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Analogy 1: A specialized FedEx or UPS, but for oversized and high-security industrial freight.

Analogy 2: Think of it as a JB Hunt or Knight-Swift, but solely focused on flatbed and specialized hauling for things like wind turbine blades and heavy machinery.

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Although specific customer names are not provided in the background description, Hall Chadwick Acquisition (trading as HCAC), which is described as Daseke, Inc., sells primarily to other companies across various industries. Based on the types of materials and equipment it transports, its major customer categories include:

• Industrial and Manufacturing Companies: These customers require the specialized transport of items such as aircraft parts, manufacturing equipment, structural steel, pressure vessels, and commercial glass for their production and operational needs.
• Construction, Mining, and Agriculture Sectors: This category includes businesses involved in large-scale projects and operations that require the transport of lumber, various building and construction materials, and heavy machinery used in construction, mining, and agricultural activities.
• Specialized and High-Security Freight Clients: Customers in this segment require highly specialized and secure transportation for sensitive cargo, including wind turbine blades (requiring oversized and specialized logistics), high-security cargo, and regulated items such as arms, ammunition, and explosives.

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Alex Bono – Chief Executive Officer & Director

Mr. Alex Bono is the CEO & Director of Hall Chadwick Acquisition Corp.. He is also the CEO of ClustAI, a GPU cloud rental provider. Mr. Bono has experience as a Director of Aura FAT Projects Acquisition Corp from December 19, 2025. Previously, he served as Chief Growth Officer at JD.ID, an Indonesian e-commerce platform and subsidiary of JD.com, Inc.. He also held a non-executive director position at FAT Projects Acquisition Corp., a special purpose acquisition company (SPAC), from 2021 to 2024. Mr. Bono is an active investor in AI, blockchain, and fintech startups and holds an MBA from IE Business School and a Computer Engineering degree from Universidad Politécnica de Valencia.

Aaron Dominish – Chief Financial Officer & Director

Mr. Aaron Dominish serves as the Chief Financial Officer & Director of Hall Chadwick Acquisition Corp.. He is a Chartered Accountant and a Partner at Hall Chadwick, an accounting and business advisory firm, where he has been a Partner since 2021 and a Senior Associate from 2020-2021. Mr. Dominish brings expertise in specialist accounting and strategic corporate advisory, having delivered financial solutions across diverse industries including natural resources, technology, hospitality, transport, professional services, and construction. He is also the Vice President of Thriive WA Inc. and has held leadership roles with the Australian Restructuring, Insolvency, and Turnaround Associations' Young Professional Committee and the Restructuring Insolvency Network of Western Australia. He holds a Bachelor of Commerce in Accounting and Marketing and a Graduate Diploma of Chartered Accountancy.

Peter Beckhouse – Chief Operating Officer

Mr. Peter Beckhouse is the Chief Operating Officer of Hall Chadwick Acquisition Corp.. He is a consultant with experience in launching venture funds.

Craig Ransley – Independent Director

Mr. Craig Ransley serves as an Independent Director for Hall Chadwick Acquisition Corp.. He possesses deep expertise in resource development, strategic planning, and public company governance, which is valuable in evaluating potential business combination targets, particularly in the mining, energy, or industrial sectors. Mr. Ransley also holds trade qualifications as a fitter and machinist.

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1. Weak Freight Market Conditions and Declining Rates: The company has been significantly impacted by a soft freight market, leading to lowered earnings guidance and a year-over-year drop in revenue and earnings. The CEO of Daseke, Jonathan Shepko, indicated in May 2023 that challenging market conditions were expected to persist, with a lack of clear visibility into a broader economic recovery. Freight volumes and rates have been under pressure, and declining revenue per mile in both flatbed and specialized segments reflects this trend.
2. Rising Operating Costs and Inflationary Pressures: Daseke has experienced persistent inflationary pressures that contribute to increased operating costs. The flatbed and specialized solutions segments have seen worsening operating ratios due to lower revenue combined with rising expenses in areas such as operations, maintenance, and driver compensation. Fuel expense has also been a drag on profitability, as surcharges have not kept pace with costs.
3. Integration Challenges and Debt Related to Acquisitions: Daseke has historically operated with elevated debt levels, and its acquisitions have at times led to increased debt leverage. More recently, Daseke entered into a merger agreement with TFI International Inc., and the consummation of this merger would result in Daseke ceasing to be a publicly traded company and integrating into TFI International's Truckload segment. Post-acquisition comments from TFI's CEO in February 2025 highlighted that the legacy Daseke business faced challenges including "too much capital invested" and "way too many trucks in a very difficult environment," along with high pressure on rates and elevated costs, indicating potential difficulties in the integration process and ongoing operational issues.

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For Hall Chadwick Acquisition (HCAC), as a Special Purpose Acquisition Company (SPAC) focused on identifying and completing a business combination, its expected drivers of future revenue growth over the next 2-3 years are intrinsically linked to its acquisition strategy and the inherent growth potential of the businesses it targets.

1. Successful Execution of Business Combination Strategy: The primary driver of future revenue growth for HCAC will be its ability to successfully identify and complete a merger, amalgamation, or acquisition with one or more operating businesses. The revenue growth will then be derived from the performance of the combined entity.
2. Strategic Focus on High-Growth Sectors: Hall Chadwick Acquisition Corp. expects to concentrate its efforts on identifying opportunities within the technology, critical materials, and energy sectors. These sectors are characterized by inherent high growth potential, which is anticipated to drive the revenue of the acquired entity.
3. Targeting Specific High-Potential Sub-sectors: Within its focus areas, HCAC is structured to pursue assets and businesses operating across rare earths and critical minerals essential to electrification and defense, the semiconductor value chain from upstream inputs to midstream processing, and AI-driven industrial platforms supporting manufacturing, logistics, and data infrastructure. Growth in these specialized areas is expected to contribute to the combined company's revenue.
4. Leveraging Access to U.S. Capital Markets: Hall Chadwick aims to facilitate access to U.S. investors for high-quality projects, particularly from Australia, with global ambitions. This ability to bring promising companies to the U.S. public markets can enable substantial growth for the acquired businesses, indirectly driving the combined entity's revenue.

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Share Repurchases

• Daseke, Inc. completed a significant share repurchase in the fourth quarter of 2022, acquiring approximately 30% of its then-issued and outstanding common shares. This involved repurchasing 17,932,725 shares from founder Don R. Daseke for $107.6 million, funded by $40 million in cash and the issuance of $67.6 million in Series B Preferred Stock.
• In November 2022, Daseke announced a pause on open-market share repurchases.
• Prior to this, the company had authorized a stock repurchase program allowing for the buyback of up to $40 million of its common stock, to be financed with available cash.

Share Issuance

• In connection with the repurchase of shares from founder Don R. Daseke in 2022, Daseke issued $67.6 million in Series B Preferred Stock.
• The company's 2024 annual report mentions the issuance of Series A Preferred Stock in connection with preferred financing and the refinancing of certain long-term debt.
• Daseke also established Restricted Stock Unit Award Agreements and Performance Stock Unit Award Agreements commencing in 2021.

Inbound Investments

• TFI International Inc. acquired Daseke, Inc. in a transaction valued at approximately $1.1 billion, including debt, which officially closed on April 1, 2024.
• The acquisition involved TFI International paying $8.30 in cash per Daseke common share.
• The total enterprise value of the transaction included the merger consideration for common stock, redemption of Daseke's Series B preferred stock, and the payoff or assumption of Daseke's Series A preferred stock and outstanding debt, net of cash, and estimated transaction fees and expenses.

Outbound Investments

• Daseke, Inc. acquired Moore Freight Service, Inc., a specialist in flat glass transportation, in December 2017.

Capital Expenditures

• For 2023, Daseke's projected capital expenditures, net of property and equipment sales, were estimated to be between $145 million and $155 million, which included $20 million of roll-over capital from 2022.
• Cash capital expenditures, net of property and equipment sales, were expected to be $40 million to $45 million for 2023.
• A significant focus of Daseke's annual capital expenditures is investment in new equipment, such as tractors and trailers.