WTG

Wintergreen is a blank-check shell, not an operating business. The flattering screen — ROE 18.6%, total assets +11,898% YoY to $58.8M, liabilities/equity of 0.02x — is entirely SPAC plumbing: the asset jump is the $56.1M IPO trust funded May 2025, and the $988K 'net income' is non-operating interest on that trust. The real business result is the operating loss of -$404K and operating cash flow of -$274K. Management states plainly it has 'no revenue… and no operations' and 'will not generate any operating revenues until after the completion of our initial business combination, at the earliest.' There is nothing to value here on a fundamental basis.

The only thing that matters is the November 17, 2025 merger with KIKA Technology, which the agreement values at $80M and which would convert KIKA's holders into ~7,980,050 new shares at $10.025 — roughly doubling the share count against today's 7.30M. The data provides zero KIKA financials (no revenue, margins, or growth), so the post-combination entity is fundamentally unknowable. The deal is still conditional: SEC must declare the proxy/registration statement effective, both shareholder votes must pass, and the company must retain ≥$5,000,001 of net tangible assets after redemptions. Each is a live failure point.