Cayson Acquisition Corp (NASDAQ: CAPN) is a blank-check special purpose acquisition company (SPAC) formed to identify and complete a merger or acquisition with one or more target businesses. The company generates no operating revenue. It holds funds raised through its initial public offering in a Trust Account, which held $64,487,925 as of December 31, 2025, intended for use in completing an initial business combination. The IPO raised $60,000,000 in proceeds, supplemented by $2,300,000 from a private placement, per the 10-K filed March 24, 2026. The company was incorporated on May 27, 2024. Its stated acquisition focus includes businesses with operations or ties to China, as evidenced by extensive PRC regulatory risk disclosures. The company has until March 23, 2027 to complete a business combination, with monthly extensions funded by $125,000 sponsor loans per month, following shareholder approval at an extraordinary general meeting on March 18, 2026. As of December 31, 2025, the company carried a working capital deficit of $1,157,343.

Revenue model

No operating revenue. The company is a pre-combination SPAC. Trust Account interest accrues on the $64,487,925 held as of December 31, 2025, but substantially all Trust Account funds are reserved for the business combination.

Products and services

No products or services. The company's sole activity is identifying and executing an initial business combination. An Agreement and Plan of Merger dated July 11, 2025, involving the SPAC, a company identified as North Water, and a Merger Sub is referenced in the exhibit list.

Customers and end markets

No customers. End market is determined by the target acquisition. PRC regulatory disclosures indicate the intended target operates in or has ties to China.

Value-chain role

SPAC sponsor vehicle. Raises public capital via IPO, holds proceeds in trust, and deploys capital through a single business combination transaction.

Geographic exposure

Incorporated in a non-US jurisdiction (Cayman Islands structure implied by references to amended and restated memorandum and articles of association and Ordinary Shares). Target business exposure oriented toward the People's Republic of China based on PRC regulatory risk disclosures in the 10-K filed March 24, 2026.

Source: SEC 10-K, filed 2026-03-24

Industry: Blank Checks