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S-4 filedDeal announcedLife support

Cayson Acquisition Corp

Merging with Mango Financial Group Ltd

1/10 of a right per unit. 10 units = 1 listed right. *R trades whole.

Deal announced 2025-07-14

Pulse

87

↓Life-support risk

0–100 vitality — and a read on how the book feels about this shell.

Life support

% done

40%

Path to close

Price

$11.18

Mkt 59.12M

What is Pulse?

SPAC Pulse measures the current vitality of a deal on a 0–100 scale. A new IPO starts near 50 — a healthy heart with room both ways. It is not weakening just because nothing has printed yet. Weakening is a tag for a slowing beat (stalling cadence), not a quiet shell. 10-Q / 10-K on time is a good beat; an NT is a deficiency. File the report late, then file the NT late, and Pulse falls — that is how public investors read whether management is on top of the shell. Filing recovers some of it. It never pretends the miss did not happen. When other new IPOs file that window on time, they are no longer equal — those shells are healthier. High readings mean the deal book is accelerating; low readings flag life-support risk. Full methodology lives on the desk.

Rate + Lead II · 25 mm/s

Pulse Timeline

Top trace is the Pulse rate. Bottom is the filing lead — R-wave when the rate lifts, QS when it slows. Height is the change.

0255075100II
  1. 05-15 10-Q
  2. 05-22 F-4/A
  3. 07-17 F-4/A
  4. 07-31 F-4/A
  5. 08-07 10-Q
  6. 10-07 Now
Auto interpretation · Lead II printoutLife supportPulse 87

QRS is weak or missing. Cadence stalled, cash is thin, or the book went quiet.

Silent 68dBeats/90d 2Recent gap 28d

Marks on this strip

  • 04-28Listing deficiency. Exchange notice that day. It belongs on this date, not today. Pulse does not double-haircut an already-slow book.
  • 05-08F-4/A. Amendment printed. Pulse +6.
  • 05-1510-Q. Periodic report on time. +4
  • 05-22F-4/A. Comments coming back. Beat sped up. +4
  • 07-17F-4/A. Amendment printed. Pulse unchanged.
  • 07-31F-4/A. Comments coming back. Beat sped up. +3
  • 08-0710-Q. Periodic report on time. +2
  • 10-07Now. No S-4/F-4 beat in 68 days. 68d since the last beat. -4

Impression: last filing printed 91. Live Pulse is 87. No S-4/F-4 beat in 68 days. 68d since the last beat. -4

  • · No S-4/F-4 beat in 68 days.
  • · Long silence after a registration statement — cadence looks like life support.

Unconfirmed machine read · not medical advice · not financial advice

Skin in the game

medium

Target

early

8-K Item 5.07

Votes & leftover trust

Share counts as filed. Preliminary tenders do not move cash until they settle.

  1. 2026-03-20 · extension

    2,541,908 shares

    2,541,908 public shares redeemed on the extension vote.

Historical context

S-4 on file in the archive

Precedent from 27 names in the Pulse archive (closed, liquidated, and broken deals). Archive base rate is one input; live beat speed then moves Pulse. Not a forecast.

Close rate
100%
Median days left
105
Archive n
27

Status

In Review

Exchange

Nasdaq

Rights

1/10

Warrants

No

CIK

0002024203

IPO date

2024-09-20

Market cap

59.12M

Days to deadline

—

SEC tickers

CAPN, CAPNR, CAPNU

Sponsor

—

S-4 / F-4 filer

Holdco · Mango Financial Group Ltd

Fiscal year

December 31

Next filing

10-Q 2026-11-14

Vote

—

Schedule

What is due next

Fiscal year
Ends December 31 · 10-K cover
This window
10-Q due 2026-08-14 · filed
Next due
10-Q 2026-11-14Period 2026-09-30
Pulse
+6

10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-07 on time (+6).

On time with this window. Pulse stays even with the other new listings that filed.

Meetings

No shareholder meeting dated in the Q&A or calendar.

Price history

Delayed exchange prints — common, rights, units, warrants when listed. Last price is in the header. This tape does not move Pulse.

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S-4 study: rights conversion did not change across amendments for this name. See amendment impact

S-4 amendment timeline

Shrinking gaps mean the deal is progressing. The tag says whether that filing cleared a checklist, dropped a hurdle, or repriced the deal.

  • Merging company

    On file

    Mango Financial Group Ltd

  • Close timing Q&A

    On file

    first half of 2026

  • Meeting Q&A

    Gap

    No meeting Q captured.

  • Proxy card

    Gap

    No form of proxy in the exhibits yet.

  • 10-Q / 10-K

    On file

    10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-07 on time (+6).

Q&A · close

When do you expect the Business Combination to be completed? A: The Business Combination is expected to be completed in the first half of 2026.

  1. 8-K2026-08-26

    8-K

  2. 10-Q2026-08-07

    10-Q

  3. F-4/A2026-07-31Checklist

    F-4/A

  4. 8-K2026-07-23

    8-K

  5. 4252026-07-23

    425

Show 38 more filings
  1. F-4/A2026-07-17Checklist

    F-4/A

  2. 8-K2026-06-25

    Item 1.01 Entry Into A Material Definitive Agreement

  3. 4252026-06-25

    425

  4. 4252026-06-23

    425

  5. 8-K2026-06-23

    8-K

  6. F-4/A2026-05-22Checklist

    F-4/A

  7. 4252026-05-22

    425

  8. 8-K2026-05-22

    8-K

  9. 10-Q2026-05-15

    10-Q

  10. F-4/A2026-05-08Checklist

    F-4/A

  11. 8-K2026-04-28

    8-K

  12. 4252026-04-23

    425

  13. 8-K2026-04-23

    8-K

  14. F-4/A2026-04-16Hurdle-clearing

    F-4/A

  15. 10-K2026-03-24

    10-K

  16. 4252026-03-20

    425

  17. 8-K2026-03-20

    8-K

  18. F-42026-02-11Initial filing

    F-4

  19. 8-K2025-12-23

    8-K

  20. 4252025-12-23

    425

  21. 10-Q2025-11-12

    10-Q

  22. 8-K2025-10-14

    8-K

  23. 8-K2025-09-18

    8-K

  24. 4252025-09-18

    FORM 425

  25. 8-K2025-09-12

    Item 1.01 Entry Into A Material Definitive Agreement

  26. 4252025-09-12

    425

  27. 8-K2025-08-15

    8-K

  28. 4252025-08-15

    425

  29. 10-Q2025-08-14

    10-Q

  30. 8-K2025-07-15

    8-K

  31. 8-K2025-07-14

    Item 1.01 Entry Into A Material Definitive Agreement

  32. 4252025-07-14

    425

  33. 10-Q2025-05-07

    10-Q

  34. 10-K2025-03-26

    10-K

  35. 10-Q2024-11-06

    10-Q

  36. 8-K2024-10-22

    8-K

  37. 8-K2024-09-27

    8-K

  38. 8-K2024-09-20

    8-K

Your notes

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Journal

On CAPN

All notes

Journal

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All notes
  1. BCCQ 425 files on proposed Ursa Major combinationBCCQ · 2026-08-31
  2. HVII 425: ONE Nuclear executes binding LOI for 2.88 GW Project CaymanHVII · 2026-08-31
  3. BREZ Audit Committee concludes May 14, 2026 balance sheet cannot be relied upon; restatement requiredBREZ · 2026-08-31
  4. OCAC dismisses YCM CPA INC., appoints HYYH CPA. LLCOCAC · 2026-08-31
  5. SAMO Units separate; Class A shares and warrants begin individual trading on NYSESAMO · 2026-08-31