GLED is a blank-check special purpose acquisition company (SPAC) incorporated to identify and consummate a business combination with one or more target businesses. The company generates no operating revenue. Its sole near-term income source is interest earned on marketable securities held in a Trust Account, which held $115,000,000 following the IPO that closed March 5, 2026. GLED raised $100,000,000 from an IPO of 10,000,000 units at $10.00 per unit on March 5, 2026, with an additional $15,000,000 from a full overallotment exercise on March 12, 2026, and $2,275,000 from concurrent private placements. For the three months ended March 31, 2026, net income was $157,011, consisting of $280,820 in Trust Account interest, offset by $107,325 in formation and operating costs and $16,484 in business combination expenses. On May 1, 2026, the company entered into an Agreement and Plan of Merger with Rongcheng Group Limited. GLED has until June 5, 2027 to consummate a business combination or face automatic winding up and liquidation.
Blank-check SPAC vehicle structured as units, each consisting of one ordinary share (par value $0.0001) and one right to receive one-quarter of an ordinary share upon business combination consummation. Units were offered at $10.00 each.
No operating revenue as of March 31, 2026. Income is limited to interest earned on the $115,000,000 Trust Account holding proceeds from the IPO and private placements. Post-combination revenue would depend entirely on the acquired business.
No customers or end markets as of March 31, 2026. The company had not engaged in operations or generated revenues from inception (September 25, 2025) through March 31, 2026.
Source: SEC 10-Q, filed 2026-05-20
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