{"url_path":"/sec/apur/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-25","source_url":"https://www.sec.gov/Archives/edgar/data/2093524/0001213900-26-072123-index.html","accession_number":"0001213900-26-072123","cik":"0002093524","ticker":"APUR","issuer_name":"Aperture AC","edgar_url":"https://www.sec.gov/Archives/edgar/data/2093524/0001213900-26-072123-index.html","primary_entity_key":"0002093524","primary_entity_name":"Aperture 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark\nOne)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor\nthe transition period from               to               \n\n \n\nCommission File Number: 001-43308\n\n \n\nAperture AC\n\n(Exact\nname of registrant as specified in its charter)\n\n \n\nCayman Islands N/A\n\n(State or other jurisdiction\n\nof incorporation or organization)\n \n(I.R.S. Employer Identification No.)\n\n \n\n835 Wilshire Blvd. 5th Floor\n\nLos Angeles, California\n 90017\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n \n\n(424) 253-0908\n\n(Registrant’s telephone number, including\narea code)\n\n \n\nNot Applicable\n\n(Former name, former address and former fiscal\nyear, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading Symbol(s)\n \nName of each exchange on\nwhich registered\n\nUnits, each consisting of one Class A Ordinary Share and one Right APURU The Nasdaq Stock Market LLC\n\n \n \n \n \n \n\nClass A Ordinary Shares, par value $0.0001 per share APUR The Nasdaq Stock Market LLC\n\n \n \n \n \n \n\nRights, each entitling the holder to receive one-fourth (1/4) of one Class A Ordinary Share upon the consummation of an initial Business Combination APURR The Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐   No ☒\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting\ncompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”\n“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. \n\n \n\n \nLarge\naccelerated filer ☐\nAccelerated\nfiler ☐\n\n Non-accelerated filer ☒Smaller reporting company ☒\n\n  Emerging growth company ☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒   No ☐\n\n \n\nAs of June 25, 2026, there were 10,961,000 Class A Ordinary Shares, par value $0.0001 per share, and 3,772,603 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.\n\n  \n\n \n\n \n\n \n\n \n\nAPERTURE AC\n\n \n\nFORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH\n31, 2026\n\n \n\nTABLE OF CONTENTS\n\n \n\n \n \nPage\n\n[PART I – FINANCIAL INFORMATION](#a_001)\n1\n\n \n \n \n\n[Item 1.](#a_002)\n[Financial Statements.](#a_002)\n1\n\n \n \n \n\n \n[Unaudited Balance Sheets as of March 31, 2026 and December 31, 2025](#a_003)\n 1\n\n \n \n \n\n \n[Unaudited Statement of Operations for the Three Months Ended March 31, 2026](#a_004)\n2\n\n \n \n \n\n \n[Unaudited Statement of Changes in Shareholder’s Deficit for the Three Months Ended March 31, 2026](#a_005)\n3\n\n \n \n \n\n \n[Unaudited Statement of Cash Flows for the Three Months Ended March 31, 2026](#a_006)\n4\n\n \n \n \n\n \n[Notes to Unaudited Financial Statements](#a_007)\n5\n\n \n \n \n\n[Item 2.](#a_008)\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#a_008)\n17\n\n \n \n \n\n[Item 3.](#a_009)\n[Quantitative and Qualitative Disclosures About Market Risk.](#a_009)\n22\n\n \n \n \n\n[Item 4.](#a_010)\n[Controls and Procedures.](#a_010)\n22\n\n \n \n \n\n[PART II – OTHER INFORMATION](#a_011)\n23\n\n \n \n \n\n[Item 1.](#a_012)\n[Legal Proceedings.](#a_012)\n23\n\n \n \n \n\n[Item 1A.](#a_013)\n[Risk Factors.](#a_013)\n23\n\n \n \n \n\n[Item 2.](#a_014)\n[Unregistered Sales of Equity Securities and Use of Proceeds.](#a_014)\n24\n\n \n \n \n\n[Item 3.](#a_015)\n[Defaults Upon Senior Securities.](#a_015)\n25\n\n \n \n \n\n[Item 4.](#a_016)\n[Mine Safety Disclosures.](#a_016)\n25\n\n \n \n \n\n[Item 5.](#a_017)\n[Other Information.](#a_017)\n25\n\n \n \n \n\n[Item 6.](#a_018)\n[Exhibits.](#a_018)\n26\n\n \n \n \n\n[SIGNATURES](#a_019)\n27\n\n \n\ni\n\n \n\n \n\nUnless otherwise stated in this Report (as defined\nbelow), or the context otherwise requires, references to:\n\n \n\n●“Administrative\nServices Agreement” are to the Administrative Services Agreement, dated May 20, 2026, which we entered into with our Sponsor (as\ndefined below);\n\n \n\n●“Amended\nand Restated Articles” are to our Amended and Restated Memorandum and Articles of Association, as currently\nin effect;\n\n \n\n●“ASC” are to the\nFASB (as defined below) Accounting Standards Codification;\n\n \n\n●“ASU” are to the\nFASB Accounting Standards Update;\n\n \n\n●“Board of Directors”\nor “Board” are to our board of directors;\n\n \n\n●“Business Combination”\nare to a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with\none or more businesses;\n\n \n\n●“Certifying Officers”\nare to our Chief Executive Officer and Chief Financial Officer, together;\n\n \n\n●“Class A Ordinary Shares”\nare to our Class A ordinary shares, par value $0.0001 per share;\n\n \n\n●“Class B Ordinary Shares”\nare to our Class B ordinary shares, par value $0.0001 per share;\n\n \n\n●“Combination Period”\nare to (i) the 12-month period, from the closing of the Initial Public Offering (as defined below) to May 22, 2027 (or such earlier date\nas determined by the Board), that we have to consummate an initial Business Combination, or (ii) such other period during which we must\nconsummate an initial Business Combination pursuant to an amendment to the Amended and Restated Articles and consistent with applicable\nlaws, regulations and stock exchange rules;\n\n \n\n●“Company,” “our,”\n“we” or “us” are to Aperture AC, a Cayman Islands exempted company;\n\n \n\n●“Continental” are\nto Continental Stock Transfer & Trust Company, trustee of our Trust Account (as defined below) and rights agent of our Rights (as\ndefined below);\n\n \n\n●“EarlyBirdCapital”\nare to EarlyBirdCapital, Inc., one of the Underwriters (as defined below);\n\n \n\n●“Exchange Act”\nare to the Securities Exchange Act of 1934, as amended;\n\n \n\n●“FASB” are to the\nFinancial Accounting Standards Board;\n\n \n\n●“Founder Shares”\nare to the 3,828,082 Class B Ordinary Shares initially purchased by our Sponsor prior to the Initial Public Offering and (ii) Class A\nOrdinary Shares that will be issued upon the automatic conversion of the Class B Ordinary Shares (x) at the time of our Business Combination\nas described in the IPO Registration Statement (as defined below) or (y) earlier at the option of the holders thereof, as described in\nthe IPO Registration Statement; for the avoidance of doubt, such Class A Ordinary Shares will not be “Public Shares” (as\ndefined below);\n\n \n\n●“GAAP” are to the\naccounting principles generally accepted in the United States of America;\n\n \n\n●“I-Bankers” are\nto I-Bankers Securities, Inc, one of the Underwriters;\n\n \n\n●“IB Capital” are\nto IB Capital LLC, one of and the representative of the Underwriters;\n\n \n\nii\n\n \n\n \n\n●“Initial Public Offering”\nor “IPO” are to the initial public offering that we consummated on May 22, 2026;\n\n \n\n●“Investment Company Act”\nare to the Investment Company Act of 1940, as amended;\n\n \n\n●“IPO Promissory Note”\nare to that certain unsecured promissory note in the principal amount of up to $500,000 issued\nto our Sponsor on September 30, 2025;\n\n \n\n●“IPO Registration Statement”\nare to the Registration Statement on Form S-1 initially filed with the SEC (as defined below) on November 17, 2025, as amended, and declared\neffective on May 14, 2026 (File No. 333-291583);\n\n \n\n●“Letter Agreement”\nare to the Letter Agreement, dated May 20, 2026, which we entered into with our Sponsor, directors and officers;\n\n \n\n●“Management” or\nour “Management Team” are to our executive officers and directors;\n\n \n\n●“Nasdaq” are to\nThe Nasdaq Stock Market LLC;\n\n \n\n●“Nasdaq 36-Month Requirement”\nare to the requirement pursuant to the Nasdaq Rules (as defined below) that a SPAC (as defined below) must complete one or more Business\nCombinations within 36 months following the effectiveness of its initial public offering registration statement;\n\n \n\n●“Nasdaq Rules”\nare to the continued listing rules of Nasdaq, as they exist as of the date of this Report;\n\n \n\n●“Option Units”\nare to the 1,200,000 units that were purchased by the Underwriters pursuant to the partial exercise of the Over-Allotment Option (as\ndefined below);\n\n \n\n●“Ordinary Shares”\nare to the Class A Ordinary Shares and the Class B Ordinary Shares, together;\n\n \n\n●“Over-Allotment Option”\nare to the 30-day option that the Underwriters had to purchase up to an additional 1,350,000 Option Units to cover over-allotments, if\nany, pursuant to the Underwriting Agreement (as defined below), which was partially exercised;\n\n \n\n●“Private Placement”\nare to the private placement of Private Placement Units (as defined below) that occurred simultaneously with the closing of our Initial\nPublic Offering, pursuant to the Private Placement Units Purchase Agreements (as defined below);\n\n \n\n●“Private Placement Rights”\nare to the rights included within the Private Placement Units purchased by our Sponsor and the Underwriters in the Private Placement;\n\n \n\n●“Private Placement Shares”\nare to the Class A Ordinary Shares included within the Private Placement Units purchased by our Sponsor and the Underwriters in the Private\nPlacement;\n\n \n\n●“Private Placement Units”\nare to the units purchased by our Sponsor and the Underwriters in the Private Placement;\n\n \n\n●“Private Placement Units\nPurchase Agreements” are to the (i) Private Placement Units Purchase Agreement, dated May 20, 2026, which we entered into with\nour Sponsor and (ii) Private Placement Units Purchase Agreement, dated May 20, 2026, which we entered into with the Underwriters, together;\n\n \n\n●“Public Rights”\nare to the rights included as part of the Public Units (as defined below), which grant the holder the right to receive one-fourth (1/4)\nof one Class A Ordinary Share upon the consummation of the Business Combination;\n\n \n\niii\n\n \n\n \n\n●“Public Shareholders”\nare to the holders of our Public Shares, including our Sponsor and Management Team to the extent our Sponsor and/or the members of our\nManagement Team purchase Public Shares, provided that our Sponsor’s and each member of our Management Team’s status as a\n“Public Shareholder” will only exist with respect to such Public Shares;\n\n \n\n●“Public Shares”\nare to the Class A Ordinary Shares included as part of the Public Units (whether they were\npurchased in our Initial Public Offering or thereafter in the open market);\n\n \n\n●“Public Units”\nare to the units sold in our Initial Public Offering, with each Public Unit consisting of one Public Share and one-fourth (1/4) of one\nPublic Right (as defined below);\n\n \n\n●“Registration Rights\nAgreement” are to the Registration Rights Agreement, dated May 20, 2026, which we entered into with the Sponsor and the other holders\nparty thereto;\n\n \n\n●“Representative Shares”\nare to the 450,000 Class A Ordinary Shares that were issued to IB Capital for a purchase price of $0.01 per share;\n\n \n\n●“Report” are to\nthis Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026;\n\n \n\n●“Rights” are to\nthe Private Placement Rights and the Public Rights, together;\n\n \n\n●“Rights\nAgreement” are to the Share Rights Agreement, dated May\n20, 2026, which we entered into with Continental, as Rights agent;\n\n \n\n●“SEC” are to the\nU.S. Securities and Exchange Commission;\n\n \n\n●“Securities Act”\nare to the Securities Act of 1933, as amended;\n\n \n\n●“SPAC” are to a\nspecial purpose acquisition company;\n\n \n\n●“Sponsor”\nare to Aperture Sponsor LLC, a Delaware limited liability company;\n\n \n\n●“Trust Account”\nare to the U.S.-based trust account in which an amount of $102,255,000 from the net proceeds of the sale of the Public\nUnits in the Initial Public Offering and the Private Placement Units in the Private Placement was placed following the closing\nof the Initial Public Offering;\n\n \n\n●“Trust\nAgreement” are to the Investment Management Trust Agreement, dated May 20, 2026, which we entered into with Continental,\nas trustee of the Trust Account;\n\n \n\n●“Underwriters”\nare to EarlyBirdCapital, IB Capital and I-Bankers, the several underwriters of the Initial Public Offering, collectively;\n\n \n\n●“Underwriting\nAgreement” are to the Underwriting Agreement, dated May 20, 2026, which we entered\ninto with IB Capital, as representative of the Underwriters;\n\n \n\n●“Units” are to\nthe Private Placement Units and the Public Units, together; and\n\n \n\n●“Working Capital Loans”\nare to funds that, in order to provide working capital or finance transaction costs in connection\nwith a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of our directors and officers may, but are not obligated\nto, loan us.\n\n  \n\niv\n\n \n\n \n\nPART I – FINANCIAL\nINFORMATION"}