Business Combination Activity

9 Months Ended

Sep. 30, 2026

Business Combination [Abstract]

Business Combination Activity

Note 7—Business Combination Activity

On April 7, 2026, PSCM announced that it had submitted a proposal to the board of directors of Universal Music Group N.V. (“UMG”) concerning a business combination transaction in which UMG would merge with the Company, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplated that the Pershing Square Funds (as the only non-managing members of the Sponsor at the time) would waive their Sponsor Warrants in the Company in connection with the transaction. On May 29, 2026, UMG announced that its board of directors had declined the proposal. As a result, no definitive agreement was entered into between the Company and UMG. The Company continues to evaluate potential business combination targets.

In connection with the proposal to the board of directors of UMG, the Company engaged outside legal counsel during the three months ended June 30, 2026. As of June 30, 2026, accrued expenses included $2,404,281, representing management’s best estimate of the fees owed for services rendered through that date. During the three months ended September 30, 2026, counsel agreed to reduce its fees by $400,000, and the Company paid the revised balance of $2,004,281 in full. The Company accounted for the reduction as a change in estimate and recorded it as a $400,000 decrease in legal fees for the three and nine months ended September 30, 2026. This decreased the Company’s net loss by $400,000 and basic and diluted net loss per share by $0.95 for each period.