ALIS

Calisa Acquisition Corp is not an operating business — it is a Cayman Islands blank check company that IPO'd at $10.00/Unit on October 23, 2025, raising $60M now sitting in a trust of U.S. government securities. The MD&A is explicit: 'We have neither engaged in any operations nor generated any revenues to date,' and management 'do not expect to generate any operating revenues until after the completion of our initial Business Combination.' Every headline 'fundamental' here is a SPAC accounting artifact. The $245K of FY2025 net income is purely $429K of trust interest plus $7K bank interest offsetting a $191K operating loss — hence the negative operating income and negative $287K operating cash flow. The 48.8% ROE and the +27,556% jump in total assets are mechanical consequences of the IPO funding the trust against a razor-thin $503K equity base, not signs of a profitable, compounding business. They should be ignored entirely.

What you are actually buying at $10.15 is a claim on roughly $10.00/share of cash in trust plus accrued interest, attached to a yet-unidentified deal. The company states it 'has not selected any specific business combination target' and 'has not... initiated any substantive discussions' with any target, while intending to focus on businesses in Asia with no industry or geographic limit. That is the textbook definition of unknowable risk: you are underwriting a blind pool run by sponsors whose eventual deal — its sector, quality, price, and dilution — is entirely unknown. The filing also carries going-concern framing and notes only ~$600K is available outside the trust to fund the search.