Oceanhawk Acquisition Corp

What they do

The company was incorporated on September 12, 2025, as a Cayman Islands exempted company to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses it has not yet identified. As of June 30, 2026, it had not commenced operations, and all activity since inception relates to formation, its initial public offering, and the search for a target. It will not generate operating revenues until at least the completion of an initial business combination; any income in the interim comes from interest on proceeds held in a trust account with Odyssey Transfer and Trust Company.

Revenue drivers

• Trust account interest income — Non-operating income from proceeds of the IPO and private placement held in the trust account; the only income source described, with no operating revenues until a business combination closes.
• Initial Public Offering proceeds — 16,000,000 units sold at $10.00 per unit for $160,000,000 gross proceeds, plus 2,400,000 over-allotment units for an additional $24,000,000.
• Private placement proceeds — 500,000 private placement units at $10.00 sold to the sponsor (300,000) and Benchmark (200,000) for $5,000,000, plus 30,000 additional units to Benchmark for $300,000 with the over-allotment.

Recent performance

The company has no operating history or revenues; results are limited to formation and offering activity for the period from September 12, 2025 (inception) through June 30, 2026. At June 30, 2026, total assets were $186.0 million, total liabilities were $7.0 million, shareholder equity was negative $6.6 million, and cash and equivalents were $223,887. The IPO closed May 22, 2026, on 16,000,000 units at $10.00, and the over-allotment option was exercised in full on May 27, 2026, for 2,400,000 additional units. Transaction costs totaled $8,725,721 for the base offering plus $1,200,000 for the over-allotment units, including cash and deferred underwriting fees.

Strategy

The company's stated purpose is to identify and complete an initial business combination, and it has not yet identified a target. Proceeds from the IPO and private placement are held in a trust account and are intended to fund a combination and related expenses. The company selected December 31 as its fiscal year end. Deferred underwriting fees are payable upon consummation of an initial business combination. Management discloses that it will not generate operating revenues until after a combination closes, at the earliest.

Risks

• No identified target — As of the filing, the company has not identified any business combination target, so there is no assurance a deal will be completed.
• Negative shareholder equity — Shareholder equity was negative $6.6 million at June 30, 2026, reflecting offering costs and the structure of the trust and liabilities.
• Deferred underwriting obligation — Deferred underwriting fees are payable only on consummation of an initial business combination, creating a cash obligation tied to closing a deal.
• No operating revenue until a deal closes — The company will not generate operating revenues until at least the completion of an initial business combination, relying on trust interest in the interim.

Outlook

Management states the company will not generate operating revenues until at least the completion of an initial business combination. Its activity is focused on searching for a business combination target. The filing is dated August 14, 2026, and does not disclose a specific target, timeline or agreement. Interest income from the trust account remains the only described source of non-operating income until a combination is completed.