Eureka Acquisition Corp

What they do

The company was incorporated on June 13, 2023 as a blank check exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination. Since its July 3, 2024 IPO it has had no revenue and its sole business activity has been identifying and evaluating acquisition candidates. It presently has no operations other than that search and has funded itself from IPO proceeds, private placements, and loans from its sponsor Hercules Capital Management Corp, officers, directors or affiliates.

Revenue drivers

• Pre-business-combination operations — The company reports no revenue; its only income historically has been non-operating items such as interest on trust account balances, not an operating segment.
• Trust account interest — Proceeds of $57,500,000 from the IPO, over-allotment units and private placements were placed in a trust account with Continental Stock Transfer & Trust Company, which is the source of interest income reported in results.
• Prospective Marine Thinking business — Under the October 29, 2025 business combination agreement, the combined company would be renamed Marine Thinking Holdings Inc. and would operate Marine Thinking's autonomous ship and fleet solutions business; no Marine Thinking revenue is disclosed in the excerpts.

Recent performance

Annual net income moved from a loss of $3,957 in 2023 to $255,721 in 2024 and approximately $1.4 million in 2025, driven by non-operating items rather than operations. Operating cash flow was negative $282,509 in 2024 and negative $668,921 in 2025. At June 30, 2026, total assets were $33.6 million, total liabilities were $33.2 million, shareholders' equity was negative $2.7 million, and cash and equivalents were $22,727. On June 29, 2026, shareholders approved a charter amendment extending the business combination deadline to July 3, 2026 with up to 12 monthly extensions to July 3, 2027. In connection with that meeting, 2,655,132 Class A ordinary shares were redeemed and approximately $30.39 million was released from the trust account on July 7, 2026.

Strategy

Management's stated plan is to complete the business combination with Marine Thinking Inc., an autonomous ship and fleet solution provider incorporated under the Canada Business Corporations Act. The transaction structure involves EURK deregistering as a Cayman Islands exempted company, continuing into Canada under the CBCA as a SPAC Continuance, and changing its name to Marine Thinking Holdings Inc. before the amalgamation with 17358750 Canada Inc. becomes effective. The parties amended the business combination agreement on June 12, 2026 to revise requirements for post-closing directors. Shareholders approved extending the combination deadline to July 3, 2026, with up to 12 one-month extensions to July 3, 2027, requiring a monthly extension fee of $8,253.03 into the trust account.

Risks

• No revenue and losses since inception — The company states it presently has no revenue and has had losses since inception from formation and operating costs, relying on securities sales and sponsor loans to fund operations.
• Trust account depletion from redemptions — Approximately $30.39 million was released from the trust account on July 7, 2026 for 2,655,132 redeemed Class A shares, reducing capital available for the combination.
• Extension fee and liquidation trigger — The trust amendment requires $8,253.03 per monthly extension and if the company fails to make a past-due payment within a 30-day cure period, it must cease operations and liquidate.
• Listing-rule failures — The company reported delisting notices or listing-rule failures in 8-K filings dated June 9, 2026 and September 2, 2026.

Outlook

Management's stated direction is to complete the Marine Thinking business combination, with the combined entity to be renamed Marine Thinking Holdings Inc. after a Canadian continuance. The company has until July 3, 2026 to complete a business combination and may elect up to 12 monthly extensions to July 3, 2027, each requiring an $8,253.03 trust deposit. Management states it cannot assure that its plans to raise capital or to complete its initial business combination will be successful.