Newbridge Acquisition Ltd Liquidation Value

Newbridge Acquisition Limited (NBRG) is a pre-revenue blank check company (SPAC) incorporated in the British Virgin Islands with a December 31, 2025 fiscal year-end. The balance sheet at period-end reflects the pre-IPO state: the company had not yet consummated its IPO as of December 31, 2025; that transaction closed February 2, 2026 and is treated as a subsequent event. Under a liquidation lens applied to the December 31, 2025 balance sheet, total assets of $4.82M consist of $1.82M cash (100% recoverable), $2.70M held in a trust account tagged as MarketableSecuritiesNoncurrent (representing a partial trust deposit made before year-end per cash flow disclosures; the full $57.5M trust deposit occurred post-period), and $0.30M in deferred offering costs (zero liquidation value — intangible in nature, extinguished on wind-up). Against those assets, total liabilities stand at $5.41M, comprising entirely a related-party promissory note (NotesPayableCurrent) owed to sponsor Wealth Path Holdings Limited at face value. Applying the liquidation lens: recoverable assets approximate $4.52M ($1.82M cash plus $2.70M trust cash at 100%), against $5.41M in face-value liabilities, producing a negative recovery to equity of approximately ($0.90M) before any dissolution costs. MFFAIS-reported CLV/LLV/OLV of ($1.77M) is directionally consistent and reflects a slightly more conservative haircut on trust assets or includes accrued obligations not separately tagged. The shareholders' deficit is reported at ($595K) on a book basis, driven by $620K in accumulated deficit against $25K in founder share paid-in capital. The going-concern opinion from Enrome LLP is explicit: working capital deficit of $3.59M at December 31, 2025, negative operating cash flow of $221K for fiscal 2025, and mandatory liquidation risk if no business combination is completed within the 15-to-21-month window from the February 2026 IPO closing. Compared to the prior filing (10-Q for September 30, 2025), the sponsor promissory note increased from $799.8K to $5.41M — a $4.61M increase driven by the November 15, 2025 $5M sponsor loan facility — which is the dominant change to the liability stack in this period. The $2.70M trust deposit and $1.82M cash balance are new assets that did not exist in the prior period. The trust account balance disclosed in XBRL ($2.70M) is materially below the $57.5M deposited post-period-end; the filing does not separately tag the post-IPO trust balance in current-period XBRL, which limits liquidation analysis precision for the post-IPO state. Deferred offering costs ($295K) carry zero liquidation value. No PP&E, goodwill, leases, pensions, or inventory exist.