YHN Acquisition I Limited (YHN) is a British Virgin Islands blank check company (SPAC) formed for the purpose of effecting a business combination. The company entered into a Business Combination Agreement with Mingde Technology Limited on April 3, 2025, which was subsequently amended on June 3, 2025, November 7, 2025, and December 15, 2025. The Business Combination involves a reincorporation merger of YHN into YHNA MS I LIMITED (PubCo), followed by an acquisition merger of YHNA MS II Limited (Merger Sub) into Mingde, making Mingde a wholly-owned subsidiary of PubCo. The aggregate consideration for the Acquisition Merger is $200,000,000, plus up to $80,000,000 in contingent Earnout Consideration Shares. Earnout shares are tied to PubCo's ordinary share closing price reaching $15.00, $20.00, and $25.00 for 60 consecutive trading days within three years post-closing. The deadline to consummate a business combination was extended from December 19, 2025, to September 19, 2026, and the Outside Closing Date for the Business Combination Agreement was further extended to June 19, 2026. Extensions required deposits of $150,000 into the trust account for each three-month period. At the Annual Meeting of Shareholders on December 8, 2025, 3,464,179 ordinary shares were tendered for redemption at approximately $10.58 per share, totaling $36,650,157. The company reported a net income of $1,325,117 for the year ended December 31, 2025, an increase from $502,638 in 2024. As of December 31, 2025, cash was $140,550, and the company had a working capital deficit of $692,191. Substantial doubt exists about the company's ability to continue as a going concern if a business combination is not consummated by September 19, 2026 (assuming full extension).