QUMS

QUMS is not an operating business — it is a Cayman blank-check SPAC that IPO'd on Aug 7, 2025, raising $82.8M gross, all of which ($82,800,000) sits in a Continental Stock Transfer trust for public shareholders. That explains the numbers that would otherwise look alarming: total assets jumped to $85.2M (the trust), cash-and-equivalents is literally $0 (cash is held as trust investments, not operating cash), operating income is -$1.08M (deal-hunting and admin costs), and the $978K of net income is essentially interest earned on the trust. Stockholders' equity is negative -$3.23M and liabilities/equity is -1.11x purely because the redeemable trust shares are classified as temporary equity outside permanent equity — this is standard SPAC accounting, not balance-sheet distress. With only 11.4M shares of record held by two/three holders, this is a freshly-listed shell.

The investable question is the deal. On Oct 3, 2025 QUMS signed a Merger Agreement with SACH Pte. Ltd., a Singapore company in 'gaming, technology, e-commerce, retail, and live events.' A finder (Aspira Capital) was engaged, and notably its $3.5M success fee was amended in Feb 2026 to be paid entirely in 1.2M target shares with no cash from QUMS — mildly positive for the SPAC's cash but a signal the target is dilution-financing its way in. The provided data gives zero financials on SACH: no revenue, no margins, no valuation of the target. So the upside is unknowable from the disclosed figures.