{"url_path":"/sec/caq/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2100125/0001104659-26-061515-index.html","accession_number":"0001104659-26-061515","cik":"0002100125","ticker":"CAQ","issuer_name":"Cambridge Acquisition Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2100125/0001104659-26-061515-index.html","primary_entity_key":"0002100125","primary_entity_name":"Cambridge Acquisition Corp."},"word_count":2299,"has_tables":true,"body_markdown":"Cambridge Acquisition Corp._March 31, 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of Contents](#TOC)\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n**(Mark One)**\n\n**☒** **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the quarterly period ended****March 31,****2026**\n\n**or**\n\n**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the transition period from                      to                     **\n\n**Commission File Number:****001-43106**\n\n**Cambridge Acquisition Corp.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n**Cayman Islands**\n\n**  ​ ​ ​**\n\n**98-1915980**\n\n(State or other jurisdiction of\nincorporation or organization)\n\n​\n\n(I.R.S. Employer\nIdentification No.)\n\n​\n\n​\n\n​\n\n​\n\n**One Liberty Square****,****13**th**FL****,****Boston****,****MA**\n\n**  ​ ​ ​**\n\n**02109**\n\n(Address of principal executive offices)\n\n​\n\n(Zip Code)\n\n​\n\n**(****617****)****396-4911**\n\n(Registrant’s telephone number, including area code)\n\n**Not Applicable**\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n​\n\n**Title of each class**\n\n**  ​ ​ ​**\n\n**Trading********Symbol(s)**\n\n**  ​ ​ ​**\n\n**Name of each exchange on**\n**which registered**\n\nUnits, each consisting of one Class A Ordinary Share and one-third of one redeemable Warrant\n\n \n\nCAQUU\n\n \n\nThe Nasdaq Stock Market LLC\n\n \n\n \n\n \n\n \n\n \n\nClass A Ordinary Shares, par value $0.0001 per share\n\n \n\nCAQ\n\n \n\nThe Nasdaq Stock Market LLC\n\n \n\n \n\n \n\n \n\n \n\nWarrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share\n\n \n\nCAQUW\n\n \n\nThe 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\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\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer\n\n**  ​ ​ ​**\n\n☐\n\n**  ​ ​ ​**\n\nAccelerated filer\n\n**  ​ ​ ​**\n\n☐\n\nNon-accelerated filer\n\n \n\n☒     \n\n \n\nSmaller reporting company\n\n \n\n☒     \n\n​\n\n \n\n​\n\n \n\nEmerging growth company \n\n \n\n☒     \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\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☒         No  ☐\n\nAs of May 14, 2026, there were 17,424,866 Class A Ordinary Shares, par value $0.0001 per share, and 7,666,667 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nCAMBRIDGE ACQUISITION CORP.\n\nFORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026\n\nTABLE OF CONTENTS\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Page**\n\n[**PART I – FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_568139)\n\n​\n\n1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1Interim_140941)\n\n​\n\n[Financial Statements.](#Item1Interim_140941)\n\n​\n\n1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#CONDENSEDBALANCESHEETS_922980)\n\n​\n\n1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Statement of Operations for the Three Months Ended March 31, 2026](#STATEMENTOFOPERATIONS_21275)\n\n​\n\n2\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Statement of Changes in Shareholders’ Deficit for the Three Months Ended March 31, 2026](#SHAREHOLDERSDEFICIT_166866)\n\n​\n\n3\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Statement of Cash Flows for the Three Months Ended March 31, 2026](#STATEMENTOFCASHFLOWS_253103)\n\n​\n\n4\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Notes to Unaudited Condensed Financial Statements](#Notes)\n\n​\n\n5\n\n​\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2ManagementsDiscussion_583593)\n\n​\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#Item2ManagementsDiscussion_583593)\n\n​\n\n19\n\n​\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3Quantitative_629313)\n\n​\n\n[Quantitative and Qualitative Disclosures About Market Risk.](#Item3Quantitative_629313)\n\n​\n\n23\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4Controls_741589)\n\n​\n\n[Controls and Procedures.](#Item4Controls_741589)\n\n​\n\n24\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[**PART II – OTHER INFORMATION**](#PARTIIOTHERINFORMATION_253678)\n\n​\n\n25\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1LegalProceedings_261923)\n\n​\n\n[Legal Proceedings.](#Item1LegalProceedings_261923)\n\n​\n\n25\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1A.](#Item1ARiskFactors_443428)\n\n​\n\n[Risk Factors.](#Item1ARiskFactors_443428)\n\n​\n\n25\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2UnregisteredSales_198947)\n\n​\n\n[Unregistered Sales of Equity Securities and Use of Proceeds.](#Item2UnregisteredSales_198947)\n\n​\n\n28\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3DefaultsUpon_731079)\n\n​\n\n[Defaults Upon Senior Securities.](#Item3DefaultsUpon_731079)\n\n​\n\n29\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4Mine_306253)\n\n​\n\n[Mine Safety Disclosures.](#Item4Mine_306253)\n\n​\n\n29\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 5.](#Item5OtherInformation_363783)\n\n​\n\n[Other Information.](#Item5OtherInformation_363783)\n\n​\n\n29\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 6.](#Item6Exhibits_304993)\n\n​\n\n[Exhibits.](#Item6Exhibits_304993)\n\n​\n\n30\n\n​\n\n​\n\n​\n\n[**SIGNATURES**](#SIGNATURES_344162)\n\n​\n\n31\n\n​\n\n​\n\n​\n\ni\n\n[Table of Contents](#TOC)\n\nUnless otherwise stated in this Report (as defined below), or the context otherwise requires, references to:\n\n●“2025 Annual Report” are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC (as defined below) on March 27, 2026;\n\n●“Administrative Services Agreement” are to the Administrative Services Agreement, dated February 5, 2026, which we entered into with our Sponsor (as defined below);\n\n●“Amended and Restated Articles” are to our Amended and Restated Memorandum and Articles of Association, as currently in effect;\n\n●“ASC” are to the FASB (as defined below) Accounting Standards Codification;\n\n●“Board of Directors” or “Board” are to our board of directors;\n\n●“Business Combination” are to a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses;\n\n●“Certifying Officers” are to our Chief Executive Officer and Chief Financial Officer, together;\n\n●“Class A Ordinary Shares” are to our Class A ordinary shares, par value $0.0001 per share;\n\n●“Class B Ordinary Shares” are to our Class B ordinary shares, par value $0.0001 per share;\n\n●“Combination Period” are to (i) the 24-month period, from the closing of the Initial Public Offering (as defined below) to February 9, 2028, that we have to consummate an initial Business Combination, or (ii) such other period in which we must consummate an initial Business Combination pursuant to an amendment to the Amended and Restated Articles and consistent with applicable laws, regulations and stock exchange rules;\n\n●“Company,” “our,” “we” or “us” are to Cambridge Acquisition Corp., a Cayman Islands exempted company;\n\n●“Continental” are to Continental Stock Transfer & Trust Company, trustee of our Trust Accounts (as defined below) and warrant agent of our Warrants (as defined below);\n\n●“Deferred Fee” are to the additional fee of 3.50% of the gross proceeds of the Initial Public Offering to which the Underwriters (as defined below) are entitled that is payable only upon our completion of the initial Business Combination;\n\n●“Exchange Act” are to the Securities Exchange Act of 1934, as amended;\n\n●“FASB” are to the Financial Accounting Standards Board;\n\n●“Founder Shares” are to the (i) Class B Ordinary Shares initially purchased by our Sponsor prior to the Initial Public Offering and (ii) Class A Ordinary Shares that will be issued upon the automatic conversion of the Class B Ordinary Shares (x) at the time of our Business Combination as described in the IPO Registration Statement (as defined below) or (y) earlier at the option of the holders thereof, as described in the IPO Registration Statement; for the avoidance of doubt, such Class A Ordinary Shares will not be “Public Shares” (as defined below);\n\n●“Initial Public Offering” or “IPO” are to the initial public offering that we consummated on February 9, 2026;\n\n●“Investment Company Act” are to the Investment Company Act of 1940, as amended;\n\nii\n\n[Table of Contents](#TOC)\n\n●“IPO Registration Statement” or “Registration Statement” are to the Registration Statement on Form S-1 initially filed with the SEC (as defined below) on December 12, 2025, as amended, and declared effective on January 30, 2026 (File No. 333-292147);\n\n●“Letter Agreement” are to the Letter Agreement, dated February 5, 2026, which we entered into with our Sponsor and our directors and officers;\n\n●“Management” or our “Management Team” are to our executive officers and directors;\n\n●“Nasdaq” are to The Nasdaq Stock Market LLC;\n\n●“Nasdaq 36-Month Requirement” are to the requirement pursuant to the Nasdaq Rules (as defined below) that a SPAC (as defined below) must complete one or more Business Combinations within 36 months following the effectiveness of its initial public offering registration statement;\n\n●“Nasdaq Rules” are to the continued listing rules of Nasdaq, as they exist as of the date of this Report;\n\n●“Option Units” are to the 3,000,000 units that were purchased by the Underwriters pursuant to the full exercise of the Over-Allotment Option (as defined below);\n\n●“Ordinary Shares” are to the Class A Ordinary Shares and the Class B Ordinary Shares, together our ordinary shares, par value $0.0001 per share;\n\n●“Over-Allotment Option” are to the 45-day option that the Underwriters had to purchase up to an additional 3,000,000 Option Units to cover over-allotments, if any, pursuant to the Underwriting Agreement (as defined below), which was fully exercised;\n\n●“Private Placement” are to the private placement of Private Placement Units (as defined below) that occurred simultaneously with the closing of our Initial Public Offering, pursuant to the Private Placement Units Purchase Agreement (as defined below);\n\n●“Private Placement Shares” are to the Class A Ordinary Shares included within the Private Placement Units (as defined below) purchased by our Sponsor in the Private Placement;\n\n●“Private Placement Units” are to the units issued to our Sponsor in the Private Placement;\n\n●“Private Placement Units Purchase Agreement” are to the Private Placement Units Purchase Agreement, dated February 5, 2026, which we entered into with our Sponsor;\n\n●“Private Placement Warrants” are to the warrants included within the Private Placement Units purchased by our Sponsor in the Private Placement;\n\n●“Promissory Note” are to that certain unsecured promissory note in the principal amount of up to $300,000 issued to our Sponsor on October 30, 2025;\n\n●“Public Shareholders” are to the holders of our Public Shares, including our Sponsor and Management Team to the extent our Sponsor and/or the members of our Management Team purchase Public Shares, provided that our Sponsor’s and each member of our Management Team’s status as a “Public Shareholder” will only exist with respect to such Public Shares;\n\n●“Public Shares” are to the Class A Ordinary Shares sold as part of the Public Units (as defined below) in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);\n\n●“Public Units” are to the units sold in our Initial Public Offering, which consist of one Public Share and one-third one Public Warrant (as defined below)\n\niii\n\n[Table of Contents](#TOC)\n\n●“Public Warrants” are to the redeemable warrants sold as part of the Public Units in our Initial Public Offering (whether they were subscribed for in our Initial Public Offering or purchased in the open market);\n\n●“Registration Rights Agreement” are to the Registration Rights Agreement, dated February 5, 2026, which we entered into with the Sponsor and the other holders party thereto;\n\n●“Report” are to this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026;\n\n●“SEC” are to the U.S. Securities and Exchange Commission;\n\n●“Special Resolution” are to a resolution of our Company passed by at least a two-thirds (2/3) majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of our Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given, or a resolution approved in writing by all of the holders of the issued shares entitled to vote on such matter (or such lower threshold as may be allowed under the Companies Act from time to time);\n\n●“Securities Act” are to the Securities Act of 1933, as amended;\n\n●“SPAC” are to a special purpose acquisition company;\n\n●“Sponsor” are to Cambridge Sponsor LLC, a Delaware limited liability company;\n\n●“Trust Accounts” are to the U.S.-based trust accounts in which an amount of $230,000,000 from the net proceeds of the sale of the Public Units in the Initial Public Offering and the Private Placement Units in the Private Placement was placed following the closing of the Initial Public Offering;\n\n●“Trust Agreement” are to the Investment Management Trust Agreement, dated February 5, 2026, which we entered into with Continental, as trustee of the Trust Accounts;\n\n●“Underwriters” are to the several underwriters of the Initial Public Offering;\n\n●“Underwriting Agreement” are to the Underwriting Agreement, dated February 5, 2026, which we entered into with BTIG, LLC, as representative of the Underwriters;\n\n●“Units” are to the Private Placement Units and the Public Units, together;\n\n●“US GAAP” are to the accounting principles generally accepted in the United States of America;\n\n●“Warrant Agreement” are to the Warrant Agreement, dated February 5, 2026, which we entered into with Continental, as Warrant agent\n\n●“Warrants” are to the Private Placement Warrants and the Public Warrants, together;\n\n●“Withum” are to WithumSmith+Brown, PC, our independent registered public accounting firm; and\n\n●“Working Capital Loans” are to funds that, in order to provide working capital or finance transaction costs in connection with a Business Combination, the Sponsor, or an affiliate of the Sponsor, or certain of our directors and officers may, but are not obligated to, loan us.\n\n​\n\n​\n\niv\n\n[Table of Contents](#TOC)\n\nPART I - FINANCIAL INFORMATION"}