{"url_path":"/sec/cik-0001894057/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-22","source_url":"https://www.sec.gov/Archives/edgar/data/1894057/0001104659-26-075911-index.html","accession_number":"0001104659-26-075911","cik":"0001894057","ticker":null,"issuer_name":"Papaya Growth Opportunity Corp. I","edgar_url":"https://www.sec.gov/Archives/edgar/data/1894057/0001104659-26-075911-index.html","primary_entity_key":"0001894057","primary_entity_name":"Papaya Growth Opportunity Corp. I"},"word_count":728,"has_tables":true,"body_markdown":"PAPAYA GROWTH OPPORTUNITY CORP. 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of Contents](#TOC)\n\n​\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****June 30, 2025**\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 No. ****001-41223**\n\n​\n\n**PAPAYA GROWTH OPPORTUNITY CORP. I**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n**Delaware**\n\n  ​ ​ ​\n\n**87-3071107**\n\n(State or other jurisdiction of\nincorporation or organization)\n\n \n\n(I.R.S. Employer\nIdentification No.) \n\n​\n\n**3500 South Dupont Highway, Suite HX-102**\n**Dover****,****DE********19901**\n\n(Address of Principal Executive Offices, including zip code)\n\n​\n\n**(****510****)****214-3750**\n\n(Registrant’s telephone number, including area code)\n\n​\n\n(Former name, former address, and former fiscal year, if changed since last report)\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\nUnits, each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one Redeemable Warrant\n\n  ​ ​ ​\n\nPPYAU\n\n  ​ ​ ​\n\nPink Open Market\n\nShares of Class A common stock, par value $0.0001 per share, included as part of the Units\n\n \n\nPPYA\n\n \n\nPink Open Market\n\nRedeemable Warrants, each exercisable for one share of Class A common stock for $11.50 per share, included as part of the Units\n\n \n\nPPYAW\n\n \n\nPink Open Market\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☐ Large accelerated filer\n\n☐ Accelerated filer\n\n☒ Non-accelerated filer\n\n☒ Smaller reporting company\n\n \n\n☒ Emerging growth company\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No ☐\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\nAs of June 18, 2026, there were 8,922,597 shares of Class A common stock, $0.0001 par value, and no shares of Class B common stock, $0.0001 par value, issued and outstanding.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nPAPAYA GROWTH OPPORTUNITY CORP. I\n\nQuarterly Report on Form 10-Q\n\nTABLE OF CONTENTS\n\n**Page**\n\n[**PART 1 – FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_761150)\n\n2\n\n[Item 1.](#Item1InterimFinancialStatements_541256)\n\n[Interim Financial Statements](#Item1InterimFinancialStatements_541256)\n\n2\n\n[Condensed Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024](#CONDENSEDBALANCESHEETSUNAUDITED_665700)\n\n2\n\n[Unaudited Condensed Statements of Operations for the three and six months ended June 30, 2025 and 2024](#CONDENSEDSTATEMENTOFOPERATIONSUNAUDITED_)\n\n3\n\n[Unaudited Condensed Statements of Changes in Stockholders’ Deficit for the three and six months ended June 30, 2025 and 2024](#CONDENSEDSTATEMENTOFCHANGESINSTOCKHOLDER)\n\n4\n\n[Unaudited Condensed Statements of Cash Flows for the six months ended June 30, 2025 and 2024](#CONDENSEDSTATEMENTOFCASHFLOWSUNAUDITED_1)\n\n5\n\n[Notes to Unaudited Condensed Financial Statements](#NOTESTOCONDENSEDFINANCIALSTATEMENTS_4049)\n\n6\n\n[Item 2.](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n23\n\n[Item 3.](#Item3QuantitativeandQualitativeDisclosur)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#Item3QuantitativeandQualitativeDisclosur)\n\n28\n\n[Item 4.](#Item4ControlsandProcedures_409370)\n\n[Control and Procedures](#Item4ControlsandProcedures_409370)\n\n28\n\n[**PART II – OTHER INFORMATION**](#PARTIIOTHERINFORMATION_527180)\n\n30\n\n[Item 1.](#Item1LegalProceedings_583614)\n\n[Legal Proceedings](#Item1LegalProceedings_583614)\n\n30\n\n[Item 1A.](#Item1ARiskFactors_993308)\n\n[Risk Factors](#Item1ARiskFactors_993308)\n\n30\n\n[Item 2.](#Item2UnregisteredSalesofEquitySecurities)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n30\n\n[Item 3.](#Item3DefaultsUponSeniorSecurities_772333)\n\n[Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_772333)\n\n31\n\n[Item 4.](#Item4MineSafetyDisclosures_77373)\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures_77373)\n\n31\n\n[Item 5.](#Item5OtherInformation_632116)\n\n[Other Information](#Item5OtherInformation_632116)\n\n31\n\n[Item 6.](#Item6Exhibits_327964)\n\n[Exhibits](#Item6Exhibits_327964)\n\n31\n\n[**SIGNATURES**](#SIGNATURES_792148)\n\n32\n\n​\n\n​\n\n​\n\n1\n\n[Table of Contents](#TOC)\n\nPART I – FINANCIAL INFORMATION"}