Siddhi Acquisition Corp Continues Hunt for Merger Target

TL;DR

**SDHIR is still a blank check, so it's a pure bet on management finding a good deal before time runs out.**

AI Summary

Siddhi Acquisition Corp (SDHIR), a blank check company, reported no revenue for the quarter ended June 30, 2025, consistent with its status as a Special Purpose Acquisition Company (SPAC) focused on identifying a target business. The company's net income was not explicitly detailed as a primary metric, but its financial activities primarily revolve around managing its trust account and operating expenses related to its search for an acquisition. Key business changes include its ongoing efforts to identify and consummate a business combination, with no specific target announced in this filing. Risks highlighted include the potential inability to complete a business combination within the required timeframe, which could lead to liquidation and a return of funds to public shareholders. The strategic outlook remains centered on completing a de-SPAC transaction, which is crucial for its long-term viability and value creation for shareholders.

Why It Matters

For investors, Siddhi Acquisition Corp's continued status as a blank check company means its value is entirely speculative, tied to its ability to identify and successfully merge with a private company. Employees are not directly impacted as the company has no operational staff beyond its management team. Customers are irrelevant at this stage, as there is no product or service. The broader market watches SPACs like Siddhi for signs of M&A activity and potential new public companies, but its current lack of a target means it's not yet contributing to competitive dynamics.

Risk Assessment

Risk Level: high — The risk level is high because Siddhi Acquisition Corp is a blank check company with no operations or revenue, as stated in the filing. Its entire value proposition depends on successfully completing a business combination, and failure to do so within the prescribed timeframe would result in liquidation, returning funds to shareholders, but potentially at a loss compared to initial investment.

Analyst Insight

Investors should hold off on investing in SDHIR until a definitive business combination target is announced and thoroughly vetted. Current shareholders should monitor the company's progress closely for any updates on potential mergers, as the clock is ticking on its ability to complete a deal.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

$0

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 001-42578 — Commission file number (Identifies Siddhi Acquisition Corp's SEC filing)
• 20250630 — Conformed period of report (End date of the reporting period for this 10-Q)
• 20250808 — Filed as of date (Date the 10-Q was officially filed with the SEC)
• 332-263-3385 — Business phone number (Contact number for Siddhi Acquisition Corp)
• SDHIR — Trading Symbol (Ticker for Siddhi Acquisition Corp's rights)

Key Players & Entities

• Siddhi Acquisition Corp (company) — Registrant and blank check company
• Nasdaq Stock Market LLC (regulator) — Exchange where SDHI, SDHIR, and SDHIU are registered
• SEC (regulator) — Securities and Exchange Commission
• Cayman Islands (company) — Jurisdiction of incorporation for Siddhi Acquisition Corp
• 100 Wall Street, 20th Floor New York, NY 10005 (company) — Business address of Siddhi Acquisition Corp
• $0.0001 (dollar_amount) — Par value per Class A ordinary share

FAQ

Risk Factors

• Inability to Complete Business Combination [high — operational]: Siddhi Acquisition Corp faces the risk of not completing a business combination within the stipulated timeframe. This could lead to the company's liquidation and the return of funds held in its trust account to public shareholders, resulting in a loss of investment for shareholders.
• Dependence on Management Team [medium — operational]: The success of Siddhi Acquisition Corp is heavily reliant on its management team's ability to identify and execute a suitable business combination. Any failure or departure of key personnel could significantly impair the company's ability to achieve its objectives.
• Trust Account Depletion [medium — financial]: Operating expenses, including those related to the search for a target business and potential transaction costs, will deplete the funds held in the trust account. If a business combination is not consummated, these funds may not be sufficient to cover all liabilities and provide a return to shareholders.
• SPAC Regulatory Scrutiny [medium — regulatory]: As a Special Purpose Acquisition Company (SPAC), Siddhi Acquisition Corp is subject to evolving regulatory scrutiny. Changes in regulations or enforcement actions related to SPACs could impact the company's ability to operate or complete a business combination.

Industry Context

Siddhi Acquisition Corp operates within the Special Purpose Acquisition Company (SPAC) sector. This sector has seen significant activity but also faces increasing regulatory scrutiny and market volatility. SPACs are designed to facilitate the public listing of private companies, offering an alternative to traditional IPOs. The competitive landscape involves numerous SPACs vying to identify and merge with attractive target businesses across various industries.

Regulatory Implications

As a SPAC, Siddhi Acquisition Corp must adhere to SEC regulations, including timely filings of reports like this 10-Q. Evolving regulations concerning SPACs, particularly regarding disclosures, governance, and shareholder protections, could impact the company's operations and the feasibility of its business combination.

What Investors Should Do

1. Monitor progress on business combination efforts.
2. Assess the timeline for business combination completion.
3. Review the company's cash burn rate for operating expenses.

Key Dates

• 2025-06-30: Quarter End — Marks the end of the reporting period for the 10-Q filing, reflecting the company's financial status and activities up to this date.
• 2025-08-08: 10-Q Filing Date — The date the quarterly report was officially submitted to the SEC, providing investors with updated information on the company's performance and outlook.

Glossary

SPAC

Special Purpose Acquisition Company. A shell company that is created to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. (Siddhi Acquisition Corp is a SPAC, and its primary business activity is to find and merge with a target company.)

Business Combination

The merger or acquisition of a target company by a SPAC, which results in the target company becoming a publicly traded entity. (This is the core objective of Siddhi Acquisition Corp; failure to complete one has significant implications.)

Trust Account

An account where the proceeds from a SPAC's IPO are held in trust, typically invested in U.S. Treasury securities, until a business combination is completed or the SPAC liquidates. (The funds in the trust account are the primary assets of Siddhi Acquisition Corp and are earmarked for the business combination or return to shareholders.)

De-SPAC Transaction

The process by which a SPAC merges with a target company, taking the target company public. (This is the critical event for Siddhi Acquisition Corp's future and value creation for its shareholders.)

Year-Over-Year Comparison

As a blank check company, Siddhi Acquisition Corp's financial reporting is consistent with its operational stage. No revenue was reported in the prior period or the current period ended June 30, 2025, as the company is still in the process of identifying a target business. Key metrics such as net income, EPS, and margins are not applicable at this stage. The primary focus remains on the company's ability to execute a business combination within its mandated timeframe, a risk factor that persists across filings.

Key Financial Figures

• $0.0001 — red Class A ordinary shares, par value $0.0001 per share SDHI The Nasdaq Stock Market
• $10.00 — Public Offering of 27,600,000 units at $10.00 per unit, which includes the full exerc

Filing Documents

• ea0251675-10q_siddhi.htm (10-Q) — 382KB
• ea025167501ex31-1_siddhi.htm (EX-31.1) — 12KB
• ea025167501ex31-2_siddhi.htm (EX-31.2) — 12KB
• ea025167501ex32-1_siddhi.htm (EX-32.1) — 5KB
• ea025167501ex32-2_siddhi.htm (EX-32.2) — 5KB
• 0001213900-25-073707.txt ( ) — 3217KB
• sdhiu-20250630.xsd (EX-101.SCH) — 35KB
• sdhiu-20250630_cal.xml (EX-101.CAL) — 18KB
• sdhiu-20250630_def.xml (EX-101.DEF) — 164KB
• sdhiu-20250630_lab.xml (EX-101.LAB) — 269KB
• sdhiu-20250630_pre.xml (EX-101.PRE) — 172KB
• ea0251675-10q_siddhi_htm.xml (XML) — 271KB

Financial Information

Part I. Financial Information

Interim Financial Statements

Item 1. Interim Financial Statements Condensed Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 1 Condensed Statements of Operations for the Three and Six Months Ended June 30, 2025 (Unaudited) 2 Condensed Statements of Changes in Shareholders' Deficit for the Three and Six Months Ended June 30, 2025 (Unaudited) 3 Condensed Statement of Cash Flows for the Six Months Ended June 30, 2025 (Unaudited) 4 Notes to Condensed Financial 5

Management's

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20

Defaults Upon Senior

Item 3. Defaults Upon Senior Securities 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20

Other Information

Item 5. Other Information 20

Exhibits

Item 6. Exhibits 21

Signatures

Part III. Signatures 22 i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements. SIDDHI ACQUISITION CORP CONDENSED BALANCE SHEETS June 30, 2025 December 31, (Unaudited) 2024 ASSETS Current assets Cash $ 884,323 $ 578 Prepaid expenses 121,324 — Total current assets 1,005,647 578 Long Term prepaid insurance 56,250 — Investments held in Trust Account 280,247,491 — Deferred offering costs — 342,805 TOTAL ASSETS $ 281,309,388 $ 343,383 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities Accrued expenses $ 35,891 $ 5,000 Accrued offering costs 80,000 218,300 Total current liabilities 115,891 223,300 Advisory fee payable 8,280,000 – Deferred underwriting fee payable 8,280,000 – Promissory note - related party — 160,000 TOTAL LIABILITIES 16,675,891 383,300 COMMITMENTS AND CONTINGENCIES (Note 6) Class A ordinary shares subject to possible redemption, 27,600,000 and 0 shares at a redemption value of $ 10.15 per share as of June 30, 2025 280,247,491 — SHAREHOLDERS' DEFICIT Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding — — Class A ordinary shares, $ 0.0001 par value; 200,000,000 shares authorized; 338,000 and no issued and outstanding, excluding 27,600,000 and 0 shares subject to possible redemption as of June 30, 2025 and December 31, 2024, respectively 34 — Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; 6,900,000 shares issued and outstanding (1)(2) as of June 30, 2025 and December 31, 2024 690 690 Additional paid-in capital — 24,310 Accumulated deficit ( 15,614,718 ) ( 64,917 ) TOTAL SHAREHOLDERS' DEFICIT ( 15,613,994 ) ( 39,917 ) TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 281,309,388 $ 343,383 (1) As of December 31, 2024, included up to 900,000 of the founder shares that might have been surrendered by the Sponsor for no consideration depending on the extent to which the underwriter's over-allotment were to be exercised (Note 5).

View Full Filing

View this 10-Q filing on SEC EDGAR