K&F Growth Acquisition Corp. II (KFII) is a Cayman Islands blank check SPAC that completed its IPO on February 6, 2025, raising $287.5M gross at $10.00 per unit (28,750,000 Public Shares). As of March 31, 2026, the trust account holds $302.5M in U.S. Treasury money market funds, accreting from $299.9M at December 31, 2025 — a $2.6M increase driven entirely by interest earned in Q1 2026. Under a liquidation lens, the trust assets recover at 100% (cash-equivalent money market funds, Level 1). The critical structural feature is that the $302.5M trust balance is fully encumbered by the $302.5M temporary equity redemption obligation to Public Shareholders (28,750,000 shares at $10.52 redemption price). Trust proceeds are not available to satisfy general creditors or Founder/Sponsor interests on liquidation. Aggregate liabilities outside the redemption obligation total $10.1M, consisting of: $10.06M Deferred Underwriting Fee (payable only upon consummation of a Business Combination, not on liquidation — this obligation is contingent and would be extinguished if the company winds up without a deal), and $2,166 accrued expenses. The $10.06M deferred underwriting fee is a critical nuance: under a true liquidation (failed Business Combination), the underwriting agreement provides the deferred fee is payable only upon closing a Business Combination, so it would not be a claim against the trust in a wind-up. Operating cash outside the trust is $224,160 as of March 31, 2026, down from $577,446 at December 31, 2025 — a $353K decline reflecting $278K operating cash burn and $75K offering cost payment in Q1 2026. The company has disclosed substantial doubt about its ability to continue as a going concern, citing insufficient liquidity to fund operations for 12 months and the November 6, 2026 Combination Period deadline. No Business Combination target has been identified. Working Capital Loans (up to $1.5M convertible) are available from the Sponsor but none are outstanding. The MFFAIS liquidation value of $1.07M reflects only outside-trust assets net of non-deferred liabilities, which is the correct residual for Class B/Founder equity and private placement equity in a wind-up. Public Shareholders recover at approximately $10.52/share from the trust. The net recovery to Founder Shares (Class B) and private placement equity is effectively zero — trust proceeds go entirely to Public Shareholders, and the $224K outside-trust cash is consumed by wind-up costs and administrative fees. No PP&E, inventory, AR, or intangibles exist. Filing discusses going concern and liquidity constraints in MD&A but does not separately XBRL-tag working capital ($410,887 disclosed in note text) as a distinct tagged concept. TAG_CONTEXT is empty — no XBRL tags were provided for this filing period, so no tag-level insights can be generated.
▼ Community Notes