Home / Going-concern warnings / Chi Special Acquisition Corp.
Filed 2025-11-19 路 Form 10-Q 路 Accession 0001213900-25-112608 nano
Price before filing: $11.04 (2025-11-18 close, split/dividend-adjusted)
Market cap at flag: $4.9M (2025-11-19) 路 Latest: $23.3M (2026-10-15)
| Window | GDST | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -7.6% | +3.4% | -11.0% | 2025-12-19 |
| 90 days | +4.2% | +3.8% | +0.4% | 2026-02-17 |
| 180 days | +13.2% | +12.5% | +0.7% | 2026-05-18 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: no open-market insider sales or purchases reported.
30 days after: none reported.
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-21 to 2025-12-19. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Liquidity and Going Concern As of September 30, 2025, the Company had $ 371,603 in cash held outside its Trust Account available for the Company's payment of expenses related to working capital purposes subsequent to the Initial Public Offering and working capital deficit of $ 5,290,212 . In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standards..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
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