Yorkville Acquisition Corp.

What they do

The company was incorporated on March 3, 2025 and has generated no revenues; all activity to date relates to its formation, its initial public offering, and identifying and negotiating a potential business combination. It holds proceeds in a U.S.-based trust account invested in short-maturity U.S. government securities or qualifying money market funds. It has entered and terminated at least one business combination agreement.

Revenue drivers

• No operating revenue — The company has generated no revenues and does not expect operating revenues until at least the consummation of an initial business combination.
• Trust account interest income — It generates non-operating income in the form of interest income on cash and cash equivalents derived from the IPO proceeds held in the trust account.
• Completion of a business combination — Any future operating business would come only from a merger, share exchange, asset acquisition, share purchase, reorganization or similar transaction with one or more businesses.

Recent performance

Annual net income for 2025 was $499,085, while operating cash flow was negative $641,232. As of June 30, 2026, total assets were $179.9 million, total liabilities $8.0 million, and shareholder equity was negative $7.6 million. Cash and equivalents on that date were only $181,617. The 10-Q discloses execution of a Business Combination Agreement on August 25, 2025 with Crypto.com-related entities and the Sponsor, among others.

Strategy

The company's stated purpose is to effect an initial business combination using cash from the IPO and private placement proceeds, proceeds from share sales, shares issued to target owners, debt, or a combination of these. In August 2025 it executed a Business Combination Agreement with SPAC Sub, Foris Holdings KY Limited (known commercially as Crypto.com), Crypto.com Sub, the Sponsor, and Trump Media & Technology Group Corp. The 10-K risk factors state that the Company would domesticate into a Florida corporation at least two business days before closing, and that Cronos (CRO) tokens would constitute a substantial portion of the combined company's assets. Subsequent 8-K disclosures report entering material agreements in February and July 2026 and terminating a material agreement on August 10, 2026, along with director or officer changes in December 2025 and April 2026.

Risks

• No operating history — The company has not commenced operations and has generated no revenues, so its prospects depend entirely on completing and integrating a business combination.
• Trust account and shareholder redemptions — IPO and private placement proceeds are held in trust and are not released until completion of an initial business combination or a redemption/liquidation event, which limits operating flexibility.
• Cronos token exposure — The 10-K states that CRO tokens are not currently used in an operating business and that the volatile market price of CRO, which will constitute a substantial portion of assets, creates significant uncertainty and makes future prospects difficult to evaluate.
• Completion window and financing — The company must complete an initial business combination within 24 months of the June 30, 2025 IPO closing, and the 10-K questions whether the combined company can raise additional capital on favorable terms.

Outlook

Management states that the company will not generate operating revenues until at least the completion of an initial business combination, with any income in the interim coming from interest on trust assets. The 10-K frames the path forward around the proposed combination with the Crypto.com-related entities and Trump Media & Technology Group, which would domesticate the company into a Florida corporation before closing. The company cautions that the absence of a predecessor business makes future results difficult to forecast.