Chase Packaging Corporation

What they do

Chase Packaging was formerly a supplier of packaging products to the agricultural industry and began liquidating its assets in 1997, completing that liquidation the same year. Since 1999 the Board's efforts have been devoted to establishing a new business or engaging in a merger or reorganization transaction. It reports no operations, no revenue, and describes itself as a shell company under Exchange Act Rule 12b-2. It neither rents nor owns properties and uses management's office space at no cost.

Revenue drivers

• No operating revenue — The company had no operations and no revenue for 2025, 2024, or the quarters ended June 30, 2026 and 2025; its only income is interest on short-term investments classified as cash and cash equivalents.
• Interest income — Interest and other income was $9,881 for 2025 versus $15,938 for 2024, and $1,628 for the three months ended June 30, 2026 versus $2,570 a year earlier.
• Legacy packaging business (terminated) — Prior to 1998 the company supplied packaging products to the agricultural industry; that business was sold and liquidation completed in 1997, so it generates no current revenue.

Recent performance

For the year ended December 31, 2025, the company reported a net loss of $76,742 compared with a net loss of $88,949 for 2024, with total operating expenses of $86,623 versus $104,887. Operating expenses in 2025 consisted of $39,545 in audit and accounting fees, $20,707 in payroll, and $25,621 in other general and administrative expense. For the three months ended June 30, 2026, the net loss was $24,893 versus $29,886 a year earlier, on operating expenses of $26,521 and $32,456 respectively. For the six months ended June 30, 2026, operating expenses were $43,856 versus $49,781. Net cash used in operating activities was $75,744 in 2025 and $90,461 in 2024.

Strategy

Management's stated objective is to secure a suitable merger partner wishing to go public or to acquire private companies to create investment value for the company. The company expects to incur significant expenses in connection with identifying a merger partner or acquiring an operating business. Management believes cash and cash equivalents are sufficient for business activities for at least the next twelve months and for the costs of seeking an acquisition. Future operating expenses are expected to decrease and then stabilize for periodic reporting, though they may increase during a business combination effort, with no assurance of success.

Risks

• Shell company with no operations — The company has no operations or revenue and is considered a shell company, so value depends entirely on completing a merger or acquisition.
• No assurance of a business combination — Management states there can be no assurance that it will be successful in effecting a business combination.
• Cash burn from losses — Net cash of $75,744 was used in operating activities in 2025, funded by the existing balance, with no investing or financing cash flows.
• Nominal trading liquidity — The stock is quoted on OTC Pink under WHLT with approximately 225 holders of record at December 31, 2025, nominal trading volume, and a last reported price of $0.094.

Outlook

Management expects future operating expenses to decrease and then stabilize as it complies with periodic reporting requirements, while noting expenses may increase as it works to effect a business combination. Future earnings are stated to depend on interest rates earned on invested balances and expenses incurred. The company expects to incur significant expenses pursuing a merger partner or operating-business acquisition. No assurance is given that a business combination will be completed.