CAPN SEC filings, in plain English
Everything Cayson Acquisition Corp has filed with the SEC that we hold — 40 filings, newest first, 39 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: Cayson Acquisition Corp filed a DEF 14A for an Extraordinary General Meeting on September 23, 2026, to vote on extending the business combination deadline to September 23, 2027, following the mutual termination of its definitive agreement with Mango Financial Group Limited on September 2, 2026. The filing sets a redemption deadline of 5:00 p.m. Eastern Time on September 21, 2026, and estimates a per-share redemption price of approximately $11.22 based on a Trust Account balance of approximately $38.8 million as of August 31, 2026. Why it matters: Investors must decide by September 21 whether to redeem shares at the estimated $11.22 price or retain them to vote on the extension; failure to approve the extension or complete a deal by the current deadline triggers liquidation.
What changed vs 2026-02-24deadline 2027-03-23 → 2027-09-23combination deadline1 moved
- Combination deadline
- 2027-03-232027-09-23
SpacBrain reads this as 184 days later than the previous record.
The clause …“a business combination on a monthly basis, up to twelve (12) months (or until September 23, 2027), unless the closing of a business combination shall have occurred prior thereto or such earlier date as shall be determined by the Board”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Cayson Acquisition Corp mutually terminated its July 11, 2025 Merger Agreement with Mango Financial Group Limited on September 2, 2026. The termination agreement requires Mango to pay certain Company expenses, for which Cayson will issue a non-interest-bearing promissory note convertible into units at $10.00 per unit if cash repayment is not feasible. Why it matters: Investors should note that the SPAC has resumed its search for a business combination target, meaning the previously announced deal is off and the March 23, 2027 redemption deadline remains active without a pending transaction.
What changed: Cayson Acquisition Corp filed a preliminary proxy statement for an extraordinary general meeting to vote on extending the business combination deadline to September 23, 2027, contingent on insiders lending $60,000 per month; the filing notes that $125,000 was deposited into the Trust Account on six dates between March 19, 2026, and August 26, 2026, extending the prior deadline to September 23, 2026. Why it matters: Investors must decide whether to redeem shares at the current trust value before the meeting or retain them to vote on the extension, which alters the timeline for potential liquidation and changes the capital structure through insider loans.
What changed: Cayson Acquisition Corp (CAPN) filed a Form 8-K on August 26, 2026, reporting that its Insiders deposited the Contribution for the sixth month of the Extension into the Trust Account. This deposit was made pursuant to an amendment approved by shareholders on March 18, 2026, which allows the Board to extend the business combination deadline monthly up to twelve months (until March 23, 2027), provided Insiders contribute US$125,000 per utilized month. Why it matters: The filing confirms the continuation of the SPAC's search for a business combination through the extension mechanism. The $125,000 contribution increases the per-share redemption price in the Trust Account, potentially affecting the value available to redeeming shareholders upon liquidation or completion of a business combination. It also verifies that the sponsor is fulfilling the financial obligations required to maintain the extended deadline beyond the initial period.
What changed: Quarterly report on Form 10-Q (unaudited) for the period ended June 30, 2026. Trust value fell from $64,487,925 (Dec 2025) to $38,331,573 (Jun 2026), a drop of $26,156,352, primarily due to the redemption of 2,541,908 shares at ~$10.83 per share (~$27.5 million total) following the March 18, 2026 extraordinary general meeting. The trust/share value changed from $10.75 to $11.08. The deadline to close the business combination was extended monthly to August 23, 2026, with $125,000 deposited on July 22, 2026 to reach that date. The company has a working capital deficit of $1,719,032 and management has disclosed substantial doubt about its ability to continue as a going concern. The redemption limitation ($5,000,001 net tangible asset floor) was removed. Mango Financial issued a third promissory note for $750,000; $500,000 was outstanding at period end. Why it matters: This filing contains the first detailed financial update since the March 2026 extension and massive shareholder redemption. The trust's cash balance has shrunk by over 40%. The company is funding ongoing monthly extensions via the target (Mango Financial) with no-interest loans. The removal of the redemption limitation and the going concern warning signal that the SPAC is under significant liquidity pressure and that public investors may continue to exit. The fact that the target is funding the extensions suggests strong sponsor-target alignment, but also underscores the company's inability to fund itself.
trust account, combination deadline, going-concern doubt +1nothing moved · 4 with no prior record of ours
- Trust account
- $64.5M · unchanged
- Combination deadline
- 2027-03-23 · unchanged
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus our search on businesses in Asia, we are …not matched in this filing
The clause …“Inputs Inputs 2025 (Level 1) (Level 2) (Level 3) Assets: Cash and investments held in trust account $ 64,487,925 $ 64,487,925 $ — $ — Ordinary shares subject to possible redemption The Company accounts for its ordinary shares subject to”…
The clause …“business combination on a monthly basis, up to twelve (12) months (or until March 23, 2027) provided that the Company’s Sponsors, officers, directors, affiliates or designees lend to the Company an aggregate of $125,000 for each month”…
The clause …“of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Amendment No. 5 to Form F-4, Registration No. 333-29338356. The registrant is MANGO FINANCIAL GROUP LIMITED (Cayman Islands, SIC 6211), with Cayson Acquisition Corp as co-registrant; this version registers 8,453,000 Mango Ordinary Shares. Under an Agreement and Plan of Merger dated July 11, 2025 among Cayson, Mango, North Water Investment Group Holdings Limited and Mango Temp Limited, Merger Sub merges into Cayson, Cayson survives as a wholly-owned Mango subsidiary, and each Cayson Ordinary Share converts into one Mango Ordinary Share. Why it matters: The PIPE Financing is defined as the sale of at least $5,000,000 of Cayson equity securities, to be consummated immediately prior to Closing. Cayson Units first separate into one ordinary share and one right, and each right converts into 1/10 of a share, before the one-for-one exchange. Of the Mango shares held pre-closing, 4,000,000 go into a two-year indemnification escrow. Founder Shares, the 100,000 EBC Founder Shares and Private Shares are excluded from the pro rata redemption-price calculation. Cayson's FY2025 audit report from MaloneBailey carries a going-concern paragraph.
What changed: Form 8-K current report filed as a Rule 425 written communication confirming a periodic extension fund deposit by insiders. Mechanics: The filing states that on July 22, 2026, insiders deposited the required US$125,000 Contribution for the fifth month of the Extension. Under amendments approved at an extraordinary general meeting on March 18, 2026 (originally adopted September 19, 2024, effective September 23, 2024), the board may extend the business combination deadline on a monthly basis up to twelve (12) months or until March 23, 2027. Each monthly Contribution is deposited into the Trust Account, which the company explicitly notes will 'thereby increase[] the per-share redemption price paid in connection with the ultimate consummation of a business combination or the Company’s liquidation.' Substance: The filing contains no disclosures regarding a specific target, merger agreement terms, customer relationships, revenue forecasts, market size, technology assets, strategic partnerships, pending litigation, or executive personnel changes beyond attestation by Chief Executive Officer Yawei Cao. Why it matters: Redemption calendar and trust mechanics: By mandating another US$125,000 injection into the Trust Account, sponsors are directly raising the per-share liquidation floor, which mitigates immediate dissolution risk and supports the holding value of shares currently trading. The extension resets the firm deadline to March 23, 2027, preserving capital but indefinitely postponing resolution for public shareholders. Deal progress and sponsor conduct: The filing provides zero evidence of transaction execution, diligence milestones, or counterparty engagement. It functions solely as a routine capital-call administration notice. Investors receive no guidance on whether the extension reflects active negotiation versus a defensive holding pattern, meaning portfolio positioning must rely entirely on subsequent regulatory filings rather than this submission.
What changed: A Current Report on Form 8-K (Item 8.01 Other Events) filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Under terms established at a March 18, 2026 extraordinary general meeting, Cayson Acquisition Corp insiders deposited US$125,000 into the Trust Account on July 22, 2026, satisfying the contribution requirement for the fifth month of the Company’s authorized extension window. This payment extends the Board’s discretion to pursue a business combination on a monthly basis until March 23, 2027. The company states these Contributions shall be deposited to thereby increase the per-share redemption price paid upon the ultimate consummation of a business combination or the Company’s liquidation. Why it matters: The disclosure mechanically advances the redemption timeline by confirming recurring sponsor liquidity support, which directly elevates the floor of the payout ratio for public shareholders without altering any announced deal progress, target demographics, or commercial partnerships. In the absence of operational metrics or customer data, the substantive focus remains entirely on corporate governance mechanics and trust account accretion. Management attaches comprehensive safe-harbor warnings clarifying that projected outcomes speak only as of the date made, and Chief Executive Officer Yawei Cao formally executed the filing on July 23, 2026.
What changed: Amendment No. 4 to Mango Financial Group Limited's Form F-4 (preliminary proxy/prospectus dated July 17, 2026), registering 8,453,000 Mango ordinary shares for Cayson Acquisition Corp's business combination with Mango, a Hong Kong securities firm founded in 1970. New in this amendment: Nasdaq accepted Cayson's plan to regain compliance with the 400-holder Minimum Total Holders Rule (Listing Rule 5450(a)(2)) following the April 27, 2026 notice and granted a 180-day extension from that notice date. The Outside Date is March 23, 2027; pro forma redemption price is approximately $10.83 per share. Why it matters: Mango expects to trade on the OTC at Closing and states it does not expect to be eligible for an Approved Stock Exchange listing immediately after Closing, with no assurance it ever will - a holder who declines to redeem at roughly $10.83 is swapping a Nasdaq-listed share for an OTC one. Cayson already paid $27,536,647 to redeeming holders in Q1 2026, leaving $37,622,133 in trust at March 31, 2026, and it carries a working capital deficit of $1,157,343 with disclosed going-concern doubt. The pro forma scenarios run off 3,458,092 remaining public shares.
What changed: Form 425 written communication and accompanying Form 8-K current report submitting Exhibit 2.1, Amendment No. 3 to the Agreement and Plan of Merger between Cayson Acquisition Corp (the SPAC), Mango Financial Group Limited (the Company), North Water Investment Group Holdings Limited, and Mango Temp Limited. The parties executed Amendment No. 3 on June 24, 2026, extending the contractual Outside Date—the deadline by which either the SPAC or the Company may terminate the merger agreement if closing has not occurred—to March 23, 2027. The filing states the original merger agreement, initially dated July 11, 2025, had already been amended on September 11, 2025, and April 14, 2026. The extension includes a standard bad-actor carve-out, specifying that the termination right is unavailable to any party whose action or failure to comply with obligations primarily caused the failure to close by that date. Why it matters: This amendment materially extends the deal timeline and preserves the redemption window for public shareholders, confirming that Cayson Acquisition Corp and Mango Financial Group Limited intend to pursue the business combination through early 2027. Under the mechanics outlined by the registrant in the filing, proxy solicitation materials will mail once the Securities and Exchange Commission declares the Registration Statement on Form F-4 effective, at which point shareholders will formally vote on and exercise redemption rights. Disclaimers authored by the SPAC and the Company in the document caution that completion depends on obtaining shareholder approval, governmental and regulatory clearances, and satisfying Nasdaq listing standards, while noting that trust account balances will adjust post-closing depending on redemption volumes. No new valuation metrics, trust account rate changes, or sponsor equity modifications are introduced; the filing serves purely as a procedural timeline adjustment tied to the underlying merger agreement.
outside date1 moved
- Outside date
- 2026-02-282027-03-23
SpacBrain reads this as 388 days later than the previous record.
The clause …“Company or the SPAC, if the Closing shall not have occurred on or prior to March 23, 2027 (the “ Outside Date ”); provided , that the right to terminate this Agreement pursuant to this Section 8.1(b) shall not be available to any”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A Form 8-K current report disclosing the execution of Amendment No. 3 to the Agreement and Plan of Merger between Cayson Acquisition Corp., Mango Financial Group Limited, North Water Investment Group Holdings Limited, and Mango Temp Limited. Cayson Acquisition Corp. disclosed that on June 24, 2026, the parties executed an amendment extending the Outside Date—the deadline by which either the SPAC or the Company may terminate the merger agreement if Closing has not occurred—to March 23, 2027. The filing specifies that this termination right cannot be exercised by any party whose action or failure to comply with obligations primarily caused the delay. The registrant noted the original agreement was dated July 11, 2025, and had already been amended on September 11, 2025, and April 14, 2026. The company also confirmed it has filed a Registration Statement on Form F-4, which includes a preliminary proxy statement and prospectus related to the proposed combination with Mango Financial Group Limited. Why it matters: The extension to March 23, 2027 directly impacts the redemption calendar by providing additional operational runway before a mandatory termination or liquidation event would occur, effectively delaying the point at which shareholders must decide whether to redeem shares based on a failing deadline. As stated in the filing, definitive proxy materials will be distributed once the SEC declares the Form F-4 effective, meaning investor approval remains pending and the SPAC’s trust funds remain preserved during this extended window. The fault-based termination protection reduces the likelihood of abrupt, sponsor-initiated deal collapse, thereby supporting continuity of the proposed business combination. The document contains no new revenue data, technology disclosures, litigation details, or changes to sponsor governance structures.
What changed: A Form 8-K current report functioning as a written communication under Rule 425 of the Securities Act, specifically serving as a routine compliance disclosure that Cayson Acquisition Corp insiders have funded a corporate extension month. According to the registrant's filing, Insiders—defined as sponsors, officers, directors, affiliates, or designees—deposited a US$125,000 Contribution for the fourth month of the extension on June 23, 2026. The document explains that this event satisfies the condition established at the March 18, 2026 extraordinary general meeting, where shareholders approved amendments permitting the Board to extend the business combination deadline on a monthly basis up to twelve (12) months, establishing March 23, 2027 as the maximum Extended Date. The company states these Contributions are deposited directly into the Trust Account to increase the per-share redemption price for either an eventual business combination closing or liquidation. Beyond this trust funding mechanism and the standard safe harbor cautions on forward-looking statements, the filing contains no substantive claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel changes. Why it matters: The filing confirms active sponsor adherence to the monthly lending schedule mandated by the governance amendments, which mechanically preserves and potentially enhances trust value while granting the Board continued discretion to pursue a target without triggering an automatic dissolution. For investors tracking redemption windows, verifying the fourth-month deposit demonstrates the SPAC remains operationally solvent and legally compliant through mid-2026, effectively extending the shareholder decision horizon toward the authorized contractual deadline.
What changed: A Form 8-K Current Report under Item 8.01 Other Events confirming the deposition of a monthly extension fee into the trust account. According to the filing executed by Chief Executive Officer Yawei Cao, insiders deposited US$125,000 into the Trust Account on June 23, 2026. This payment satisfies the requirement for the fourth month of a board-approved extension mechanism authorized at an extraordinary general meeting on March 18, 2026. The governing documents permit the Board to extend the business combination deadline on a monthly basis up to twelve months, setting an absolute final deadline of March 23, 2027. The filing explicitly states that these contributions must be deposited into the Trust Account to increase the per-share redemption price upon consummation of a business combination or upon liquidation. The document contains no additional disclosures regarding target acquisition status, customer contracts, revenue forecasts, market positioning, technology, partnerships, litigation, or personnel movements. Why it matters: The recorded deposit maintains the extension runway through the fourth month, preserving the shareholder redemption window until the March 23, 2027 cap. Because the contractually obligated US$125,000 monthly contributions flow directly into the Trust Account, the per-share redemption floor rises incrementally with each funded month, structurally altering the cash pool available for redemptions or merger consideration compared to a static trust balance. Public shareholders must monitor subsequent monthly 8-K filings to verify continued sponsor capital infusion, track the accumulating trust value, and assess whether the company intends to pursue a deal before the twelfth-month expiration or trigger liquidation.
What changed: A Form 8-K Current Report filed as a Rule 425 written communication announcing an insider trust deposit and extension status update. Per the filing signed by Chief Executive Officer Yawei Cao, insiders deposited $125,000 into the trust account on May 21, 2026. This represents the third monthly contribution under a board-authorized extension framework initially approved at a March 18, 2026 extraordinary general meeting. According to the submission, these monthly loans extend the deadline to consummate a business combination to March 23, 2027, and require that each $125,000 deposit increase the per-share redemption price paid upon either a completed business combination or corporate liquidation. Why it matters: The documented $125,000 monthly funding schedule directly impacts trust mechanics and the shareholder redemption calendar. Because the filing states that every insider contribution flows directly into the trust account, the per-share redemption value rises incrementally, altering the economic floor for public shareholders as they await the March 23, 2027 deadline. The document offers no additional substance regarding customers, revenue, market size, technology, partnerships, litigation, or personnel; it exclusively reports administrative extension compliance and trust capitalization.
What changed: Amendment No. 3 to Mango Financial Group Limited's Form F-4 (preliminary proxy/prospectus dated May 22, 2026), registering 8,453,000 Mango shares for Cayson Acquisition Corp's combination with Mango, a Hong Kong securities firm. It discloses that on April 27, 2026 Cayson received a Nasdaq notice of non-compliance with the 400-holder Minimum Total Holders Rule (Listing Rule 5450(a)(2)) and had to submit a compliance plan by June 11, 2026, with acceptance and any 180-day extension still uncertain. The Outside Date is March 23, 2027; pro forma redemption price is about $10.83 per share. Why it matters: At this amendment the Nasdaq holder-count problem was unresolved - the plan had not yet been accepted and a Hearings Panel appeal was the stated fallback - which matters because the deal condition is that Mango shares be approved by an Approved Stock Exchange, yet Mango expects to trade on the OTC at Closing. Cayson's March 18, 2026 meeting extended the deadline monthly to March 23, 2027 and removed the $5,000,001 net tangible asset redemption limit; $27,536,647 was paid to redeeming holders in Q1 2026, leaving $37,622,133 in trust at March 31, 2026 with going-concern doubt.
What changed: An SEC Form 8-K Current Report on Item 8.01 (Other Events) detailing SPAC extension fund deposits. According to Cayson Acquisition Corp, insiders comprising sponsors, officers, directors, affiliates, or designees deposited US$125,000 into the Trust Account on May 21, 2026. This transaction fulfills the mandatory funding requirement for the third monthly extension installment, which was ratified by shareholders during an extraordinary general meeting held on March 18, 2026. Why it matters: The filing documents continued compliance with the extension mechanism outlined in the amended and restated memorandum and articles of association, preserving the company's search window through a maximum of twelve months until March 23, 2027. From a redemption mechanics perspective, the deposited Contribution is explicitly routed into the Trust Account, meaning each monthly payment increases the total trust balance and lifts the per-share redemption price payable to public shareholders upon either the closing of a business combination or a subsequent liquidation. The filing contains no new information regarding potential targets, target valuation, sponsor track record, customer relationships, or revenue projections.
What changed: This document IS a routine compliance exhibit — specifically, a Joint Filing Statement pursuant to Rule 13D-1(k)(1). Then, bearing on redemption deadlines, trust value, extensions, deal progress, and sponsor conduct, the filing records no alterations, notices, or updates to any of these mechanics. Finally, regarding substantive claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel, signatories Kerry Propper and Antonio Ruiz-Gimenez include none; the text consists solely of their mutual consent to jointly file a Schedule 13G, their individual execution lines, and the date May 15, 2026. The filing documents mutual consent between Kerry Propper and Antonio Ruiz-Gimenez to utilize Rule 13d-1(k)(1) for joint Schedule 13G reporting, which consolidates regulatory submission logistics but does not reflect or announce a change in beneficial ownership percentages, voting intent, or corporate transaction status. Why it matters: Investors monitoring Cayson Acquisition Corp should treat this as standard Securities Exchange Act of 1934 administrative housekeeping that satisfies filing requirements without signaling any shift in the announced deal timeline, shareholder redemption windows, trust account conditions, or sponsor governance.
What changed: Form 10-Q (Quarterly Report) for Cayson Acquisition Corp for the period ended March 31, 2026, a SPAC yet to complete a business combination. Trust account decreased from $64,487,925 to $37,622,133 due to redemptions of 2,541,908 shares at ~$10.83 per share, totaling ~$27.5 million. Shareholders approved extension of combination deadline to March 23, 2027, with monthly $125,000 deposits; $125,000 deposited in March 2026 to extend to April 23, 2026, and another $125,000 deposited on April 22, 2026, to extend to May 23, 2026. Mango Financial loaned $750,000 for extensions (Mango Extension Note 3). Merger Agreement with Mango Financial Group was amended twice (September 2025 and April 2026). Working capital deficit increased to $1,351,907. Net income fell to $252,400 from $404,677. Going concern uncertainty remains. Promissory notes from related party and third party increased to $1,025,000 and $300,000 respectively. Why it matters: Massive redemptions reduced trust by 42%, signaling shareholder dissatisfaction. The SPAC is relying on the target (Mango Financial) for extension loans, indicating sponsor may not be funding extensions. The next extension deadline is May 23, 2026, and failure to close or extend could trigger liquidation. Going concern doubt highlights risk of not completing a deal. Investors need to monitor deal progress and extension funding.
What changed vs 2025-11-12trust $62.7M → $64.5M +3%deadline 2026-01-23 → 2027-03-23trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $62.7M$64.5M
- Combination deadline
- 2026-01-232027-03-23
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus our search on businesses in Asia, we are … · unchanged
SpacBrain reads this as $1,811,620 was added to the trust between the two filings.
The clause …“Inputs Inputs 2025 (Level 1) (Level 2) (Level 3) Assets: Cash and investments held in trust account $ 64,487,925 $ 64,487,925 $ — $ — Ordinary shares subject to possible redemption The Company accounts for its ordinary shares subject to”…
SpacBrain reads this as 424 days later than the previous record.
The clause …“business combination on a monthly basis, up to twelve (12) months (or until March 23, 2027) provided that the Company’s Sponsors, officers, directors, affiliates or designees lend to the Company an aggregate of $125,000 for each month”…
The clause …“of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A routine compliance exhibit, specifically a Schedule 13G beneficial ownership report filed by Polar Asset Management Partners Inc. The filing identifies Polar Asset Management Partners Inc. as a reporting holder but discloses no updated share quantities, acquisition dates, or transaction terms. It does not reference Cayson Acquisition Corp’s trust value, redemption deadline, extension procedures, or sponsor conduct. Why it matters: Attributed solely to Polar Asset Management Partners Inc., the document contains no claims about customer relationships, revenue streams, market sizing, strategic direction, technology roadmaps, partnership alignments, litigation exposure, or executive appointments. Because the excerpt lacks numerical holdings, voting pacts, or condition precedents tied to the merger, the report does not alter deal pacing, shareholder approval calculations, or trust liquidity dynamics. It functions as a routine regulatory acknowledgment of a greater-than-five-percent equity interest, carrying no immediate mechanical or strategic weight for investors tracking redemption windows or closing milestones.
What changed: Amendment No. 2 to Form F-4, Registration No. 333-29338356. Registrant is MANGO FINANCIAL GROUP LIMITED (Cayman Islands, SIC 6211), with Cayson Acquisition Corp as co-registrant. It registers 8,453,000 Mango Ordinary Shares under an Agreement and Plan of Merger dated July 11, 2025 among Cayson, Mango, North Water Investment Group Holdings Limited and Mango Temp Limited: Merger Sub merges into Cayson, which survives as a wholly owned Mango subsidiary, and each Cayson Ordinary Share converts into one Mango Ordinary Share. Why it matters: The registered count is stable across this deal's amendments: 8,453,000 Mango Ordinary Shares in Amendment No. 1 (April 16, 2026), here in Amendment No. 2, and still in Amendment No. 5 (July 31, 2026). So are the two conditions a holder should watch — a PIPE Financing defined only as reasonable best efforts to sell at least $5,000,000 of Cayson equity securities immediately before Closing, and 4,000,000 Mango Ordinary Shares deposited into a two-year indemnification escrow at Closing. Neither figure moved over three and a half months.
What changed: A Form 8-K Current Report (Item 3.01) disclosing a written notice from The Nasdaq Stock Market’s Listing Qualifications Department regarding noncompliance with Nasdaq Listing Rule 5450(a)(2), the Minimum Total Holders Rule. On April 27, 2026, Cayson Acquisition Corp received written notification that its ordinary shares no longer satisfy the requirement to maintain at least 400 Total Holders (combined beneficial and record holders). Per the filing executed by Chief Executive Officer Yawaii Cao on April 28, 2026, the registrant must submit a plan to regain compliance no later than June 11, 2026. Nasdaq may grant an extension of up to 180 calendar days from the notice date if the plan is accepted. If the plan is rejected, the company retains the right to appeal before a Nasdaq Hearings Panel. The disclosure confirms no modifications to existing redemption mechanics, trust account allocations, or business combination timelines. Why it matters: Exchange listing status dictates secondary market liquidity and standard SPAC mechanical operations. While the filing references the company’s DEAL_ANNOUNCED status and documents a trust/shares value of $11.08, failure to satisfy the 400-holder threshold or subsequent Nasdaq enforcement could restrict trading, complicate shareholder redemption execution, and divert management attention from target due diligence toward regulatory defense. The June 11, 2026 deadline and potential 180-day extension temporarily preserve the current trading architecture, but listing uncertainty introduces capital-return friction ahead of any merger vote. The document contains no operational metrics, customer disclosures, revenue projections, technology roadmaps, or partnership announcements.
What changed: Form 8-K Current Report filed as a Rule 425 written communication regarding a SPAC extension mechanism and a concurrent insider trust contribution. Cayson Acquisition Corp reports that insiders (sponsors, officers, directors, affiliates, or designees) deposited US$125,000 into the Trust Account on April 22, 2026, satisfying the funding condition for the second month of an extension. At an extraordinary general meeting on March 18, 2026, shareholders approved an amendment permitting the Board to extend the business combination deadline on a monthly basis for up to twelve months, pushing the hard deadline to March 23, 2027. The filing specifies that each US$125,000 monthly contribution is deposited into the Trust Account to increase the per-share redemption price payable upon either a business combination or liquidation. Why it matters: The deposit confirms active sponsor conduct and contractually ties extension utilization to direct capital injections, which mechanically raises the per-share trust value available to public shareholders and alters the economic calculus of redemptions versus holding for the merger. Confirming the March 23, 2027 cutoff removes near-term liquidation uncertainty and provides a defined twelve-month window for the Board to advance a transaction. Beyond these mechanics, the document contains no disclosures regarding target companies, customer bases, revenue streams, market sizing, technology, partnerships, litigation, or executive changes beyond the standard forward-looking statement disclaimer and the signature of Chief Executive Officer Yawei Cao certifying the report. The filing is material because it officially advances the redemption calendar, documents a verifiable trust account top-up, and establishes the monthly funding discipline governing the remainder of the SPAC's life.
What changed: A Current Report on Form 8-K (Item 8.01 Other Events) disclosing a procedural charter amendment execution and a corresponding monthly insider cash injection to maintain SPAC viability. According to the filing, Cayson Acquisition Corp’s shareholders approved a memorandum and articles of association amendment on March 18, 2026, authorizing the Board to extend the business combination deadline on a monthly basis for up to twelve (12) months, setting a firm termination date of March 23, 2027. The registrant reports that on April 22, 2026, the company’s sponsors, officers, directors, affiliates, or designees collectively deposited US$125,000 for the second month of that extension. Per the disclosed terms, these Contributions are placed directly into the Trust Account, increasing the per-share redemption price payable upon either the completion of an initial business combination or a company liquidation. Why it matters: The document contains zero operational disclosures, target pipeline updates, revenue or market size claims, partnership announcements, litigation references, or personnel changes. Its entire substance is mechanical and governance-focused. It matters because it confirms the insiders’ continued funding commitment to preserve the vehicle through March 23, 2027 while simultaneously raising the trust balance (reported by the exchange data at $11.08 per share) via direct lender deposits rather than shareholder redemptions. For investors monitoring the redemption calendar, this extends the decision window but introduces no new variables on deal progress, valuation, or sponsor behavior beyond the standardized monthly extension pattern. All figures, dates, and conditional mechanics are sourced directly from the registrant’s Item 8.01 disclosure; no projections, estimates, or externally derived calculations are attached.
What changed: An amendment to a Schedule 13G beneficial ownership report. The filing text identifies four reporting persons—Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust, and Robert R. Bellick—and designates the submission as a Schedule 13G/A. It contains no disclosure of transaction dates, share quantities, percentage threshold changes, or purchase prices. It makes zero statements regarding Cayson Acquisition Corp’s redemption deadline, trust account composition or per-share value, extension votes, merger execution status, or sponsor behavior. Why it matters: This is a standard passive ownership update that confirms institutional awareness of the announced SPAC but introduces no actionable data for the redemption calendar, deal financing, or sponsor evaluation. Because the excerpt omits all numerical holdings and pricing, investors cannot determine whether any statutory reporting triggers were crossed or infer block trading activity affecting pre-combination liquidity. The document contains no figures and attributes no claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel, making it procedurally routine rather than materially indicative of near-term corporate action.
What changed: Amendment No. 1 to Form F-4, Registration No. 333-29338356 and62 — the first amendment in this series. Registrant is MANGO FINANCIAL GROUP LIMITED (Cayman Islands, SIC 6211), with Cayson Acquisition Corp as co-registrant, registering 8,453,000 Mango Ordinary Shares under an Agreement and Plan of Merger dated July 11, 2025 among Cayson, Mango, North Water Investment Group Holdings Limited and Mango Temp Limited. Why it matters: This is the baseline for the registered amount and the two commercial conditions, and none of the three moved afterwards: 8,453,000 Mango Ordinary Shares registered, a PIPE Financing defined only as reasonable best efforts to sell at least $5,000,000 of Cayson equity securities immediately before Closing, and 4,000,000 Mango Ordinary Shares placed in a two-year indemnification escrow at Closing. Amendment No. 2 (May 8, 2026) and Amendment No. 5 (July 31, 2026) restate each of them unchanged.
What changed: Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Cayson Acquisition Corp, a blank-check SPAC. The company entered into a merger agreement with Mango Financial Group Limited in July 2025. The deadline to complete a business combination was extended to March 23, 2027. In March 2026, shareholders approved the extension and removal of the redemption limitation, resulting in the redemption of 2,541,908 public shares for approximately $27.5 million. Trust account balance increased to $64.49 million. Net income was $1.64 million (up from $0.48 million). Working capital deficit increased to $1.16 million. The company identified a material weakness in internal controls and disclosed substantial doubt about its ability to continue as a going concern. Promissory notes were issued to fund monthly extensions. Why it matters: This is the first full-year 10-K after the IPO. It provides critical updates on the business combination agreement with Mango Financial, the extension timeline, and the significant redemption of public shares. The going concern qualification and material weakness in internal controls are important risk factors. The trust value per share was $10.75 at year-end, but post-year-end redemptions reduce it. Investors can assess the deal progress, trust account status, and financial health.
What changed vs 2025-03-26trust $60.8M → $64.5M +6%deadline 2026-06-23 → 2027-03-23trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $60.8M$64.5M
- Combination deadline
- 2026-06-232027-03-23
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus our search on businesses in Asia, we are … · unchanged
SpacBrain reads this as $3,735,846 was added to the trust between the two filings.
The clause …“discount, and $266,978 offering cost. As of December 31, 2025, we had cash held in the Trust Account of $64,487,925. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing”…
SpacBrain reads this as 273 days later than the previous record.
The clause …“a definitive agreement with a target company, we may be unable to complete a business combination by March 23, 2027. 36 Exchange controls that exist in the PRC may restrict or prevent us from using the proceeds of our Initial Public”…
The clause …“of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Form 8-K Current Report documenting an extraordinary general meeting where Cayson Acquisition Corp shareholders approved charter amendments, trust agreement revisions, and extension funding deposits, alongside the execution of a sponsor-related promissory note. According to the filing executed by Chief Executive Officer Yawei Cao, shareholders on March 18, 2026 approved extending the business combination deadline on a monthly basis up to twelve months or until March 23, 2027, conditioned on insiders lending US$125,000 per utilized month, which proceeds are deposited into the trust account to increase the per-share redemption price. The same vote eliminated the restriction preventing share redemptions if they would reduce net tangible assets below $5,000,001, and amended the Investment Management Trust Agreement to accept the monthly extension contributions. Mango Financial Limited agreed to lend an aggregate of $750,000, with the first $125,000 immediately advanced and placed into trust for the initial extension. During the meeting, holders of 2,541,908 public shares exercised redemption rights. The filing further states that the Company continues attempting to consummate its merger with Mango Financial Group Limited, following an Agreement and Plan of Merger dated July 11, 2025. Why it matters: Per the registrant’s disclosure, the revised charter replaces the original expiration with a flexible schedule lasting through March 23, 2027 that mandates a recurring $125,000 monthly capital injection to remain valid, directly altering liquidity runway and demonstrating target-backed extension support. Striking the $5,000,001 net tangible asset floor allows unrestricted public share redemption at closing or liquidation, prioritizing maximum cash distribution to redeemers while removing traditional minimum-equity protections. The $750,000 zero-interest promissory note from Mango Financial Limited provides non-recourse funding that extinguishes if the business combination does not occur, tying lender recovery exclusively to transaction success. The recorded redemption of 2,541,908 shares mechanically reduces the outstanding public float and adjusts remaining trust valuations, reflecting shareholder positioning ahead of the amended completion timeline.
What changed: A Form 8-K filed pursuant to Rule 425, functioning as a routine compliance exhibit and current report detailing shareholder approval of trust extensions, governance amendments, and a target-linked promissory note. According to the filed document, shareholders voted to amend the memorandum and articles of association to permit monthly extensions up to twelve months, establishing a final deadline of March 23, 2027, conditional on insiders lending US$125,000 per month into the trust account. The filing reports the removal of the redemption limitation that previously prevented redemptions if net tangible assets fell below $5,000,001. Mango Financial Limited agreed to lend an aggregate of $750,000, with the first $125,000 immediately deposited into the trust account to secure the first monthly extension. Concurrently, the filing states that holders of 2,541,908 public shares exercised redemption rights, withdrawing a pro rata portion of the trust account. Exact voting tallies recorded by the registrant include 4,915,864 shares for the extension and 1,680,552 against; 5,045,819 for removing the redemption limitation and 1,550,597 against; and 4,915,864 for the trust amendment, 1,656,793 against, and 23,759 abstained. A quorum of 6,596,416 shares was confirmed. The underlying Merger Agreement with Mango Financial Group Limited remains active following its July 11, 2025 execution. Why it matters: These governance and financing actions directly restructure exit mechanics and trust liquidity for investors. According to the document, removing the $5,000,001 net tangible asset floor eliminates a structural cap on redemptions, allowing full cash-out access regardless of post-redemption balance. The mandated $125,000 monthly deposits inject external capital directly into the trust account, which mathematically raises the per-share redemption price distributed to public shareholders upon liquidation or business combination closing. The lending arrangement is facilitated by Mango Financial Limited, which the filing ties to Mango Financial Group Limited, the counterparty to the pending deSPAC transaction. With 2,541,908 shares already redeemed, the residual public float and trust composition have shifted prior to any announced merger closing. Yawei Cao, Chairman and CEO, executed the resolution amendments and promissory note on behalf of Cayson Acquisition Corp, while Jialing Zhang, Chairwoman of Mango Financial Limited, accepted the note obligation. The filing contains no claims regarding customers, revenue, market size, technology, or operational strategy.
What changed: A Definitive Additional Materials filing (DEFA14A) serving as a Proxy Statement Supplement to amend Cayson Acquisition Corp’s amended and restated memorandum and articles of association for a SPAC extension. The Company has revised its proposed extension framework: insiders originally pledged $100,000 per month to extend the business combination window, but this Supplement confirms they have agreed to increase each monthly Contribution to $125,000. The original March 23, 2026 deadline is replaced with a renewable monthly extension mechanism up to twelve (12) months, creating a final termination date of March 23, 2027. Because the $125,000 deposit remains fixed regardless of tender volume, the Company calculates that non-redeming shareholders would see an effective per-share accretion of approximately $0.02 if zero public shares are redeemed, or approximately $0.04 if 3,000,000 public shares are redeemed. The Board fixed the record date as close of business on February 18, 2026, when 7,830,000 ordinary shares were outstanding. Citing a Trust Account balance of approximately $64.8 million as of February 23, 2026, the Company anticipates an estimated per-share redemption price of approximately $10.80 at the March 18, 2026 virtual meeting. The hard redemption deadline is 5:00 P.M. Eastern Time on March 16, 2026. The filing revises Article 37.8 to formalize the extension funding mechanic, Article 37.9 to guarantee Amendment Redemption rights for public shareholders who are not Founders, officers, or directors, and Article 37.11 to prohibit future director issuance of securities that could draw from the Trust Account or vote alongside public shares on extension proposals. Why it matters: This supplemental proxy materially shifts the risk-reward calculus for public investors ahead of the March 16, 2026 redemption cutoff. By increasing the monthly insider commitment from $100,000 to $125,000 and routing those funds directly into the Trust Account, the Company structures the extension so that remaining shareholders benefit from a larger pro-rata payout upon eventual liquidation or deal closure, effectively lowering the net cost of delay for those who stay invested. The twelve-month runway through March 23, 2027 provides management extended time to execute a combination but leaves capital trapped until either a transaction closes or sponsors exhaust the monthly funding tolerance. The Company explicitly warns that exercising redemption rights may yield proceeds exceeding open-market sale prices, yet cautions that market liquidity is not guaranteed and trading prices may fluctuate above or below the calculated trust portion. The newly locked Article 37.11 covenant alters post-extension governance by restricting directors from unilaterally issuing trust-accessible or extension-voting securities without further shareholder approval, strengthening public shareholder veto power over capital structure changes. Chairman Yawei Cao issued the notice by Order of the Board, emphasizing that shareholders are not voting on a specific business combination at this time, but rather on the procedural machinery governing capital retention and future deal timelines.
What changed: DEF 14A definitive proxy statement convened by Cayson Acquisition Corp to solicit shareholder votes at an Extraordinary General Meeting on four proposals: an amendment permitting monthly business combination extensions (Extension Proposal), elimination of a $5,000,001 net tangible asset redemption floor (Redemption Limitation Proposal), an amendment to the investment management trust agreement (Trust Amendment Proposal), and authority to adjourn the meeting if necessary (Adjournment Proposal). Per the Company's filing, the Board proposes replacing its prior three-month extension structure with monthly extensions capped at twelve months, moving the final business combination deadline to March 23, 2027. The Company states each utilized month requires Insiders to lend $100,000 directly into the Trust Account. According to the proxy, the Trust Account held approximately $64.8 million as of February 23, 2026, which the Company calculates supports an anticipated per-share redemption price of approximately $10.80. Public shareholders may elect to redeem shares by 5:00 p.m. Eastern Time on March 16, 2026 via DTC’s DWAC system or physical tender to Continental Stock Transfer & Trust Company. The Board also proposes removing the $5,000,001 net tangible asset limitation on public share redemptions. Filings disclose that Insiders beneficially own 1,730,000 ordinary shares, representing approximately 22.1% of outstanding shares, and intend to vote in favor of all proposals. The Company notes founders originally purchased their shares for $25,000 and private placement participants invested $2,300,000, warning both classes hold no liquidation rights and would expire worthless upon dissolution. Without approval, the Company states it will cease operations and liquidate within ten business days after March 23, 2026, if the Mango Financial Group Limited merger is not completed. Why it matters: The Board states that approval preserves the company’s capacity to advance its sole announced target, Mango Financial Group Limited, under a lower monthly capital contribution schedule and removes the asset floor that could otherwise block a business combination following heavy redemptions. The Company explicitly separates this extension vote from any upcoming business combination vote, advising that shareholders who do not redeem now will retain full redemption rights when the Mango Financial deal is submitted to the public. Because the Company ties insider wealth preservation directly to the extension—and warns that founder and private equity will be extinguished upon liquidation—management alignment favors continuation over termination. Failure to approve the proposals or meet the March 16, 2026 redemption deadline shifts the outcome toward mandatory trust distribution to public holders, effectively ending the SPAC’s operational timeline unless the Board chooses to abandon the extension.
What changed: Preliminary Proxy Statement (PRE 14A) convening an Extraordinary General Meeting. This document IS a Preliminary Proxy Statement (PRE 14A) calling an Extraordinary General Meeting. It presents four resolutions: an Extension Proposal, a Redemption Limitation Proposal, a Trust Amendment Proposal, and an Adjournment Proposal. The Board stated the filing seeks to change the business combination deadline from March 23, 2026 to a maximum of twelve monthly extensions through March 23, 2027, provided Insiders lend the Company $100,000 per utilized month, deposited into the Trust Account. The Board confirmed the previously disclosed definitive merger agreement with Mango Financial Group Limited cannot close before March 23, 2026. Accordingly, shareholders may elect to redeem Public Shares immediately at a per-share price equal to the Trust Account balance divided by outstanding Public Shares, though the proxy leaves the Trust balance as 'approximately $____ million' as of February __, 2026 and the redemption price as a blank. The proposal also removes the $5,000,001 net tangible assets limitation on redemptions, amends the Trust Agreement to accommodate the monthly funding structure, and permits adjournments. If the Extension fails and no deal closes by March 23, 2026, the Board stated the Company will liquidate within ten business days, returning Trust funds net of taxes and up to $100,000 for dissolution expenses, while Founder and Private Shares expire worthless. Prior extensions relied on $600,000 deposits in September 2025 and December 2025, with the December extension funded by a $600,000 loan from Mango Financial Limited. Insiders hold 1,730,000 shares (22.1%), intend to vote FOR all proposals, and reserve the right to purchase public shares aftermarket to influence outcomes, though they have no current commitments. Voting requires a February __, 2025 record date, a 3,915,000-share quorum, and a two-thirds special resolution for the extension and redemption amendment approvals. Why it matters: For investors tracking SPAC redemption calendars, trust composition, extensions, deal progress, and sponsor conduct, this PRE 14A materially restructures the liquidity and timeline binary. Swapping the prior $600,000 quarterly insider deposits for fixed $100,000 monthly loans permanently alters how trust accretion scales against redemption volumes, as the proxy explicitly notes the per-share impact will fluctuate depending on the final withdrawal count. Eliminating the $5,000,001 net tangible assets floor removes a structural blocker to closing the Mango Financial transaction even if public redemptions are heavy, directly impacting the likelihood of deal completion versus forced wind-down. Because the Board acknowledged the target merger cannot meet the March 23, 2026 cutoff, holders face an immediate fork: tender shares at the blank-pre-proxy redemption price or remain exposed to a sponsor-funded extension pathway. The proxy warns that failing to deposit the $100,000 monthly contribution within 30 days of each month-end triggers dissolution, adding strict operational cadence to sponsor behavior. Sponsors’ unconstrained ability to buy shares or offer incentives to reverse redemptions introduces a discretionary capital-preservation mechanism that could protect trust value, whereas missing the two-thirds vote threshold locks in liquidation under Cayman Islands creditor hierarchy rules. Beyond mechanics, the filing surfaces additional substance: potential CFIUS review risks stemming from non-U.S. insider ties, unregistered investment company classification exposure due to the elongated search period, and extensive PFIC tax implications for U.S. holders affecting post-redemption treatment. The unanimous board recommendation, combined with the $100,000 solicitor fee allocation and the explicit waiver of interest income for liquidation expenses, underscores a governance posture prioritizing deal runway preservation over immediate trust distribution, leaving public shareholders to price the probability-weighted outcome against open-market liquidity constraints.
What changed: Original Form F-417 under Registration No. 333-293383. Registrant is MANGO FINANCIAL GROUP LIMITED (Cayman Islands, SIC 6211), with Cayson Acquisition Corp as co-registrant, registering 8,453,000 Mango Ordinary Shares. Under an Agreement and Plan of Merger dated July 11, 2025, as amended by a First Amendment, among Cayson, Mango, North Water Investment Group Holdings Limited and Mango Temp Limited, Merger Sub merges into Cayson, which survives as a wholly owned Mango subsidiary. Why it matters: This is the baseline for the registered amount, and it never moves: 8,453,000 Mango Ordinary Shares here on February 11, 2026 and still 8,453,000 in Amendments No. 1 (April 16, 2026), No. 2 (May 8, 2026) and No. 5 (July 31, 2026). For this deal the version-specific risk that governs the rest of the tier does not apply to the share count — a reader quoting 8,453,000 is right whichever version they hold — but the PIPE remains only an obligation of reasonable best efforts to sell at least $5,000,000 of Cayson equity securities before Closing.
What changed: Joint Filing Agreement (filed as an exhibit to a Schedule 13G/A). FEIS EQUITIES LLC and LAWRENCE M. FEIS executed a procedural agreement on January 30, 2026, authorizing the joint submission of their Schedule 13G reports concerning Cayson Acquisition Corp ordinary shares, alongside any subsequent amendments (including Schedule 13D filings), under Rule 13d-1(k). Why it matters: This filing establishes a mechanical disclosure arrangement between the two named signatories and contains zero language affecting redemption deadline administration, trust account valuation mechanics, extension voting thresholds, target acquisition negotiations, or sponsor governance standards. Beyond confirming co-filer registration logistics, the document makes no claims regarding operational fundamentals, customer relationships, revenue streams, market sizing, corporate strategy, intellectual property, third-party partnerships, material litigation, or executive appointments.
What changed: A Form 8-K filed under Rule 425 that serves as a written communication disclosing the creation of a direct financial obligation (Item 2.03) to fund a trust account extension, accompanied by Exhibit 10.1 containing the attached $600,000 Promissory Note. The registrant disclosed that Mango Financial Limited effectively advanced a $600,000 non-interest-bearing loan on December 17, 2025, which will be deposited into the trust account to move the business combination deadline from December 23, 2025, to March 23, 2026. The Promissory Note stipulates that the principal is repayable only upon consummation of a business combination and will be forgiven entirely if the deal does not close, except to the extent the SPAC holds non-trust funds. The filing reiterates the July 11, 2025 Merger Agreement among Cayson Acquisition Corp., Mango Financial Group Limited, parent North Water Investment Group Holdings Limited, and Merger Sub Mango Temp Limited. It outlines that a Registration Statement on Form F-4 (containing a preliminary proxy/prospectus) will be filed next, followed by a shareholder record date, definitive proxy mailing, and a vote once the SEC declares it effective. Why it matters: The three-month extension immediately pauses the liquidation timeline, providing Cayson Acquisition Corp. until March 23, 2026, to finalize shareholder approval and close the Mango Financial transaction. The zero-interest, deal-contingent structure costs existing shareholders nothing upfront while tying lender recovery exclusively to successful execution. Because substantive deal terms, redemption mechanics, and pro forma valuations remain undisclosed in this filing, investors should anticipate that the forthcoming F-4 and proxy materials will drive the actual redemption window, pricing, and post-closing capital structure. The document contains no new operational claims, customer metrics, revenue figures, market sizing, technology disclosures, or litigation updates beyond the standard forward-looking cautionary statements drafted by the registrant and its executive leadership.
What changed: A Form 8-K Current Report disclosing the creation of a direct financial obligation and an associated trust extension funded by a third-party promissory note. Per the filing signed by Chief Executive Officer Yawei Cao, Cayson Acquisition Corp borrowed $600,000 from Mango Financial Limited effective December 17, 2025. The registrant deposited these exact funds into its trust account to formally extend the deadline to consummate an initial business combination from December 23, 2025 to March 23, 2026. According to the promissory note (Exhibit 10.1), the loan bears no interest and is solely repayable upon closing the merger. The filing states that if the combination is not consummated, the debt is forgiven entirely except to the extent the SPAC holds funds outside the trust account. As a result, the shareholder redemption window shifts to March 23, 2026, and the trust account increases by the exact $600,000 principal amount. Why it matters: The extension preserves liquidity for the previously announced Agreement and Plan of Merger dated July 11, 2025, among Cayson Acquisition Corp, Mango Financial Group Limited, North Water Investment Group Holdings Limited, and Mango Temp Limited. By structuring the extension as a forgivable, interest-free loan from the target's affiliate rather than a public shareholder vote or traditional extension fee, the sponsor avoids dilution and defers redemption distribution until March 23, 2026. The registrant advises investors that a Registration Statement on Form F-4 containing a preliminary proxy statement and prospectus will be filed once SEC-ready, after which definitive materials will be mailed to shareholders for voting. Management notes multiple forward-looking risks, including potential delays, failure to obtain shareholder or regulatory approvals, Nasdaq listing standard compliance, and litigation costs, emphasizing that these filings identify uncertainties that could cause outcomes to differ materially from current expectations.
What changed: Preliminary proxy statement/prospectus (part of a registration statement on Form F-4) for the proposed business combination between Cayson Acquisition Corp (SPAC) and Mango Financial Group Limited. This DRS/A filing discloses the full terms of the business combination, including an amendment to the Merger Agreement reducing Mango's valuation from $300 million to $140 million and increasing the earnout shares from 4 million to 20 million. It provides updated financial statements, pro forma information, redemption mechanics, risk factors, sponsor compensation, and a detailed background of the merger negotiations. Why it matters: Investors can now evaluate the final deal structure, dilution, trust account per-share value (~$10.34 as of June 30, 2025), redemption procedures, and the substantial regulatory and operational risks tied to Mango's Hong Kong/PRC operations. The filing is essential for shareholders to make an informed voting decision on the business combination proposals.
What changed: Quarterly report (Form 10-Q) for Cayson Acquisition Corp for the period ended September 30, 2025. Trust account value increased from $60.75M to $62.68M, redemption value per share from $10.13 to $10.55. The company extended its business combination deadline from September 23, 2025 to January 23, 2026 via $600,000 in extension loans from sponsor and Mango Financial. The merger agreement with Mango Financial Group was entered on July 11, 2025 and amended on September 11, 2025. Working capital deficit of $481,777 and going concern doubt noted. Why it matters: The extension provides additional time to close the announced merger, but the trust value per share is above redemption and the company has low working capital. Investors should monitor the closing timeline and potential need for further extensions or liquidation.
What changed vs 2025-08-14trust $62.0M → $62.7M +1%trust account, combination deadline, going-concern doubt +11 moved · 3 with no prior record of ours
- Trust account
- $62.0M$62.7M
- Combination deadline
- not previously extracted2026-01-23
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus our search on businesses in Asia, we are … · unchanged
SpacBrain reads this as $648,039 was added to the trust between the two filings.
The clause …“- 66,158 Cash held in escrow account 600,000 - Cash and investments held in trust account 62,676,305 60,752,079 Total Non-current assets 63,276,305 60,818,237 Total Assets $ 63,493,007 $ 61,412,987 LIABILITIES AND”…
The clause …“Company has to consummate a Business Combination from September 23, 2025 to January 23, 2026. As of September 30, 2025, $300,000 was outstanding under the Extension Note. 18 Due to Related Party The Sponsors paid certain formation,”…
The clause …“of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Joint Filing Agreement (Exhibit 99.2) executed by Feis Equities LLC and Lawrence M. Feis to permit combined submission of a Schedule 13G under Rule 13d-1(k). Feis Equities LLC and Lawrence M. Feis agreed to file a single Schedule 13G statement dated October 21, 2025 on behalf of each other. The document does not update Cayson Acquisition Corp’s redemption deadlines, trust value ($11.08 per share), extension mechanisms, announced deal progress, or sponsor conduct. Why it matters: Per the filing, the agreement solely streamlines SEC regulatory submission for the two reporting persons listed. As a procedural compliance exhibit, it does not advance the pending business combination, adjust investor redemption parameters, trigger extension votes, or disclose any material developments regarding company strategy, technology, partnerships, litigation, personnel, or financial performance. Consequently, it carries no immediate impact on shareholder exit timing or trust account distribution mechanics.
What changed: Form 3 — Initial Statement of Beneficial Ownership, functioning as a routine compliance exhibit disclosing insider securities positions at the time of becoming a reporting person. The filing identifies Cayson Acquisition Corp director Yan Sanxin as the reporting person and explicitly states 'No non-derivative transactions or holdings reported.' There are no adjustments to redemption deadlines, trust share valuations, extension proposals, business combination milestones, or sponsor conduct metrics. Why it matters: As a standard administrative exhibit recording zero activity, this Form 3 carries no mechanical weight for SPAC investors. It does not alter redemption timelines, shift insider alignment indicators that typically guide capital event expectations, or signal changes to the company's strategic or operational posture. No claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel appear in the submission. The document confirms only baseline regulatory disclosure without affecting deal progress or shareholder structuring.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.