M Evo Global Acquisition Corp II

What they do

The company is a blank check company incorporated in the Cayman Islands on August 11, 2025, formed to enter into a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It has neither engaged in any operations nor generated any revenues to date. Its only activities from inception through June 30, 2026 were organizational activities, preparing for its initial public offering, and identifying a potential target company.

Revenue drivers

• Interest income on Trust Account investments — The company generates non-operating income in the form of interest income on investments held in the Trust Account; for the three months ended June 30, 2026 interest income was $2,670,170.

Recent performance

For the three months ended June 30, 2026, the company reported net income of $2,565,903, consisting of $2,670,170 of interest income on Trust Account investments offset by $104,267 of operating costs. For the six months ended June 30, 2026, it reported a net loss of $4,427,713, consisting of $8,469,916 of compensation expense and $293,488 of operating costs, offset by $4,335,691 of interest income. As of June 30, 2026, total assets were $305.5 million, total liabilities were $12.1 million, shareholder equity was negative $11.0 million, and cash and equivalents were $947,796. For the six months ended June 30, 2026, cash used in operating activities was $190,629.

Strategy

The company intends to effectuate a business combination using cash derived from the proceeds of its initial public offering and the sale of private placement warrants, its shares, debt, or a combination of cash, shares and debt. It expects to continue to incur significant costs in pursuit of its acquisition plans. Management states that it does not expect to generate any operating revenues until after the completion of a business combination. Subsequent to the initial public offering, the company generates non-operating income in the form of interest income on Trust Account investments.

Risks

• No operating history or revenue — The company has neither engaged in any operations nor generated any revenues to date, and does not expect to generate operating revenues until after completion of a business combination.
• Inability to complete a business combination — The company states it cannot assure that its plans to complete a business combination will be successful, and it expects to continue to incur significant costs in pursuit of its acquisition plans.
• Negative shareholder equity — As of June 30, 2026, shareholder equity was negative $11.0 million, with total liabilities of $12.1 million against total assets of $305.5 million.
• Reliance on Trust Account and related-party funding — For the six months ended June 30, 2026, cash used in operating activities was $190,629, and the company paid general and administrative costs through a promissory note related party of $51,725 and advances from related party of $10,498.

Outlook

Management states that the company will continue to incur significant costs in the pursuit of its acquisition plans but cannot assure that its plans to complete a business combination will be successful. No operating revenues are expected until after the completion of a business combination. The company expects to generate non-operating income from Trust Account investments in the interim.