Eureka Acquisition Corp, a blank check company incorporated in the Cayman Islands, reported its financial performance for the fiscal year ending September 30, 2025, in its recent 10-K filing. The company generated a net income of $1.37 million, a significant increase from the previous year's net income of $255,721. This growth was primarily driven by interest income from the Trust Account, which amounted to $2.23 million, offset by general and administrative expenses of $859,747. The company has not yet commenced any operations or generated revenue from business activities, as its focus remains on identifying a suitable target for its initial business combination.
Compared to the previous fiscal year, Eureka's total assets decreased from $58.84 million to $31.44 million, largely due to a reduction in cash held in the Trust Account, which fell from $58.11 million to $31.34 million. The decrease in assets was accompanied by a working capital deficit of $625,273 as of September 30, 2025. The company has until January 3, 2026, to complete its initial business combination, with the possibility of extending this deadline to July 3, 2026, if necessary.
Strategically, Eureka has entered into a business combination agreement with Marine Thinking Inc., an autonomous ship and fleet solution provider, on October 29, 2025. This agreement outlines a series of transactions, including the deregistration of Eureka as a Cayman Islands exempted company and its domestication to Canada. Following this, Marine Thinking and a wholly-owned subsidiary of Eureka will amalgamate, with the new entity expected to be named Marine Thinking Holdings Inc. The completion of this transaction is subject to shareholder approval and other conditions.
Operationally, the company has seen a reduction in its public shares, with 2,930,233 Class A ordinary shares subject to possible redemption as of September 30, 2025, down from 5,750,000 shares the previous year. This change reflects the redemption of approximately $29 million by shareholders during the fiscal year. The company has also incurred significant costs related to its public company status and the search for acquisition targets, which may impact its liquidity and ability to complete a business combination.
Looking ahead, Eureka's management has expressed uncertainty regarding its ability to complete a business combination within the specified timeframe. The company has not secured additional financing commitments, raising concerns about its operational viability if it fails to complete the business combination by the deadline. The filing indicates that the company may need to seek additional financing or face liquidation, which could significantly affect shareholder value.
About Eureka Acquisition Corp
Eureka Acquisition Corp. is a blank check company focused on identifying and completing a merger or acquisition with a private business, primarily in Asia. It aims to leverage experienced management, extensive deal sourcing networks, and a structure that offers target companies an alternative to traditional IPOs. The company seeks resilient, industry-leading businesses with growth potential, benefiting from being publicly listed to enhance capital access and visibility.
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