The company has repeatedly extended its deadlines to complete a business combination and postponed shareholder meetings, with the latest special meeting postponed to July 25, 2025. Stockholders approved trust account extensions and liquidation date extensions through multiple votes.

• Inception Growth Acquisition Limited postponed its special meeting of shareholders to July 25, 2025 [N1].
• The company postponed a special meeting of shareholders to July 14, 2025, and extended the redemption request deadline [N2].
• Stockholders approved an extension of the trust account to October 2025 [N3].
• The business combination deadline was extended to June 13, 2025 [N4].
• The business combination deadline was extended to April 13, 2025 [N5].
• The business combination deadline was extended by one month in December 2024 [N6].
• Stockholders approved an extension of the liquidation date to June 2025 [N7].

The company’s management team has diverse experience and networks in the targeted sectors and geographies, which may provide access to attractive acquisition opportunities. The multiple extensions of the business combination deadline indicate ongoing efforts to complete a transaction. The company’s focus on sectors with growth potential such as Technology, Media & Telecom, Sports & Entertainment, and Non-gambling games aligns with market trends in digital transformation and entertainment.

The company has not completed a business combination within the original 36-month Nasdaq deadline, resulting in delisting and trading on OTC Markets, which may reduce liquidity and investor interest. The company’s financial position shows limited cash and current assets relative to significant current liabilities, raising concerns about its ability to fund operations and complete a business combination. The repeated deadline extensions and postponements of shareholder meetings may indicate challenges in closing a transaction. The SPAC faces risks from market volatility, geopolitical tensions, regulatory changes, and competition for acquisition targets.

As a special purpose acquisition company, Inception Growth Acquisition Ltd does not have an operating business or competitive moat. Its value proposition depends on the ability of its management team to identify and complete a business combination with a suitable target company. The company’s competitive positioning is influenced by its management’s experience, network, and ability to negotiate and close transactions. However, it faces competition from other SPACs and acquisition vehicles with potentially greater financial and operational resources.

• Failure to Complete Business Combination: The company has repeatedly extended its deadline to complete a business combination, with the current deadline extended to May 13, 2026. Failure to complete a business combination by this date may result in liquidation and loss of investment opportunity for shareholders (S1).
• Delisting and Trading on OTC Markets: The company’s securities were delisted from Nasdaq in December 2024 due to failure to complete a business combination within the required timeframe. Trading on OTC Markets may reduce liquidity and market visibility (S1).
• Financial Position and Liquidity: As of December 31, 2025, the company had cash and equivalents of $59,063 and current assets of $55,738 against current liabilities of $5,082,151, resulting in very low liquidity ratios, which may constrain operational flexibility (S1).
• Market and Geopolitical Risks: The company’s ability to complete a business combination may be adversely affected by market volatility, geopolitical instability including the Russia-Ukraine conflict and Middle East tensions, and related sanctions and economic disruptions (S1).
• Competition for Acquisition Targets: The company faces competition from other SPACs and acquisition vehicles with greater financial and operational resources, which may limit its ability to secure attractive business combination opportunities (S1).

• Inception Growth Acquisition Ltd is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (S1).
• The company completed its IPO on December 13, 2021, raising approximately $104.5 million net proceeds placed in a Trust Account (S1).
• Since IPO, the company has no operating business and its sole activity is identifying and evaluating suitable acquisition candidates (S1).
• The company targets initial business combinations primarily in Technology, Media and Telecom (TMT), Sports & Entertainment, and Non-gambling games sectors in the US and Asia excluding China (S1).
• The company entered into a Business Combination Agreement with AgileAlgo Holdings Ltd and its shareholders to effect a business combination (S1).
• The Business Combination Agreement has been amended multiple times to extend the outside closing date, currently extended to May 13, 2026 (S1).
• The company’s securities were delisted from Nasdaq on December 17, 2024, and now trade on OTC Markets under the same symbols (S1).
• The company has extended the deadline to complete a business combination multiple times, with stockholder approvals for extensions and trust account deposits to fund these extensions (N1, N2, N3, N4, N5, N6, N7).
• As of June 30, 2025, the company had cash and equivalents of $59,063 and current assets of $55,738, with current liabilities of $5,082,151, resulting in a current ratio of 0.01 and cash ratio of 0.01 (S1).
• The company reported a net loss of $1,007,157 for the fiscal year ended December 31, 2025 (S1).
• The company’s basic EPS was $0.25 for the year ended December 31, 2023, and diluted EPS was $0.10 for the quarter ended September 30, 2024 (S1).
• The company’s management team has experience in investing, operating, and transforming businesses, with a network in Asia and the US to source acquisition targets (S1).
• The company’s business combination is subject to risks including failure to complete a combination, market volatility, geopolitical risks, and regulatory challenges (S1).