by the use of forward-looking terminology,
including the words "believes," "estimates," "anticipates," "expects," "intends,"
"plans," "may," "will," "potential," "projects," "predicts," "continue,"
or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that
actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating
to our ability to consummate any acquisition or other Business Combination (as defined below) and any other statements that are not statements
of current or historical facts. These statements are based on Management's (as defined below) current expectations, but actual results
may differ materially due to various factors, including, but not limited to:

 our
ability to complete our initial Business Combination;

 our expectations around the performance of the prospective target business or businesses;

 our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial Business Combination;

 our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial Business Combination, as a result of which they would then receive expense reimbursements;

 the potential incentive to consummate an initial Business Combination with an acquisition target that subsequently declines in value or is unprofitable for public investors due to the low initial price for the Founder Shares (as defined below) paid by our Sponsor (as defined below);

 our potential ability to obtain additional financing to complete our initial Business Combination;

 the ability of our officers and directors to generate a number of potential acquisition opportunities;

 our pool of prospective target businesses;

 our public securities' potential liquidity and trading;

 the lack of a market for our securities;

 the use of proceeds not held in the Trust Account (as defined below) or available to us from interest income on the Trust Account balance;

 the Trust Account not being subject to claims of third parties;

 the value of the Founder Shares following completion of our initial Business Combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our Public Shares (as defined below) at such time is substantially less than $10.00 per Public Share;

 the impact on the amount held in the Trust Account, our capitalization, principal shareholders and other impacts on our Company (as defined below) or Management Team should we seek to extend the Combination Period (as defined below) consistent with applicable laws, regulations and stock exchange rules;

 our financial performance; or

 the other risks and uncertainties discussed in "Item 1A. Risk Factors" below.

 ii

 Additionally, in 2024, the
SEC (as defined below) adopted additional rules and regulations relating to SPACs (as defined below). The 2024 SPAC Rules (as defined
below) require, among other matters, (i) additional disclosures relating to SPAC sponsors and related persons; (ii) additional disclosures
relating to SPAC Business Combination transactions (iii) additional disclosures relating to dilution and to conflicts of interest
involving sponsors and their affiliates in connection with proposed Business Combination transactions; (iv) additional disclosures regarding
projections included in SEC filings in connection with proposed Business Combination transactions and (v) the requirement that both
the SPAC and its target company be co-registrants in connection with registration statements relating to proposed Business Combination
transactions. In addition, the SEC's adopting release provided guidance describing circumstances in which a SPAC could become subject
to regulation under the Investment Company Act (as defined below), including its duration, asset composition, business purpose, and the
activities of the SPAC and its management team. The 2024 SPAC Rules may materially affect our ability to negotiate and complete our initial
Business Combination and may increase the costs and time related thereto.

 The forward-looking statements
contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects
on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially
different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize,
or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking
statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required under applicable securities laws.

 Unless otherwise stated in this Report, or the
context otherwise requires, references to:

 "2024
SPAC Rules" are to the new rules and regulations for SPACs adopted by the SEC on January 24, 2024, which became effective on July
1, 2024;

 "Amended
and Restated Memorandum" are to our Amended and Restated Memorandum and Articles of Association, as amended and currently in effect;

 "ASC"
are to the FASB (as defined below) Accounting Standards Codification;

 "ASU"
are to the FASB Accounting Standards Update;

 "Board
of Directors" or "Board" are to our board of directors;

 "Business
Combination" are to a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses;

 "Class
A Ordinary Shares" are to our Class A ordinary shares, par value $0.0001 per share;

 "Class B Ordinary Shares" are to our Class B ordinary shares, par value $0.0001 per share;

 "Co-Founders" are to Michel Combes, a member of our Sponsor, and Andrew Gundlach, our President, Chief Executive Officer and Chairman of the Board.

 "Combination Period" are to the 24-month period, from the closing of the Initial Public Offering to November 4, 2026 (or such earlier date as determined by the Board), that we have to consummate an initial Business Combination; provided that the Combination Period may be extended pursuant to an amendment to the Amended and Restated Memorandum and consistent with applicable laws, regulations and stock exchange rules;

 "Company," "our," "we" or "us" are to Bleichroeder Acquisition Corp. I, a Cayman Islands exempted company;

 "Continental" are to Continental Stock Transfer & Trust Company, trustee of our Trust Account (as defined below) and rights agent of our Public Rights (as defined below);

 "Exchange Act" are to the Securities Exchange Act of 1934, as amended;

 "FASB" are to the Financial Accounting Standards Board;

 iii

 "Founder Shares" are to the Class B Ordinary Shares initially purchased by our Sponsor prior to the Initial Public Offering and the Class A Ordinary Shares that will be issued upon the automatic conversion of the Class B Ordinary Shares at the time of our Business Combination or earlier at the option of the holders thereof, as described herein (for the avoidance of doubt, such Class A Ordinary Shares will not be "Public Shares" (as defined below));

 "GAAP" are to the accounting principles generally accepted in the United States of America;

 "Inflection Point" means Inflection Point Fund I LP, a Delaware limited partnership (which is not affiliated with any member of our Management) that has indirectly purchased, through the purchase of non-managing sponsor membership interests, all 425,000 of the private placement units at a price of $10.00 per unit ($4,250,000 in the aggregate) in the Private Placement (as defined below).

 "Initial Public Offering" or "IPO" are to the initial public offering that we consummated on November 4, 2024;

 "Investment Company Act" are to the Investment Company Act of 1940, as amended;

 "IPO Promissory Note" are to that certain unsecured promissory note in the principal amount of up to $750,000 issued to our Sponsor on June 25, 2024;

 "IPO Registration Statement" are to the Registration Statement on Form S-1 initially filed with the SEC on July 12, 2024, as amended, and declared effective on October 31, 2024 (File No. 333-280777);

 "JOBS Act" are to the Jumpstart Our Business Startups Act of 2012;

 "Management" or our "Management Team" are to our executive officers and directors;

 "Nasdaq" are to the Nasdaq Global Market;

 "Ordinary Shares" are to the Class A Ordinary Shares and the Class B Ordinary Shares, together;

 "Private Placement" are to the private placement of Private Placement Units (as defined below) that occurred simultaneously with the closing of our Initial Public Offering;

 "Private Placement Rights" are to the rights sold as part of the Private Placement Units (as defined below) in our Private Placement;

 "Private Placement Shares" are to the Class A Ordinary Shares included within the Private Placement Units purchased by our Sponsor in the Private Placement;

 "Private Placement Units" are to the units issued to our Sponsor in the Private Placement, each Private Placement Unit consists of one Class A Ordinary Share and one Private Placement Right to receive one-tenth of one Class A Ordinary Share upon the consummation of the Company's Business Combination;

 "Private Placement Units Purchase Agreement" are to the Private Placement Units Purchase Agreements, dated October 31, 2024, which we entered into with the Sponsor;

 "Public Shares" are to the Class A Ordinary Shares sold as part of the Units (as defined below) in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);

 "Public Shareholders" are to the holders of our Public Shares, including our Sponsor and Management Team to the extent our Sponsor and/or the members of our Management Team purchase Public Shares, provided that each our Sponsor's and member of our Management Team's status as a "Public Shareholder" will only exist with respect to such Public Shares;

 "Public Rights" are to the rights sold as part of the Units in our Initial Public Offering (whether they were subscribed for in our Initial Public Offering or purchased in the open market);

 iv

 "Report" are to this Annual Report on Form 10-K for the fiscal year ended December 31, 2024;

 "Rights" are to the Public Rights and Private Placement Rights;

 "SEC" are to the U.S. Securities and Exchange Commission;

 "Securities Act" are to the Securities Act of 1933, as amended;

 "SPACs" are to special purpose acquisition companies;

 "Sponsor" are to Bleichroeder Sponsor 1 LLC, a Delaware limited liability company;

 "Trust Account" are to the U.S.-based trust account in which an amount of $250,000,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Units in the Private Placement was placed following the closing of the Initial Public Offering;

 "Units" are to the units sold in our Initial Public Offering, which consist of one Public Share and one Public Right;

 "Withum"
are to WithumSmith+Brown, PC, our independent registered public accounting firm; and

 "Working Capital Loans" are to funds that, in order to provide working capital or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of our directors and officers may, but are not obligated to, loan us.

 v

 Item
1. Business.

 Overview

 We are a blank check company
incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a Business Combination. We have not selected
any Business Combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly,
with any Business Combination target. While we may pursue an initial Business Combination in any sector, we are focusing our efforts on
businesses in the technology, media and telecommunications ("TMT") sector as well as sectors that are being transformed via
technology adoption, where we believe our Management Team's operational and investment expertise will provide us with a competitive
advantage.

 The 2024 SPAC Rules may materially
affect our ability to negotiate and complete our initial Business Combination and may increase the costs and time related thereto.

 Initial Public Offering

 On November 4, 2024, we consummated
our Initial Public Offering of 25,000,000 Units. Each Unit consists of one Public Share and one Public Right, with each whole Public Right
entitling the holder thereof to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of our Business Combination.
The Units were sold at a price of $10.00 per Unit, generating gross proceeds to our Company of $250,000,000.

 Simultaneously with the closing
of the Initial Public Offering, we completed the private sale of an aggregate of 425,000 Private Placement Units to our Sponsor in the
Private Placement at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds of $4,250,000.

 A total of $250,000,000 of
the proceeds from the Initial Public Offering and the sale of the Private Placement (which amount includes $9,750,000 of the underwriter''
deferred discount), was placed in the Trust Account maintained by Continental, acting as trustee.

 It is the job of our Sponsor
and Management to complete our initial Business Combination. Our Management is led by Co-Founders, Michel Combes and Andrew Gundlach,
and Robert Folino, our Chief Financial Officer, who have many years of experience in the technology sector. We must complete our initial
Business Combination by November 4, 2026, the end of our Combination Period, which is 24 months from the closing of our Initial Public
Offering. If our initial Business Combination is not consummated by the end of our Combination Period, then, unless our Board of Directors
shall otherwise determine, our existence will terminate, and we will distribute all amounts in the Trust Account.

 We may seek to extend the
Combination Period consistent with applicable laws, regulations and stock exchange rules. Such an extension would require the approval
of our Public Shareholders, who will be provided the opportunity to redeem all or a portion of their Public Shares. Such redemptions will
likely have a material adverse effect on the amount held in our Trust Account, our capitalization, principal shareholders and other impacts
on our Company or Management, such as our ability to maintain our listing on Nasdaq.

 Management Team

 We leverage the experience of our Co-Founders,
Michel Combes, a member of our Sponsor, and Andrew Gundlach, our Chairman, President and Chief Executive Officer. Our Co-Founders have
both extensive operational and investment experience, serving as Chief Executive Officers and Directors of global public companies and
as investors in public and private markets, as well as prior SPAC experience. Furthermore, our Co-Founders have built an extensive network
spanning leading private equity and venture capital funds, large corporates and family-owned businesses that we believe will accrue to
the benefit of our investors.

 Our independent directors include:

 Nazim Cetin | Chief Executive Officer and Global Chief Investment
Officer of Allianz X, the digital investment unit of the Allianz Group

 Joseph Samuels | Investor and Founder of Channel Partners
and Islet Capital

 Antoine Theysset | Former SoftBank Investment Advisers Operating
Partner

 Pierre Weinstein | Head of Special Situations at Verition Fund Management

 Kathy Savitt | senior operating executive with public and
private board experience.

 Business Strategy

 We will seek to capitalize on the collective experience
and complimentary expertise of our Co-Founders as well as the rest of our Management Team. We believe that they are well-positioned to
identify attractive Business Combination opportunities within the technology industry, as well as attractive business opportunities within
sectors that are being transformed via technology adoption. Our objectives are to generate attractive returns for shareholders and enhance
value through improving operational performance of the acquired company. We favor potential target companies with certain industry and
business characteristics that we believe will provide favorable returns for our shareholders, as set forth in " Investment Criteria,"
below.

 We believe that we are in the midst of a new wave
of transformational change as technology continues to evolve to serve an increasingly digital world. This provides a wide range of potential
targets including not only traditional technology companies, but also companies that are in the midst of a technology-driven technological
evolution. Below is a sub-set of structural shifts that we believe will create multitudes of potential investment opportunities, including:

 Advanced connectivity driven by digital infrastructure providing
global internet access; including remote areas previously unserved by traditional telecommunications networks

 Adoption of AI capabilities such as machine learning and natural-language
processing — which is either currently impacting or has the near-term potential to impact effectively all industries

 Continued mobile and digitalization across vast swaths of
the economy, and further accelerated via the experience of COVID-19

 'Digital-trust' technologies facilitating the
continued development of online and mobile-first solutions across sensitive sectors (e.g., financial technology, payments, communications,
etc.)

 Widespread adoption of cloud computing and other solutions
that allow small and medium-sized companies to thrive without incurring substantial fixed costs

 Next-generation software development enabling nontechnical
employees and entrepreneurs to create applications and develop solutions that optimize complicated tasks and organizational needs

 Importantly, we believe that these trends stretch
far beyond what is generally considered TMT and provides a much larger landscape of potential investment opportunities. According to the
IDC, worldwide spending on Digital Transformation is expected to exceed $4 trillion by 2027, with an estimated annual growth rate
of over 16% over the 2022 to 2027 period. This is driven by the continued prioritization of digitization across industries as well as
the impact of data intensive tools such as AI.

 Although we anticipate utilizing a wide lens in
anticipating potential opportunities in sectors undergoing technological change, we believe that the following sub-sectors are of particular
interest based on our experience, network and focus.

 Artificial intelligence | Companies that benefit from
the continued development in artificial intelligence, including workforce augmentation, natural language processing, coding, creative
AI and technology underpinning autonomous vehicles

 Business services | Companies that utilize technological
solutions to deliver more efficient solutions across a range of activities, including data processing, customer / technical support and
others

 Digital infrastructure | Companies that create and
manage towers, small cells, fiber optic networks and data centers; which benefit from growing investment in underlying digital advancement

 Edtech | Companies that create technologies to facilitate
and enhance the learning experience, including applications, hardware, software and online content delivery

 Financial Services | Companies in the traditional financial
services ecosystem that are in the midst of a digital transformation.

 Fintech | Companies that provide more efficient, cheaper
and user-friendly financial services to customers or facilitate the infrastructure to provide such services

 Media | Companies that control the distribution (either
broadcasting or streaming) and production of media entertainment, including music, cinema, television, sports and video games

 Retail/E-commerce | Companies that enable both individuals
and corporates to transact via new channels, including marketplaces, online auctions, travel, payment gateways, aggregators and online
ticketing companies

 Software | Companies that aim to develop and provide
software on a license or subscription basis across industries and processes

 While we are focusing on TMT industries, broadly
defined, we may ultimately choose to pursue an initial Business Combination in other industries, which we identify as having similarly
attractive investment and operating characteristics. To the extent we identify attractive investments outside of the TMT industries, we
are applying the same disciplined due diligence, execution and value creation strategies to the investment.

 With respect to the foregoing experiences of our
Management Team (including our Co-Founders), past performance is not a guarantee (i) that we will be able to identify a suitable
candidate for our initial Business Combination or (ii) of success with respect to any Business Combination we may consummate. You
should not rely on the historical record of our management team (including our Co-Founders) as indicative of our future performance. For
more information on the experience and background of our Management Team, see " Item 10. Directors, Executive Officers and Corporate
Governance." of this Report.

 Competitive Strengths

 The sourcing, valuation, diligence and execution
capabilities of our Co-Founders will provide us with a significant pipeline of opportunities from which to evaluate and select a business
that will benefit from our expertise. Our competitive strengths include the following:

 Industry leading executive | We believe the strong
track record of Mr. Combes in our target sectors will be viewed favorably by target businesses in need of enhanced management, improved
operating processes and controls, better access to industry relationships and strategic planning.

 Public executive experience | We believe that the executive
track record of Mr. Combes across a variety of public companies differentiates our vehicle from others and will provide us with
unique access to promising opportunities.

 Proprietary sourcing channels | We believe the capabilities
and connections associated with our Co-Founders, including those of Bleichroeder, will provide us with a unique pipeline of acquisition
opportunities that would be difficult for others to access. This includes decades-long relationships with leading venture capital and
private equity firms.

 Investing experience | We believe that our Co-Founders
asset management experience at SoftBank and Bleichroeder will help us identify and source transactions that are appropriate for our vehicle
and will be well received by the public markets.

 Execution capability | Our Co-Founders believe that
our combined industry and investment expertise and reputation will allow our team to source and complete transactions possessing structural
attributes that create an attractive investment thesis. These types of transactions are typically complex and require creativity, industry
knowledge and expertise, rigorous due diligence, and extensive negotiations and documentation.

 Our selection process will leverage our management
team (including our Co-Founders') network of industry, private equity, venture capital, and corporate relationships as well as relationships
with management teams of public and private companies, investment bankers, restructuring advisers, attorneys and accountants, which we
believe should provide us with a number of Business Combination opportunities. We are deploying a proactive, thematic sourcing strategy
and are focusing on companies where we believe the combination of our operating experience, relationships, capital and capital markets
expertise can be catalysts to transform a target company and can help accelerate the target's growth and performance. Since the
completion of our Initial Public Offering, our Management Team (including our Co-Founders) have been communicating with their network
of relationships to articulate our initial Business Combination criteria, including the parameters of our search for a target business,
and have begun the disciplined process of pursuing and reviewing promising leads.

 Investment Criteria

 We have developed the following high level, non-exclusive
investment criteria that we will use to screen for and evaluate target businesses. We are seeking to acquire a business that:

 utilizes our global network of contacts, which provides access
to differentiated deal flow and significant deal-sourcing capabilities;

 has a strong, experienced management team, or provides a platform
to assemble an effective management team with a track record of driving growth and profitability;

 provides a platform for add-on acquisitions, which we believe
will be an opportunity for our Sponsor and its members and management team to deliver incremental shareholder value post-acquisition;

 would benefit from our Co-Founders' experience, which
can be applied to improve the operations and market position of the target;

 has a defensible market position, with demonstrated advantages
when compared to its competitors and which create barriers to entry against new competitors;

 has a differentiated or unique product and technology offering
with multiple avenues for growth and margin expansion;

 is at an inflection point, such as requiring additional management
expertise, is able to innovate through new operational techniques, or where we believe we can drive improved financial performance;

 is a fundamentally sound company that is underperforming its
potential;

 generates stable free cash-flow or has the near-term potential
to generate sustainable free cash flow;

 exhibits unrecognized value or other characteristics, desirable
returns on capital, and a need for capital to achieve the company's growth strategy, that we believe has been misevaluated by the
marketplace based on our analysis and due diligence review;

 has a diversified customer base better positioned to endure
economic downturns, changes in the industry landscape and evolving customer, supplier and competitor preferences;

 will offer an attractive risk-adjusted return for our shareholders,
potential upside from growth in the target business and an improved capital structure that will be weighed against any identified downside
risks; and

 can benefit from being a publicly traded, is prepared to be
a publicly traded company, and can utilize access to broader capital markets.

 These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial Business Combination may be based, to the extent relevant, on these general
guidelines as well as on other considerations, factors and criteria that our management may deem relevant. In the event that we decide
to enter into our initial Business Combination with a target business that does not meet the above criteria and guidelines, we will disclose
that the target business does not meet the above criteria in our shareholder communications related to our initial Business Combination,
which, as discussed in this Report, would be in the form of proxy solicitation materials or tender offer documents that we would file
with the SEC.

 Acquisition Process

 In evaluating a prospective target business, we
expect to conduct a due diligence review which may encompass, among other things, meetings with incumbent management and employees, document
reviews, interviews of customers and suppliers, inspection of facilities, as applicable, as well as a review of financial, operational,
legal and other information about the target and its industry which will be made available to us. If we determine to move forward with
a particular target, we will proceed to structure and negotiate the terms of the Business Combination transaction.

 The time required to select and evaluate a target
business and to structure and complete our initial Business Combination, and the costs associated with this process, are not currently
ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation of, and negotiation with,
a prospective target business with which our initial Business Combination is not ultimately completed will result in our incurring losses
and will reduce the funds available for us to use to complete another Business Combination.

 Because there are numerous special purpose acquisition
companies seeking to enter into an initial Business Combination with available targets, the competition for available targets with attractive
fundamentals or business models may increase, which could cause target companies to demand improved financial terms. Attractive deals
could also become scarcer for other reasons, such as economic or industry sector downturns (including a negative public perception of
mergers involving SPACs), geopolitical tensions, or increases in the cost of additional capital needed to close Business Combinations
or operate targets post-Business Combination. Thus, our ability to identify and evaluate a target company may be impacted by significant
competition among other special purpose acquisition companies in pursuing Business Combination transaction candidates and significant
competition may impact the attractiveness of the acquisition terms that we will be able to negotiate.

 Initial Business Combination

 Nasdaq rules require that we must complete one
or more Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account
(excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account). Our Board of Directors
will make the determination as to the fair market value of our initial Business Combination. If our board of directors is not able to
independently determine the fair market value of our initial Business Combination, we will obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria.
While we consider it likely that our Board of Directors will be able to make an independent determination of the fair market value of
our initial Business Combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target
or if there is a significant amount of uncertainty as to the value of the target's assets or prospects. Additionally, pursuant to
Nasdaq rules, any initial Business Combination must be approved by a majority of our independent directors.

 If we do not complete our initial Business Combination
within the Combination Period, while we do not currently intend to seek shareholder approval to amend our Amended and Restated Memorandum
to extend the amount of time we will have to consummate an initial Business Combination, we may elect to do so in the future. There is
no limit on the number of extensions that we may seek; however, we do not expect to extend the time period to consummate our initial Business
Combination beyond 36 months from the closing of our Initial Public Offering. If we determine not to or are unable to extend the time
period to consummate our initial Business Combination or fail to obtain shareholder approval to extend the Combination Period, our Sponsor's
investment in our founder shares and our private placement units will be worthless.

 We anticipate structuring our initial Business
Combination so that the post transaction company in which our Public Shareholders own shares will own or acquire 100% of the equity interests
or assets of the target business or businesses. We may, however, structure our initial Business Combination such that the post transaction
company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain objectives of the
target management team or shareholders or for other reasons, but we will only complete such Business Combination if the post transaction
company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in
the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even if the post
transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to the Business Combination
may collectively own a minority interest in the post transaction company, depending on valuations ascribed to the target and us in the
Business Combination. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for
all of the outstanding capital stock, shares or other equity interests of a target. In this case, we would acquire a 100% controlling
interest in the target. However, as a result of the issuance of a substantial number of new shares, our shareholders immediately prior
to our initial Business Combination could own less than a majority of our issued and outstanding shares subsequent to our initial Business
Combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post
transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into account for purposes
of the 80% of net assets test described above. If the Business Combination involves more than one target business, the 80% of net assets
test will be based on the aggregate value of all of the target businesses.

 We are not prohibited from pursuing an initial
Business Combination with a company that is affiliated with our Sponsor, officers, directors, Inflection Point, or any of their respective
affiliates or completing the Business Combination through a joint venture or other form of shared ownership with our Sponsor, officers,
directors, Inflection Point or any of their respective affilaites. In the event we seek to complete our initial Business Combination with
a company that is affiliated with our Sponsor, officers or directors, we, or a committee of independent directors, will obtain an opinion
from an independent investment banking firm or another independent entity that commonly renders valuation opinions, stating that the consideration
to be paid by us in such an initial Business Combination is fair to our company from a financial point of view. We are not required to
obtain such an opinion in any other context.

 Members of our Management Team and our independent
directors directly or indirectly own Founder Shares and/or Private Placement Units and, accordingly, may have a conflict of interest in
determining whether a particular target business is an appropriate business with which to effectuate our initial Business Combination.
Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular Business Combination
if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with
respect to our initial Business Combination.

 Each of our officers and directors presently has,
and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one or more other entities
pursuant to which such officer or director is or will be required to present a Business Combination opportunity to such entities. Accordingly,
if any of our officers or directors becomes aware of a Business Combination opportunity which is suitable for an entity to which he or
she has then current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present
such Business Combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands law. Our Amended and
Restated Memorandum provide that, to the fullest extent permitted by law: (i) no individual serving as a director or an officer,
among other persons, shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or
indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy
in, or in being offered an opportunity to participate in, any potential transaction or matter which (a) may be a corporate opportunity
for any director or officer, on the one hand, and us, on the other or (b) the presentation of which would breach an existing legal
obligation of a director or officer to any other entity. As a result, the fiduciary duties or contractual obligations of our officers
or directors could materially affect our ability to complete our initial Business Combination.

 In addition, our Sponsor, Co-Founders and our
officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business or
investment ventures during the period in which we are seeking an initial Business Combination. As a result, our Sponsor, Co-Founders,
officers and directors could have conflicts of interest in determining whether to present Business Combination opportunities to us or
to any other special purpose acquisition company with which they may become involved. Any such companies, businesses or investments may
present additional conflicts of interest in pursuing an initial Business Combination target.

 Sourcing of Potential Business Combination Targets

 We believe our Management Team's significant
operating and transaction experience and relationships will provide us with a substantial number of potential initial Business Combination
targets. Over the course of their careers, the members of our Management Team have developed a broad network of contacts and corporate
relationships around the world. This network has grown through the activities of our Management Team sourcing, acquiring and financing
businesses, the reputation of our Management Team and advisors for integrity and fair dealing with sellers, financing sources and target
management teams and the experience of our Management Team in executing transactions under varying economic and financial market conditions.

 This network has provided our Management Team
with a flow of referrals that has resulted in numerous transactions that were proprietary or where a limited group of investors were invited
to participate in the sale process. We believe that the network of contacts and relationships of our Management Team will provide us important
sources of investment opportunities. In addition, we anticipate that target Business Combination candidates will be brought to our attention
from various unaffiliated sources, including investment market participants, private equity funds and large business enterprises seeking
to divest non-core assets or divisions.

 Status as a Public Company

 We believe our structure makes us an attractive
Business Combination partner to target businesses. As an existing public company, we offer a target business an alternative to the traditional
initial public offering through a merger or other Business Combination with us. In a Business Combination transaction with us, the owners
of the target business may, for example, exchange their shares of stock or shares in the target business for our Class A ordinary
shares (or shares of a new holding company) or for a combination of our Class A ordinary shares and cash, allowing us to tailor the
consideration to the specific needs of the sellers. We believe target businesses will find this method a more expeditious and cost effective
method to becoming a public company than the typical initial public offering. The typical initial public offering process takes a significantly
longer period of time than the typical Business Combination transaction process, and there are significant expenses and market and other
uncertainties in the initial public offering process, including underwriting discounts and commissions, marketing and road show efforts
that may not be present to the same extent in connection with a Business Combination with us.

 Furthermore, once a proposed initial Business
Combination is completed, the target business will have effectively become public, whereas an initial public offering is always subject
to the underwriter's ability to complete the offering, as well as general market conditions, which could delay or prevent the offering
from occurring or could have negative valuation consequences. Following an initial Business Combination, we believe the target business
would then have greater access to capital, an additional means of providing management incentives consistent with shareholders'
interests and the ability to use its shares as currency for acquisitions. Being a public company can offer further benefits by augmenting
a company's profile among potential new customers and vendors and aid in attracting talented employees.

 While we believe that our structure and our Management
Team's backgrounds will make us an attractive business partner, some potential target businesses may view our status as a blank
check company, such as our lack of an operating history and our ability to seek shareholder approval of any proposed initial Business
Combination, negatively.

 In addition, prior to the consummation of a Business
Combination, only holders of our Class B Ordinary Shares will have the right to vote on the appointment or removal of directors.
As a result, Nasdaq considers us to be a "controlled company" within the meaning of Nasdaq corporate governance standards.
Under Nasdaq corporate governance standards, a company of which more than 50% of the voting power for the appointment of directors is
held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate
governance requirements. We currently do not intend to rely on the "controlled company" exemption, but may do so in the future.
Accordingly, if we choose to do so, you will not have the same protections afforded to shareholders of companies that are subject to all
of the Nasdaq corporate governance requirements.

 Financial Position

 With funds available for a Business Combination
initially in the amount of approximately $251.76 million, as of December 31, 2024, after payment of $8,750,000 of deferred underwriting
fees and net of taxes payable, we offer a target business a variety of options, such as creating a liquidity event for its owners, providing
capital for the potential growth and expansion of its operations or strengthening its balance sheet by reducing its debt ratio. Because
we are able to complete our initial Business Combination using our cash, debt or equity securities, or a combination of the foregoing,
we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target
business to fit its needs and desires. However, we have not taken any steps to secure third party financing and there can be no assurance
it will be available to us.

 Effecting our Initial Business Combination

 We are not presently engaged in, and we will not
engage in, any operations for an indefinite period of time until the consummation of the initial Business Combination. We intend to effectuate
our initial Business Combination using cash from the proceeds of the Initial Public Offering and the Private Placement, the proceeds of
the sale of our Ordinary Shares in connection with our initial Business Combination (including pursuant to any forward purchase agreements
or backstop agreements we may enter into following the consummation of the Business Combination or otherwise), shares issued to the owners
of the target, debt issued to bank or other lenders or the owners of the target, other securities issuances, or a combination of the foregoing.
We may seek to complete our initial Business Combination with a company or business that may be financially unstable or in its early stages
of development or growth, which would subject us to the numerous risks inherent in such companies and businesses.

 If our initial Business Combination is paid for
using equity or debt securities, or not all of the funds released from the Trust Account are used for payment of the consideration in
connection with our initial Business Combination or used for redemptions of our Class A Ordinary Shares, we may use the balance of
the cash released to us from the Trust Account following the closing for general corporate purposes, including for maintenance or expansion
of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial
Business Combination, to fund the purchase of other companies, or for working capital.

 We have not selected any Business Combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business
combination target. We may pursue an initial Business Combination in any business or industry but are focusing on TMT industries, broadly
defined. Accordingly, there is no current basis for our shareholders to evaluate the possible merits or risks of the target business with
which we may ultimately complete our initial Business Combination. Although our Management will assess the risks inherent in a particular
target business with which we may combine, we cannot assure you that this assessment will result in our identifying all risks that a target
business may encounter. Furthermore, some of those risks may be outside of our control, meaning that we can do nothing to control or reduce
the chances that those risks will adversely affect a target business.

 We may seek to raise additional funds through
a private offering of debt or equity securities in connection with the completion of our initial Business Combination and we may effectuate
our initial Business Combination using the proceeds of such offering rather than using the amounts held in the Trust Account. In addition,
we are targeting businesses with enterprise values that are greater than we could acquire with the net proceeds of the Initial Public
Offering and the Private Placement, and, as a result, if the cash portion of the purchase price exceeds the amount available from the
Trust Account, net of amounts needed to satisfy any redemptions by Public Shareholders, we may be required to seek additional financing
to complete such proposed initial Business Combination. Subject to compliance with applicable securities laws, we expect to complete such
financing only simultaneously with the completion of our initial Business Combination. In the case of an initial Business Combination
funded with assets other than the Trust Account assets, our proxy materials or tender offer documents disclosing the initial Business
Combination would disclose the terms of the financing and, only if required by law, we would seek shareholder approval of such financing.
There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances
or other indebtedness in connection with our initial Business Combination, including pursuant to forward purchase agreements or backstop
agreements we may enter into following consummation of the Initial Public Offering. At this time, we are not a party to any arrangement
or understanding with any third party with respect to raising any additional funds through the sale of securities or otherwise. None of
our Sponsor, officers, directors or shareholders is required to provide any financing to us in connection with or after our initial Business
Combination.

 Sources of Target Businesses

 Target business candidates are brought to our
attention from various unaffiliated sources, including investment bankers and private investment funds. Target businesses are brought
to our attention by such unaffiliated sources as a result of being solicited by us through calls or mailings. These sources also introduce
us to target businesses in which they think we may be interested on an unsolicited basis, since many of these sources know what types
of businesses we are targeting. Our officers and directors, as well as their affiliates, also bring to our attention target business candidates
of which they become aware through their business contacts as a result of formal or informal inquiries or discussions they may have, as
well as attending trade shows or conventions. In addition, we expect to receive a number of proprietary deal flow opportunities that would
not otherwise necessarily be available to us as a result of the track record and business relationships of our officers and directors.
While we do not presently anticipate engaging the services of professional firms or other individuals that specialize in Business Combinations
on any formal basis, we may engage these firms or other individuals in the future, in which event we may pay a finder's fee, consulting
fee or other compensation to be determined in an arm's length negotiation based on the terms of the transaction.

 Prior to or in connection with the completion
of our initial Business Combination, there may be payment by us to our Sponsor, Co-Founders or a member of our management team, or our
or their affiliates, of a finder's fee, advisory fee, consulting fee or success fee for any services they render in order to effectuate
the completion of our Business Combination, which, if made prior to the completion of our initial Business Combination, will be paid from
working capital.

 We will engage a finder only to the extent our
Management determines that the use of a finder may bring opportunities to us that may not otherwise be available to us or if finders approach
us on an unsolicited basis with a potential transaction that our Management determines is in our best interest to pursue. Payment of a
finder's fee is customarily tied to completion of a transaction, in which case any such fee will be paid out of the funds held in
the Trust Account.

 Lack of Business Diversification

 For an indefinite period of time after the completion
of our initial Business Combination, the prospects for our success may depend entirely on the future performance of a single business.
Unlike other entities that have the resources to complete Business Combinations with multiple entities in one or several industries, it
is probable that we will not have the resources to diversify our operations and mitigate the risks of being in a single line of business.
By completing our initial Business Combination with only a single entity, our lack of diversification may:

 subject us to negative economic, competitive and regulatory
developments, any or all of which may have a substantial adverse impact on the particular industry in which we operate after our initial
Business Combination, and

 cause us to depend on the marketing and sale of a single product
or limited number of products or services.

 Limited Ability to Evaluate the Target's Management Team

 Although we closely scrutinize the management
of a prospective target business when evaluating the desirability of effecting our initial Business Combination with that business, our
assessment of the target business's management may not prove to be correct. In addition, the future management may not have the
necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role of members of our management team,
if any, in the target business cannot presently be stated with any certainty. The determination as to whether any of the members of our
management team will remain with the combined company will be made at the time of our initial Business Combination. While it is possible
that one or more of our directors will remain associated in some capacity with us following our initial Business Combination, it is unlikely
that any of them will devote their full efforts to our affairs subsequent to our initial Business Combination. Moreover, we cannot assure
you that members of our management team will have significant experience or knowledge relating to the operations of the particular target
business.

 We cannot assure you that any of our key personnel
will remain in senior management or advisory positions with the combined company. The determination as to whether any of our key personnel
will remain with the combined company will be made at the time of our initial Business Combination.

 Following a Business Combination, we may seek
to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you that we will have the
ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience necessary
to enhance the incumbent management.

 Shareholders May Not Have the Ability to Approve Our Initial Business
Combination

 We may conduct redemptions without a shareholder
vote pursuant to the tender offer rules of the SEC subject to the provisions of our Amended and Restated Memorandum. However, we will
seek shareholder approval if it is required by law or applicable stock exchange rule, or we may decide to seek shareholder approval for
business or other reasons.

 Under Nasdaq's listing rules, shareholder
approval would be required for our initial Business Combination if, for example:

 we issue Ordinary Shares that will be equal to or in excess
of 20% of the number of our Ordinary Shares then outstanding (other than in a public offering);

 any of our directors, officers or substantial shareholders
(as defined by Nasdaq rules) has a 5% or greater interest earned on the Trust Account (or such persons collectively have a 10% or greater
interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance
of ordinary shares could result in an increase in outstanding Ordinary Shares or voting power of 5% or more; or

 the issuance or potential issuance of Ordinary Shares will
result in our undergoing a change of control.

 The decision as to whether we will seek shareholder
approval of a proposed Business Combination in those instances in which shareholder approval is not required by applicable law or stock
exchange listing requirements will be made by us, solely in our discretion, and will be based on business and legal reasons, which include
a variety of factors, including, but not limited to: (i) the timing of the transaction, including in the event we determine shareholder
approval would require additional time and there is either not enough time to seek shareholder approval or doing so would place the company
at a disadvantage in the transaction or result in other additional burdens on the company; (ii) the expected cost of holding a shareholder
vote; (iii) the risk that the shareholders would fail to approve the proposed Business Combination; (iv) other time and budget
constraints of the company; and (v) additional legal complexities of a proposed Business Combination that would be time-consuming
and burdensome to present to shareholders.

 Permitted Purchases of Our Securities

 If we seek shareholder approval of our initial
Business Combination and we do not conduct redemptions in connection with our initial Business Combination pursuant to the tender offer
rules, our Sponsor, directors, officers, advisors and their affiliates may purchase Public Shares or Public Rights in privately negotiated
transactions or in the open market either prior to or following the completion of our initial Business Combination, although they are
under no obligation or duty to do so. Such a purchase may include a contractual acknowledgment that such shareholder, although still the
record holder of our shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the
event that our Sponsor, directors, officers, advisors and their affiliates purchase shares in privately negotiated transactions from public
shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their
prior elections to redeem their shares. It is intended that, if Rule 10b-18 would apply to purchases by Sponsor, directors, officers,
advisors and their affiliates, then such purchases will comply with Rule 10b-18 under the Exchange Act, to the extent it applies,
which provides a safe harbor for purchases made under certain conditions, including with respect to timing, pricing and volume of purchases.

 Additionally, at any time at or prior to our initial
Business Combination, subject to applicable securities laws (including with respect to material nonpublic information), our Sponsor, directors,
officers, advisors and their affiliates may enter into transactions with investors and others to provide them with incentives to acquire
Public Shares, vote their Public Shares in favor of our initial Business Combination or not redeem their Public Shares. However, they
have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any
such transactions. None of the funds in the Trust Account will be used to purchase Public Shares, or Public Rights in such transactions.

 The purpose of any such transactions could be
to (1) increase the likelihood of obtaining shareholder approval of the Business Combination, (2) reduce the number of Public
Rights outstanding and/or increase the likelihood of approval on any matters submitted to the public Share Right holders for approval
in connection with our initial Business Combination or (3) satisfy a closing condition in an agreement with a target that requires
us to have a minimum net worth or a certain amount of cash at the closing of our initial Business Combination, where it appears that such
requirement would otherwise not be met. Any such purchases of our securities may result in the completion of our initial Business Combination
that may not otherwise have been possible.

 In addition, if such purchases are made, the public
"float" of our securities may be reduced and the number of beneficial holders of our securities may be reduced, which may
make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.

 Our Sponsor, directors, officers, advisors and
their affiliates anticipate that they may identify the shareholders with whom our Sponsor, directors, officers, advisors and their affiliates
may pursue privately negotiated transactions by either the shareholders contacting us directly or by our receipt of redemption requests
submitted by shareholders (in the case of Class A ordinary shares) following our mailing of proxy materials in connection with our
initial Business Combination. To the extent that our Sponsor, directors, officers, advisors and their affiliates enter into a private
transaction, they would identify and contact only potential selling or redeeming shareholders who have expressed their election to redeem
their shares for a pro rata share of the Trust Account or vote against our initial Business Combination, whether or not such shareholder
has already submitted a proxy with respect to our initial Business Combination but only if such shares have not already been voted at
the general meeting related to our initial Business Combination. Our Sponsor, directors, officers, advisors and their affiliates will
select which shareholders to purchase shares from based on the negotiated price and number of shares and any other factors that they may
deem relevant, and will be restricted from purchasing shares if such purchases do not comply with Regulation M under the Exchange Act
and the other federal securities laws.

 Our Sponsor, directors, officers, advisors and
their affiliates will be restricted from making purchases of shares if the purchases would violate Section 9(a)(2) or Rule 10b-5
of the Exchange Act. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act
to the extent such purchasers are subject to such reporting requirements. Additionally, in the event our Sponsor, directors, officers,
advisors and their affiliates were to purchase Public Shares or Public Rights from Public Shareholders, such purchases would be structured
in compliance with the requirements of Rule 14e-5 under the Exchange Act including, in pertinent part, through adherence to
the following:

 our registration statement/proxy statement filed for our Business
Combination transaction would disclose the possibility that our Sponsor, directors, officers, advisors and their affiliates may purchase
Public Shares or Public Rights from Public Shareholders outside the redemption process, along with the purpose of such purchases;

 if our Sponsor, directors, officers, advisors and their affiliates
were to purchase Public Shares or Public Rights from Public Shareholders, they would do so at a price no higher than the price offered
through our redemption process;

 our registration statement/proxy statement filed for our Business
Combination transaction would include a representation that any of our securities purchased by our Sponsor, directors, officers, advisors
and their affiliates would not be voted in favor of approving the Business Combination transaction;

 our Sponsor, directors, officers, advisors and their affiliates
would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would
waive such rights; and

 we would disclose in a Form 8-K, before our security
holder meeting to approve the Business Combination transaction, the following material items:

 the amount of our securities purchased outside of the redemption
offer by our Sponsor, directors, officers, advisors and their affiliates, along with the purchase price;

 the purpose of the purchases by our Sponsor, directors, officers,
advisors and their affiliates;

 the impact, if any, of the purchases by our Sponsor, directors,
officers, advisors and their affiliates on the likelihood that the Business Combination transaction will be approved;

 the identities of our security holders who sold to our Sponsor,
directors, officers, advisors and their affiliates (if not purchased on the open market) or the nature of our security holders (e.g.,
5% security holders) who sold to our Sponsor, directors, officers, advisors and their affiliates; and

 the number of our securities for which we have received redemption
requests pursuant to our redemption offer.

 Redemption Rights for Public Shareholders upon Completion of Our
Initial Business Combination

 We will provide our Public Shareholders with the
opportunity to redeem all or a portion of their Class A ordinary shares, regardless of whether they abstain, vote for, or vote against,
our initial Business Combination, upon the completion of our initial Business Combination at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of
the initial Business Combination, including interest earned on the funds held in the Trust Account (net of taxes payable), divided by
the number of then-outstanding Public Shares, subject to the limitations and on the conditions described herein. The amount in the Trust
Account was $10.07 per Public Share as of December 31, 2024. The per share amount we will distribute to investors who properly redeem
their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our Sponsor, officers and directors
have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their
founder shares and any Public Shares they may hold in connection with the completion of our initial Business Combination.

 Our proposed initial Business Combination may
impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working capital
or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash consideration
we would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to
satisfy cash conditions pursuant to the terms of the proposed initial Business Combination exceed the aggregate amount of cash available
to us, we will not complete the initial Business Combination or redeem any shares, and all Class A ordinary shares submitted for
redemption will be returned to the holders thereof. We may, however, raise funds through the issuance of equity-linked securities or through
loans, advances or other indebtedness in connection with our initial Business Combination, including pursuant to forward purchase agreements
or backstop arrangements we may enter into following consummation of the Initial Public Offering, in order to, among other reasons, satisfy
such net tangible assets or minimum cash requirements.

 Manner of Conducting Redemptions

 We will provide our Public Shareholders with the
opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of our initial Business Combination either
(i) in connection with a general meeting called to approve the Business Combination or (ii) without a shareholder vote by means
of a tender offer. The decision as to whether we will seek shareholder approval of a proposed Business Combination or conduct a tender
offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and
whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement
or whether we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval
under SEC rules), as described above under the heading " Shareholders May Not Have the Ability to Approve Our Initial Business
Combination." Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with
our company (other than with a 90% subsidiary of ours) and any transactions where we issue more than 20% of our issued and outstanding
Ordinary Shares or seek to amend our Amended and Restated Memorandum would require shareholder approval. So long as we obtain and maintain
a listing for our securities on Nasdaq, we will be required to comply with Nasdaq's shareholder approval rules.

 The requirement that we provide our Public Shareholders
with the opportunity to redeem their Public Shares by one of the two methods listed above are contained in provisions of our Amended and
Restated Memorandum and will apply whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq. Such
provisions may be amended if approved by a special resolution, which requires the affirmative vote of at least two-thirds of the votes
cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general
meeting of the company, so long as we offer redemption in connection with such amendment.

 If we provide our Public Shareholders with the
opportunity to redeem their Public Shares in connection with a general meeting, we will, pursuant to our Amended and Restated Memorandum:

 conduct the redemptions in conjunction with a proxy solicitation
pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender
offer rules; and

 file proxy materials with the SEC.

 In the event that we seek shareholder approval
of our initial Business Combination, we will distribute proxy materials and, in connection therewith, provide our Public Shareholders
with the redemption rights described above upon completion of the initial Business Combination.

 If we seek shareholder approval, we will complete
our initial Business Combination only if we receive an ordinary resolution under Cayman Islands law and our Amended and Restated Memorandum,
which requires the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in
person or, where proxies are allowed, by proxy at the applicable general meeting of the company. A quorum for such meeting will be present
if the holders of at least one third of issued and outstanding shares entitled to vote at the meeting are represented in person or by
proxy. Our Sponsor, officers and directors will count toward this quorum and, pursuant to the letter agreement, our Sponsor, officers
and directors have agreed to vote their founder shares, private placement shares and any Public Shares purchased during or after this
offering (including in open market and privately-negotiated transactions) in favor of our initial Business Combination (except that any
Public Shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be
voted in favor of approving the Business Combination transaction). For purposes of seeking approval of an ordinary resolution, non-votes
will have no effect on the approval of our initial Business Combination once a quorum is obtained. As a result, in addition to our Sponsor's
Founder Shares and private placement shares, we would need 8,120,834, or 32.5%, of the 25,000,000 Public Shares sold in the Initial Public
Offering to be voted in favor of an initial Business Combination in order to have our initial Business Combination approved, assuming
all outstanding shares are voted. Assuming that only the holders of one-third of our issued and outstanding ordinary shares, representing
a quorum under our Amended and Restated Memorandum vote their shares at a general meeting of the company, we will not need any Public
Shares in addition to our founder shares to be voted in favor of an initial Business Combination in order to approve an initial Business
Combination. However, if our initial Business Combination is structured as a statutory merger or consolidation with another company under
Cayman Islands law, the approval of our initial Business Combination will require a special resolution, which requires the affirmative
vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed,
by proxy at the applicable general meeting of the company. In addition, prior to the closing of our initial Business Combination, only
holders of our Class B ordinary shares (i) will have the right to vote to appoint and remove directors prior to or in connection
with the completion of our initial Business Combination and (ii) will be entitled to vote on continuing our company in a jurisdiction
outside the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt new constitutional
documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands).
These quorum and voting thresholds, and the voting agreement of our Sponsor, officers and directors, may make it more likely that we will
consummate our initial Business Combination. Each public shareholder may elect to redeem their Public Shares irrespective of whether they
vote for or vote against the proposed transaction, or whether they do not vote or abstain from voting on the proposed transaction, or
whether they were a public shareholder on the record date for the general meeting held to approve the proposed transaction.

 If a shareholder vote is not required and we do
not decide to hold a shareholder vote for business or other legal reasons, we will:

 conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E
of the Exchange Act, which regulate issuer tender offers; and

 file tender offer documents with the SEC prior to completing
our initial Business Combination which contain substantially the same financial and other information about the initial Business Combination
and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.

 In the event we conduct redemptions pursuant to
the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under
the Exchange Act, and we will not be permitted to complete our initial Business Combination until the expiration of the tender offer
period. In addition, the tender offer will be conditioned on Public Shareholders not tendering more than the number of Public Shares we
are permitted to redeem. If Public Shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer
and not complete the initial Business Combination.

 Upon the public announcement of our initial Business
Combination, if we elect to conduct redemption pursuant to the tender offer rules, we or our Sponsor will terminate any plan established
in accordance with Rule 10b5-1 to purchase our Class A ordinary shares in the open market, in order to comply with Rule 14e-5
under the Exchange Act.

 We intend to require our Public Shareholders seeking
to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to, at the holder's
option, either deliver their share certificates to our transfer agent or deliver their shares to our transfer agent electronically using
the DWAC system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials,
this date may be up to two business days prior to the scheduled vote on the proposal to approve the initial Business Combination.
In addition, if we conduct redemptions in connection with a shareholder vote, we intend to require a public shareholder seeking redemption
of its Public Shares to also submit a written request for redemption to our transfer agent two business days prior to the scheduled
vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable,
that we will furnish to holders of our Public Shares in connection with our initial Business Combination will indicate whether we are
requiring Public Shareholders to satisfy such delivery requirements. We believe that this will allow our transfer agent to efficiently
process any redemptions without the need for further communication or action from the redeeming Public Shareholders, which could delay
redemptions and result in additional administrative cost. If the proposed initial Business Combination is not approved and we continue
to search for a target company, we will promptly return any certificates or shares delivered by Public Shareholders who elected to redeem
their shares.

 Our proposed initial Business Combination may
impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working capital
or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash consideration
we would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to
satisfy cash conditions pursuant to the terms of the proposed initial Business Combination exceed the aggregate amount of cash available
to us, we will not complete the initial Business Combination or redeem any shares, and all Class A ordinary shares submitted for
redemption will be returned to the holders thereof. We may, however, raise funds through the issuance of equity or equity-linked securities
or through loans, advances or other indebtedness in connection with our initial Business Combination, including pursuant to forward purchase
agreements or backstop arrangements we may enter into following consummation of this offering, in order to, among other reasons, satisfy
such net tangible assets or minimum cash requirements.

 Limitation on Redemption Upon Completion of Our Initial Business
Combination

 If We Seek Shareholder Approval

 If we seek shareholder approval of our initial
Business Combination and we do not conduct redemptions in connection with our initial Business Combination pursuant to the tender offer
rules, our Amended and Restated Memorandum provide that a public shareholder, together with any affiliate of such shareholder or any other
person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act),
will be restricted from seeking redemption rights with respect to Excess Shares without our prior consent. We believe this restriction
will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to
exercise their redemption rights against a proposed Business Combination as a means to force us or our management to purchase their shares
at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public shareholder holding
more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights if such holder's
shares are not purchased by us, our Sponsor or our management at a premium to the then-current market price or on other undesirable terms.
By limiting our shareholders' ability to redeem no more than 15% of the Public Shares sold in the Initial Public Offering without
our prior consent, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability
to complete our initial Business Combination, particularly in connection with a Business Combination with a target that requires as a
closing condition that we have a minimum net worth or a certain amount of cash.

 However, we would not be restricting our shareholders'
ability to vote all of their shares (including Excess Shares) for or against our initial Business Combination.

 Delivering Share Certificates in Connection with the Exercise of Redemption
Rights

 As described above, we intend to require our Public
Shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name,"
to, at the holder's option, either deliver their share certificates to our transfer agent or deliver their shares to our transfer
agent electronically using the DWAC system, prior to the date set forth in the proxy materials or tender offer documents, as applicable.
In the case of proxy materials, this date may be up to two business days prior to the scheduled vote on the proposal to approve
the initial Business Combination. In addition, if we conduct redemptions in connection with a shareholder vote, we intend to require a
public shareholder seeking redemption of its Public Shares to also submit a written request for redemption to our transfer agent two business days
prior to the scheduled vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer
documents, as applicable, that we will furnish to holders of our Public Shares in connection with our initial Business Combination will
indicate whether we are requiring Public Shareholders to satisfy such delivery requirements. Accordingly, a public shareholder would have
up to two business days prior to the scheduled vote on the initial Business Combination if we distribute proxy materials, or
from the time we send out our tender offer materials until the close of the tender offer period, as applicable, to submit or tender its
shares if it wishes to seek to exercise its redemption rights. In the event that a shareholder fails to comply with these or any other
procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not be redeemed. Given the relatively short
exercise period, it is advisable for shareholders to use electronic delivery of their Public Shares.

 There is a nominal cost associated with the above-referenced
process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge the
broker submitting or tendering shares a fee of approximately $100 and it would be up to the broker whether or not to pass this cost on
to the redeeming holder.

 However, this fee would be incurred regardless
of whether or not we require holders seeking to exercise redemption rights to submit or tender their shares. The need to deliver shares
is a requirement of exercising redemption rights regardless of the timing of when such delivery must be effectuated.

 Any request to redeem such shares, once made,
may be withdrawn at any time up to the date set forth in the proxy materials or tender offer documents, as applicable. Furthermore, if
a holder of a public share delivered its certificate in connection with an election of redemption rights and subsequently decides prior
to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return the certificate
(physically or electronically). It is anticipated that the funds to be distributed to holders of our Public Shares electing to redeem
their shares will be distributed promptly after the completion of our initial Business Combination.

 If our initial Business Combination is not approved
or completed for any reason, then our Public Shareholders who elected to exercise their redemption rights would not be entitled to redeem
their shares for the applicable pro rata share of the Trust Account. In such case, we will promptly return any certificates delivered
by public holders who elected to redeem their shares.

 If our initial proposed Business Combination is
not completed, we may continue to try to complete a Business Combination with a different target until the end of the completion window.

 Redemption of Public Shares and Liquidation if No Initial Business
Combination

 Our Amended and Restated Memorandum provides that
we have only the duration of the completion window to complete our initial Business Combination. If we have not completed our initial
Business Combination within such time period, we will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but not more than ten business days thereafter (and subject to lawfully available funds therefor),
redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable and less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will completely extinguish Public
Shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable
law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims
of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect
to our Public Rights, which will expire worthless if we fail to complete our initial Business Combination within the completion window.

 Our Sponsor, officers and directors have entered
into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with
respect to any founder shares and private placement shares held by them if we fail to complete our initial Business Combination within
the completion window, although they will entitled to liquidating distributions from assets outside the Trust Account. However, if our
Sponsor or management team acquire Public Shares in or after this offering, they will be entitled to liquidating distributions from the
Trust Account with respect to such Public Shares if we fail to complete our initial Business Combination within the allotted Combination
Period.

 Our Sponsor, officers and directors have also
agreed, pursuant to the letter agreement, that they will not propose any amendment to our Amended and Restated Memorandum (A) to
modify the substance or timing of our obligation to allow redemption in connection with our initial Business Combination or to redeem
100% of our Public Shares if we do not complete our initial Business Combination within the completion window or (B) with respect
to any other material provisions relating to shareholders' rights or pre-initial Business Combination activity, in each case unless
we provide our Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account (net of taxes payable), divided by the number of then-outstanding Public Shares.

 We expect that all costs and expenses associated
with implementing our plan of dissolution, as well as payments to any creditors, will be funded from working capital, although we cannot
assure you that there will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses
associated with implementing

 our plan of dissolution, to the extent that there
is any interest accrued in the Trust Account not required to pay taxes on interest income earned on the Trust Account balance, we may
request the trustee to release to us an additional amount of up to $100,000 of such accrued interest to pay those costs and expenses.

 If we were to expend all of the net proceeds of
the Initial Public Offering and the Private Placement, other than the proceeds deposited in the Trust Account, and without taking into
account interest, if any, earned on the Trust Account, the per-share redemption amount received by shareholders upon our dissolution would
be approximately $10.07 as of December 31, 2024 (net of taxes payable). The proceeds deposited in the Trust Account could, however, become
subject to the claims of our creditors which would have higher priority than the claims of our Public Shareholders. We cannot assure you
that the actual per-share redemption amount received by shareholders will not be substantially less than $10.07 (based on the Trust Account
balance as of December 31, 2024). While we intend to pay such amounts, if any, we cannot assure you that we will have funds sufficient
to pay or provide for all creditors' claims.

 Although we seek to have all vendors, service
providers, prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title,
interest or claim of any kind in or to any monies held in the Trust Account for the benefit of our Public Shareholders, there is no guarantee
that they will execute such agreements or even if they execute such agreements that they would be prevented from bringing claims against
the Trust Account including but not limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well
as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our
assets, including the funds held in the Trust Account. If any third party refuses to execute an agreement waiving such claims to the monies
held in the Trust Account, our management will consider whether competitive alternatives are reasonably available to us and will only
enter into an agreement with such third party if management believes that such third party's engagement would be in the best interests
of the company under the circumstances. Examples of possible instances where we may engage a third party that refuses to execute a waiver
include the engagement of a third party consultant whose particular expertise or skills are believed by management to be significantly
superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider
willing to execute a waiver. Withum, our independent registered public accounting firm, and the underwriters of this offering will not
execute agreements with us waiving such claims to the monies held in the Trust Account. In addition, there is no guarantee that such entities
will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements
with us and will not seek recourse against the Trust Account for any reason. In order to protect the amounts held in the Trust Account,
our Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products
sold to us (except for the Company's independent registered public accounting firm), or a prospective target business with which
we have entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce
the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public
share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions
in the value of the trust assets, net of taxes payable, provided that such liability will not apply to any claims by a third party or
prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver
is enforceable) nor will it apply to any claims under our indemnity of the underwriters of this offering against certain liabilities,
including liabilities under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations,
nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that our
Sponsor's only assets are securities of our company. Therefore, we cannot assure you that our Sponsor would be able to satisfy those
obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for our initial Business
Combination and redemptions could be reduced to less than $10.00 per public share. In such event, we may not be able to complete our initial
Business Combination, and you would receive such lesser amount per share in connection with any redemption of your Public Shares. None
of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.

 In the event that the proceeds in the Trust Account
are reduced below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account
as of the date of the liquidation of the Trust Account if less than $10.00 per share due to reductions in the value of the trust assets,
in each case net of taxes payable, and our Sponsor asserts that it is unable to satisfy its indemnification obligations or that it has
no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against
our Sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action
on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising
their business judgment may choose not to do so in any particular instance if, for example, the cost of such legal action is deemed by
the independent directors to be too high relative to the amount recoverable or if the independent directors determine that a favorable
outcome is not likely. Accordingly, we cannot assure you that due to claims of creditors the actual value of the per-share redemption
price will not be less than $10.00 per share.

 We are seeking to reduce the possibility that
our Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers,
prospective target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest
or claim of any kind in or to monies held in the Trust Account. Our Sponsor will also not be liable as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We have access to working
capital with which to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently
estimated to be no more than approximately $100,000). In the event that we liquidate and it is subsequently determined that the reserve
for claims and liabilities is insufficient, shareholders who received funds from our Trust Account could be liable for claims made by
creditors. In the event that the offering expenses are less than our estimate of $750,000, the amount of funds available outside the Trust
Account would increase by a corresponding amount.

 If we file a bankruptcy or insolvency petition
or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, the proceeds held in the Trust Account
could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy estate and subject to the claims of
third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the Trust Account, we cannot
assure you we will be able to return $10.00 per share to our Public Shareholders. Additionally, if we file a bankruptcy or insolvency
petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions received by
shareholders could be viewed under applicable debtor/creditor and/or bankruptcy/insolvency laws as either a "preferential transfer"
or a "fraudulent conveyance, preference or disposition." As a result, a liquidator or bankruptcy or other court could seek
to recover some or all amounts received by our shareholders. Furthermore, our board of directors may be viewed as having breached its
fiduciary duty to us or our creditors and/or may have acted in bad faith, and thereby exposing itself and our company to claims of punitive
damages, by paying Public Shareholders from the Trust Account prior to addressing the claims of creditors. We cannot assure you that claims
will not be brought against us for these reasons.

 Our Public Shareholders will be entitled to receive
funds from the Trust Account only (i) in the event of the redemption of our Public Shares if we do not complete our initial Business
Combination within the completion window, (ii) in connection with a shareholder vote to amend our Amended and Restated Memorandum
(A) to modify the substance or timing of our obligation to allow redemption in connection with our initial Business Combination or
to redeem 100% of our Public Shares if we do not complete our initial Business Combination within the completion window or (B) with
respect to any other material provisions relating to shareholders' rights or pre-initial Business Combination activity or (iii) if
they redeem their respective shares for cash upon the completion of our initial Business Combination, subject to applicable law and any
limitations (including but not limited to cash requirements) created by the terms of the proposed Business Combination. In no other circumstances
will a shareholder have any right or interest of any kind to or in the Trust Account. In the event we seek shareholder approval in connection
with our initial Business Combination, a shareholder's voting in connection with the Business Combination alone will not result
in a shareholder's redeeming its shares to us for an applicable pro rata share of the Trust Account. Such shareholder must have
also exercised its redemption rights described above. These provisions of our Amended and Restated Memorandum, like all provisions of
our Amended and Restated Memorandum, may be amended with a shareholder vote.

 Competition

 In identifying, evaluating and selecting a target
business for our initial Business Combination, we are encountering competition from other entities having a business objective similar
to ours, including other SPACs, private equity groups and leveraged buyout funds, public companies and operating businesses seeking strategic
acquisitions. Many of these entities are well established and have extensive experience identifying and effecting Business Combinations
directly or through affiliates. Moreover, many of these competitors possess similar or greater financial, technical, human and other resources
than us. Our ability to acquire larger target businesses will be limited by our available financial resources. This inherent limitation
gives others an advantage in pursuing the acquisition of a target business. Furthermore, our obligation to pay cash in connection with
our Public Shareholders who exercise their redemption rights may reduce the resources available to us for our initial Business Combination
and our issued and outstanding Rights, and the future dilution they potentially represent, may not be viewed favorably by certain target
businesses. Either of these factors may place us at a competitive disadvantage in successfully negotiating an initial Business Combination.

 Employees

 We currently have two officers: Messrs. Gundlach
and Robert Folino. These individuals are not obligated to devote any specific number of hours to our matters but they devote as much
of their time as they deem necessary to our affairs until we have completed our initial Business Combination. The amount of time they
devote in any time period varies based on whether a target business has been selected for our initial Business Combination and the stage
of the Business Combination process we are in. We do not intend to have any full time employees prior to the completion of our initial
Business Combination.

 Periodic Reporting and Financial Information

 We have registered our units, Class A ordinary
shares and Public Rights under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly
and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports, including this
Report, contain financial statements audited and reported on by our independent registered public accountants.

 We will provide shareholders with audited financial
statements of the prospective target business as part of the proxy solicitation materials or tender offer documents sent to shareholders
to assist them in assessing the target business. In all likelihood, these financial statements will need to be prepared in accordance
with, or reconciled to, GAAP or IFRS, depending on the circumstances, and the historical financial statements may be required to be audited
in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential target businesses
we may conduct an initial Business Combination with because some targets may be unable to provide such statements in time for us to disclose
such statements in accordance with federal proxy rules and complete our initial Business Combination within the prescribed time frame.
We cannot assure you that any particular target business identified by us as a potential Business Combination candidate will have financial
statements prepared in accordance with the requirements outlined above, or that the potential target business will be able to prepare
its financial statements in accordance with the requirements outlined above. To the extent that these requirements cannot be met, we may
not be able to acquire the proposed target business. While this may limit the pool of potential Business Combination candidates, we do
not believe that this limitation will be material.

 We will be required to evaluate our internal control
procedures for the fiscal year ending December 31, 2025 as required by the Sarbanes-Oxley Act. Only in the event we are deemed to
be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to have
our internal control procedures audited. A target business may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such Business Combination.

 We have filed a Registration Statement on Form 8-A
with the SEC to voluntarily register our securities under Section 12 of the Exchange Act. As a result, we are subject to the
rules and regulations promulgated under the Exchange Act. We have no current intention of filing a Form 15 to suspend our reporting
or other obligations under the Exchange Act prior or subsequent to the consummation of our initial Business Combination.

 We are a Cayman Islands exempted company. Exempted
companies are Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted from complying
with certain provisions of the Companies Law. As an exempted company, we have applied for and received a tax exemption undertaking from
the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands, for
a period of 30 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be levied
on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to be levied on profits, income,
gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable (i) on or in respect of our shares,
debentures or other obligations or (ii) by way of the withholding in whole or in part of a payment of dividends or other distribution
of income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation
of us. We are an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the
JOBS Act. As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to
other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote
on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our
securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities
may be more volatile.

 In addition, Section 107 of the JOBS Act
also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of
the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can
delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take
advantage of the benefits of this extended transition period.

 We will remain an emerging growth company until
the earlier of (1) the last day of the fiscal year (a) November 4, 2029, (b) in which we have total annual gross revenue
of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our
Class A ordinary shares that are held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the
date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

 Additionally, we are a "smaller reporting
company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain
reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will
remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our Class A ordinary
shares held by non-affiliates equals or exceeds $250 million as of the end of that year's second fiscal quarter, or (2) our
annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our Class A ordinary
shares held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter.

 Item
1A. Risk Factors.

 As a smaller reporting company
under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Report. However, the following is a partial
list of material risks, uncertainties and other factors that could have a material effect on us and our operations:

 we
are a blank check company and an early-stage company with no revenue or basis to evaluate our ability to select a suitable business target;

 we
may not be able to select an appropriate target business or businesses and complete our initial Business Combination in the prescribed
time frame;

 our
expectations around the performance of a prospective target business or businesses may not be realized;

 we
may not be successful in retaining or recruiting required officers, key employees or directors following our initial Business Combination;

 our
officers and directors may have difficulties allocating their time between our Company and other businesses and may potentially have
conflicts of interest with our business or in approving our initial Business Combination;

 we
may not be able to obtain additional financing to complete our initial Business Combination or reduce the number of shareholders requesting
redemption;

 we
may issue our shares to investors in connection with our initial Business Combination at a price that is less than the prevailing market
price of our shares at that time;

 our
shareholders may not be given the opportunity to choose the initial business target or to vote on the initial Business Combination;

 Trust
Account funds may not be protected against third party claims or bankruptcy;

 an
active market for our public securities may not develop and our shareholders will have limited liquidity and trading;

 our
financial performance following a Business Combination with an entity may be negatively affected by their lack of an established
record of revenue, cash flows and experienced management;

 there
may be more competition to find an attractive target for an initial Business Combination, which could increase the costs associated with
completing our initial Business Combination and may result in our inability to find a suitable target;

 changes
in the market for directors and officers liability insurance could make it more difficult and more expensive for us to negotiate and
complete an initial Business Combination;

 we
may attempt to simultaneously complete Business Combinations with multiple prospective targets, which may hinder our ability to complete
our initial Business Combination and give rise to increased costs and risks that could negatively impact our operations and profitability;

 we
may engage one or more of our underwriters or one of their respective affiliates to provide additional services to us after the Initial
Public Offering, which may include acting as a financial advisor in connection with an initial Business Combination or as placement agent
in connection with a related financing transaction. Our underwriters are entitled to receive deferred underwriting commissions that will
be released from the Trust Account only upon completion of an initial Business Combination. These financial incentives may cause them
to have potential conflicts of interest in rendering any such additional services to us after the Initial Public Offering, including,
for example, in connection with the sourcing and consummation of an initial Business Combination;

 we
may attempt to complete our initial Business Combination with a private company about which little information is available, which may
result in a Business Combination with a company that is not as profitable as we suspected, if at all;

 since
our Sponsor will lose its entire investment in us if our initial Business Combination is not completed (other than with respect to any
Public Shares it may acquire during or after the Initial Public Offering), and because our Sponsor, officers and directors may profit
substantially even under circumstances in which our Public Shareholders would experience losses in connection with their investment,
a conflict of interest may arise in determining whether a particular Business Combination target is appropriate for our initial Business
Combination;

 the value of the Founder
 Shares following completion of our initial Business Combination is likely to be substantially higher than the nominal price paid for
 them, even if the trading price of our Public Shares at such time is substantially less than $10.00 per Public Share;

 resources
could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate
and acquire or merge with another business. If we have not completed our initial Business Combination within the Combination Period,
our Public Shareholders may receive only approximately $10.00 per Public Share, or less than such amount in certain circumstances, on
the liquidation of our Trust Account and our Rights will expire worthless;

 we
may not be able to complete an initial Business Combination with certain potential target companies if a proposed transaction with the
target company may be subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations,
including the Committee on Foreign Investment in the United States;

 recent
increases in inflation and interest rates in the United States and elsewhere could make it more difficult for us to consummate an initial
Business Combination;

 market
conditions, economic uncertainty or downturns could adversely affect our business, financial condition, operating results and our ability
to consummate a Business Combination;

 military or other conflicts in Ukraine, the Middle East or
elsewhere may lead to increased volume and price volatility for publicly traded securities, or affect the operations or financial condition
of potential target companies, which could make it more difficult for us to consummate an initial Business Combination; and

 if
our initial Business Combination involves a company organized under the laws of a state of the United States, it is possible the excise
tax will be imposed on us in connection with redemptions of our Ordinary Shares after or in connection with such initial Business Combination.

 For additional risks relating
to our operations, other than as set forth above, see the section titled "Risk Factors" contained in our (i) IPO Registration
Statement and (ii) Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024
 as filed with the SEC on December 9, 2024. Any of these factors could result in a significant or material adverse effect on our
results of operations or financial condition. Additional risks could arise that may also affect our business or ability to consummate
an initial Business Combination. We may disclose changes to such risk factors or disclose additional risk factors from time to time in
our future filings with the SEC.

 Item
1B. Unresolved Staff Comments.

 Not applicable.

 Item 1C. Cybersecurity.

 Although, as a blank check
company, we do not have any operations, we are nonetheless subject to the risk of cybersecurity incidents. Among other things, the investments
in our Trust Account and bank deposits may be vulnerable to such incidents, and we may depend on the digital technologies of third parties.
We and third parties may be subject to cybersecurity attacks or security breaches. To the extent that we rely on the technologies of third
parties, we depend upon the personnel and the processes of such third parties to protect against cybersecurity incidents, and we have
no personnel or processes of our own for this purpose. In the event of a cybersecurity incident impacting us, our Management Team will
report to the Board of Directors and provide updates on the Management Team's incident response plan for addressing and mitigating
any risks associated with such an incident. As an early stage company without significant investments in data security protection, we
may not be sufficiently protected against such occurrences. We also lack sufficient resources to adequately protect against, or to investigate
and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have
material adverse consequences on our business and lead to financial loss. We have not encountered any cybersecurity incidents since our
Initial Public Offering. In addition to our own cybersecurity risks, any proposed Business Combination target may have been subject to,
or may in the future be subject to, cybersecurity incidents.

 Item 2. Properties.

 Our executive offices are
located at 1345 Avenue of the Americas, Floor 47, New York, NY 10105, provided by an affiliate of our Sponsor free of charge, and our
telephone number is (212) 984-3835. We consider our current office space adequate for our current operations.

 Item 3. Legal Proceedings.

 To the knowledge of our Management
Team, there is no material litigation currently pending or contemplated against us, any of our officers or directors in their capacity
as such or against any of our property.

 Item 4. Mine Safety Disclosures.

 Not applicable.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.

 (a)
 Market
Information

 Our Units, Public Shares and
Public Rights are each traded on the Nasdaq Global Market under the symbols BACQU,
BACQ and BACQR, respectively. Our Units commenced public trading on November 1, 2024
and our Public Shares and Public Rights commenced separate public trading on December 2, 2024.

 (b)
 Holders

 On March 10, 2025, there
were two holders of record of our Units, one holder of record of our Class A Ordinary Shares and one holder of record of our Rights.

 (c)
 Dividends

 We have not paid any cash
dividends on our Ordinary Shares to date and do not intend to pay cash dividends prior to the completion of our initial Business Combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of our initial Business Combination. The payment of any cash dividends subsequent to our
initial Business Combination will be within the discretion of our Board of Directors at such time. In addition, our Board of Directors
is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any
indebtedness in connection with our initial Business Combination, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith.

 (d)
 Securities
Authorized for Issuance Under Equity Compensation Plans

 None.

 (e)
 Performance
Graph

 As a smaller reporting company,
we are not required to provide the information required by Regulation S-K Item 201(e).

 (f)
 Recent
Sales of Unregistered Securities

 None.

 (g)
 Use
of Proceeds from the Initial Public Offering

 For
a description of the use of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 2 of our Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the SEC on December 9, 2024. There has been no material
change in the planned use of proceeds from our Initial Public Offering and Private Placement as described in the IPO Registration Statement.
The specific investments in our Trust Account may change from time to tim e.

 (h)
 Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

 There
were no such repurchases of our equity securities by us or an affiliate during the fourth quarter of the fiscal year covered by the Report.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 Cautionary Note Regarding Forward-Looking Statements

 All
statements other than statements of historical fact included in this Report including, without limitation, statements under this Item
regarding our financial position, business strategy and the plans and objectives of Management for future operations, are forward-looking
statements. When used in this Report, words such as "anticipate," "believe," "estimate," "expect,"
"intend" and similar expressions, as they relate to us or our Management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of our Management, as well as assumptions made by, and information currently available to, our Management.
Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed
in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf
are qualified in their entirety by this paragraph.

 The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the notes thereto contained elsewhere in this Report.

 Overview

 We are a blank check company
incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a Business Combination. We have not selected
any Business Combination target. We may pursue an initial Business Combination in any business or industry, but are focusing on businesses
in the TMT sector as well as sectors that are being transformed via technology adoption. We intend to effectuate our initial Business
Combination using cash from the proceeds of the Initial Public Offering and the Private Placement, the proceeds of the sale of our shares
in connection with our initial Business Combination (pursuant to any forward purchase agreements or backstop agreements we may enter into
following the consummation of the Initial Public Offering or otherwise), shares issued to the owners of the target, debt issued to bank
or other lenders or the owners of the target, other securities issuances, or a combination of the foregoing.

 The issuance of additional shares in connection
with a Business Combination to the owners of the target or other investors:

 may
significantly dilute the equity interest of investors in the Initial Public Offering, which dilution would increase if the anti-dilution provisions
in the Class B Ordinary Shares resulted in the issuance of Class A Ordinary Shares on a greater than one-to-one basis
upon conversion of the Class B Ordinary Shares;

 may
subordinate the rights of holders of Class A Ordinary Shares if preference shares are issued with rights senior to those afforded
our Class A Ordinary Shares;

 could
cause a change in control if a substantial number of our Class A Ordinary Shares are issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers
and directors;

 may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking
to obtain control of us; and

 may
adversely affect prevailing market prices for our Class A Ordinary Shares and/or Rights.

 Similarly, if we issue debt
securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:

 default
and foreclosure on our assets if our operating revenues after an initial Business Combination are insufficient to repay our debt obligations;

 acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants
that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

 our
immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;

 our
inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing
while the debt security is outstanding;

 using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for expenses,
capital expenditures, acquisitions and other general corporate purposes;

 limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

 increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and

 limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of
our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

 Results of Operations

 We have neither engaged in
any operations nor generated any revenues to date. Our only activities from June 24, 2024 (inception) through December 31, 2024 were organizational
activities, those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business
Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating
income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public
company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

 For the period from June 24,
2024 (inception) through December 31, 2024, we had net income of approximately $1.5 million, which consist of interest earned on investments
held in Trust Account of approximately $1.8 million, interest income earned on bank account of approximately $15,000 and formation and
operating costs of approximately $0.2 million.

 Factors That May
Adversely Affect our Results of Operations

 Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in
interest rates, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical
instability, such as the military conflicts in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more
of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete
an initial Business Combination.

 Liquidity and Capital Resources

 Until the consummation of
the Initial Public Offering, our only source of liquidity was an initial purchase of Class B ordinary shares, par value $0.0001 per
share, by the Sponsor and loans from the Sponsor, which were repaid at the closing of the Initial Public Offering.

 On November 4, 2024, we consummated
the Initial Public Offering of 25,000,000 Units, at $10.00 per Unit, generating gross proceeds of $250,000,000. Simultaneously with the
closing of the Initial Public Offering, we consummated the sale of 425,000 Private Placement Units to the Sponsor, generating gross proceeds
of $4,250,000.

 Following the Initial Public
Offering, a total of $250,000,000 was placed in the Trust Account. We incurred $11,403,592, consisting of $2,000,000 of cash underwriting
fee, $8,750,000 of deferred underwriting fee, and $653,592 of other offering costs.

 For the period from June 24,
2024 (inception) through December 31, 2024, cash used in operating activities was $466,474. Net income of $1,519,663 was affected by interest
earned on investments held in Trust Account of $1,756,198, formation cost paid by Sponsor in exchange for issuance of founder shares of
$9,153 and payment of operation costs through promissory note of $111,442. Changes in operating assets and liabilities used $350,534 of
cash for operating activities.

 As of December 31, 2024, we
had investments held in the Trust Account of $251,756,198. We intend to use substantially all of the funds held in the Trust Account,
including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination.
To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the
remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue our growth strategies.

 As of December 31, 2024, we
had cash of $2,107,309 for working capital purpose. We intend to use the funds held outside the Trust Account primarily to identify and
evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or
similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements
of prospective target businesses, and structure, negotiate and complete a Business Combination.

 In order to fund working capital
deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain of our officers and directors
or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay
such loaned amounts. In the event that a Business Combination does not close, we may use a portion of the working capital held outside
the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $2,500,000
of such Working Capital Loans may be convertible into private placement units of the post Business Combination entity at a price of $10.00
per unit at the option of the lender, including up to $750,000 in working capital loans which may be made by Inflection Point. The units
would be identical to the Private Placement Units.

 We do not believe we will
need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the
costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual
amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover,
we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant
number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt
in connection with such Business Combination.

 Off-Balance Sheet Arrangements

 We have no obligations, assets
or liabilities, which would be considered off-balance sheet arrangements as of December 31, 2024. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet
financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any
non-financial assets.

 Contractual Obligations

 We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities.

 The underwriters had a 45-day
option from the date of the Initial Public Offering to purchase up to an additional 3,750,000 units to cover over-allotments, if
any. On November 4, 2024, the underwriters forfeited the over-allotment option to purchase the additional 3,750,000 units.

 The underwriters were entitled
to a cash underwriting discount of $0.08 per Unit, or $2,000,000 in the aggregate. Of this amount, $1,000,000 was paid to the underwriters
upon the closing of the Initial Public Offering and $1,000,000 will be payable to the underwriters from working capital in equal amounts
monthly starting on the 16th month following the closing of the Initial Public Offering until the 24th month following the closing of
the Initial Public Offering. Any amounts not paid hereunder from working capital shall be accelerated and paid upon consummation of the
initial Business Combination.

 Critical Accounting Estimates

 The preparation of financial
statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and
income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least
reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the
financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future
confirming events. Accordingly, the actual results could materially differ from those estimates. Management has identified the determination
of the fair value of Rights Shares as a complex accounting estimate.

 Recent Accounting Standards

 Management does not believe
that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's
financial statements.

 Item 7A. Quantitative
and Qualitative Disclosures about Market Risk.

 We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

 Item
8. Financial Statements and Supplementary Data.

 Reference
is made to pages F-1 through F-17 comprising a portion of this Report, which are incorporated herein by reference.

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 None.

 Item 9A. Controls and Procedures.

 Evaluation of Disclosure Controls and Procedures

 Disclosure controls and procedures
are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to
be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief
Executive Officer and Chief Financial Officer (together, the "Certifying Officers"), or persons performing similar functions,
as appropriate, to allow timely decisions regarding required disclosure.

 Under the supervision and
with the participation of our Management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the
design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based
on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were effective as of the end of the fiscal
year ended December 31, 2024.

 We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.

 Management's Annual Report on Internal
Control over Financial Reporting

 This Report does not include
a report of Management's assessment regarding internal control over financial reporting or an attestation report of our registered
public accounting firm due to a transition period established by the rules of the SEC for newly public companies.

 Changes in Internal Control over Financial
Reporting

 There have been no changes
to our internal control over financial reporting during the quarterly period ended December 31, 2024 that materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.

 Item 9B. Other Information.

 Trading Arrangements

 During the quarterly period
ended December 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act)
 adopted or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each
term is defined in Item 408 of Regulation S-K.

 Additional Information

 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 Not applicable.

 Item
10. Directors, Executive Officers and Corporate Governance.

 Directors and Executive Officers

 As of the date of this Report,
our directors and officers are as follows:

 Name

 Age

 Position

 Andrew Gundlach

 Chief Executive Officer, President and Chairman of the Board of Directors

 Robert Folino

 Chief Financial Officer

 Joseph Samuels

 Antoine Theysset

 Nazim Cetin

 Pierre Weinstein

 Kathy Savitt

 The experience of our directors
and executive officers is as follows:

 Andrew Gundlach, our Chairman, President
and Chief Executive Officer since June 26, 2024, currently serves as President and Co-Chief Executive Officer at Bleichroeder, a registered
investment advisor focused on ultra-high-net-worth families, a position held since 2019, where he oversees the strategic and operational
aspects of the firm; he has been with Bleichroeder and its predecessor firms since 2006. Since 2015 he has also headed Goldiron, a registered
investment advisor focused on institutions and ultra-high-net-worth investors. He also is an Adjunct Associate Professor of Business at
Columbia Business School from 2004 to the present, where he teaches courses on investing, and currently serves on the school's board.
Previously, Mr. Gundlach co-founded Artemis Advisors LLC in 1999 and served as a founding partner until 2006. His earlier career includes
roles as an Associate at J.P. Morgan Chase & Co. from 1996 to 1999, and as an Analyst at Morgan Stanley from 1994 to 1996. Mr. Gundlach
holds board positions as a Director at First Eagle Holdings since 2006. He served on the boards of Odyssey Acquisition SA from 2021 to
2022, and Materia, Inc. from 2014 until its acquisition by ExxonMobil in 2021. Mr. Gundlach is also a Member of the Council on Foreign
Relations, where he serves on the Investment Committee. Mr. Gundlach currently serves on the Advisory Board at People.ai, a privately-held
AI company, and Welltower (NYSE: WELL), a publicly-traded health care infrastructure REIT. He earned an MBA from Columbia Business School
and holds both an MS and a BS in International Relations and Affairs from Georgetown University' School of Foreign Service. We believe
he is well qualified to serve on our board due to his extensive investment and advisory background.

 Robert Folino, our Chief Financial Officer
since June 26, 2024, joined Bleichroeder, a registered investment advisor, as a trader in 2018 where he and Mr. Gundlach worked closely
to help establish the firm. In 2019, Mr. Folino was made Chief Operating Officer and Head of Trading of Bleichroeder. He is
currently responsible for overseeing all aspects of accounting, tax and financial operations of the funds, the management company, and
its general partner entities. Prior to joining Bleichroeder, Mr. Folino worked for First Eagle Investment Management for 22 years,
where he held positions of increasing responsibility. He joined Arnhold and S. Bleichroeder, the predecessor firm to First Eagle
Investment Management, in 1996 as a junior arbitrage trader for the Merger Arbitrage Department. Mr. Folino holds a BA in Finance
from Rider University.

 Joseph Samuels, who has served as our director
since November 2024, is the Founder, Chief Executive Officer and Chief Operating Officer of Channel Partners, an investment firm focused
on strategic transactions and opportunistic liquidity in public and private companies since 2023, and Islet Management, an investment
firm focused on an opportunistic, catalyst-oriented long/short equity strategy, since 2017. Prior to founding Islet, from 2003 to 2016,
Mr. Samuels was an Executive Managing Director who previously held many key roles at Sculptor Capital Management Inc. (fka Och-Ziff
Capital Management Group LLC), a hedge fund with peak AUM of $50 billion. During his 14 years at the fund, he served on the
Portfolio Management Committee, the Risk Committee, and the Managing Director Committee, and acted as Head of U.S. Trading and as
the Co-Head of the U.S. Equity Business. He worked closely with banks and other market participants to create capital solutions for
individual companies/sectors and as a balance sheet partner for strategic dispositions and funding opportunities. Prior to that, from
2001 to 2003, Mr. Samuels worked at Pequot Capital Management Inc. and, prior to that, from 1997 to 2001, he worked in the Sales
and Trading division at Merrill Lynch & Co. He received a BA in Economics from Rutgers College. We believe Mr. Samuels is
well-qualified to serve as a director due to his extensive finance and investment experience.

 Antoine Theysset, who has served as our director since November 2024, has 25 years of international strategy and operations experience in the Technology,
Media and Entertainment industry. Mr. Theysset has been serving as an independent director of Improbable Worlds Ltd, a technology company
providing metaverse infrastructure and applications, and previously served as the director representing SoftBank. Prior to that, he was
an Operating Partner with SoftBank Investment Advisers, focused on its Consumer Tech and Media investments. Mr. Theysset previously led
McKinsey's Fast Growth Tech practice development in the Consumer Tech and Media markets. He has been advising startups and VC funds
on growth strategy and international expansion, both with McKinsey and as advisor/operating partner to 2 early-stage funds. Earlier in
his career, he held several executive positions with News Corporation over 8 years in London and then in New York (COO of Fox Interactive
Media's international division, SVP Corporate Development, etc.), strategy and business development with Orange Mobile Group in
London, strategy consulting with Cap Gemini, Universal Music Group, and Vivendi Universal Net's Strategic Planning and Corporate Development.
He graduated from NYU Stern with an MBA in Finance and Marketing, received two certificates in Entertainment, Media and Technology, and
Digital Economy, and is a graduate of the double-degree program in International Business from Northeastern University and NEOMA Business
School/CESEM. We believe Mr. Theysset is well-qualified to serve as a director due to his extensive international strategy and operations
experience.

 Nazim Cetin, who has served as our director
since November 2024, has served as Chief Executive Officer and Global Chief Investment Officer of Allianz X GmbH, which invests in digital
frontrunners in ecosystems relevant to insurance and asset management, since 2017. From 2012 to 2017, Mr. Cetin was Vice President of
Corporate Development & New Businesses at Bertelsmann SE & Co. KGaA, a German private multinational conglomerate. Previously,
he served as Vice President Commercial Finance at Maple Bank from 2004 to 2007. Mr. Cetin began his career in investment banking at Landesbank
Baden-W rttemberg, or LBBW, a full-service and commercial bank and central bank for savings banks in Germany. Mr. Cetin currently
serves on the boards of Pie Insurance, an insurance company, WeLab Holdings, a fintech company focused on Asia, Clark SE, an insurance
broker operating in Germany, UK, France and Benelux, and Alti Global, a leading independent global wealth management company. He holds
a Ph. D. in Economics from Witten-Herdecke University, an M.Sc. in Economics and Management from Universitat Pompeu Fabra Barcelona, and
a degree in Quantitative Economics from Eberhard Karls University in T bingen. We believe Mr. Cetin is well-qualified to serve as
a director due to his extensive investment and banking experience.

 Pierre Weinstein, who has served as our director since November 2024, has served as the
head of Special Situations at Verition Fund Management since January 2025. Previously, Mr. Weinstein has served as Partner and Portfolio
Manager at Saba Capital Management, L.P., an investment advisor focused on credit and equity relative value strategies, from its launch
in April 2009 to December 2024. As a portfolio manager, Mr. Weinstein focused on several strategies including closed-end funds, reinsurance,
SPACs, cross asset volatility, and convertible arbitrage. In addition, Mr. Weinstein has served on the Board of Trustees of Saba Capital
Income & Opportunities Fund II (NYSE: SABA) since December 2021, as Chairman of the Board of Trustees since February 2023, and as
Chief Executive Officer from December 2023 to November 2024. Mr. Weinstein has also served as Chief Executive Officer of Saba Capital
Income and Opportunities Fund (NYSE: BRW) from May 2021 to November 2024. Prior to Saba, Mr. Weinstein was a Portfolio Manager at Saba
Principal Strategies, the proprietary credit trading group at Deutsche Bank where he managed the equity derivatives, international convertible
bond and SPAC Arbitrage strategies. Mr. Weinstein started his investment career at Soci t G n rale in Paris
in 1998 as an equity derivatives market maker. Mr. Weinstein held various roles including a position as a convertible bond proprietary
trader in New York. Mr. Weinstein holds a MS in Engineering from cole Centrale Lyon and a MS in Finance from cole HEC
in Paris. We believe Mr. Weinstein is well-qualified to serve as a director due include his decades of experience leading various asset
and wealth management platforms, his deep knowledge of portfolio management, and his expertise in credit and derivatives trading.

 Kathy Savitt, who has served as our director since November 2024, has extensive senior
executive operating experience, as well as public and private board roles across a variety of industries. Ms. Savitt has been serving
as a General Partner at Perch Partners, LLC, a growth revenue, marketing and operational excellence advisory firm since January 2025.
Her professional experience includes serving as past President and Chief Business Officer of Boom Supersonic, a private designer of supersonic
airliners, from 2020 to 2024, Chief Marketing and Media Officer at Yahoo (NYSE: AABA) from 2012 to 2015 and holding senior leadership
marketing roles at Amazon (NASDAQ: AMZN) from 2002 to 2006, and American Eagle Outfitters (NYSE: AEO) from 2009 to 2012. Prior to this,
she served as Founder and Chief Executive Officer of Lockerz, an international social commerce website and as Co-Founder and President
at MWW/Savitt (part of the MWW Group, a public relations firm). Her board experience includes serving as Chairperson for Volta Charging
(NYSE: VLTA) from 2018 to 2023 (where she served as lead independent director upon the company's going public and then as Chairperson
until its company's sale in 2023) and as a board member for Alaska Airlines (NYSE: ALK) from 2014 to 2017, and Build-A-Bear Workshop
(NYSE: BBW) from 2009 to 2011. Ms. Savitt holds a Bachelor of Arts from Cornell University. We believe Ms. Savitt is well-qualified to
serve as a director due to her extensive public and private company experience across a variety of industries.

 Family Relationships

 No family relationships
exist between any of our directors or executive officers.

 Involvement in Certain Legal Proceedings

 There are no material proceedings
to which any director or executive officer, or any associate of any such director or officer is a party adverse to our Company, or has
a material interest adverse to our Company.

 Number and Terms of Office of Officers and
Directors

 Committees of the Board of Directors

 Our Board of Directors has established two standing
committees: an audit committee and a compensation committee. Subject to phase-in rules, the rules of Nasdaq and Rule 10A-3 of the
Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Each committee operates
under a charter approved by our board and has the composition and responsibilities described below.

 Audit Committee

 Our Board of Directors has established an audit
committee of the Board of Directors. Ms. Savitt and Messrs. Weinstein and Cetin serve as the members of our audit committee. Under the
Nasdaq listing standards and applicable SEC rules, we are required to have three members of the audit committee, all of whom must be independent.
Ms. Savitt and Messrs. Weinstein and Cetin are each independent.

 Mr. Cetin serves as the chairman of the audit
committee. Each member of the audit committee is financially literate and our board of directors has determined that Mr. Cetin qualifies
as an "audit committee financial expert" as defined in applicable SEC rules.

 We have adopted an audit committee charter, which
details the principal functions of the audit committee, including:

 assisting board oversight of (1) the integrity of our
financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent registered public accounting
firm's qualifications and independence, and (4) the performance of our internal audit function and independent registered
public accounting firm; the appointment, compensation, retention, replacement, and oversight of the work of the independent registered
public accounting firm and any other independent registered public accounting firm engaged by us;

 pre-approving all audit and non-audit services to be provided
by the independent registered public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval
policies and procedures; reviewing and discussing with the independent registered public accounting firm all relationships the independent
registered public accounting firm have with us in order to evaluate their continued independence;

 setting clear policies for audit partner rotation in compliance
with applicable laws and regulations; obtaining and reviewing a report, at least annually, from the independent registered public accounting
firm describing (1) the independent registered public accounting firm's internal quality-control procedures and (2) any
material issues raised by the most recent internal quality-control review, or peer review, of the independent registered public accounting
firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting
one or more independent audits carried out by the firm and any steps taken to deal with such issues;

 meeting to review and discuss our annual audited financial
statements and quarterly financial statements with management and the independent registered public accounting firm, including reviewing
our specific disclosures under " Management's Discussion and Analysis of Financial Condition and Results of Operations ";
reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated
by the SEC prior to us entering into such transaction; and

 reviewing with management, the independent registered public
accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with
regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial
statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting
Standards Board, the SEC or other regulatory authorities.

 Compensation Committee

 Our Board of Directors has established a compensation
committee of our Board of Directors. The members of our compensation committee are Messrs. Samuels and Theysset. Mr. Theysset serves
as chair of the compensation committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have a compensation
committee of at least two members, all of whom must be independent. Messrs. Samuels and Theysset are each independent. We have adopted
a compensation committee charter, which details the principal functions of the compensation committee, including:

 reviewing and approving on an annual basis the corporate goals
and objectives relevant to our chief executive officer's compensation, evaluating our chief executive officer's performance
in light of such goals and objectives and determining and approving the remuneration (if any) of our chief executive officer's
based on such evaluation;

 reviewing and making recommendations to our board of directors
with respect to the compensation, and any incentive compensation and equity based plans that are subject to board approval of all of
our other officers;

 reviewing our executive compensation policies and plans;

 implementing and administering our incentive compensation
equity-based remuneration plans;

 assisting management in complying with our proxy statement
and annual report disclosure requirements;

 approving all special perquisites, special cash payments and
other special compensation and benefit arrangements for our executive officers and employees;

 producing a report on executive compensation to be included
in our annual proxy statement; and

 reviewing, evaluating and recommending changes, if appropriate,
to the remuneration for directors.

 The charter also provides that the compensation
committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will
be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving
advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence
of each such adviser, including the factors required by Nasdaq and the SEC.

 Director Nominations

 We do not have a standing nominating committee
though we intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules. In accordance
with Rule 5605(e)(2) of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection
by our board of directors. Our board of directors believes that the independent directors can satisfactorily carry out the responsibility
of properly selecting or approving director nominees without the formation of a standing nominating committee. The directors who will
participate in the consideration and recommendation of director nominees are Messrs. Samuels, Theysset, Cetin and Weinstein as well as
Ms. Savitt. In accordance with Rule 5605(e)(1)(A) of the Nasdaq rules, all such directors are independent. As there is no standing
nominating committee, we do not have a nominating committee charter in place.

 The board of directors will also consider director
candidates recommended for nomination by our shareholders during such times as they are seeking proposed nominees to stand for appointment
at the next annual general meeting (or, if applicable, an extraordinary general meeting). Our shareholders that wish to nominate a director
for appointment to our board of directors should follow the procedures set forth in our amended and restated memorandum and articles of
association.

 We have not formally established any specific,
minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating
nominees for director, our board of directors considers educational background, diversity of professional experience, knowledge of our
business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders.
Prior to our initial business combination, holders of our public shares will not have the right to recommend director candidates for nomination
to our board of directors.

 Code of Ethics

 We have adopted a Code of Ethics applicable to
our directors, officers and employees. We have filed a copy of our Code of Ethics as an exhibit to this Report. You will be able to review
this document by accessing our public filings at the SEC's website at www.sec.gov. In addition, a copy of the Code of Ethics
and the charters of the committees of our board of directors will be provided without charge upon request from us. If we make any amendments
to our Code of Ethics other than technical, administrative or other non-substantive amendments, or grant any waiver, including any implicit
waiver, from a provision of the Code of Ethics applicable to our principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions requiring disclosure under applicable SEC or Nasdaq rules, we will disclose
the nature of such amendment or waiver in a Current Report on Form 8-K filed with the SEC or on our website,and keep such information
on the website for at least 12 months. The information included on our website is not incorporated by reference into this Report
or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references
only.

 Trading Policies

 On October 16, 2024, we adopted insider trading
policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers and employees,
which are reasonably designed to promote compliance with insider trading laws, rules and regulations, and applicable Nasdaq listing standards
(the "Insider Trading Policy").

 The foregoing
description of the Insider Trading Policy does not purport to be complete and is qualified in its entirety by the terms and conditions
of the Insider Trading Policy, a copy of which is attached hereto as Exhibit 19 and is incorporated herein by reference.

 Compensation Recovery and Clawback Policy

 Under the Sarbanes-Oxley Act, in the event of
misconduct that results in a financial restatement that would have reduced a previously paid incentive amount, we can recoup those improper
payments from our executive officers. The SEC also recently adopted rules which direct national stock exchanges to require listed companies
to implement policies intended to recoup bonuses paid to executives if the company is found to have misstated its financial results.

 On October 16, 2024, our Board of Directors approved
the adoption of the Executive Compensation Clawback Policy (the "Clawback Policy"), in order to comply with the final clawback
rules adopted by the SEC under Rule 10D-1 under the Exchange Act (the "Rule"), and the listing standards, as set forth in
the Nasdaq Listing Rule 5608 (the "Final Clawback Rules").

 The Clawback Policy provides for the mandatory
recovery of erroneously awarded incentive-based compensation from our current and former executive officers as defined in the Rule ("Covered
Officers") in the event that we are required to prepare an accounting restatement, in accordance with the Final Clawback Rules.
The recovery of such compensation applies regardless of whether a Covered Officer engaged in misconduct or otherwise caused or contributed
to the requirement of an accounting restatement. Under the Clawback Policy, our Board of Directors may recoup from the Covered Officers
erroneously awarded incentive compensation received within a lookback period of the three completed fiscal years preceding the date on
which we are required to prepare an accounting restatement.

 Item 11. Executive Compensation.

 None of our executive officers or directors have
received any cash compensation for services rendered to us. We are not prohibited from paying any fees (including advisory fees), reimbursements
or cash payments to our Sponsor, officers or directors, or our or their affiliates, for services rendered to us prior to or in connection
with the completion of our initial Business Combination, including the following payments, all of which, if made prior to the completion
of our initial Business Combination, will be paid from working capital:

 Payment of consulting, success or finder fees to our Sponsor,
Co-Founders or a member of our management team, or their respective affiliates in connection with the consummation of our initial Business
Combination;

 We may engage our Sponsor or an affiliate of our Sponsor as
an advisor or otherwise in connection with our initial Business Combination and certain other transactions and pay such person or entity
a salary or fee in an amount that constitutes a market standard for comparable transactions;

 Reimbursement for any out-of-pocket expenses related to identifying,
investigating, negotiating and completing an initial Business Combination;

 Repayment of up to $750,000 in working capital loans that
may be made by Inflection Point; and

 Repayment of loans which may be made by our Sponsor or an
affiliate of our Sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial
Business Combination. Up to $2,500,000 of such loans (including up to $750,000 in working capital loans that may be made by Inflection
Point, which has agreed to lend us up to this amount for working capital purposes) may be convertible into private placement units of
the post-business combination entity at a price of $10.00 per unit at the option of the lender. Such units would be identical to the
private placement units. Except for the foregoing, the terms of such loans, if any, have not been determined and no written agreements
exist with respect to such loans.

 After the completion of our initial Business Combination,
directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All
of these fees will be fully disclosed to shareholders, to the extent then known, in the proxy solicitation materials or tender offer materials
furnished to our shareholders in connection with a proposed initial Business Combination. We have not established any limit on the amount
of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation
will be known at the time of the proposed initial Business Combination, because the directors of the post-combination business will be
responsible for determining executive officer and director compensation.

 Any compensation to be paid to our executive officers
will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely
by independent directors or by a majority of the independent directors on our board of directors.

 We do not intend to take any action to ensure
that members of our management team maintain their positions with us after the consummation of our initial Business Combination, although
it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after
our initial Business Combination. The existence or terms of any such employment or consulting arrangements to retain their positions with
us may influence our management's motivation in identifying or selecting a target business but we do not believe that the ability
of our management to remain with us after the consummation of our initial Business Combination will be a determining factor in our decision
to proceed with any potential Business Combination. We are not party to any agreements with our officers and directors that provide for
benefits upon termination of employment.

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 The following table sets forth
information regarding the beneficial ownership of our Ordinary Shares as of March 10, 2025 based on information obtained from the persons
named below, with respect to the beneficial ownership of Ordinary Shares, by:

 each
person known by us to be the beneficial owner of more than 5% of our outstanding Ordinary Shares;

 each
of our executive officers and directors that beneficially owns our Ordinary Shares; and

 all
our executive officers and directors as a group.

 In the table below, percentage
ownership is based on 33,758,333 shares of our Ordinary Shares, consisting of (i) 25,425,000 Class A Ordinary Shares and (ii) 8,333,333
Class B Ordinary Shares, issued and outstanding as of March 10, 2025. On all matters to be voted upon, except for the election of directors
of the Board, holders of the Class A Ordinary Shares and Class B Ordinary Shares vote together as a single class, unless otherwise required
by applicable law. Currently, all of the Class B Ordinary Shares are convertible into Class A Ordinary Shares on a one-for-one basis.

 Unless otherwise indicated,
we believe that all persons named in the table have sole voting and investment power with respect to all Ordinary Shares beneficially
owned by them.

 Class A Ordinary Shares

 Class B Ordinary Shares

 Approximate

 Name and Address of Beneficial Owner (1)

 Number of

 Beneficially

 Owned

 Approximate

 Percentage

 of Class

 Number of

 Beneficially

 Owned

 Approximate

 Percentage

 of Class

 Percentage of

Outstanding

 Ordinary

 Bleichroeder Sponsor 1 LLC (2)(3)((4)

 1.67
 %

 %

 25.94
 %

 Michel Combes

 1.67
 %

 %

 25.94
 %

 Andrew Gundlach

 1.67
 %

 %

 25.94
 %

 Robert Folino

 —

 —

 —

 —

 —

 Joseph Samuels

 —

 —

 —

 —

 —

 Antoine Theysset

 —

 —

 —

 —

 —

 Nazim Cetin

 —

 —

 —

 —

 —

 Pierre Weinstein

 —

 —

 —

 —

 —

 Kathy Savitt

 —

 —

 —

 —

 —

 All officers and directors as a group (7 persons)

 1.67
 %

 %

 25.94
 %

 AQR Parties (5)

 1,918,600

 7.55
 %

 —

 —

 5.68
 %

 Continental General Parties (6)

 2,200,000

 8.65
 %

 —

 —

 6.52
 %

 Hudson Bay Capital Parties (7)

 1,500,000

 5.90
 %

 —

 —

 4.44
 %

 Ramya Rao (8)

 1,872,109

 7.36
 %

 —

 —

 5.55
 %

 Healthcare of Ontario Pension Plan Trust Fund (9)

 2,475,000

 9.7
 %

 —

 —

 7.33
 %

 (1)
 Unless otherwise noted, the business address of each of the
following is c/o Bleichroeder Acquisition Corp. I, 1345 Avenue of the Americas, Fl 47, New York, NY 10105.

 (2)
 Interests shown consist solely of Founder Shares, classified
as Class B Ordinary Shares. Such shares will automatically convert into Class A Ordinary Shares concurrently with or immediately
following the consummation of our initial business combination or earlier at the option of the holder on a one-for-one basis, subject
to adjustment.

 (3)
 Our Sponsor, is the record holder of such shares. MC Advisory
L.L.C-FZ, an entity formed in Dubai (of which Michel Combes, one of our Co-Founders, is the manager), as well as Andrew Gundlach, our
Chief Executive Officer, are the managing members of Bleichroeder Sponsor 1 LLC and hold voting and investment discretion with respect
to the Ordinary Shares held of record by the Sponsor. Mr. Combes and Mr. Gundlach disclaim any beneficial ownership of the securities
held by the sponsor other than to the extent of any pecuniary interest they may have therein, directly or indirectly. Mr. Combes
and Mr. Gundlach, through their affiliates and controlled entities, own direct and indirect interests in the membership interests
of our Sponsor, which includes an indirect interest in 1,505,833 Founder Shares each. Our Chief Financial Officer and independent directors
will receive an indirect interest in an aggregate of 55,000 Founder Shares through membership interests in our Sponsor. Each such party's
membership interests in our Sponsor tracks our underlying securities on a 1:1 basis. Each such person disclaims any beneficial ownership
of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

 (4)
 Inflection Point has an indirect interest, through its non-managing membership interests in our Sponsor,
an aggregate of 5,266,667 Founder Shares held by the Sponsor. Inflection Point is not granted any shareholder or other rights in addition
to those afforded to our other public shareholders, and only has membership interests in the Sponsor, with no right to control the Sponsor
or vote or dispose of any securities held by the Sponsor. In addition, Inflection Point has no right to vote the Founder Shares, Private
Placement Units or securities underlying the Private Placement Units that it holds indirectly through its holdings of membership units
of the Sponsor.

 (5)
 According to a Schedule 13G filed on February 13, 2025 by (i) AQR Capital Management, LLC, (ii) AQR Capital
Management Holdings, LLC, and (iii) AQR Arbitrage, LLC. The business address of each of the reporting persons is One Greenwich Plaza,
Suite 130, Greenwich, Connecticut 06830.

 (6)
 According to a Schedule 13G filed on January 10, 2025 by (i) Continental General Insurance Company ("CGIC"),
(ii) Continental Insurance Group, Ltd. ("CIG"), (iii) Continental General Holdings LLC ("CGH"), and (iv) Michael
Gorzynski. The address of the principal office for Mr. Gorzynski is 595 Madison Avenue, 30th Floor, New York, NY 10022. The principal
business address for each of CGIC, CIG and CGH is 11001 Lakeline Blvd., Ste. 120, Austin, TX 78717.

 (7)
 According to a Schedule 13G/A filed on February 10, 2025 by Hudson Bay Capital Management LP and Sander
Gerber. The business address of each of the reporting persons is 290 Harbor Dr., Stamford, CT 06902.

 (8)
 According to a Schedule 13G filed on February 14, 2025 by Ramya Rao. The business address of Ramya Rao
is 1 Churchill Place, London – E14 5 HP, United Kingdom.

 (9)
 According to a Schedule 13G filed on February 14, 2025 by Healthcare of Ontario Pension Plan Trust Fund.
The business address of Healthcare of Ontario Pension Plan Trust Fund is 1 York Street, Suite 1900, Toronto, Ontario, Canada, M5J 0B6.

 Securities Authorized for Issuance under Equity
Compensation Plans

 None.

 Changes in Control

 None.

 Item 13. Certain Relationships and Related Transactions, and Director Independence.

 On June 25, 2024, our Sponsor paid $25,000,
or approximately $0.004 per share, to cover certain of our offering costs in exchange for 7,187,500 Founder Shares. On October 2, 2024,
we capitalized $239.58 standing to the credit of our share premium account and issued an additional 2,395,833 Founder Shares to our Sponsor,
resulting in our Sponsor holding an aggregate of 9,583,333 Founder Shares (up to 1,250,000 shares of which are subject to forfeiture depending
on the extent to which the underwriters' over-allotment option is exercised), for a purchase price of approximately $0.003 per share.
On November 4, 2024, the underwriters in the IPO informed us that the over-allotment option would not be exercised. As a result, 1,250,000
Class B Ordinary Shares were surrendered by the Sponsor in order for our Sponsor to maintain ownership of 25% of the issued and outstanding
shares of us (excluding the Class A Ordinary Shares underlying the Private Placement Units held by the Sponsor). Such surrendered shares
were cancelled by us.

 Our Sponsor also purchased an aggregate of 425,000
Private Placement Units at a price of $10.00 per unit, or $4,250,000 in the aggregate, in the Private Placement. The Private Placement
Units are identical to the units sold in our IPO except that, so long as they are held by our Sponsor or its permitted transferees, the
Private Placement Units (including their component securities) (i) may not (including the Class A ordinary shares issuable upon
conversion of the underlying rights), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days
after the completion of our initial business combination and (ii) will be entitled to registration rights.

 Inflection Point indirectly purchased, through
the purchase of non-managing sponsor membership interests, all 425,000 of the Private Placement Units at a price of $10.00 per unit ($4,250,000
in the aggregate) in the Private Placement. The Sponsor issued membership interests to Inflection Point, at a nominal purchase price to
reflect its interest in an aggregate of 5,266,667 Founder Shares held by the Sponsor. Inflection Point has no right to vote the Founder
Shares, Private Placement Units or securities underlying the Private Placement Units that it holds indirectly through its membership interests
in the Sponsor.

 Prior to or in connection with the completion
of our initial Business Combination, there may be payment by us to our Sponsor, Co-Founders or a member of our Management Team or one
of their affiliates of a finder's fee, advisory fee, consulting fee or success fee for any services they render in order to effectuate
the completion of our initial business, which, if made prior to the completion of our initial business combination, will be paid from
working capital.

 Prior to the closing of our IPO, our Sponsor loaned
us funds in an aggregate amount of up to $750,000 used for a portion of the expenses of our IPO. These loans were non-interest bearing,
unsecured and was payable upon the closing of our IPO. On November 4, 2024, we repaid the total outstanding balance of the loan amounting
to $399,760. Borrowings under this loan are no longer available.

 We expect to fund our working capital requirements
prior to the time of our initial Business Combination with working capital. In addition, in order to finance transaction costs in connection
with an intended initial Business Combination, our Sponsor or an affiliate of our sponsor or certain of our officers and directors may,
but are not obligated to, loan us funds as may be required on a non-interest basis. If we complete an initial Business Combination, we
would repay such loaned amounts. In the event that the initial Business Combination does not close, we may use working capital to repay
such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $2,500,000 of such loans (including
up to $750,000 in working capital loans that may be made by Inflection Point, which has agreed to lend us up to this amount for working
capital purposes) may be convertible into Private Placement Units of the post business combination entity at a price of $10.00 per unit
at the option of the lender. Such units would be identical to the Private Placement Units. Except as set forth above, the terms of such
loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of our initial
Business Combination, we do not expect to seek loans from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe
third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust
Account.

 We have until the date that is 24 months
from November 4, 2024 or until such earlier liquidation date as our Board of Directors may approve, to consummate our initial Business
Combination. If we anticipate that we may be unable to consummate our initial Business Combination within such 24-month period, we may
seek shareholder approval to amend our Amended and Restated Memorandum to extend the date by which we must consummate our initial Business
Combination. If we seek shareholder approval for an extension, holders of public shares will be offered an opportunity to vote on the
extension and to redeem their shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned thereon (net of taxes payable), divided by the number of then issued and outstanding public shares,
subject to applicable law.

 Any of the foregoing payments to our Sponsor,
repayments of loans from our Sponsor or repayments of working capital loans prior to our initial business combination will be made using
working capital.

 After our initial Business Combination, members
of our Management Team who remain with us may be paid consulting, management or other fees from the combined company with any and all
amounts being fully disclosed to our shareholders, to the extent then known, in the proxy solicitation or tender offer materials, as applicable,
furnished to our shareholders. It is unlikely the amount of such compensation will be known at the time of distribution of such tender
offer materials or at the time of a general meeting held to consider our initial business combination, as applicable, as it will be up
to the directors of the post-combination business to determine executive and director compensation.

 The holders of the Founder Shares and Private
Placement Units will be entitled to registration rights pursuant to a registration rights agreement, dated October 31, 2024, requiring
us to register such securities for resale.

 Director Independence

 Nasdaq rules require that a majority of our Board
of Directors be independent within one year of our IPO. An "independent director" is defined generally as a person who, in
the opinion of the company's board of directors, has no material relationship with the listed company (either directly or as a partner,
shareholder or officer of an organization that has a relationship with the company). We have three "independent directors"
as defined in Nasdaq rules and applicable SEC rules. Our Board of Directors determined that Messrs. Samuels, Theysset, Cetin and Weinstein
as well as Ms. Savitt are "independent directors" as defined in Nasdaq listing standards and applicable SEC rules. Our independent
directors will have regularly scheduled meetings at which only independent directors are present.

 Item 14. Principal Accountant Fees and Services.

 The following is a summary
of fees paid or to be paid to Withum for services rendered.

 Audit Fees

 Audit fees consist of fees
for professional services rendered for the audit of our year-end financial statements and services that are normally provided by Withum
in connection with regulatory filings. During the period from June 24, 2024 (inception) through December 31, 2024, fees for our independent
registered public accounting firm were approximately $98,540 for the services Withum performed in connection with our Initial Public Offering
and the audit of our December 31, 2024 financial statements included in this Annual Report on Form 10-K.

 Audit-Related Fees

 Audit-related fees consist
of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements
and are not reported under "Audit Fees." These services include attest services that are not required by statute or regulation
and consultations concerning financial accounting and reporting standards. During the period from June 24, 2024(inception) through December
31, 2024, our independent registered public accounting firm did not render assurance and related services related to the performance of
the audit or review of financial statements.

 Tax Fees

 Tax fees
consist of fees billed for professional services relating to tax compliance, tax planning and tax advice. During the period from June
24, 2024 (inception) through December 31, 2024, fees for our independent registered public accounting firm were approximately $2,080 for
tax compliance, tax advice and tax planning.

 All Other Fees

 All other fees consist of
fees billed for all other services. During the period from June 24, 2024(inception) through December 31, 2024, there were no fees billed
for products and services provided by our independent registered public accounting firm other than those set forth above.

 Pre-Approval Policy

 Our Audit Committee was formed
upon the consummation of our Initial Public Offering. As a result, the Audit Committee did not pre-approve all of the foregoing services,
although any services rendered prior to the formation of our Audit Committee were approved by our Board of Directors. Since the formation
of our Audit Committee, and on a going-forward basis, the Audit Committee has and will pre-approve all auditing services and permitted
non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions
for non-audit services described in the Exchange Act which are approved by the Audit Committee prior to the completion of the audit).

 Item 15. Exhibit and Financial Statement Schedules.

 (a) The following documents are filed as part of this Report:

 (1) Financial Statements

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID 100)

 Balance Sheets as of December 31, 2024

 Statements of Operations for the fiscal year ended December 31, 2024

 Statements of Changes in Shareholders' Deficit) for the fiscal year ended December 31, 2024

 Statements of Cash Flows for the fiscal year ended December 31, 2024

 Notes to Financial Statements

 F-7 to F-17

 (2) Financial Statement Schedules

 All financial statement schedules
are omitted because they are not applicable or the amounts are immaterial and not required, or the required information is presented in
the financial statements and notes thereto beginning on page F-2 of this Report.

 (3) Exhibits

 We hereby file as part of
this Report the exhibits listed in the attached Exhibit Index. Exhibits that are incorporated herein by reference can be inspected on
the SEC website at www.sec.gov.

 Item
16. Form 10-K Summary.

 Omitted at our Company's
option.

 INDEX TO FINANCIAL STATEMENTS

 Report of Independent Registered Public Accounting Firm

 Financial Statements:

 Balance Sheet

 Statement of Operations

 Statement of Changes in Shareholders' Deficit

 Statement of Cash Flows

 Notes to Financial Statements

 F-7 to F-17

 F- 1

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Shareholders and the Board of Directors of

 Bleichroeder Acquisition Corp. I

 Opinion on the Financial Statement

 We have audited the accompanying balance sheet
of Bleichroeder Acquisition Corp. I (the "Company") as of December 31, 2024, and the related statements of operations, changes
in shareholders' deficit, and cash flows for the period from June 24, 2024 (inception) through December 31, 2024, and the related
notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in
all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows
for period from June 24, 2024 (inception) through December 31, 2024, in conformity with accounting principles generally accepted in the
United States of America.

 Basis for Opinion

 This financial statement is the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are
a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of
internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audit included performing procedures to assess
the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

 We have served as the Company's auditor since
2024.

 /s/ WithumSmith+Brown, PC

 WithumSmith+Brown, PC

 New York, New York

 PCAOB ID Number 100

 F- 2

 BALANCE SHEET

 DECEMBER 31, 2024

 Assets

 Current assets

 Cash

 $
 2,107,309

 Prepaid expenses

 23,150

 Short-term prepaid insurance

 181,563

 Total current assets

 2,312,022

 Long-term prepaid insurance

 151,302

 Investments held in Trust Account

 Total Assets

 $
 254,219,522

 Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders' Deficit

 Current liabilities

 Accrued expenses

 $
 3,451

 Accrued offering costs

 75,000

 Cash underwriting fee payable

 1,000,000

 Total current liabilities

 1,078,451

 Deferred underwriting fee

 8,750,000

 Total Liabilities

 9,828,451

 Commitments and Contingencies (Note 6)

 Class A ordinary shares subject to possible redemption, $ 0.0001 par value; 500,000,000 shares authorized; 25,000,000 shares issued and outstanding, at redemption value of $ 10.07 per share

 Shareholders' Deficit

 Preference shares, $ 0.0001 par value; 5,000,000 shares authorized; none issued or outstanding

 —

 Class A ordinary shares, $ 0.0001 par value; 500,000,000 shares authorized; 425,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption)

 Class B ordinary shares, $ 0.0001 par value; 50,000,000 shares authorized; 8,333,333 shares issued and outstanding

 Additional paid-in capital

 —

 Accumulated deficit

 ( 7,366,003
)

 Total Shareholders' Deficit

 ( 7,365,127
)

 Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders' Deficit

 $
 254,219,522

 The accompanying notes are an integral part
of these financial statements.

 F- 3

 STATEMENT OF OPERATIONS

 FOR THE PERIOD FROM JUNE 24, 2024 (INCEPTION)
THROUGH DECEMBER 31, 2024

 Formation and operational costs

 $
 251,144

 Loss from operations

 ( 251,144
)

 Other income:

 Interest earned on bank account

 14,609

 Interest earned on investments held in Trust Account

 1,756,198

 Other income

 1,770,807

 Net income

 $
 1,519,663

 Weighted average shares outstanding of Class A ordinary shares

 7,500,000

 Basic and diluted net income per ordinary share, Class A ordinary shares

 $
 0.10

 Weighted average shares outstanding of Class B ordinary shares

 8,289,473

 Basic and diluted net income per ordinary share, Class B ordinary shares

 $
 0.10

 The accompanying notes are an integral part
of these financial statements.

 F- 4

 STATEMENT OF CHANGES IN SHAREHOLDERS'
DEFICIT

 FOR THE PERIOD FROM JUNE 24, 2024 (INCEPTION)
THROUGH DECEMBER 31, 2024

 Class A
 Ordinary Shares

 Class B
 Ordinary Shares

 Additional
 Paid-in

 Accumulated

 Total
 Shareholder '

 Amount

 Amount

 Capital

 Deficit

 Deficit

 Balance — June 24, 2024 (inception)

 —

 $
 —

 —

 $
 —

 $
 —

 $
 —

 $
 —

 Issuance of Class B ordinary shares to Sponsor

 —

 —

 9,583,333

 24,042

 —

 ( 25,000
)

 Sale of Private Placement units

 —

 —

 4,249,957

 —

 4,250,000

 Accretion for Class A ordinary shares to redemption amount

 —

 —

 —

 —

 ( 4,979,021
)

 ( 8,885,666
)

 ( 13,864,687
)

 Fair value of public warrants at issuance

 —

 —

 —

 —

 750,000

 —

 750,000

 Allocated value of transaction costs to Class A shares

 —

 —

 —

 —

 ( 45,103
)

 —

 ( 45,103
)

 Forfeiture of founder shares

 —

 —

 ( 1,250,000
)

 ( 125
)

 —

 —

 Net income

 —

 —

 —

 —

 —

 1,519,663

 1,519,663

 Balance — December 31, 2024

 $

 $

 $
 —

 $
 ( 7,366,003
)

 $
 ( 7,365,127
)

 The accompanying notes are an integral part
of these financial statements.

 F- 5

 STATEMENT OF CASH FLOWS

 FOR THE PERIOD FROM JUNE 24, 2024 (INCEPTION)
THROUGH DECEMBER 31, 2024

 Cash Flows from Operating Activities:

 Net income

 $
 1,519,663

 Adjustments to reconcile net income to net cash used in operating activities:

 Formation cost paid by Sponsor in exchange for issuance of Class B ordinary shares

 9,153

 Payment of operation costs through promissory note – related party

 111,442

 Interest earned on marketable securities held in Trust Account

 ( 1,756,198
)

 Changes in operating assets and liabilities:

 Prepaid expenses and other current assets

 ( 21,120
)

 Prepaid insurance

 ( 332,865
)

 Accounts payable and accrued expenses

 3,451

 Net cash used in operating activities

 ( 466,474
)

 Cash Flows from Investing Activities:

 Investment of cash into Trust Account

 ( 250,000,000
)

 Net cash used in investing activities

 ( 250,000,000
)

 Cash Flows from Financing Activities:

 Proceeds from sale of Units, net of underwriting discounts paid

 249,000,000

 Proceeds from sale of Private Placements Units

 4,250,000

 Repayment of promissory note - related party

 ( 399,760
)

 Payment of offering costs

 ( 276,457
)

 Net cash provided by financing activities

 252,573,783

 Net Change in Cash

 2,107,309

 Cash – Beginning of period

 —

 Cash – End of period

 $
 2,107,309

 Non-Cash investing and financing activities:

 Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares

 $
 9,153

 Deferred offering costs paid through promissory note – related party

 $
 288,318

 Deferred underwriting fee payable

 $
 8,750,000

 The accompanying notes are an integral part
of these financial statements.

 F- 6

 NOTE 1 — DESCRIPTION OF ORGANIZATION AND
BUSINESS OPERATIONS

 Bleichroeder Acquisition Corp. I (the "Company")
is a blank check company incorporated as a Cayman Islands exempted corporation on June 24, 2024. The Company was incorporated for
the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar Business
Combination with one or more businesses (the "Business Combination"). The Company has not selected any specific Business Combination
target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any
Business Combination target with respect to an initial Business Combination with the Company.

 As of December 31, 2024, the Company had not commenced
any operations. All activity for the period from June 24, 2024 (inception) through December 31, 2024 relates to the Company's
formation and the initial public offering (the "Initial Public Offering"), which is described below. The Company will not
generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate
non-operating income in the form of interest income on investments from the proceeds derived from the Initial Public Offering. The Company
has selected December 31 as its fiscal year end.

 The registration statement for the Company's
Initial Public Offering was declared effective on October 31, 2024. On November 4, 2024, the Company consummated the Initial Public Offering
of 25,000,000 units (the "Units" and, with respect to the Class A ordinary shares included in the Units being offered, the
"Public Shares") at $ 10.00 per Unit, generating gross proceeds of $ 250,000,000, which is described in Note 3. Each Unit consists
of one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial
Business Combination ("Public Right"). Simultaneously with the closing of the Initial Public Offering, the Company consummated
the sale of 425,000 private placement units (each, a "Private Placement Unit") at a price of $ 10.00 per Private Placement
Unit in a private placement to Bleichroeder Sponsor 1 LLC (the "Sponsor"), generating gross proceeds of $ 4,250,000, which
is described in Note 4. Each Private Placement Unit consists of one Class A ordinary share and one right to receive one tenth (1/10)
of a Class A ordinary share upon the consummation of an initial Business Combination ("Private Placement Right").

 Transaction costs amounted to $ 11,403,592, consisting
of $ 2,000,000 of cash underwriting fee, $ 8,750,000 of deferred underwriting fee, and $ 653,592 of other offering costs.

 The Company's Business Combination must
be with one or more target businesses that together have a fair market value equal to at least 80 % of the net balance in the Trust Account
(as defined below) (excluding the amount of deferred underwriting discounts held and taxes payable on the income earned on the Trust Account)
at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination
if the post-Business Combination company owns or acquires 50 % or more of the outstanding voting securities of the target or otherwise
acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act of 1940, as amended (the "Investment Company Act"). There is no assurance that the Company will be able
to successfully effect a Business Combination.

 Following the closing of the Initial Public Offering
on November 4, 2024, an amount of $ 250,000,000 ($ 10.00 per Unit) from the net proceeds of the sale of the Units, and a portion of the
net proceeds from the sale of the Private Placement Units, was placed in the trust account (the "Trust Account"), located
in the United States, with Continental Stock Transfer & Trust Company acting as trustee. The funds will be held in cash, including
in demand deposit accounts at a bank, or invested only in U.S. government treasury obligations with a maturity of 185 days or
less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only
in direct U.S. government treasury obligations; the holding of these assets in this form is intended to be temporary and for the
sole purpose of facilitating the intended Business Combination. To mitigate the risk that the Company might be deemed to be an investment
company for purposes of the Investment Company Act, which risk increases the longer that the Company holds investments in the Trust Account,
the Company may, at any time (based on the management team's ongoing assessment of all factors related to the Company's potential
status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold
the funds in the Trust Account in cash or in an interest bearing demand deposit account at a bank. Except with respect to interest earned
on the funds held in the Trust Account that may be released to the Company to pay its taxes, the proceeds from the Initial Public Offering
and the sale of the Private Placement Units will not be released from the Trust Account until the earliest of (i) the completion
of the Company's initial Business Combination, (ii) the redemption of the Company's public shares if the Company is unable
to complete the initial Business Combination within 24 months from the closing of the Initial Public Offering or by such earlier
liquidation date as the Company's board of directors may approve (the "Completion Window"), subject to applicable law,
or (iii) the redemption of the Company's public shares properly submitted in connection with a shareholder vote to amend the
Company's amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company's
obligation to allow redemption in connection with the initial Business Combination or to redeem 100 % of the Company's public shares
if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other
material provisions relating to shareholders' rights or pre-initial Business Combination activity. The proceeds deposited in the
Trust Account could become subject to the claims of the Company's creditors, if any, which could have priority over the claims of
the Company's public shareholders.

 F- 7

 The Company will provide the Company's public
shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination
either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder
vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business
Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled
to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated
as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds
held in the Trust Account (less taxes payable), divided by the number of then outstanding public shares, subject to the limitations.

 The ordinary shares subject to redemption were
recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with
Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") Topic 480,
"Distinguishing Liabilities from Equity." In such case, if the Company seeks shareholder approval, a majority of the issued
and outstanding shares voted are voted in favor of the Business Combination.

 The Company will have only the duration of the
Completion Window to complete the initial Business Combination. However, if the Company is unable to complete its initial Business Combination
within the Completion Window, the Company will as promptly as reasonably possible but not more than ten business days thereafter,
redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account (less the amount of taxes payable and up to $ 100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding public shares, which redemption will constitute full and complete payment for the
public shares and completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation
or other distributions, if any), subject to the Company's obligations under Cayman Islands law to provide for claims of creditors
and subject to the other requirements of applicable law.

 The Sponsor, officers and directors have entered
into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to
their founder shares, private placement shares and public shares in connection with the completion of the initial Business Combination;
(ii) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection
with a shareholder vote to approve an amendment to the Company's amended and restated memorandum and articles of association; (iii) waive
their rights to liquidating distributions from the Trust Account with respect to their founder shares and private placement shares if
the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating
distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business
Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote any
founder shares or private placement shares held by them and any public shares purchased during or after the Initial Public Offering (including
in open market and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5
under the Exchange Act, which would not be voted in favor of approving the Business Combination) in favor of the initial Business
Combination.

 The Company's Sponsor has agreed that it
will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company,
or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar
agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.00 per
public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust
Account, if less than $ 10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies
held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity
of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933,
as amended (the "Securities Act"). However, the Company has not asked the Sponsor to reserve for such indemnification obligations,
nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company
believes that the Sponsor's only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would
be able to satisfy those obligations.

 F- 8

 On November 21, 2024, the Company announced that, commencing on December
2, 2024, the holders of the Units, each Unit consisting of one Class A ordinary share of the Company, and one right to receive one-tenth
(1/10) of one Class A Ordinary Share upon the consummation of the Company's initial Business Combination, may elect to separately
trade the Class A ordinary shares and the rights included in the Units. Any Units not separated will continue to trade on the Nasdaq Global
Market under the symbol "BACQU." The Class A Ordinary shares and the rights trade on the Nasdaq Global Market under the symbols
"BACQ" and "BACQR," respectively. Holders of Units need to have their brokers contact Continental Stock Transfer
& Trust Company, the Company's transfer agent, in order to separate the Units into Class A ordinary shares and rights.

 NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Basis of Presentation

 The accompanying financial statements
are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States
of America ("U.S. GAAP") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange
Commission (the "SEC").

 Liquidity and Capital Resources

 As of December 31, 2024, the Company had $ 2,107,309
cash and a working capital of $ 1,233,571. In connection with the Company's assessment of going concern considerations in accordance
with Accounting Standards Codification ("ASC") 205-40 "Going Concern," and through the consummation of the Initial
Public Offering, the Company has sufficient funds for the working capital needs of the Company until a minimum of one year from the date
of issuance of these financial statements. The Company cannot be assured that its plans to consummate an Initial Business Combination
will be successful.

 The Company does not believe it will need to raise
additional funds in order to meet the expenditures required for operating its business. However, if the estimate of the costs of identifying
a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary
to do so, the Company may have insufficient funds available to operate its business prior to the initial Business Combination.

 Emerging Growth Company

 The Company is an "emerging growth company,"
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved.

 Further, Section 102(b)(1) of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging
growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth
companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period,
which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company,
as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company's financial statements with another public company that is neither an emerging growth company
nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential
differences in accounting standards used.

 F- 9

 Use of Estimates

 The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting
period.

 Making estimates requires management to exercise
significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near
term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 Cash and Cash Equivalents

 The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had $ 2,107,309 in cash and no cash
equivalents as of December 31, 2024.

 Cash Held in Trust Account

 As of December 31, 2024, the assets held in the
Trust Account, amounting to $ 251,756,198, were held in mutual funds composed of U.S. treasury securities.

 Concentration of Credit Risk

 Financial instruments that potentially subject
the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal
Deposit Insurance Corporation coverage limit of $ 250,000. Any loss incurred or a lack of access to such funds could have a significant
adverse impact on the Company's financial condition, results of operations, and cash flows.

 Offering Costs

 The Company complies with the requirements of
the ASC 340-10-S99 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering."
Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20,
"Debt with Conversion and Other Options," addresses the allocation of proceeds from the issuance of convertible debt into
its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between
Class A ordinary shares and Public Rights, using the residual method by allocating Initial Public Offering proceeds first to assigned
value of the Public Rights and then to the Class A ordinary shares. Offering costs allocated to the Class A ordinary shares
were charged to temporary equity and offering costs allocated to the Public Rights and Private Placement Rights were charged to shareholders'
deficit as the Public Rights and Private Placement Rights, after management's evaluation, were accounted for under equity treatment.

 Fair Value of Financial Instruments

 The fair value of the Company's assets and
liabilities, which qualify as financial instruments under FASB ASC 820, "Fair Value Measurements and Disclosures," approximates
the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

 Income Taxes

 The Company accounts for income taxes under ASC
Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income
taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of assets
and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods
in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized.

 F- 10

 ASC Topic 740 prescribes a recognition threshold
and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in
a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing
authorities. The Company's management determined that the Cayman Islands is the Company's major tax jurisdiction. The Company
recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2024, there were
no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under
review that could result in significant payments, accruals or material deviation from its position.

 The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the period presented.

 Rights

 The Company accounts for the Public Rights and
Private Placement Rights issued in connection with the Initial Public Offering and the private placement in accordance with the guidance
contained in FASB ASC Topic 815, "Derivatives and Hedging". Accordingly, the Company evaluated and classified the rights under
equity treatment at their assigned values.

 The Public Rights have been classified within
shareholders' deficit and will not require remeasurement after issuance. The following table presents the quantitative information
regarding market assumptions used in the valuation of the Public Rights:

 November 4,

 2024

 Underlying share price

 $
 9.95

 Pre-adjusted value per share right

 $
 1.00

 Market adjustment (1)

 3.0
 %

 Fair value per share right

 $
 0.03

 (1)
 Market
adjustment reflects additional factors not fully captured by low volatility selection, which may include likelihood of Business Combination
occurring, market perception of lack of available or suitable targets, or possible post-acquisition decline of stock price prior to beginning
of the exercise period. The adjustment is determined by comparing traded warrant prices to simulated model outputs.

 Class A Redeemable Share Classification

 The Public Shares contain a redemption
feature which allows for the redemption of such Public Shares in connection with the Company's liquidation, or if there is a
shareholder vote or tender offer in connection with the Company's initial Business Combination. In accordance with ASC
480-10-S99, the Company classifies Public Shares subject to redemption outside of permanent deficit as the redemption provisions are
not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will
adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon
the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The
change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent
available) and accumulated deficit. Accordingly, as of December 31, 2024, Class A ordinary shares subject to possible redemption are
presented at redemption value as temporary equity, outside of the shareholders' deficit section of the Company's balance
sheet. As of December 31, 2024, the Class A ordinary shares subject to possible redemption reflected in the balance sheet are
reconciled in the following table:

 Gross proceeds

 $
 250,000,000

 Less:

 Proceeds allocated to Public Rights

 ( 750,000
)

 Class A ordinary shares issuance costs

 ( 11,358,489
)

 Plus:

 Remeasurement of carrying value to redemption value

 13,864,687

 Class A ordinary shares subject to possible redemption, December 31, 2024

 $

 F- 11

 Net Income per Ordinary Share

 The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, "Earnings Per Share". Net income per ordinary share is computed by dividing net income
by the weighted average number of ordinary shares outstanding for the period. Accretion associated with the redeemable shares of Class
A ordinary shares is excluded from income per ordinary share as the redemption value approximates fair value.

 The calculation of diluted income per ordinary
share does not consider the effect of the warrants issued in connection with the (i) IPO, and (ii) the private placement since the exercise
of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 20,150,000 Class A ordinary
shares in the aggregate. At December 31, 2024, the Company did not have any dilutive securities or other contracts that could, potentially,
be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net income per ordinary
share is the same as basic net income per ordinary share for the periods presented.

 The following table reflects the calculation
of basic and diluted net income per ordinary share (in dollars, except per share amounts):

 For The Period from June 24,
 2024 (Inception) Through
 December 31, 2024

 Class A

 Class B

 Basic and diluted net income per share of common stock:

 Numerator:

 Allocation of net income

 $
 721,840

 $
 797,823

 Denominator:

 Weighted-average shares outstanding

 7,500,000

 8,289,473

 Basic and diluted net income per common stock

 $
 0.10

 $
 0.10

 Recent Accounting Pronouncements

 Management does not believe that any recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

 NOTE 3 — INITIAL PUBLIC OFFERING

 In the Initial Public Offering closed on November
4, 2024, the Company sold 25,000,000 Units at a price of $ 10.00 per Unit. Each Unit has a price of $ 10.00 and consists of one Class A
ordinary share and one Public Right entitling the holder thereof to receive one tenth (1/10) of one Class A ordinary share upon the
consummation of an initial Business Combination.

 NOTE 4— PRIVATE PLACEMENT

 Simultaneously with the closing of the Initial
Public Offering, the Sponsor purchased an aggregate of 425,000 Private Placement Units, at a price of $ 10.00 per Private Placement Unit,
for an aggregate purchase price of $ 4,250,000. Each Private Placement Unit consists of one Class A ordinary share and one Private
Placement Right. Inflection Point Fund I LP (which is not affiliated with any member of the Company's management) ("Inflection
Point"), indirectly purchased, through the purchase of non-managing sponsor membership interests, all 425,000 of the Private Placement
Units at a price of $ 10.00 per unit ($ 4,250,000 in the aggregate) in the private placement. Subject to Inflection Point purchasing, through
the Sponsor, the Private Placement Units allocated to it in connection with the closing of the Initial Public Offering, the Sponsor issued
membership interests at a nominal purchase price to Inflection Point reflecting interests in an aggregate of 5,266,667 founder shares
held by the Sponsor. In addition, it is expected that as a non-managing member of the Sponsor group, Inflection Point can assist the Sponsor
in administrative and ongoing efforts related to the completion of the Business Combination.

 The Private Placement Units are identical to the
public Units sold in the Initial Public Offering except that, so long as they are held by the Sponsor or their permitted transferees,
the Private Placement Units (including their component securities) (i) may not (including the Class A ordinary shares issuable
upon conversion of these Private Placement Rights), subject to certain limited exceptions, be transferred, assigned or sold by the holders
until 30 days after the completion of the initial Business Combination and (ii) are entitled to registration rights.

 F- 12

 The Sponsor, officers and directors have entered
into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to
their founder shares, private placement shares and public shares in connection with the completion of the initial Business Combination;
(ii) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection
with a shareholder vote to approve an amendment to the Company's amended and restated memorandum and articles of association (A) to
modify the substance or timing of the Company's obligation to allow redemption in connection with the initial Business Combination
or to redeem 100 % of the public shares if the Company has not consummated an initial Business Combination within the Completion Window
or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial Business Combination activity;
(iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares and private placement
shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled
to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial
Business Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote
any founder shares or private placement shares held by them and any public shares purchased during or after the Initial Public Offering
(including in open market and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements
of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination) in favor of the
initial Business Combination.

 NOTE 5 — RELATED PARTY TRANSACTIONS

 Founder Shares

 On June 25, 2024, the Sponsor made a capital contribution of $ 25,000,
or approximately $ 0.004 per share, to cover certain of the Company's deferred offering costs and expenses, for which the Company
issued 7,187,500 founder shares to the Sponsor. On October 2, 2024, the Company capitalized and issued an additional 2,395,833 founder
shares to the Sponsor, resulting in the Sponsor holding an aggregate of 9,583,333 founder shares (up to 1,250,000 shares of which were
subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised), for a purchase price
of approximately $ 0.003 per share. On November 4, 2024, the underwriters forfeited their over-allotment option to purchase up to an additional
 3,750,000 units. As a result of the over-allotment option forfeiture by the underwriters, 1,250,000 Class B ordinary shares of the Company
were surrendered by the Sponsor in order for the Sponsor to maintain ownership of 25 % of the issued and outstanding shares of the Company
(excluding the Class A ordinary shares underlying the Private Placement Units held by the Sponsor). Such surrendered shares were cancelled
by the Company.

 The Company's initial shareholders have
agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issued upon conversion thereof
until the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the date on which
the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results
in all of the Company's shareholders having the right to exchange their Class A ordinary shares for cash, securities or other
property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company's initial shareholders
with respect to any founder shares (the "Lock-up"). Notwithstanding the foregoing, if (1) the closing price of the Class A
ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30 -trading day period commencing at least 150 days after the initial
Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the
Company's shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will
be released from the Lock-up.

 Promissory Note — Related
Party

 The Sponsor had agreed to loan the Company an
aggregate of up to $ 750,000 to be used for a portion of the expenses of the Initial Public Offering. The loan was non-interest bearing
and unsecured. The promissory note (the "Promissory Note") was payable on the date the Company consummated the Initial Public
Offering. As of December 31, 2024, the Company had not borrowed under the Promissory Note. On November 4, 2024, the Company repaid the
total outstanding balance of the Promissory Note amounting to $ 399,760. Borrowings under the Promissory Note are no longer available.

 F- 13

 Working Capital Loans

 In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company's officers and directors may,
but are not obligated to, loan the Company funds as may be required (the "Working Capital Loans"). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the
Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from
the Trust Account would be used to repay the Working Capital Loans. Up to $ 2,500,000 of such Working Capital Loans may be convertible
into private placement units of the post Business Combination entity at a price of $ 10.00 per unit at the option of the lender, including
up to $ 750,000 in working capital loans which may be made by Inflection Point. The units would be identical to the Private Placement Units.
As of December 31, 2024, no such Working Capital Loans were outstanding.

 NOTE 6 — COMMITMENTS AND CONTINGENCIES

 Risk and Uncertainties

 The United States and global markets are
experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the
recent escalation of the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization
("NATO") deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European
Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and
entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication
payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other
assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and
the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO,
the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global
security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts
are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital
markets, as well as supply chain interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions
could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

 Any of the above mentioned factors, or any other
negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine,
the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company's search
for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

 Registration Rights

 The holders of the founder shares, Private Placement
Units and the Class A ordinary shares underlying such Private Placement Units and Private Placement Rights and units that may be
issued upon conversion of the Working Capital Loans have registration rights to require the Company to register a sale of any of the Company's
securities held by them and any other securities of the Company acquired by them prior to the consummation of the initial Business Combination
pursuant to a registration rights agreement signed on October 31, 2024. The holders of these securities are entitled to make up to three
demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain piggyback registration
rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will
bear the expenses incurred in connection with the filing of any such registration statements.

 Underwriting Agreement

 The underwriters had a 45 -day option from the
date of the Initial Public Offering to purchase up to an additional 3,750,000 units to cover over-allotments, if any. On November
4, 2024, the underwriters forfeited the over-allotment option to purchase the additional 3,750,000 units.

 The underwriters were entitled to a cash underwriting
discount of $ 0.08 per Unit, or $ 2,000,000 in the aggregate. Of this amount, $ 1,000,000 was paid to the underwriters upon the closing of
the Initial Public Offering and $ 1,000,000 will be payable to the underwriters from working capital in equal amounts monthly starting
on the 16 th month following the closing of the Initial Public Offering until the 24 th month following the closing
of the Initial Public Offering. Any amounts not paid hereunder from working capital shall be accelerated and paid upon consummation of
the initial Business Combination.

 F- 14

 Additionally, the underwriters are entitled to
a deferred underwriting discount of $ 0.35 per Unit, up to $ 8,750,000 payable to the underwriters for deferred underwriting commissions
on amounts remaining in the Trust Account after all redemptions by public shareholders have been met. The deferred underwriting discount
will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its Initial
Business Combination.

 NOTE 7 — SHAREHOLDERS' DEFICIT

 Preference Shares — The
Company is authorized to issue a total of 5,000,000 preference shares at par value of $ 0.0001 each. As of December 31, 2024, there were
 no preference shares issued or outstanding.

 Class A Ordinary Shares — The
Company is authorized to issue a total of 500,000,000 Class A ordinary shares at par value of $ 0.0001 each. As of December 31, 2024,
there were 25,425,000 Class A ordinary shares issued and outstanding, including 25,000,000 shares subject to possible redemption.

 Class B Ordinary Shares — The
Company is authorized to issue a total of 50,000,000 Class B ordinary shares at par value of $ 0.0001 each. As of December 31, 2024,
there were 8,333,333 Class B ordinary shares issued and outstanding.

 The founder shares will automatically convert
into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier
at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary
shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in this offering and related
to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into
Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree
to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable
upon conversion of all Class B ordinary shares will equal, in the aggregate, 25 % of the sum of (i) the total number of all Class A
ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued pursuant
to the underwriters' over-allotment option and excluding the Class A ordinary shares underlying the private placement units
issued to the Sponsor), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection
with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any
seller in the initial Business Combination and any private placement-equivalent units issued to the Sponsor or any of its affiliates or
to the Company's officers or directors upon conversion of working capital loans) minus (iii) any redemptions of Class A
ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares
will never occur on a less than one-for-one basis.

 Holders of record of the Company's Class A
ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders.
Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange
rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires
the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where
proxies are allowed, by proxy at the applicable general meeting of the company is generally required to approve any matter voted on by
the Company's shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, which (except as
specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do
so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting, and pursuant to the Company's amended
and restated memorandum and articles of association, such actions include amending the amended and restated memorandum and articles of
association and approving a statutory merger or consolidation with another company. There is no cumulative voting with respect to the
appointment of directors, meaning, following the Company's initial Business Combination, the holders of more than 50 % of the ordinary
shares voted for the appointment of directors can elect all of the directors. Prior to the consummation of the initial Business Combination,
only holders of the Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and
(ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution
required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer
by way of continuation in a jurisdiction outside the Cayman Islands). Holders of the Class A ordinary shares will not be entitled
to vote on these matters during such time. These provisions of the amended and restated memorandum and articles of association may only
be amended if approved by a special resolution passed by the affirmative vote of at least 90 % (or, where such amendment is proposed in
respect of the consummation of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled
to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company.

 F- 15

 Rights — Except in cases where
the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10)
of one ordinary share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection
with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance
with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial, each
holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary
share underlying each right upon consummation of the Business Combination. If the Company is unable to complete the initial Business Combination
within the required time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of rights
will not receive any of such funds for their rights and the rights will expire worthless.

 NOTE 8 — FAIR VALUE MEASUREMENTS

 The fair value of the Company's financial
assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale
of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the
measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of
observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities
based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

 Level 1:

 Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

 Level 2:

 Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

 Level 3:

 Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

 The following table presents information about
the Company's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and indicates
the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

 Level

 December 31,

 2024

 Asset:

 Investments held in Trust Account – U.S. Treasury Securities

 $

 NOTE 9 — SEGMENT REPORTING

 ASC Topic 280, "Segment Reporting,"
establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from
which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated
by the Company's chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

 The Company's chief operating decision
maker ("CODM") has been identified as the Chief Executive Officer, who reviews the assets, operating results, and
financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly,
management has determined that there is only one reportable segment.

 F- 16

 The CODM assesses performance for the single segment
and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or
loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company's performance
and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total
assets, which include the following:

 December 31,

 2024

 Trust Account

 $

 Cash

 $
 2,107,309

 For the Year

 Ended

 December 31,

2024

 General and administrative expenses

 $
 236,535

 Interest earned on the Trust Account

 $
 1,756,198

 The CODM reviews interest earned on the Trust Account to measure and
monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance
with the trust agreement.

 General and administrative expenses are reviewed
and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination or similar
transaction within the Business Combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce
all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative costs, as reported on
the statement of operations, are the significant segment expenses provided to the CODM on a regular basis.

 All other segment items included in net income
or loss are reported on the statement of operations and described within their respective disclosures.

 NOTE 10 — SUBSEQUENT EVENTS

 The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company
did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 F- 17

 EXHIBIT INDEX

 Exhibit
 No.

 Description

 3.1

 Amended and Restated Memorandum and Articles of Association of the Company. (2)

 4.1

 Specimen Unit Certificate. (1)

 4.2

 Specimen Ordinary Share Certificate. (1)

 4.3

 Specimen Rights Certificate. (1)

 4.4

 Share Rights Agreement, dated October 31, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as rights agent. (2)

 4.5

 Description of Registered Securities.*

 10.1

 Investment Management Trust Agreement, dated October 31, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee. (2)

 10.2

 Registration Rights Agreement, dated October 31, 2024, by and among the Company and certain security holders. (2)

 10.3

 Private Placement Units Purchase Agreement, dated October 31, 2024, by and between the Company and the Sponsor. (2)

 10.4

 Letter
 Agreement, dated October 31, 2024, by and among the Company, its officers, directors and the Sponsor. (2)

 10.5

 Form of Indemnity Agreement. (2)

 Code of Ethics. (1)

 Insider Trading Policies and Procedures, adopted October 16, 2024.*

 31.1

 Certification
 of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted
 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

 31.2

 Certification
 of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted
 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

 32.1

 Certification
 of the Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

 32.2

 Certification
 of the Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

 Policy Related to Recovery of Erroneously Awarded Compensation, adopted October 16, 2024.*

 99.1

 Audit Committee Charter. (1)

 99.2

 Compensation Committee Charter. (1)

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 Cover

 *
 Filed herewith.

 **
 Furnished herewith.

 (1)
 Incorporated
by reference to Amendment No. 3 to the Company's Registration Statement on Form S-1/A (File No. 333-280777), filed with the SEC
on October 22, 2024.

 (2)
 Incorporated
by reference to the Company's Current Report on Form 8-K, filed with the SEC on November 5, 2024.

 SIGNATURES

 Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned, thereunto duly authorized.

 Bleichroeder Acquisition Corp. I

 By:

 /s/ Andrew Gundlach

 Name:

 Andrew Gundlach

 Title:

 (Principal Executive Officer)

 Pursuant to the requirements
of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated.

 Name

 Position

 Date

 /s/ Andrew Gundlach

 Chief Executive Officer, President and Chairman

 Andrew Gundlach

 (Principal Executive Officer)

 /s/ Robert Folino

 Chief Financial Officer

 Robert Folino

 (Principal Financial and Accounting Officer)

 /s/ Joseph Samuels

 Joseph Samuels

 /s/ Antoine Theysset

 Antoine Theysset

 /s/ Nazim Cetin

 Nazim Cetin

 /s/ Pierre Weinstein

 Pierre Weinstein

 /s/ Kathy Savitt

 Kathy Savitt

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