Columbus Acquisition Corp/Cayman Islands Investor Guide

What Kind of Company is Columbus Acquisition Corp?

Columbus Acquisition Corp (CAC) isn't a regular business yet. It's a "blank check company" or SPAC. Think of it as a company formed to find and buy a private company, then bring it public. They started in the Cayman Islands on January 18, 2024, for this mission.

CAC is a "shell company." It has no ongoing business. Its main asset is cash in a trust account for an acquisition. As a SPAC, CAC has a limited time to complete a business combination. CAC's deadline is January 24, 2027. If no deal happens, the company must close. It will then return the trust account money to public shareholders.

Their Big Year: Going Public and Finding a Target!

2025 was a big year for CAC. They raised initial funds and, more importantly, found a company to buy:

• They went public! On January 24, 2025, CAC held its Initial Public Offering (IPO). They first sold shares to the public then. They sold 6,000,000 "units" for $10.00 each, raising $60,000,000. Each unit included one ordinary share and one "right." This right gives you one-seventh (1/7) of an ordinary share after the first acquisition. The underwriters did not fully use their option to buy 900,000 more units, which led to some founder shares being given up.
• Their main backer also invested: Hercules Capital Management VII Corp, their "Sponsor," also invested. They bought 234,290 units for $2,342,900. This was a "Private Placement" at the same time as the IPO. These units were like public units, but they could not be resold until after the acquisition.
• Money in the bank (for you!): All $62,342,900 went into a special "Trust Account." This included $60,000,000 from the IPO and $2,342,900 from the private placement. Continental Stock Transfer & Trust Company holds this money. It is invested in U.S. government securities or money market funds. This money benefits public shareholders. It will fund an acquisition or return to shareholders if no deal occurs or if shareholders sell back their shares. Interest earned can pay taxes or cover operating costs, up to a limit.
• Trading on Nasdaq: By March 17, 2025, CAC's shares (COLA), rights (COLAR), and units (COLAU) began trading. They trade on the Nasdaq Capital Market, which lets investors easily buy and sell their investments.
• Finding a company to buy! This is huge news for a SPAC! On November 9, 2025, CAC announced a "business combination agreement." This is a firm deal to buy WISeSat.Space Corp. CAC found its "target" company. The process to merge with or buy WISeSat.Space has now begun. This is why SPACs exist, so it's a big step!

Financial Snapshot (So Far)

Since its IPO, CAC hasn't run a traditional business. Its main job has been finding a company to buy. So:

• No income, some losses: CAC currently earns no money. It has had losses since it started. For 2025, CAC lost about $1,500,000. This was mainly due to general costs, legal and accounting fees for the IPO, and searching for a target. It also included costs to check out potential companies.
• How they get money: CAC funds its operations by selling shares, like the IPO. It also gets interest-free loans from its Sponsor. As of December 31, 2025, the Sponsor loaned about $300,000. These loans cover operating costs and are usually paid back after an acquisition. Outside the trust account, CAC keeps little cash, holding less than $100,000 for immediate needs.
• What they own and owe: As of December 31, 2025, CAC's main asset was $62,342,900 in the trust account. Its total debts, including expenses and the Sponsor loan, were about $1,800,000.

Who Owns What?

The Sponsor first held 1,500,000 "Founder Shares" (or "promote shares"). This was 20% of shares after the IPO, assuming full overallotment. The Sponsor gave up 225,000 Founder Shares because underwriters did not fully use their option. So, the Sponsor now holds 1,275,000 Founder Shares.

Besides these Founder Shares, the Sponsor bought 234,290 units in the private placement. These units included 234,290 ordinary shares. So, the Sponsor directly owns about 1,509,290 ordinary shares.

Overall, insiders (the Sponsor, officers, and directors) own about 1,730,000 shares. This is roughly 21.83% of all shares currently available. This calculation is based on 6,000,000 public shares and 1,500,000 founder shares (before forfeiture), totaling 7,500,000 shares.

As of June 30, 2025, regular investors owned about $62.95 million in shares, with each share worth around $10.1362.

Currently, 4,494,439 ordinary shares are available.

Besides shares, CAC gave 6,000,000 rights to public shareholders. It also gave 234,290 rights to the Sponsor. The company also issued 4,000,000 private placement warrants to the Sponsor. Each warrant lets them buy one ordinary share for $11.50, becoming active 30 days after the acquisition is complete.

What's Next? The WISeSat.Space Deal

Now, the focus is on buying WISeSat.Space Corp. This "business combination" is why Columbus Acquisition Corp exists. WISeSat.Space Corp. is a tech company. It works in the growing satellite and space communication field. They offer secure, strong, and fast satellite connections for IoT, defense, and businesses.

Key aspects of the proposed deal include:

• What needs to happen to close the deal: Several things must happen for the deal to close. CAC's shareholders must approve it, and WISeSat.Space's shareholders must also approve it. Regulatory bodies must give their approval. A key condition for many SPAC deals is a minimum cash amount, meaning enough cash must stay in the trust account after shareholders sell back shares to fund WISeSat.Space's operations and growth.
• When it might happen: The companies expect to close the deal in early 2026. This follows preparing and filing a final proxy statement with the SEC, after which shareholders will vote.

This deal carries inherent risks. A significant number of shareholders may redeem their shares, which would reduce the cash available for WISeSat.Space. The deal also faces the risk of not closing. WISeSat.Space operates in a fast-changing, competitive space tech market.