K&F Growth Acquisition Corp. II

What they do

K&F Growth Acquisition Corp. II was formed to effect a Business Combination with one or more businesses or entities and may pursue a target in any business or industry. Its efforts to date have been limited to organizational activities, its Initial Public Offering, and searching for a Business Combination. It has generated no operating revenues and does not expect to until it consummates an initial Business Combination. Management is led by Co-Chief Executive Officers Edward King and Daniel Fetters.

Revenue drivers

• Trust Account interest income — The only economic return on the $288,937,500 initially placed with Continental as trustee; funds may be invested in U.S. government securities with maturities of 185 days or less, qualifying money market funds, cash, or bank demand deposits.
• SPAC structure and deferred economics — Sponsor economics derive from Founder Shares and 495,447 Private Placement Units purchased at $10.00 each; BTIG purchased 427,280 Private Placement Units, and the company has no operating business to generate revenue.
• IPO proceeds to be deployed — The February 6, 2025 IPO of 28,750,000 Public Units at $10.00 generated $287,500,000 of gross proceeds; the Private Placement generated an additional $9,227,270.

Recent performance

The company reported annual net income of $10.2 million for 2025 and operating cash flow of negative $849,099. As of June 30, 2026, total assets were $305.4 million, total liabilities $10.1 million, and shareholders' equity was negative $9.8 million. Cash and equivalents at June 30, 2026 were only $92,083, while the bulk of assets sits in the Trust Account. The company has generated no operating revenues. No definitive agreement with a Business Combination target had been entered into as of the filings.

Strategy

Management's stated priority is to identify and complete an initial Business Combination before November 6, 2026, the end of the 21-month Combination Period from the IPO closing, unless the Board approves an earlier date or shareholders approve a later date. Management initially focused on experiential entertainment across location-based and mobile channels but has broadened its search to other industries because it is not limited to a particular sector. The company may seek to extend the Combination Period by amending its Amended and Restated Articles, which would require shareholder approval and a redemption offer. If no Business Combination is completed by the deadline, the company will cease operations and redeem Public Shares with Trust Account funds.

Risks

• Deadline and delisting risk — A delisting notice or listing-rule failure was reported on August 21, 2026, and the company must complete its Business Combination by November 6, 2026 or risk suspension and delisting from Nasdaq.
• No target identified — As of the 10-K, the company had not entered into a definitive agreement with a specific Business Combination target.
• Negative shareholder equity — Shareholders' equity was negative $9.8 million at June 30, 2026, and cash outside the Trust Account was only $92,083.
• Redemption and extension risk — Any shareholder-approved extension would give Public Shareholders the opportunity to redeem shares, reducing Trust Account assets and capitalization and potentially affecting Nasdaq listing.

Outlook

Management states it is searching for a Business Combination target across industries and expects to continue incurring significant costs in pursuit of that acquisition. It notes there can be no assurance that its plans to complete a Business Combination will be successful. If the November 6, 2026 deadline passes without a deal, the company will cease all operations except winding up and redeem Public Shares with funds held in the Trust Account.