Wintergreen Acquisition Corp. completed its IPO in May 2025, raising over $58 million gross proceeds, and entered into a merger agreement with KIKA Technology Inc. in November 2025 to effect a business combination.

• Completed Initial Public Offering on May 30, 2025, issuing 5,000,000 units at $10.00 per unit, raising $50 million gross proceeds plus partial over-allotment proceeds of $5.95 million [S1].
• Raised an additional $2.54 million through a private placement to the sponsor concurrently with the IPO [S1].
• Placed $55.95 million of IPO and private placement proceeds in a trust account invested in U.S. government securities or money market funds [S1].
• Entered into a merger agreement on November 17, 2025, to combine with KIKA Technology Inc., valuing KIKA at $80 million [S1].
• KIKA is an AdTech services provider with proprietary technology and no end-user personal data processing, operating through subsidiaries in Hong Kong [S1].
• Reported current assets of approximately $59.5 million and current liabilities of $132,000 as of June 30, 2026, resulting in a current ratio of 450.84 [S2].
• Reported net income of $369,816 for the quarter ended June 30, 2026, primarily from non-operating income such as interest on trust account funds [S2].

Wintergreen’s experienced management team and substantial trust account funds provide a platform to pursue a business combination with a target company in Asia, a region with significant economic growth potential. The proposed merger with KIKA Technology Inc., an AdTech services provider with proprietary technology and no end-user data processing, could create value by leveraging Wintergreen’s public market access and management expertise. The company’s strong liquidity position supports operational flexibility during the business combination process.

As a blank check company, Wintergreen faces risks including the possibility of not completing a business combination within the required timeframe, which could lead to liquidation or loss of shareholder value. The company has no operating revenues or business operations currently, and its success depends on identifying and closing a suitable transaction. The merger agreement contains customary conditions and termination rights, and failure to meet these could prevent the business combination. Additionally, the company’s focus on Asian targets, including Hong Kong, may expose it to geopolitical and regulatory risks.

Wintergreen Acquisition Corp. operates as a blank check company with no current operations or proprietary assets. Its moat is primarily derived from its management team's experience in mergers and acquisitions and its access to capital through its IPO trust account. The company’s value proposition depends on successfully identifying and completing a business combination with a target company that can benefit from public market access and management expertise. The moat is typical of SPACs, relying on deal execution capabilities rather than product or technology advantages.

• Business Combination Completion Risk: There is no assurance that Wintergreen will successfully complete a business combination within the prescribed timeframe, which could result in liquidation or loss of shareholder value.
• Early Stage Company Risks: As an early stage blank check company, Wintergreen is subject to risks typical of emerging growth companies, including lack of operating history and dependence on management’s ability to identify and consummate a business combination.
• Regulatory and Geopolitical Risks: The company’s focus on Asian targets, including entities in Hong Kong, may expose it to regulatory, political, and economic risks specific to those jurisdictions.
• Merger Agreement Conditions and Termination: The merger agreement includes customary closing conditions and termination rights; failure to satisfy these conditions or breaches could prevent the business combination.

• Wintergreen Acquisition Corp. is a blank check company incorporated in the Cayman Islands on April 29, 2024, formed to effect a business combination with one or more businesses.
• The company completed its Initial Public Offering (IPO) on May 30, 2025, issuing 5,000,000 units at $10.00 per unit, raising gross proceeds of $50 million, plus a partial exercise of the over-allotment option generating an additional $5.95 million.
• A private placement to the sponsor raised an additional $2.54 million.
• Proceeds from the IPO and private placement were placed in a trust account invested in U.S. government securities or money market funds.
• The company has not generated operating revenues to date and does not expect to generate revenues until after consummation of a business combination.
• Wintergreen intends to focus on acquiring businesses primarily in Asia, excluding entities with China operations consolidated through a VIE structure.
• The company entered into a merger agreement on November 17, 2025, to combine with KIKA Technology Inc., a Cayman Islands holding company with operating subsidiaries in Hong Kong providing AdTech Dynamic Matching Technology services.
• The business combination values KIKA and its subsidiaries at $80 million, with KIKA shareholders to receive approximately 7.98 million shares of Wintergreen upon closing.
• KIKA's operating subsidiary leverages proprietary algorithms and real-time data processing to match advertising needs with traffic resources without processing or storing end user personal data.
• Wintergreen's management team consists of experienced financial, accounting, legal, and senior operating executives with expertise in mergers and acquisitions and operating companies.
• The company had current assets of approximately $59.5 million and current liabilities of $132,000 as of June 30, 2026, resulting in a very high current ratio of 450.84, indicating strong liquidity.
• Net income for the quarter ended June 30, 2026, was $369,816, primarily from non-operating income such as interest on trust account funds.
• The company is subject to risks typical of early-stage blank check companies, including the risk of not completing a business combination within the prescribed timeframe.
• The merger agreement includes customary representations, warranties, covenants, and closing conditions, including SEC effectiveness of proxy statements and shareholder approvals.
• There are no termination fees in the merger agreement, but parties remain liable for willful breaches or fraud.
• The company plans to change its name to KIKA Inc. upon completion of the business combination.
• Financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.