Velos Acquisition I Corp. Reports Decrease in Net Income and Extends Business Combination Deadline

Velos Acquisition I Corp., formerly known as M3-Brigade Acquisition V Corp., reported its financial results for the quarter ending June 30, 2026, revealing a net income of $1.67 million, a decrease from $2.18 million in the same period last year. The company generated $2.74 million in interest income from its Trust Account, which was partially offset by $1.07 million in general and administrative expenses. For the first half of 2026, Velos reported a net income of $3.38 million, down from $5.10 million in the prior year, with total interest income of $5.44 million and operating costs of $2.05 million.

The company’s total assets as of June 30, 2026, amounted to $312.53 million, a slight increase from $308.18 million at the end of 2025. This growth was primarily driven by an increase in investments held in the Trust Account, which rose to $312.32 million from $306.88 million. However, cash reserves significantly declined to $142,798 from $1.18 million, reflecting ongoing operational expenditures. The company’s liabilities also increased, totaling $21.66 million compared to $20.70 million at the end of the previous fiscal year, largely due to accrued expenses.

In terms of strategic developments, Velos Acquisition I Corp. has not yet completed any business combinations since its inception. The company’s previous Business Combination Agreement with ReserveOne was mutually terminated on June 12, 2026, prompting the need for an extension to complete a new business combination. Shareholders approved amendments to the company’s Articles of Association on July 17, 2026, extending the deadline for completing a business combination by 12 months to August 2, 2027. This extension is crucial as the company had been facing liquidity concerns and a mandatory liquidation date.

Operationally, Velos has maintained a consistent number of shares outstanding, with 23,481,911 Class A ordinary shares and 7,187,500 Class B ordinary shares as of August 13, 2026. The company has also engaged in various financing activities, including the issuance of promissory notes to its sponsor, totaling $2.5 million under the 2025 Note and $1.1 million under the February 2026 Note. These funds are intended to support general working capital and facilitate the search for a suitable business combination.

Looking ahead, Velos Acquisition I Corp. remains focused on identifying potential target businesses for acquisition. However, the company has expressed uncertainty regarding its ability to complete a business combination within the extended timeframe, raising concerns about its liquidity and operational viability. The management has indicated that it will continue to explore various financing options and strategic partnerships to enhance its prospects for a successful business combination in the future.