The board of directors confirmed the termination of the business combination agreement, effective June 12, 2026. This decision halts the merger process that began in July 2025, prompting the company to withdraw its registration statement from the SEC.

To secure liquidity, the company has entered into a series of new agreements, including a $14.25 million private share sale to investors. These funds are intended to cover operational liabilities and provide a runway to identify a new acquisition target. The company now plans to solicit shareholder approval to rename itself Velos Acquisition I Corp. and extend its operational deadline by 12 months, moving the target date to August 2, 2027. To ensure support for these proposals, the firm has secured agreements from investors to vote in favor of the extensions and refrain from redeeming their shares.