Since its IPO in May 2026, Vernal Capital Acquisition Corp. has completed the separation of its units into tradable ordinary shares and rights on the NYSE, enhancing trading flexibility for investors.

• The company consummated its IPO on May 7, 2026, issuing 10 million units at $10.00 per unit, raising $100 million in gross proceeds placed in a trust account [S1].
• A private placement of 251,250 units to sponsors was completed simultaneously with the IPO at $10.00 per unit [S1].
• On May 14, 2026, the company announced that holders of units may elect to separately trade the ordinary shares and rights included in its units, with trading commencing around May 19, 2026 under the symbols VECA and VECAR respectively [S1].
• As of April 30, 2026, the company reported current assets of $16,299 and current liabilities of $382,500, resulting in a current ratio of 0.04, indicating very low liquidity [S1].
• The company reported a net loss of $25,515 and basic and diluted earnings per share of -$0.01 for the quarter ended April 30, 2026 [S1].

The company has successfully completed its IPO and raised substantial capital held in trust, providing a financial foundation to pursue an initial business combination. The separation of units into tradable shares and rights may enhance liquidity and investor flexibility. The management team and sponsors have aligned interests through private placements and indemnity agreements, potentially supporting effective deal execution.

The company currently reports a net loss and very low liquidity ratios, with no operating business or revenue. The success of the company depends entirely on completing a suitable initial business combination within the required timeframe. Failure to consummate such a combination could result in liquidation and loss of investment. Limited disclosure on business strategy and risks beyond the IPO prospectus reduces transparency for investors.

As a SPAC, Vernal Capital Acquisition Corp. does not currently operate a business with competitive advantages or economic moats. Its value depends on its ability to identify and complete a successful initial business combination with a target company. The trust account holding IPO proceeds provides some financial security to public shareholders until such a combination occurs.

• Dependence on Initial Business Combination: The company’s viability depends on identifying and completing a suitable initial business combination within the specified period. Failure to do so may lead to liquidation and loss of invested capital.
• Limited Operating History and Financial Performance: As a newly formed SPAC, the company has no operating business or revenue and reported a net loss and very low liquidity ratios, indicating limited financial flexibility.
• Regulatory and Market Risks: The company is subject to regulatory requirements and market conditions that may affect its ability to complete a business combination or maintain its listing status.

• Vernal Capital Acquisition Corp. is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands and listed on the New York Stock Exchange under the ticker VECA.
• The company completed its initial public offering (IPO) on May 7, 2026, issuing 10,000,000 units at $10.00 per unit, raising gross proceeds of $100 million.
• Each unit consists of one ordinary share and one right entitling the holder to receive one-fourth of one ordinary share upon consummation of an initial business combination.
• The company also completed a private placement of 251,250 units to its sponsors at $10.00 per unit.
• Proceeds from the IPO and private placement totaling approximately $100.5 million were placed in a U.S.-based trust account, which will be released only upon completion of an initial business combination or other specified conditions.
• As of April 30, 2026, the company reported current assets of $16,299 and current liabilities of $382,500, resulting in a current ratio of 0.04, indicating very low liquidity.
• The company reported a net loss of $25,515 and basic and diluted earnings per share of -$0.01 for the quarter ended April 30, 2026.
• The company is classified as a smaller reporting company and is not required to include risk factors in its 10-Q filing; risk factors are referenced in the IPO prospectus.
• The company announced that holders of units may elect to separately trade the ordinary shares and rights included in its units, with trading commencing around May 19, 2026, under the symbols VECA and VECAR respectively.