Oceanhawk Acquisition Corp. has reported its financial results for the second quarter of 2026, revealing a net loss of $350,952 for the three months ended June 30, 2026, and a total net loss of $379,767 for the six-month period. The company, which is a blank check firm incorporated in September 2025, has not yet commenced operations and will not generate any operating revenues until it completes a business combination. The losses primarily stem from general and administrative expenses, which amounted to $988,274 for the quarter and $1,017,089 for the half-year.
In terms of financial position, Oceanhawk Acquisition Corp. reported total assets of $185,982,970 as of June 30, 2026, a significant increase from $372,420 at the end of the previous fiscal year. This increase is largely attributed to the proceeds from its Initial Public Offering (IPO) and the subsequent exercise of an over-allotment option. The company raised gross proceeds of $160 million from the IPO on May 22, 2026, and an additional $24 million from the over-allotment option exercised on May 27, 2026. As a result, the cash and investments held in the Trust Account reached $185,557,136.
Oceanhawk's operational metrics indicate that it has 18,930,000 Class A ordinary shares and 6,133,333 Class B ordinary shares outstanding as of August 13, 2026. The company has also incurred transaction costs totaling $8,725,721 related to the IPO, which includes underwriting fees and other offering costs. The company’s working capital deficit stood at $210,981 as of June 30, 2026, with cash on hand of $223,887.
Looking ahead, Oceanhawk Acquisition Corp. is focused on identifying and evaluating potential business combination targets. The company has a 15-month window from the IPO to complete a business combination, extendable to 18 months if a definitive agreement is executed within the initial period. However, the company has acknowledged substantial doubt about its ability to continue as a going concern if it fails to complete a business combination within the specified timeframe. Management is optimistic about securing a target and believes it will have sufficient liquidity to fund operations until then.
About Oceanhawk Acquisition Corp.
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