Wintergreen Acquisition Corp.

What they do

Wintergreen Acquisition Corp. is a Cayman Islands blank check company incorporated on April 29, 2024, for the purpose of effecting a merger, share exchange, asset acquisition, or similar business combination. It has no operations and has generated no revenues to date. The company completed its IPO on May 30, 2025, raising gross proceeds of $50 million plus an additional $5.95 million from a partial exercise of the underwriter's over-allotment option, and a private placement of $2.54 million from the sponsor. The net proceeds were placed in a trust account, and the company is currently pursuing a business combination with KIKA Technology Inc.

Revenue drivers

• Interest income from trust account — The company holds $56,089,875 in trust (at IPO) invested in U.S. government securities; it expects to generate non-operating interest income from these funds until a business combination.
• Business combination with KIKA — Upon completion, the company will become KIKA Inc., and the combined entity will generate revenue from KIKA's operations; the transaction values KIKA at $80 million.

Recent performance

For fiscal year 2025, Wintergreen reported annual net income of $988,403, but operating cash flow was negative at $274,011. As of June 30, 2026, the company had total assets of $59.5 million, total liabilities of $132,000, and shareholder equity of $2.0 million. It had cash and equivalents of $1.0 million. The company has no revenue and expects to incur significant costs in pursuing its acquisition plans.

Strategy

Wintergreen intends to complete a business combination with one or more target businesses, focusing primarily on businesses in Asia. On November 17, 2025, it entered into a merger agreement to acquire KIKA Technology Inc., a Cayman Islands company, in a merger valued at $80 million. Upon closing, Wintergreen will change its name to KIKA Inc. The company plans to use the trust account proceeds, potential forward purchase agreements, and debt or equity financing to fund the transaction.

Risks

• No operating history — Wintergreen is a blank check company with no operations and no revenues, and there is no assurance it will successfully complete a business combination.
• Business combination may not close — The merger with KIKA is subject to customary closing conditions, including SEC effectiveness of the proxy/registration statement and shareholder approvals; failure to meet these could prevent completion.
• Limited cash for operations — With only $1 million in cash and equivalents and negative operating cash flow, the company may need additional funding from the sponsor or others to sustain operations until the merger closes.
• Redemption risk — Public shareholders may exercise redemption rights, which could reduce the trust account proceeds available for the business combination.

Outlook

Management expects to continue incurring significant costs in the pursuit of acquisition plans. The company's immediate priority is to complete the proposed business combination with KIKA, which requires SEC declaration of effectiveness, shareholder approvals, and other closing conditions. Until the merger closes, the company will generate only interest income from the trust account. There is no assurance that the business combination will be completed successfully.