ASPAC III Acquisition Corp. Liquidation Value

ASPAC III Acquisition Corp. (ASPC) is a BVI-incorporated blank check company with no operating revenue, formed to effect a business combination. As of March 31, 2026, the entity's liquidation posture is straightforward but substantially constrained by the grantor trust structure governing the bulk of its assets.

Total assets are $3.88M. The dominant asset is the Trust Account ($3.01M, 77% of total assets), invested in U.S. government money market instruments and classifiable at 100% recovery under the liquidation lens given its Level 1 fair value classification and statutory ring-fencing. Outside-trust assets consist of $670K cash (100% recovery), $123K prepaid expenses (effectively zero recovery under liquidation), and $85K other receivable (recovery uncertain; not described in detail in the filing). Total outside-trust liquid assets approximate $755K before haircuts.

On the liability side, the sole obligation is accounts payable and accrued expenses of $599K at face value. No long-term debt, no lease obligations, no pension, no deferred underwriting fee — the latter is structurally absent as this SPAC used a cash-only underwriting fee structure with no deferred component.

Critically, the Trust Account balance of $3.01M is legally encumbered: it must be distributed to the 282,581 remaining public Class A shareholders (redeemable shares) upon liquidation or business combination failure at approximately $10.63/share. The Class A temporary equity carrying value (redemption value) is tagged at $3.01M, which equals the Trust Account balance. On a liquidation scenario, after paying out $3.01M to public redeeming shareholders and settling $599K in trade payables, the residual to permanent equity holders is negative when measured against outside-trust assets: $670K cash + $85K receivable - $599K AP = approximately $156K. This matches the MFFAIS LLV of $156,659.

Compared to the prior period (10-K, December 31, 2025), the Trust Account grew modestly from $2.98M to $3.01M (approximately $26K interest accrued in Q1 2026). Cash declined from $871K to $670K, consistent with $201K operating cash burn in the quarter. AP grew from approximately $536K to $599K. The net effect on outside-trust recovery is marginally negative quarter-over-quarter.

Going concern language is present and explicit: management has determined that inability to complete a business combination by November 12, 2026 raises substantial doubt. The Bioserica merger agreement (signed May 2025, $217.9M all-stock consideration) is pending but unclosed. The terminated HD Group agreement is noted. No subsequent events requiring adjustment were identified as of the filing date (May 8, 2026). The filing does not separately tag working capital deficit or available liquidity outside the trust in XBRL beyond the balance sheet line items; the $279,571 retained earnings figure represents accumulated deficit reversal, not a separately tagged working capital figure.