Item 4 — Purpose of Transaction
On July 9, 2025, Casper Holding LP, a sponsor of the Issuer, acquired an aggregate of 2,300,000 ordinary shares for an aggregate purchase price of $25,000 (the "Founder Shares"). Thereafter, Casper Holding LP transferred an aggregate of 1,541,000 ordinary shares to Baystar Holding Group Ltd ("Baystar"), another sponsor of the Issuer. Baystar made the acquisition reported in this Schedule 13D as a sponsor of the Issuer and in support of the Issuer's business plan. The Issuer's business plan is to enter into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination. On May 26, 2026, in a private placement taking place simultaneously with the Issuer's initial public offering ("IPO"), Baystar purchased 202,500 units of the Issuer ("Private Units"), each Private Unit consisting of one ordinary share, one right and one redeemable warrant. The Private Units were purchased at a price of $10.00 per Private Unit, for an aggregate purchase price of $2,025,000. In connection with the non-exercise of the underwriter's over-allotment option in the IPO, Baystar forfeited 201,000 Founder Shares for no consideration. After giving effect to such forfeiture, Baystar beneficially owns 1,542,500 ordinary shares. Fangping Zheng is the sole director and shareholder of Baystar. Fangping Zheng is the Chairman and Chief Executive Officer of the Issuer and may be deemed to beneficially own the securities held by Baystar. The Reporting Persons have beneficial ownership of approximately 18.3% of the outstanding ordinary shares of the Issuer. The Reporting Persons may later acquire additional securities of the Issuer. Any actions the Reporting Persons might undertake with respect to the ordinary shares may be made at any time and from time to time without prior notice and will be dependent upon their review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments relating to the Reporting Persons. As of the date of this Schedule 13D, except as set forth in this Schedule 13D above, the Reporting Persons do not have any plans or proposals which would result in: (a) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of the board of directors or management of the Issuer; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer's business or corporate structure; (g) changes in the Issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to any of those actions enumerated above.