Praetorian Acquisition Corp-A 2026年季度报告

FORM 10-Q (MARK ONE)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-43072 PRAETORIAN ACQUISITION CORP.(Exact Name of Registrant as Specified in Its Charter) Securities registered pursuant to Section 12(b) of the Act: Check whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reportingcompany”, and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☒No☐ As of August 3, 2026, there were 25,489,750 Class A ordinary shares, $0.0001 par value and 8,433,333 Class B ordinary shares,$0.0001 par value, issued and outstanding. PRAETORIAN ACQUISITION CORP. FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026TABLE OF CONTENTS Page Part I. Financial InformationItem 1. Interim Financial StatementsCondensed Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 20251Condensed Statements of Operations for the Three and Six Months Ended June 30, 2026 (Unaudited)2Condensed Statements of Changes in Shareholders’ Deficit for the Three and Six Months Ended June 30, 2026(Unaudited)3Condensed Statement of Cash Flows for the Six Months Ended June 30, 2026 (Unaudited)4Notes to Condensed Financial Statements (Unaudited)5Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations18Item 3. Quantitative and Qualitative Disclosures About Market Risk21Item 4. Controls and Procedures22Part II. Other InformationItem 1. Legal Proceedings23Item 1A. Risk Factors23Item 2. Unregistered Sales of Equity Securities and Use of Proceeds23Item 3. Defaults Upon Senior Securities23Item 4. Mine Safety Disclosures23Item 5. Other Information23Item 6. Exhibits24Signatures25 PRAETORIAN ACQUISITION CORP.CONDENSED BALANCE SHEETS Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ DeficitCurrent liabilities Class A ordinary shares subject to possible redemption, $0.0001 par value; 25,300,000 shares atredemption value of $10.15 per share as of June 30, 2026 and no shares as of December 31, 2025256,720,939— (1)As of December 31, 2025, included up to 1,100,000 Class B ordinary shares subject to forfeiture if the over-allotment option wasnot exercised in full or in part by the Underwriters (as defined below) (see Note 5). On March 12, 2026, the Underwritersexercised the over-allotment option in full, and the closing of the issuance and sale of the additional Units (as defined below)occurred on March 16, 2026. As such, on March 16, 2026, the1,100,000Class B ordinary shares are no longer subject toforfeiture. The accompanying notes are an integral part of these unaudited condensed financial statements. PRAETORIAN ACQUISITION CORP.CONDENSED STATEMENTS OF OPERATIONS(UNAUDITED) (1)Through March 16, 2026, excluded up to 1,100,000 Class B ordinary shares subject to forfeiture if the over-allotment option wasnot exercised in full or in part by the Underwriters (Note 5). On March 12, 2026, the Underwriters exercised the over-allotmentoption in full, and the closing of the issuance and sale of the additional Units occurred on March 16, 2026. As such, on March 16,2026, the 1,100,000 Class B ordinary shares are no longer subject to forfeiture. The accompanying notes are an integral part of these unaudited condensed financial statements. PRAETORIAN ACQUISITION CORP.CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICITFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026(UNAUDITED) (1)Included up to 1,100,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or inpart by the Underwriters (see Note 5). On March 12, 2026, the Underwriters exercised the over-allotment option in full, and theclosing of the issuance and sale of the additional Units occurred