Miluna Acquisition Corp

What they do

Miluna Acquisition Corp is a Cayman Islands exempted blank check company with no operating business, formed to merge with or acquire one or more businesses. It has not selected a business combination target except for the pending CADV.AI agreement, and it avoids targets based in the PRC. Its sole operational activity is searching for an acquisition, using proceeds from its IPO and private placements held in a trust account.

Revenue drivers

• No operating revenues — As a blank check company, Miluna has generated no revenues to date; its only income is interest on trust and other cash balances.
• Initial Business Combination — The intended source of future value is a merger or acquisition, with the April 2026 agreement to acquire CADV.AI being the identified target.
• Trust Account Proceeds — The $69 million placed in trust from IPO and private placement proceeds will be used to fund the initial business combination.

Recent performance

For the three months ended June 30, 2026, the company reported net income of $93,409, consisting of formation and operating costs of $526,6 (excerpt cut off). As of June 30, 2026, total assets were $70.9 million, total liabilities were $874,181, and shareholder equity was negative $665,090. The company has not engaged in operations or generated revenues since inception.

Strategy

Management intends to leverage its network of corporate executives, private equity and venture funds, investment bankers, and consultants to source acquisition targets. In April 2026, Miluna entered into a Business Combination Agreement with Kukugan Invest and CADV Ventures S.A. to merge Parent into Miluna, making CADV.AI a wholly-owned subsidiary, after which the combined company will be renamed Kukugan Corp. The company expects to incur significant costs in pursuing its initial business combination and will use cash, shares, or debt as consideration.

Risks

• No target selected — The company had not selected a business combination target until the pending CADV.AI agreement, and there is no assurance it will complete any transaction.
• Completion uncertainty — The Business Combination Agreement with CADV.AI may not close, and the company cannot assure investors that its plans to raise capital or complete the combination will succeed.
• Limited operating history — As a newly formed blank check company with no operations or revenues, it has limited financial history and high dependence on the acquisition's success.
• Significant expenses — Management expects to incur significant costs in pursuit of the business combination, which could deplete capital if the deal fails.

Outlook

Management expects to continue incurring significant costs in pursuit of the initial business combination, with no operating revenues expected until after completion. The company anticipates non-operating interest income from trust assets and increased expenses from public company obligations. The pending CADV.AI acquisition, if completed, will transform the company into Kukugan Corp, but the 10-Q does not assume its closing.