SUMA Acquisition Corporation Reports Financial Results for the Quarter Ended March 31, 2026

Press release · 2026-05-14 11:31

SUMA Acquisition Corporation, a Cayman Islands company, filed its Form 10-Q for the quarterly period ended March 31, 2026. The company reported a net loss of $1.4 million for the quarter, compared to a net loss of $1.1 million for the same period last year. As of March 31, 2026, the company had cash and cash equivalents of $14.1 million, compared to $15.4 million as of December 31, 2025. The company’s total assets were $16.3 million, with total liabilities of $1.4 million. The company’s Class A Ordinary Shares and Class B Ordinary Shares were listed on the Nasdaq Stock Market LLC under the symbols SUMAU and SUMA, respectively. As of May 13, 2026, there were 17,696,250 Class A Ordinary Shares and 5,750,000 Class B Ordinary Shares issued and outstanding.

Overview

SUMA Acquisition Corporation is a blank check company incorporated in the Cayman Islands on November 21, 2025, for the purpose of effecting a business combination. The company’s sponsors are SUMA Sponsor LP, SUMA Canada Sponsor LP, and SUMA Canada II Sponsor LP.

Although SUMA is not limited to a particular industry or sector for its business combination, it is focusing its search on other developed markets across several technology-enabled sectors. As an early stage and emerging growth company, SUMA is subject to the risks associated with such companies and expects to incur significant costs in pursuing its acquisition plans.

SUMA’s IPO registration statement became effective on March 10, 2026, and the company consummated its initial public offering (IPO) of 17,250,000 public units, including 2,250,000 option units, on March 12, 2026. Each public unit consists of one public share and one-fifth of one public right. The public units were sold at $10.00 per unit, generating gross proceeds of $172,500,000.

Simultaneously with the IPO, SUMA completed the sale of 446,250 private placement units to its sponsors and Seaport at $10.00 per unit, generating gross proceeds of $4,462,500. The net proceeds from the IPO and private placement were placed in a trust account, to be used for the business combination.

SUMA has until March 12, 2028 (24 months from the IPO) to consummate the business combination. If it is unable to do so, the company will cease operations, redeem the public shares, and liquidate, subject to its obligations under Cayman Islands law.

Results of Operations

SUMA has not engaged in any operations or generated any revenues to date. Its activities since inception have been organizational and related to the IPO and identifying and evaluating potential acquisition targets. The company will not generate any operating revenues until after the completion of its initial business combination.

For the three months ended March 31, 2026, SUMA had a net income of $152,021, which consists of operating costs of $167,161, offset by interest income on cash and marketable securities held in the trust account of $319,182.

Liquidity and Capital Resources

Following the IPO and private placement, a total of $172,500,000 was placed in the trust account. SUMA incurred $10,153,693 in fees related to the IPO, including $2,587,500 in cash underwriting fees, $6,900,000 in deferred underwriting fees, and $666,193 in other offering costs.

As of March 31, 2026, SUMA had $172,819,182 in cash and marketable securities held in the trust account (including $319,182 in interest income). The company intends to use substantially all of the funds held in the trust account to complete its business combination.

SUMA had $1,167,663 in cash held outside of the trust account as of March 31, 2026, which it uses for identifying and evaluating target businesses, due diligence, and other expenses related to the business combination.

The company’s liquidity needs through March 12, 2026 were satisfied through a $25,000 contribution from its sponsors and a loan under the IPO promissory note. Following the IPO and private placement, SUMA’s liquidity needs through March 31, 2026 were satisfied through the net proceeds held outside the trust account.

Contractual Obligations

SUMA has the following contractual obligations:

Administrative Services Agreement: SUMA may reimburse its U.S. sponsor $25,000 per month for office space, utilities, and administrative support.
Underwriting Agreement: The underwriters are entitled to a 1.5% cash underwriting discount and a 4% deferred underwriting fee payable upon completion of the business combination.
Registration Rights Agreement: The holders of founder shares, private placement units, and any private placement-equivalent units issued in connection with working capital loans have registration rights.
Letter Agreement: SUMA’s sponsors, directors, and officers have agreed to transfer restrictions on their shares and units.

Critical Accounting Estimates

As of March 31, 2026, SUMA did not have any critical accounting estimates to be disclosed.

Outlook

SUMA is focused on identifying and evaluating potential business combination targets in developed markets across technology-enabled sectors. The company’s ability to complete a successful business combination within the 24-month time frame will be critical to its future success. Failure to do so would result in SUMA ceasing operations and redeeming its public shares.