Category: 3. Business

  • Deep Value Signals as Shares Trade Well Below DCF Fair Value

    Deep Value Signals as Shares Trade Well Below DCF Fair Value

    Komplett (OB:KOMPL) remains unprofitable, but has managed to reduce its losses at an average annual rate of 11.2% over the past five years. With earnings forecast to jump 103.84% per year and profitability expected within the next three years, investors are watching a possible transition from losses to sustained profit. Meanwhile, revenue is projected to outpace the Norwegian market at 6.2% per year.

    See our full analysis for Komplett.

    Next, we’ll see how these headline numbers stack up against the dominant narratives driving sentiment in the market. Some views may get reinforced, and others could be challenged.

    Curious how numbers become stories that shape markets? Explore Community Narratives

    OB:KOMPL Earnings & Revenue History as at Oct 2025

    • Komplett trades at just 0.2x Price-To-Sales, far below the peer average of 0.6x and industry average of 0.4x.

    • Prevailing market view points to investors leaning into the company as a potential value pick, given the significant discount to sector norms.

    • The current share price of NOK13 is well below the DCF fair value estimate of NOK59.83, representing a steep implied discount.

    • The prevailing market view highlights how this wide gap could attract investors expecting future profit growth.

    • Over the past three months, Komplett’s stock price has been notably unstable, standing out as the main risk flagged in recent filings.

    • Prevailing market view underscores the importance of this volatility for cautious investors.

    Don’t just look at this quarter; the real story is in the long-term trend. We’ve done an in-depth analysis on Komplett’s growth and its valuation to see if today’s price is a bargain. Add the company to your watchlist or portfolio now so you don’t miss the next big move.

    Komplett’s outlook is clouded by persistent share price volatility and lingering doubts about the timing of its shift to sustainable profitability.

    If you’d prefer companies with consistent momentum and more predictable earnings, use our stable growth stocks screener (2098 results) to discover businesses delivering steady results year after year.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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  • Profit Turnaround Forecast Challenges Bearish Narrative on Ongoing Losses

    Profit Turnaround Forecast Challenges Bearish Narrative on Ongoing Losses

    SSH Communications Security Oyj (HLSE:SSH1V) is forecast to swing back to profitability within three years, with projected earnings growth of 128.13% per year. Revenue is also expected to rise at an impressive 24.5% annually, easily outpacing the Finnish market’s 4.1% average. However, the company remains unprofitable for now, with losses having grown by 1.4% per year over the last five years, and its share price has been notably volatile over the past three months. The outlook highlights the balance between high growth expectations, the risks associated with premium valuation, and ongoing losses.

    See our full analysis for SSH Communications Security Oyj.

    Let’s see how these numbers compare to the broader narratives discussed among investors and where they might cause some rethinking.

    Curious how numbers become stories that shape markets? Explore Community Narratives

    HLSE:SSH1V Earnings & Revenue History as at Oct 2025

    • Losses have increased by 1.4% per year over the last five years, even as revenue is projected to grow at a significant 24.5% annually going forward.

    • Prevailing optimism centers on the idea that strong sector-wide demand for cybersecurity should eventually enable a turnaround. However, the persistent loss trend highlights a key tension:

      • While bulls anticipate that ongoing digital threats will create a major runway for SSH Communications Security Oyj, the reality is that the company has yet to translate that sector tailwind into bottom-line improvement.

      • This sustained loss trajectory means investors face a meaningful lag between narrative-driven optimism and demonstrated profitability, unlike more established peers.

    • SSH1V trades at a Price-to-Sales ratio of 6.9x, compared to 3.9x for direct peers and 2.3x for the broader European software industry.

    • The market is pricing in a sizable improvement for SSH Communications Security Oyj relative to its competitors. This heightens the risk that any stalling in revenue growth could lead to multiple compression:

      • Investors expecting premium valuation to persist are betting that SSH1V will out-execute both peers and the sector on contract wins or technology upgrades.

      • However, the current premium leaves little room for disappointment if near-term growth targets or margins do not materialize as expected.

    • SSH1V’s share price has experienced notable volatility over the last three months, despite forecasts for a return to profitability within three years.

    • This volatility creates a dilemma for long-term investors:

      • The company’s ambitious earnings growth forecast of 128.13% per year could attract momentum-oriented buyers, but the unstable share price underscores ongoing uncertainty about timing and sustainability of profits.

      • Until the shift to consistent profitability is visible in actual results, sentiment is likely to be highly reactive to even modest news developments.

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  • Zalaris (OB:ZAL) Margin Growth Surpasses Peers, Reinforcing Bullish Narratives Despite Valuation Concerns

    Zalaris (OB:ZAL) Margin Growth Surpasses Peers, Reinforcing Bullish Narratives Despite Valuation Concerns

    Zalaris (OB:ZAL) has become profitable over the last five years, with annual earnings growth averaging 26.3%. Over the past year, earnings growth accelerated to 40.2% and net profit margins increased to 4.5%, up from 3.8% previously. This highlights the company’s focus on high-quality earnings.

    See our full analysis for Zalaris.

    Next, let’s see how these results compare to the community narratives and whether the latest surge in profitability is changing the story for Zalaris.

    Curious how numbers become stories that shape markets? Explore Community Narratives

    OB:ZAL Earnings & Revenue History as at Oct 2025

    • Net profit margin reached 4.5%, moving further above the previous year’s 3.8% and demonstrating a notable step up in quality of earnings compared to peers in professional services.

    • What stands out against the prevailing market view is that the margin expansion helps set Zalaris apart, even while peer companies in the sector commonly report lower or flat profitability trends.

      • The 4.5% margin is supported by 40.2% annual earnings growth, a pace that amplifies the importance of sustaining this quality of profit.

      • This momentum signals that Zalaris’ operational model is delivering more value per krone earned, even as sector averages trend lower.

    • Zalaris trades at NOK92.80 per share, nearly three times the DCF fair value of NOK32.06, and at a price-to-earnings ratio of 31x, which is well above both the industry average (21x) and the peer group (13x).

    • Critics highlight that the wide premium over DCF fair value makes the bullish case harder to justify, especially since the valuation gap has widened alongside the profit gains.

      • While profit quality has strengthened, this outperformance is already “priced in,” leaving limited room for additional surprise upside unless growth accelerates even further.

      • The market’s optimism puts pressure on Zalaris to maintain this level of growth or risk a correction toward the DCF benchmark.

    • Despite profit growth, Zalaris is flagged as not being in a good financial position according to the latest risk signals, which could limit flexibility for reinvestment or weathering downturns.

    • Another key viewpoint is that, although recent performance is strong, balance sheet resilience is not keeping pace. Bears argue this mismatch could amplify downside risk if sector conditions tighten.

      • Questions linger about whether margin improvements are sustainable without a stronger financial footing.

      • Financial health concerns may weigh on investor confidence even if the income statement looks robust for now.

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  • Primis Financial (FRST) Earnings Turn Positive, But Revenue Decline Challenges Bullish Narratives

    Primis Financial (FRST) Earnings Turn Positive, But Revenue Decline Challenges Bullish Narratives

    Primis Financial (FRST) has turned the corner to profitability in the past year, with earnings now positive after years of steep declines. Earnings had been down 45.3% per year over the last five years. While earnings are forecast to surge by 61.4% per year, revenue is expected to decline 4.3% annually across the next three years. This sets up a sharp contrast for investors to consider. The combination of outsized forecasted earnings growth and ongoing revenue headwinds comes as the stock commands a price-to-earnings ratio of 30.7x, far above both industry (11.2x) and peer (14.3x) averages.

    See our full analysis for Primis Financial.

    Now, let’s see how these reported numbers stack up against the broader market and community narratives that have shaped sentiment around Primis Financial.

    See what the community is saying about Primis Financial

    NasdaqGM:FRST Revenue & Expenses Breakdown as at Oct 2025

    • Core expense reductions are set to trim approximately $1.5 million per quarter through 2026, driven by renegotiated technology contracts, vendor consolidation, and workforce reallocation.

    • Analysts’ consensus view stresses that these operational moves materially support higher net margins and greater earnings durability, yet highlight two key tensions:

    • To see how efficiency shapes future profit forecasts, check the full consensus argument in the company’s narrative. 📊 Read the full Primis Financial Consensus Narrative.

    • Revenue is forecast to shrink by 3.7% per year over the next three years, with guidance reflecting the impact of weaker loan growth and more cautious expansion in specialized business lines.

    • Analysts’ consensus view outlines two main themes in the revenue story:

    • With a price-to-earnings ratio of 30.7x, Primis Financial trades at a substantial premium to both its peer group (14.3x) and the US Banks sector average (11.2x), raising the bar for future performance to justify this valuation.

    • Analysts’ consensus view spotlights the following tensions in the valuation narrative:

    To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Primis Financial on Simply Wall St. Add the company to your watchlist or portfolio so you’ll be alerted when the story evolves.

    View the data from a different angle? You can transform your outlook into a personal narrative in just a few minutes, and Do it your way.

    A great starting point for your Primis Financial research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

    Primis Financial’s forecast for shrinking revenue, uncertain margin expansion, and a steep valuation premium all signal big hurdles for sustained investor returns.

    If you want steadier opportunities, use stable growth stocks screener (2098 results) to find companies consistently delivering reliable revenue and earnings growth year after year.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include FRST.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • US beef prices are soaring. Will Trump’s plans lower them?

    US beef prices are soaring. Will Trump’s plans lower them?

    Danielle KayeBusiness reporter

    Mike Callicrate A man wearing denim stands on a grassy plot of land with his hands in his pockets. Several cows graze the land in the background. Mike Callicrate

    Mike Callicrate, a cattle rancher who has built a direct-to-consumer operation, at his farm in St Francis, Kansas.

    Beef prices have gotten so high in the US that it has become a political problem.

    Even Donald Trump, who long ago declared inflation “dead”, is talking about it, as the issue threatens to undercut his promises to bring down grocery prices for Americans.

    This week, he took to social media, urging ranchers to lower prices for their cattle.

    But his demand – and other proposals his administration has floated to address the issue – has sparked a backlash among ranchers, who worry some of his solutions will make it harder for them to make a living, while making little dent at the grocery store.

    The number of beef cattle farmers and ranchers in the US has dwindled steadily since 1980, reducing domestic supplies and driving up prices, as demand remains high.

    The country’s cattle inventory has fallen to its lowest level in nearly 75 years, while the US has lost more than 150,000 cattle ranches just since 2017 – a 17% drop, according to the Agriculture Department.

    Ranchers say they are under pressure from four decades of consolidation among the meat processors that buy their livestock, while high costs for key inputs like fertiliser and equipment have intensified the strain.

    The contraction in the industry has worsened, as several years of drought have forced ranchers to slash their herds.

    Christian Lovell, a cattle rancher in Illinois, said parts of his farm that were lush and grassy when he was a child have now dried up, limiting where his cows can graze.

    “You put all these together and you have a recipe for a really broken market,” said Mr Lovell, who works with advocacy group Farm Action.

    Beef inflation

    Retail prices for ground beef rose 12.9% over the 12 months to September, and beef steaks were up 16.6%, according to US inflation data published Friday by the Bureau of Labor Statistics.

    A pound of ground chuck now costs an average of $6.33 (£4.75), compared with $5.58 a year ago.

    The increases have significantly outpaced general food inflation, which stood at 3.1%.

    “The cattle herd has been getting smaller for the last several years, yet people are still wanting that American beef – hence the high prices,” said Brenda Boetel, a professor of agricultural economics at the University of Wisconsin, River Falls.

    Derrell Peel, a professor of agricultural economics at Oklahoma State University said he expected prices to remain elevated until at least the end of the decade, noting that it takes years to replenish herds.

    The Trump administration’s “hands are tied” when it comes to interventions that will help lower prices, Mr Peel added.

    Reuters Two men wearing suits stand in front of the American and Argentinian flags. One man points toward the camera.Reuters

    US President Donald Trump with Javier Milei, president of Argentina, which accounts for just 2% of American beef imports

    ‘Chaos’ for American producers

    The Agriculture Department this week unveiled what it called a “big package” aimed at ramping up domestic beef production, by opening more land for cattle grazing and supporting small meat processors.

    That proposal came after Trump drew the ire of ranchers when he proposed to import more beef from Argentina, potentially quadrupling the purchases.

    Eight House Republicans responded with a letter to the White House expressing concern about Trump’s import plans.

    Even the National Cattlemen’s Beef Association, which has voiced support for Trump’s policies in the past, said the import plan “only creates chaos at a critical time of the year for American cattle producers, while doing nothing to lower grocery store prices”.

    Trump responded by assuring farmers that he was helping them in other ways, noting tariffs that are limiting imports from Brazil.

    “It would be nice if they would understand that, but they also have to get their prices down, because the consumer is a very big factor in my thinking, also,” Trump wrote.

    But that has failed to quell the furore.

    Justin Tupper, president of the US Cattlemen’s Association, said he thought that only the big four meat packers would benefit from Trump’s import plan.

    “I don’t see that lowering prices here at all,” Mr Tupper said.

    ‘These are consolidated markets’

    Some say the government could make an impact if it focused on the way a handful of companies dominate the market for meat processing.

    Today, just four companies control more than 80% of the beef slaughtering and packing market.

    “These are consolidated markets gouging ranchers and gouging consumers at the store,” said Austin Frerick, an agricultural and antitrust policy expert and a fellow at Yale University.

    The meat processing firms – Tyson, JBS, Cargill and National Beef – have faced several lawsuits, including one filed by McDonald’s alleging they colluded to inflate the price of beef.

    Though Trump revoked a Biden-era order earlier this year that directed agencies to tackle corporate consolidation across the food system, his administration has taken other steps to investigate competition issues in the agricultural industry.

    ‘We’re not going to rebuild this cow herd’

    Mike Callicrate runs a cattle ranch in St Francis, Kansas. He said the only way he has managed to stay in the industry was by cutting out the middleman and setting up his own stores to reach consumers directly.

    But Mr Callicrate acknowledged that most ranchers do not have the money to make that shift. Many have left the industry – and see no incentive to jump back in.

    “We’re not going to rebuild this cow herd – not until we address market concentration,” Mr Callicrate said.

    He said he supported the Agriculture Department’s plans to open up more cattle grazing land to boost production and bring down retail prices.

    “But unless we have a market,” he added, you’re a “fool to get into the cattle business”

    Bill Bullard A man wearing a cowboy hat speaks into a microphone.Bill Bullard

    Bill Bullard, the chief executive of R-CALF USA, a cattle producer trade association, said ranchers have seen a recovery in cattle prices over the past year.

    Bill Bullard found himself in the first wave of ranchers pushed out as the meat processing industry started to consolidate in the early 1980s.

    He closed down his 300-cow operation in South Dakota in 1985.

    Mr Bullard, who is now the chief executive of R-CALF USA, a cattle producer trade association, said it was only in the last year or so that ranchers had received good prices for their livestock, as supply dropped to such a low level that the prices paid by meat processors “simply had to increase”.

    Still, reliance on imports and meat packers’ buying power persist, Mr Bullard said, meaning ranchers “lack confidence in the integrity of the marketplace” and remain reluctant to grow their herds.

    He said he did not have confidence that the president’s ideas would fix the issues.

    “He’s focused on the symptoms and not the problems,” he said.

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  • Harvard Ave Acquisition Corporation Announces Closing of

    Harvard Ave Acquisition Corporation Announces Closing of

    New York, NY, Oct. 24, 2025 (GLOBE NEWSWIRE) — Harvard Ave Acquisition Corporation (Nasdaq: HAVAU) (the “Company”) announced today the closing of its initial public offering of 14,500,000 units at $10.00 per unit. The gross proceeds from the offering were $145 million before deducting underwriting discounts and estimated offering expenses. The units were listed on the Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “HAVAU” on October 23, 2025. Each unit consists of one Class A ordinary share and one right to receive one-tenth of one Class A ordinary share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “HAVA” and “HAVAR”, respectively.

    The Company is a blank check company incorporated as an exempted company under the laws of the Cayman Islands, which will seek to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While it may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to focus on industries or sectors that complement the management team’s background.

    D. Boral Capital LLC acted as the sole book-running manager in the offering.

    Robinson & Cole LLP served as legal counsel to the Company. Winston & Strawn LLP served as legal counsel to D. Boral Capital LLC.

    A registration statement on Form S-1 (333-284826) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”), and was declared effective on September 30, 2025. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from D. Boral Capital LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, by telephone at +1 (212) 970-5150, by email at info@dboralcapital.com, or from the SEC website at www.sec.gov.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement and related prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

    Contact Information:

    Harvard Ave Acquisition Corporation

    Sung Hyuk Lee
    Chief Executive Officer

    3rd Floor, 166 Yeongsin-ro
    Yeongdengpo-gu, Seoul, 07362

    Email: sunghyuk.lee23@gmail.com

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  • WTI Oil: Crude Rallies Above $60 On Fresh U.S. Sanctions And U.S. Million Barrel Purchase – Seeking Alpha

    1. WTI Oil: Crude Rallies Above $60 On Fresh U.S. Sanctions And U.S. Million Barrel Purchase  Seeking Alpha
    2. Oil prices dip after surge, remain on track for weekly gain amid supply fears  Business Recorder
    3. Oil rises more than 1% on supply risk, US-China trade talks  Dunya News
    4. There Are Signs the Supply Glut Is Now Hitting the Market  Rigzone
    5. WTI Oil: Crude rallies above $60 on fresh US sanctions and US million-barrel purchase  marketpulse.com

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  • Softronic (OM:SOF B) Margin Miss Challenges Premium Valuation Narrative

    Softronic (OM:SOF B) Margin Miss Challenges Premium Valuation Narrative

    Softronic (OM:SOF B) posted current net profit margins of 8.6%, a decline compared to last year’s 10.1%. Over the past 12 months, the company recorded negative earnings growth, in stark contrast to a 4% annualized growth rate over the last five years. While margins compressed recently, earnings are still described as high quality. This sets up a context where long-term profitability could temper short-term concerns.

    See our full analysis for Softronic.

    Next, we’ll see how these latest results compare to the most commonly held investment narratives and expectations around Softronic. This is where the numbers really get put to the test.

    Curious how numbers become stories that shape markets? Explore Community Narratives

    OM:SOF B Earnings & Revenue History as at Oct 2025

    • Softronic’s share price trades at SEK 22.95, which is a 70% premium over the DCF fair value estimate of SEK 13.53 and sits above the peer average price-to-earnings (P/E) ratio of 14.9x. It remains below the European IT sector average of 19x.

    • The prevailing narrative emphasizes that while a higher multiple signals investor confidence in stability and sector resilience, this valuation gap means further upside will likely require renewed earnings growth or stronger contract wins.

      • The significant spread between current price and DCF fair value highlights a key tension, as ongoing negative earnings growth may not justify such a substantial premium unless fundamentals improve materially.

      • Strong historic profit quality and recurring sector contracts are positives. However, investors cautious about overpaying will note that valuation now depends more on future delivery than on past performance.

    • Net profit margin narrowed to 8.6% this year, declining from a recent 10.1%, signaling that some operating leverage has been lost even against a positive five-year growth backdrop.

    • Recent analysis shows that, despite this squeeze on profitability, Softronic’s recurring public sector contracts and prudent management keep it well-positioned as a “defensive digitalization play.”

      • For investors seeking stable dividends and defensive exposure, the margin dip is a watchpoint but not a dealbreaker if the company sustains its revenue resilience.

      • It is important to note that margin compression is an industry-wide theme, and Softronic’s ability to maintain above-peer multiples suggests the market still values its stable business mix and execution record.

    • A minor risk to dividend sustainability is noted, especially given recent negative earnings growth and squeezed profitability, even as the company is known for consistent payouts.

    • Ongoing discussion points out that, despite reliable dividends and a sector focused on yield, any further erosion of project funding or an uptick in costs could pressure distributions.

      • The robust historic dividend history helps anchor income-seeking investors, but future payouts now depend more on margin recovery than before.

      • It is notable that the IT sector still views Softronic as a shelter in volatile markets, but dividend risks could challenge its perceived safe-haven status if fundamentals deteriorate further.

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  • Frasers Centrepoint Trust (FRZCF) Q4 2025 Earnings Call Transcript – Seeking Alpha

    1. Frasers Centrepoint Trust (FRZCF) Q4 2025 Earnings Call Transcript  Seeking Alpha
    2. RHB lifts FCT target price on improved H2 earnings, asset enhancements, lower interest rates  The Business Times
    3. 3 Singapore REITs That Just Reported: Here’s What Investors Need To Know  The Smart Investor
    4. Frasers Centrepoint Trust (SGX:J69U): Expanding Margins Reinforce Bullish Narratives, but Premium Valuation Persists  Yahoo Finance
    5. FCT reports 6.059 cents DPU for 2HFY2025, up 0.6% y-o-y  The Edge Singapore

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  • Miluna Acquisition Corp Announces Closing of $60,000,000

    Miluna Acquisition Corp Announces Closing of $60,000,000

    Taipei, Taiwan., Oct. 24, 2025 (GLOBE NEWSWIRE) — Miluna Acquisition Corp (Nasdaq: MMTXU) (the “Company”), a Cayman Islands exempted company, announced today the closing of its initial public offering of 6,000,000 units at $10.00 per unit. The units are listed on the Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “MMTXU” on October 23, 2025. Each unit consists of one (1) ordinary share and one (1) redeemable warrant. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “MMTX” and “MMTXW”, respectively.

    Concurrently with the closing of the initial public offering, the Company closed on a private placement of 194,100 units at a price of $10.00 per unit, resulting in gross proceeds of $1,941,000. Each private placement unit consists of one (1) ordinary share and one (1) redeemable warrant.

    D. Boral Capital LLC and ARC Group Securities LLC are acting as joint book-running managers in the offering. The underwriters have been granted a 45-day option to purchase up to an additional 900,000 units offered by the Company to cover over-allotments, if any. ARC Group Limited acted as financial advisor to the Company. The Company was represented by Hunter Taubman Fischer & Li LLC as its legal counsel, and D. Boral Capital LLC and ARC Group Securities LLC were represented by Baker & Hostetler LLP as their legal counsel.

    Of the net proceeds received from the consummation of the initial public offering and simultaneous private placement, $60,000,000 ($10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of October 24, 2025, reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

    A final prospectus relating to and describing the final terms of the offering has been filed with the SEC. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from D. Boral Capital LLC, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 970-5150 or by email at info@dboralcapital.com or from ARC Group Securities LLC, 398 S Mill Ave, Suite 201B, Tempe, AZ 85281, by email at operations@arc-securities.com. Copies of the final prospectus can also be accessed through the SEC’s website at www.sec.gov.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Miluna Acquisition Corp

    Miluna Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company may pursue a business combination with a target in any industry or geographic region that it believes can benefit from the expertise and capabilities of its management team, except that the Company will not pursue a prospective target company based in or having the majority of its operations in the People’s Republic of China.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

    Contact:
    Czhang Lin
    Chief Executive Officer
    czhang1@gmail.com

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