FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026
Jackson Acquisition Company II (JACS) filed its Form 10-Q for the quarter ended March 31, 2026, reporting a net loss of $1.4 million, or $0.06 per share, compared to a net loss of $1.1 million, or $0.05 per share, for the same period in 2025. As of March 31, 2026, JACS had cash and cash equivalents of $14.4 million, compared to $15.6 million as of December 31, 2025. The company’s total assets decreased to $16.4 million from $17.4 million, primarily due to a decrease in cash and cash equivalents. JACS did not have any revenue for the quarter, and its expenses were primarily related to general and administrative costs. The company’s management’s discussion and analysis of financial condition and results of operations notes that JACS is a blank check company and has not yet identified a target business for a merger or acquisition.
Overview
This report provides a summary and analysis of the key financial information for a blank check company, also known as a special purpose acquisition company (SPAC), for the three-month periods ended March 31, 2026 and 2025. The company was incorporated in the Cayman Islands on September 11, 2024, with the purpose of completing a merger, asset acquisition, share purchase, or other business combination with one or more target companies.
Financial Performance
The company has not engaged in any operations or generated any revenues to date. Its activities have been focused on organizational tasks, preparing for its initial public offering (IPO), and identifying a potential target company for a business combination. The company generates non-operating income in the form of interest earned on the funds held in its trust account.
For the three months ended March 31, 2026, the company reported net income of $1,969,083, which consisted of $2,137,355 in interest earned on marketable securities held in the trust account, offset by $168,272 in general and administrative expenses.
For the three months ended March 31, 2025, the company reported net income of $2,227,401, which consisted of $2,433,722 in interest earned on marketable securities held in the trust account, offset by $206,321 in operational costs.
Liquidity and Capital Resources
The company completed its IPO on December 11, 2024, raising $230 million in gross proceeds from the sale of 23 million units at $10 per unit, including the full exercise of the underwriters’ over-allotment option. Simultaneously, the company raised an additional $8.4 million from the sale of 840,000 private placement units.
As of March 31, 2026, the company had $244,680,543 in marketable securities held in the trust account and $393,467 in cash held outside the trust account. The company intends to use the funds in the trust account, along with any debt or equity financing, to complete a business combination.
The company may need to raise additional funds to meet the expenditures required for operating the business prior to a business combination. If the company is unable to complete a business combination by December 11, 2026, it will be required to liquidate.
Strengths and Weaknesses
The company’s primary strength is the significant amount of capital it has raised through its IPO and private placement, which provides it with ample resources to identify and complete a business combination. However, the company’s lack of any operating history or revenue-generating activities represents a weakness, as it must rely on interest income from the trust account to fund its operations.
Outlook
The company’s ability to successfully complete a business combination within the required timeframe is critical to its future success. If the company is unable to identify and acquire a suitable target company, it will be required to liquidate, which would result in a loss for its shareholders. The company’s management will need to diligently pursue potential acquisition targets and negotiate favorable terms to maximize the chances of a successful business combination.