General Purpose Acquisition Corp. Liquidation Value

General Purpose Acquisition Corp. (GPAC) is a Cayman Islands blank check SPAC that completed its IPO on December 4, 2025, raising $230M gross proceeds. This 10-Q covers the first full operating quarter (Q1 2026) post-IPO. Under a liquidation lens, the recovery picture is structurally bifurcated: the Trust Account holds virtually all economically meaningful assets, but the proceeds within it are contractually encumbered by the public shareholders' redemption rights and the $9.2M deferred underwriting commission payable upon a business combination. The MFFAIS CLV/LLV/OLV of approximately $1.7M reflects only the thin strip of assets outside the Trust—cash of $1.0M plus current prepaid and noncurrent prepaid of $0.23M total—net of current liabilities of $0.34M. This is the correct residual: the 23M redeemable Class A shares represent $232.6M of temporary equity (Trust assets at fair value as of 3/31/2026, up from $230.6M at 12/31/2025 due to $1.96M of T-bill interest accrual), which is effectively a senior claim on Trust proceeds upon any liquidation or redemption event. The permanent equity base is a deficit of ($8.3M), widening from ($8.0M) at year-end as the $1.96M trust income accretion was charged against accumulated deficit (per ASC 480-10-S99 temporary equity remeasurement), partially offset by $1.68M of net income. Non-current liabilities consist entirely of the $9.2M deferred underwriting commission, which is contingent on business combination closing and does not extinguish in a no-deal liquidation scenario—the filing confirms the deferred fee is only payable 'solely in the event that the Company completes a Business Combination.' Accordingly, in a wind-up absent a business combination, the deferred underwriting liability would fall away, materially improving sponsor/founder recovery from Trust. Current liabilities total $0.34M, including $97.6K due to related party (administrative services), $218.8K accrued liabilities, and $19.9K accounts payable. No working capital loans are outstanding. The Completion Window is 24 months from December 4, 2025 (i.e., December 4, 2027). The filing does not separately XBRL-tag the deferred underwriting commission as a distinct balance sheet line item; it is captured within LiabilitiesNoncurrent of $9.2M. Working capital per management disclosure is $825K as of 3/31/2026, consistent with current assets of $1.16M less current liabilities of $0.34M.