Starry Sea Acquisition Corp Reports Net Income of $109,502 for Q2 2026

Starry Sea Acquisition Corp has reported its financial results for the second quarter of 2026, revealing a net income of $109,502 for the three months ending June 30, 2026, compared to a net loss of $21,600 for the same period in 2025. For the first half of 2026, the company recorded a net income of $434,732, a significant improvement from a net loss of $107,104 in the prior year. The positive results were primarily driven by interest income earned on cash held in the Trust Account, which amounted to $487,635 for the quarter and $972,134 for the six-month period. Operating expenses, however, increased substantially, totaling $378,133 for the quarter and $537,402 for the half-year, compared to $21,600 and $107,104, respectively, in the previous year.

The company’s balance sheet as of June 30, 2026, shows total assets of $59.4 million, a slight increase from $58.7 million at the end of 2025. Notably, cash and cash equivalents decreased significantly to $6,081 from $112,134, while cash and investments held in the Trust Account rose to $59.3 million from $58.4 million. Shareholders' equity also declined to $2.1 million from $5.8 million, primarily due to the accretion of ordinary shares subject to redemption and the company's operating losses.

Starry Sea Acquisition Corp has not yet completed any business combinations, as it remains in the process of identifying potential targets. The company had previously entered into a letter of intent with Forever Young International Limited for a proposed business combination, but this agreement expired without definitive agreements being executed. The company is actively seeking other opportunities and has until November 2026 to complete a business combination, or it will be required to liquidate.

Operationally, the company has maintained a consistent number of ordinary shares outstanding at 1,885,871, with an additional 5,750,000 shares subject to possible redemption. The company’s liquidity position is supported by a promissory note from its sponsor, which allows for up to $500,000 in funding for working capital deficiencies or transaction costs related to a business combination. As of June 30, 2026, the principal amount due under this note was $198,432.

Looking ahead, Starry Sea Acquisition Corp's management has expressed confidence in its ability to identify and complete a business combination within the required timeframe. However, they acknowledge the inherent risks and uncertainties associated with such transactions. The company continues to monitor its financial position closely, particularly its cash flow and operational expenses, as it navigates the complexities of the acquisition process.