BPGC Acquisition Corp. Annual Report - How They Did This Year

Hey there! Let's break down BPGC Acquisition Corp.'s year.

First off, it's important to know that BPGC Acquisition Corp. (which used to be called Ross Acquisition Corp II) is what's known as a "shell company." Think of it like an empty box listed on the stock market. Its main job is to find a private company to merge with, essentially bringing that private company public.

This annual report, called a Form 10-K, covers the year that ended on December 31, 2024. The company has been behind on its financial filings. This report is a comprehensive one, covering not just 2024 but also 2023 and some quarters in 2024 and 2025, all to catch up with the SEC. This is their first major filing since late 2023.

They're currently looking to merge with a company called Innovative Rocket Technologies, Inc., or "iRocket" for short. This is their "Proposed Business Combination."

As of June 30, 2025, the market value of their main shares (Class A ordinary shares) was estimated at about $1.84 million. By November 28, 2025, there were roughly 4.46 million Class A shares and 4.33 million Class B shares outstanding.

They also have different types of securities available, including "Units" (which are a package deal of one Class A share and a part of a warrant), individual Class A shares, and "Redeemable warrants" (which give you the right to buy a Class A share later at $11.50 each).

Because they're still in this "shell company" phase, they're considered a "non-accelerated filer," a "smaller reporting company," and an "emerging growth company." They haven't been consistently filing all their reports on time.

Key Takeaways:

• BPGC Acquisition Corp. is a shell company (SPAC) focused on merging with a private entity.
• Their current target for a "Proposed Business Combination" is Innovative Rocket Technologies, Inc. (iRocket).
• The company has a history of delayed financial filings, with this comprehensive 10-K aiming to catch up on reports from 2023, 2024, and parts of 2025.
• As of late 2025, the company had approximately 4.46 million Class A shares and 4.33 million Class B shares outstanding, with Class A shares valued at an estimated $1.84 million as of June 30, 2025.
• They offer various securities, including Units, Class A shares, and Redeemable warrants.