Siddhi Acquisition Corp: 2025 Annual Report – Key Highlights and Investor Insights

1. Company Overview

Siddhi Acquisition Corp (“SDHI” or “the Company”) is a blank check company, incorporated in the Cayman Islands on July 5, 2024, with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The Company completed its Initial Public Offering (IPO) on April 2, 2025, raising gross proceeds of \$276 million through the sale of 27,600,000 units (including full exercise of the underwriters’ over-allotment option). Each unit consists of one Class A ordinary share and one right to receive one-tenth (1/10th) of a Class A ordinary share upon the consummation of a business combination.

2. Financial Position & Performance

• Trust Account: As of December 31, 2025, \$277.38 million was held in the trust account, earmarked for a future business combination.
• Public Float: As of June 30, 2025, the aggregate market value of ordinary shares held by non-affiliates was approximately \$211.8 million.
• Shares Outstanding: As of March 16, 2026, there were 27,938,000 Class A ordinary shares and 6,900,000 Class B ordinary shares issued and outstanding.
• Net Loss: The company incurred a net loss of \$223,387 for the year ended December 31, 2025, primarily driven by operating expenses, with net cash used in operating activities totaling \$603,305.
• Accumulated Deficit: The balance sheet shows a shareholders’ deficit of \$15.92 million as of December 31, 2025.
• Interest Income: The trust account generated \$8,601,442 in interest income during 2025, which is significant for SPACs as it helps offset operating losses.

3. Management and Governance

• The management team, led by Chairman Brian D. Finn, brings over 100 years of combined investment experience, with a history of serving on more than 30 public and private boards. Finn is also Chairman of Star Mountain Capital and a director at Palladyne AI (NASDAQ: PDYN).
• The audit committee is fully independent and financially literate. Alan H. Howard qualifies as an “audit committee financial expert” under SEC rules.
• The company’s internal controls over financial reporting were deemed effective as of December 31, 2025, with no material changes noted during the year. There is no auditor attestation report due to the company’s emerging growth company status under the JOBS Act.

4. Company Status and Plans

• SDHI remains a “shell company” under SEC definitions, meaning it has not yet completed a business combination. Management is actively evaluating several potential targets but had not selected one as of the report date.
• The company’s stated strategy is to leverage its management’s operational insight, network, and capital markets connectivity to identify acquisition targets with strong growth potential, scalable margins, compelling sector trends, and experienced management teams.
• SDHI’s ability to complete a successful business combination within the designated timeframe is critical and will directly impact shareholder value.

5. Shareholder Matters & Capital Structure

• No equity compensation plans have been authorized or are outstanding.
• No unregistered securities were issued in 2025, outside previously disclosed filings.
• No purchases of equity securities by the issuer or affiliated purchasers occurred during the reporting period.
• All Section 16(a) beneficial ownership filings were made in a timely manner by officers, directors, and greater than 10% shareholders.

6. Risk Factors, Controls, and Compliance

• As a smaller reporting company, SDHI is not required to provide detailed risk factor disclosures in this filing.
• No unresolved SEC staff comments or cybersecurity incidents were reported, and there were no legal proceedings, mine safety disclosures, or material related party transactions beyond standard sponsor relationships.
• There is no indication of financial statement restatements or error corrections that would trigger executive compensation clawbacks.

7. Potential Share Price Sensitivities and Investor Considerations

• Business Combination Uncertainty: The largest potential driver of share price is the uncertainty—and potential upside—associated with the selection and announcement of a business combination target. As of the report date, no target has been identified or announced, and the company’s future is contingent on executing a value-accretive transaction within the SPAC timeline.
• Trust Account Security: The substantial funds held in trust provide downside protection for shareholders but also mean that, in the absence of a deal, funds may be returned to investors (less certain costs), which can cap upside unless a high-quality target is identified.
• Effective Governance and Controls: Strong internal controls, experienced leadership, and compliance with all regulatory filings are positives for investor confidence and institutional participation.
• Emerging Growth Company: The company’s exemption from certain audit requirements as an emerging growth company may reduce costs but also means investors have less third-party oversight than with mature operating companies.
• Potential Dilution: Investors should note the structure of Class B founder shares, which convert to Class A shares upon business combination. This could result in dilution for public shareholders if a business combination is executed.

8. Conclusion

Siddhi Acquisition Corp remains in the pre-business combination stage, with a strong financial position, experienced management, and substantial trust assets. The most significant potential share price mover is the identification and announcement of an acquisition target. Until such an announcement, the share price is likely to be driven by speculation on management’s ability to deliver a compelling deal and the general SPAC market sentiment.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence or consult a financial advisor before making investment decisions. The information herein is based on the company’s public SEC filing and is subject to change without notice.

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