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Lafayette Acquisition Corp. (LAFA)

Lafayette Acquisition Corp. (LAFA) was a Special Purpose Acquisition Company (SPAC) that merged with Streamline Health Solutions, Inc. in 2008. Following the merger, the company operated as Streamline Health Solutions, providing the following healthcare information technology services:

• Enterprise Content Management (ECM) Solutions: These services offer software and tools for healthcare organizations to digitally manage, store, and access their vast array of clinical and administrative documents.
• Health Information Management (HIM) Solutions: These solutions provide tools and services designed to improve accuracy and efficiency in medical coding, clinical documentation, and the overall integrity of patient health records.
• Revenue Cycle Management (RCM) Solutions: These offerings focus on optimizing the financial performance of healthcare providers through enhanced patient registration, charge capture, claims processing, and denial prevention.
• Data Analytics and Insights: This category includes platforms that process and analyze healthcare data to deliver actionable intelligence for informed operational and clinical decision-making.

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Lafayette Acquisition (symbol: LAFA) was a Special Purpose Acquisition Company (SPAC). A SPAC is a shell company that raises capital through an initial public offering with the sole purpose of acquiring an existing private company, thereby taking it public.

LAFA did not complete an acquisition and subsequently liquidated. As a result, it did not operate a traditional business that sells products or services to major customers, either other companies or individuals. Its "business" was to find and merge with a target company, and its "investors" were its shareholders.

Therefore, Lafayette Acquisition (LAFA) does not have major customers to list or categories of customers to describe in the traditional sense of an operating company.

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Christophe Charlier, Chairman and Chief Executive Officer

Mr. Charlier has served as Chairman and Chief Executive Officer of Lafayette Acquisition Corp. since May 2025. He is an international financier with 30 years of experience in investment banking, private equity, and international management. Throughout his career, he has advised on or acted as principal in numerous landmark transactions across industries such as telecom, financial services, natural resources, energy, and sports and entertainment in both developed and emerging markets. His experience includes serving as Deputy CEO of Onexim Group, a private equity fund, from September 2008 to June 2014, where he also sat on the boards of several of their portfolio companies. Mr. Charlier also served as Chairman of the Board of Directors of Renaissance Capital, an emerging and frontier markets investment bank, from April 2017 to March 2020. He has extensive public market and SPAC experience, having served as an independent director of two other SPACs, Oxus Acquisition Corp. (which completed a business combination in February 2024) and Tavia Acquisition Corp.

Jennifer Calabrese, Chief Financial Officer

Ms. Calabrese has served as Chief Financial Officer of Lafayette Acquisition Corp. since July 2025. She is the founder and CEO of Calabrese Consulting, LLC, established in 2012, which is a minority/woman-owned, full-service accounting and financial reporting advisory firm with over 50 employees serving clients globally. The firm specializes in SEC financial reporting, compliance, and consulting services for public and private companies, including numerous SPACs. Prior to founding Calabrese Consulting, Ms. Calabrese held various roles in publicly traded companies, including Corporate Controller, Director of Accounting and SEC Reporting, Executive Vice President of Finance, and Chief Financial Officer. She began her career at KPMG, LLP, specializing in the Information, Communications and Entertainment industry. Ms. Calabrese also currently serves as the Chief Financial Officer of Athena Technology Acquisition Corp. II, a special purpose acquisition company.

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1. Failure to Complete a Business Combination: The most significant risk for LAFA is its ability to identify and successfully consummate a merger, share exchange, asset acquisition, or similar business combination within its allotted timeframe. SPACs typically have a limited period, often 24 months, to complete an acquisition. LAFA has until 21 months from the closing of its Initial Public Offering (IPO) in October 2025 to achieve this goal. Should LAFA fail to complete a business combination within this period, it may be forced to liquidate, returning funds to public shareholders, but resulting in a loss of the sponsor's initial investment.
2. Significant Shareholder Dilution: Public shareholders face substantial dilution due to the low initial cost at which founders and early investors acquire their shares. These initial investors contribute a nominal amount per share, meaning that public investors will experience immediate and substantial dilution upon purchasing ordinary shares and further dilution upon the closing of a business combination.
3. Uncertainties and Risks of the Target Acquisition: Even if LAFA identifies a potential target, there are inherent uncertainties and risks associated with the eventual merger or acquisition. These include the risk of a deal collapsing even after extensive due diligence, potential misalignment of goals between LAFA's management and the target company, and challenges related to integrating a private company into a public structure. The company's broad investment mandate, not being limited to a specific industry or geographic location, further adds to the uncertainty of finding a suitable and valuable target.

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Threat 1: Increased Regulatory Scrutiny and Potential Rule Changes

The Special Purpose Acquisition Company (SPAC) market, a common structure for "Acquisition Companies" like Lafayette Acquisition (LAFA), faces significant and increasing regulatory scrutiny. The US Securities and Exchange Commission (SEC) and other global regulators have proposed and are implementing new rules aimed at increasing investor protection, enhancing disclosures, and addressing perceived conflicts of interest within SPAC structures. These changes could make the formation and operation of SPACs more complex, costly, and less attractive, potentially reducing the number of viable acquisition targets and the overall appeal of the SPAC vehicle compared to traditional IPOs or direct listings.

Threat 2: Declining Investor Confidence and Market Saturation

The broader market for special purpose acquisition vehicles has experienced a downturn characterized by declining investor confidence, high redemption rates, and a proliferation of SPACs (market saturation) chasing a limited pool of high-quality private companies. Many de-SPACed companies have underperformed post-merger, leading to investor disillusionment and a shift away from this investment vehicle. This trend directly impacts Lafayette Acquisition's ability to raise capital, identify attractive acquisition targets at reasonable valuations, and successfully complete mergers, as investors become more cautious and demand higher quality deals with better terms.

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For Lafayette Acquisition (symbol: LAFA), a Special Purpose Acquisition Company (SPAC) that completed its initial public offering in October 2025, the expected drivers of future revenue growth over the next 2-3 years are intrinsically tied to its core mission: successfully completing a business combination.

As a "blank check" company, LAFA currently generates no revenue and its primary objective is to merge with, acquire, or engage in a similar business combination with one or more operating businesses. Therefore, its future revenue growth will directly stem from the operational performance and strategic initiatives of the entity it ultimately acquires.

The 3-5 expected drivers of future revenue growth for Lafayette Acquisition over the next 2-3 years are:

1. Successful Completion of a Business Combination: The foremost driver of any future revenue for LAFA is the successful identification and execution of a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination. Until an acquisition is finalized, LAFA will not have any operational revenue.
2. Organic Growth of the Acquired Operating Company: Once an acquisition is completed, the future revenue growth will largely depend on the inherent organic growth capabilities of the acquired company. This would include factors such as expanding its customer base, increasing sales volume of existing products or services, and capturing greater market share within its industry.
3. Strategic Expansion within Targeted Sectors: Lafayette Acquisition intends to focus its search for target companies in sectors where its management team possesses significant experience. These include energy, food/agri-tech, mining and metals, telecoms, financial services/fintech, natural resources, sports & entertainment, healthcare, and technology. Revenue growth will be driven by the acquired entity's performance and potential for expansion within these specialized industries.
4. Leveraging Management's Mergers & Acquisitions Expertise: Christophe Charlier, LAFA's Chairman and CEO, has extensive experience in investment banking, private equity, and international management, having been involved in significant transactions across various industries. This expertise is expected to be crucial in identifying, evaluating, and negotiating an attractive business combination. Post-acquisition, this experience could be leveraged to implement strategic initiatives, foster operational efficiencies, or pursue further synergistic acquisitions, all contributing to the combined entity's revenue growth.

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Share Issuance

• Lafayette Acquisition Corp. completed its Initial Public Offering in October 2025, issuing 11.5 million units at $10.00 per unit, which raised gross proceeds of $115 million.
• A simultaneous private placement generated an additional $3.8 million through the sale of 380,000 units at $10.00 per unit.
• Prior to its IPO, on May 28, 2025, the company executed a share dividend that resulted in 3,833,333 ordinary shares outstanding.

Inbound Investments

• The company raised $115 million from its Initial Public Offering in October 2025.
• An additional $3.8 million was secured through a concurrent private placement of units.
• LaFayette Sponsor LLC acquired 244,286 ordinary shares for $2,442,860 on October 27, 2025, as part of a private placement during the IPO.

Outbound Investments

• As a Special Purpose Acquisition Company (SPAC), Lafayette Acquisition Corp. was formed with the primary objective of effecting a business combination, such as a merger or acquisition, with another entity.
• At the time of its IPO in October 2025, no specific acquisition target had been identified.
• The $115 million in proceeds from the IPO and private placement has been placed into a trust account, intended solely for use in a future business combination, indicating no outbound investments have been made to date.