White Pearl Acquisition Corp.

What they do

White Pearl Acquisition Corp. is a special purpose acquisition company (SPAC) incorporated in the British Virgin Islands on June 27, 2025, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company has not limited its search to any particular industry or sector. It has no operations and generates no operating revenues, with activities limited to organizational tasks, IPO preparation, and identifying a target company.

Revenue drivers

• Interest income on Trust Account investments — Non-operating income from the $115.0 million placed in the Trust Account after the IPO and Private Placement; for the three months ended June 30, 2026, earned $1,023,466.
• Interest income on bank deposits — Interest on cash and cash equivalents held outside the Trust Account; for the three months ended June 30, 2026, earned $15,672.
• No operating revenue — The company has generated no operating revenues to date and does not expect any until after the completion of an initial business combination.

Recent performance

As of June 30, 2026, the company reported total assets of $118.6 million, total liabilities of $267,558, and shareholder equity of $1.6 million. Cash and equivalents outside the Trust Account totaled $1.6 million. For the three months ended June 30, 2026, the company had net income of $747,372, comprising interest income from the Trust Account of $1,023,466 and bank interest of $15,672, offset by operating costs of $291,766.

Strategy

The company intends to identify and complete a business combination with one or more businesses, with no restriction on industry or sector. Management expects to incur significant costs in pursuing acquisition plans. The company will use the trust proceeds to fund the business combination, subject to shareholder approval and other conditions. The sponsor, White Pearl Group Limited, and management are focused on finding a suitable target, though success is not assured.

Risks

• No business combination completed — The company has not yet identified a target and may fail to complete a business combination within the required timeframe, potentially leading to liquidation.
• Conditions of proposed business combination not satisfied — Forward-looking statements depend on the satisfaction of conditions for a proposed business combination, which may not occur, as noted in the MD&A.
• Limited operations and no revenue — As a blank check company, it has no operating history or revenues, and will depend on the success of the future business combination.
• Significant costs without offsetting income — The company expects to continue incurring significant costs for public company compliance and due diligence, which could deplete resources if a deal is delayed or fails.

Outlook

Management expects to continue incurring significant costs in the pursuit of acquisition plans and does not expect operating revenues until after a business combination. The company will continue evaluations of potential targets and intends to complete an initial business combination, but cannot assure that plans will be successful. The trust account provides funding for the eventual transaction, subject to the satisfaction of conditions.