Bold Eagle Acquisition Corp. Liquidation Value

Bold Eagle Acquisition Corp. (BEAG) is a Cayman Islands blank-check SPAC that completed its IPO on October 25, 2024, raising $258M gross into a grantor trust. The company must complete a business combination by October 25, 2026 or liquidate. Auditors issued a going-concern qualification, citing mandatory liquidation within 12 months of the filing date.

Under the liquidation lens, the balance sheet is structurally favorable for public Class A shareholders but leaves zero residual for common equity (sponsor/founders). The dominant asset is the Trust Account ($269.8M at 12/31/2025, up from $260.0M at 12/31/2024), held in U.S. government money market funds and classified Level 1. This asset is earmarked for redemption of the 25,800,000 public Class A shares at $10.35/share carrying value. The trust balance essentially covers redemption obligations dollar-for-dollar; at liquidation, public shareholders receive pro-rata trust value less dissolution expenses (capped at $100K per the charter).

The non-trust asset base is minimal: $192.6K unrestricted cash and $566.8K in prepaid expenses (current + noncurrent). Under liquidation haircuts, prepaids carry no recovery value, leaving approximately $192.6K in recoverable non-trust assets. Total non-trust liquidation value is therefore approximately $193K, which is directionally consistent with MFFAIS's CLV/LLV/OLV of $196K — the difference attributable to minor rounding and the treatment of residual prepaids.

Liabilities total $9.76M. The $9.03M deferred underwriting commission (beagu:DeferredUnderwritingCommissionsNoncurrent) is the dominant liability; under the trust agreement, underwriters waive this fee upon liquidation (not on business combination). Therefore, in a no-combination liquidation scenario, the $9.03M deferred fee extinguishes without cash outflow, meaningfully improving trust per-share recovery. However, under strict face-value liability accounting per the liquidation lens definition, this liability remains on the stack unless contractually confirmed to discharge. The $542.975K related-party promissory note (non-interest bearing, payable at liquidation or combination close) is a real cash obligation on liquidation. Current liabilities of $188.7K (AP $34.9K, accrued $153.9K) are small but real.

Net shareholders' deficit stands at ($7.9M), driven by accumulated deficit. The sponsor's Class B and non-redeemable Class A shares have zero residual claim in any liquidation scenario after trust distribution to public shareholders and settlement of the promissory note and accrued liabilities.

Compared to the prior 10-Q (September 30, 2025), trust grew from $267.3M to $269.8M (+$2.6M of accumulated interest), unrestricted cash increased slightly from $405.6K to $192.6K after a $500K working capital withdrawal in August 2025, and accrued liabilities increased from approximately $157.9K to $153.9K. The insurance loan payable ($214K at 12/31/2024) was fully repaid in 2025. The company withdrew $1.0M from trust for working capital in 2025 ($500K in April, $500K in August) and has $1.0M remaining interest available for withdrawal in year two. Post-period, on March 17, 2026, an additional $500K was withdrawn from trust for working capital.