[sheet: Closing Conditions]

Item No.	BCA Section Reference	Condition Description	Condition Type	Responsible Party	Status	Target Date	Actual Completion Date	Notes / Comments
1	Section 8.1(a)	Registration Statement on Form S-4 declared effective by the SEC	Mutual	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	In Progress	2025-06-16	Initial S-4 filed 4/28/2025 (SEC File No. 333-294817); SEC first-round comments received 5/19/2025; Amendment No. 1 in preparation, projected filing 6/2/2025; effectiveness projected 6/16/2025
2	Section 8.1(b)	PGAC Shareholder Approval — Ordinary resolution, simple majority of votes cast at Extraordinary General Meeting	Mutual	Ashland Burke & Thayer LLP / Advantage Proxy Advisors, Inc.	Not Started	2025-07-18	EGM projected 7/18/2025; definitive proxy/prospectus to be mailed 6/18/2025; proxy solicitation not yet commenced; proxy solicitor: Advantage Proxy Advisors, Inc.
3	Section 8.1(c)	No Material Adverse Effect on Skybridge since the date of the BCA (April 14, 2025)	Mutual	Skybridge Fintech Ltd.	In Progress	2025-07-21	Ongoing monitoring; bring-down diligence to be completed pre-closing by Ryan Kowalski
4	Section 8.1(d)	No Legal Impediment — No order, injunction, or law prohibiting consummation of the merger	Mutual	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	In Progress	2025-07-21	No known impediments as of late May 2025
5	Section 8.1(e)	Nasdaq listing approval for combined company shares (post-closing ticker: SBFT)	Mutual	Ashland Burke & Thayer LLP / Pinnacle Growth Acquisition Corp.	In Progress	2025-07-18	Nasdaq listing application submitted 5/5/2025; review ongoing
6	Section 8.1(f)	Minimum Cash Condition — Combined company must have at least $200,000,000 of Available Cash at closing (trust proceeds net of redemptions + PIPE proceeds + backstop proceeds − transaction expenses)	Mutual	All Parties	In Progress	2025-07-21	No-redemption scenario: $312.6M + $150M − $42M = $420.6M (satisfied). Max-redemption w/ backstop: $312.6M − $256.25M + $51.25M + $150M − $42M = $215.6M (satisfied). Estimated transaction expenses: $42M
7	Section 8.1(g)	Domestication of Pinnacle from Cayman Islands to Delaware completed immediately prior to merger effective time	Mutual	Ashland Burke & Thayer LLP	Not Started	2025-07-21	Certificate of Domestication (DGCL § 388) and Certificate of Incorporation to be filed with Delaware Secretary of State; Cayman Islands Companies Act deregistration
8	Section 8.1(h)	HSR Act waiting period expired or early termination granted (if applicable)	Mutual	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Completed	2025-05-15	2025-05-12	HSR filing made 4/21/2025; early termination granted 5/12/2025
9	Section 8.1(i)	No governmental authority shall have enacted any law making the transaction illegal	Mutual	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	In Progress	2025-07-21	Ongoing monitoring; no known adverse legislation pending
10	Section 8.2(a)	Representations and warranties of Skybridge true and correct (subject to materiality qualifiers) as of closing	Pinnacle's Obligation	Skybridge Fintech Ltd.	Not Started	2025-07-21	To be certified via Officer's Certificate signed by Priya Chandrasekaran (CEO) and Marcus Ellingham (CFO)
11	Section 8.2(b)	Skybridge covenants performed in all material respects	Pinnacle's Obligation	Skybridge Fintech Ltd.	In Progress	2025-07-21	Ongoing compliance; no-shop covenant in effect from signing through closing or termination
12	Section 8.2(c)	No Material Adverse Effect on Skybridge since BCA date	Pinnacle's Obligation	Skybridge Fintech Ltd.	In Progress	2025-07-21	MAE defined in Article I of BCA; standard carveouts for general economic/industry conditions, changes in law, COVID/pandemic, acts of war or terrorism, failure to meet projections (but not underlying cause)
13	Section 8.2(d)	Officer's Certificate — Skybridge delivered	Pinnacle's Obligation	Calderwood & Harkness LLP	Not Started	2025-07-21	Form prepared; to be executed by Priya Chandrasekaran and Marcus Ellingham at closing
14	Section 8.2(e)	Secretary's Certificate — Skybridge delivered (board resolutions, incumbency, organizational documents)	Pinnacle's Obligation	Calderwood & Harkness LLP	Not Started	2025-07-21	Form prepared; to be executed by Teresa Okafor
15	Section 8.2(f)	FIRPTA Certificate delivered by Skybridge pursuant to Treas. Reg. § 1.1445-2(c)(3)	Pinnacle's Obligation	Calderwood & Harkness LLP	Not Started	2025-07-21	Form prepared; certifies Skybridge is not a USRPHC under Section 897(c)(2) IRC
16	Section 8.2(g)	Good Standing Certificates — Skybridge in Delaware and each qualification state	Pinnacle's Obligation	Calderwood & Harkness LLP	Not Started	2025-07-14	Request list prepared; orders to be placed ~2 weeks pre-closing
17	Section 8.2(h)	Payoff of Velthorn Commerce Bank, N.A. revolving credit facility — $18,500,000 outstanding balance under Credit Agreement dated March 22, 2023; $25,000,000 commitment	Pinnacle's Obligation	Calderwood & Harkness LLP / Skybridge	Not Started	2025-07-21	Payoff letter form prepared; payoff from trust proceeds at closing; UCC termination statements and lien releases required
18	Section 8.2(i)	Delivery of Skybridge audited financial statements (FY2024 and FY2023) and interim unaudited financials	Pinnacle's Obligation	Graystone Thornton LLP / Skybridge	Completed	2025-04-28	2025-04-25	Included in S-4 filing; audited by Graystone Thornton LLP (Helen Marchetti)
19	Section 8.2(j)	Written consent of Skybridge stockholders approving merger	Pinnacle's Obligation	Calderwood & Harkness LLP	Completed	2025-04-14	2025-04-14	Delivered at BCA signing; Veltrano (~38.2%), Atlas Horizon (~22.7%), and Chandrasekaran executed Company Stockholder Support Agreement
20	Section 8.2(k)	Delivery of Skybridge capitalization certificate and spreadsheet	Pinnacle's Obligation	Calderwood & Harkness LLP / Marcus Ellingham	In Progress	2025-07-21	Initial cap table delivered at signing; updated cap table with all options/warrants to be delivered 3 business days pre-closing
21	Section 8.3(a)	Representations and warranties of Pinnacle and Merger Sub true and correct as of closing	Skybridge's Obligation	Ashland Burke & Thayer LLP	Not Started	2025-07-21	To be certified via Officer's Certificate from Pinnacle
22	Section 8.3(b)	Pinnacle and Merger Sub covenants performed in all material respects	Skybridge's Obligation	Ashland Burke & Thayer LLP	In Progress	2025-07-21	Ongoing compliance; trust maintenance, SEC filings, Nasdaq listing maintenance
23	Section 8.3(c)	No Material Adverse Effect on Pinnacle since BCA date	Skybridge's Obligation	Ashland Burke & Thayer LLP	In Progress	2025-07-21	Monitoring trust balance and SPAC-level events
24	Section 8.3(d)	Officer's Certificate — Pinnacle delivered	Skybridge's Obligation	Ashland Burke & Thayer LLP	Not Started	2025-07-21	To be executed by Jonathan Mercer (CEO) and Elaine Stratford (CFO) at closing

25	Section 8.3(e)	Secretary's Certificate — Pinnacle delivered	Skybridge's Obligation	Ashland Burke & Thayer LLP	Not Started	2025-07-21	Attaches organizational documents, board resolutions, and incumbency
26	Section 8.3(f)	Trust Account has sufficient funds to satisfy trust redemption obligations and minimum cash condition	Skybridge's Obligation	Ashland Burke & Thayer LLP / Glenridge National Bank, N.A.	In Progress	2025-07-21	Trust balance ~$312.6M as of 3/31/2025; to be confirmed at closing
27	Section 8.3(g)	Registration Rights Agreement executed and delivered	Skybridge's Obligation	Calderwood & Harkness LLP	Not Started	2025-07-21	Form drafted; to be executed at closing

STATUS SUMMARY

Completed	3
In Progress	12
Not Started	12
Total Conditions	27
Percentage Complete	11.1%	3 of 27 conditions completed

[sheet: Closing Deliverables]

Item No.	Category	Deliverable Description	Responsible Party	Counterparty / Recipient	Status	Execution / Delivery Date	Target Deadline	Document Filename / Reference	Notes / Comments
1	Transaction Agreement	Business Combination Agreement (Execution Version) — among Pinnacle Growth Acquisition Corp., Pinnacle Merger Sub Inc., and Skybridge Fintech Ltd.	All Parties	All Parties	Executed	2025-04-14	2025-04-14	business-combination-agreement-execution.docx	Implied EV $450M; per-share consideration $10.00; 45,000,000 shares to Skybridge holders; governed by Delaware law
2	Transaction Agreement	Amendment No. 1 to BCA (Form — if needed)	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	All Parties	Draft	Pre-closing	bca-amendment-no-1-form.docx	Template prepared; to be executed only if pre-closing amendments required
3	Transaction Agreement	Sponsor Support Agreement — Ridgeway Capital Holdings LLC and Pinnacle	Ashland Burke & Thayer LLP	Pinnacle / Skybridge	Executed	2025-04-14	2025-04-14	sponsor-support-agreement-execution.docx	Voting obligations; forfeiture of 500,000 Class B shares at closing; additional 500,000 forfeited if redemptions >75% of public shares; waiver of anti-dilution
4	Transaction Agreement	Company Stockholder Support Agreement — Harborview Partners (~38.2% FD), Atlas Horizon Ventures Fund II, LP (~22.7% FD), Priya Chandrasekaran	Calderwood & Harkness LLP	Skybridge	Executed	2025-04-14	2025-04-14	company-stockholder-support-agreement-execution.docx	Written consent in favor of merger; no-transfer covenants
5	Transaction Agreement	Lock-Up Agreement — Skybridge insiders (Chandrasekaran, Ellingham, Okafor, Hsiao, Veltrano, Atlas Horizon) and Sponsor (Ridgeway Capital Holdings)	Calderwood & Harkness LLP	All Lock-Up Parties	Executed	2025-04-14	2025-04-14	lock-up-agreement-execution.docx	12-month lock-up on founder shares; 180-day lock-up on Skybridge insider shares; customary early-release triggers
6	Transaction Agreement	Registration Rights Agreement (Form — to be executed at closing)	Calderwood & Harkness LLP	Skybridge Fintech Holdings, Inc. / Sponsor / Former SBF shareholders / PIPE investors	Draft	2025-07-21	registration-rights-agreement-form.docx	Shelf registration, demand rights, piggyback rights
7	Transaction Agreement	PIPE Subscription Agreements — Hargrove Institutional Partners, LP ($60M); Stonewall Global Equity Fund ($40M); Meridian Crossover Fund III, LP ($25M); Canfield Asset Management, LLC ($25M); Total: $150M / 15,000,000 shares at $10.00/share	Pemberton Zanthor & Co. / Calderwood & Harkness LLP	PIPE Investors / Pinnacle	Executed	2025-04-14	2025-04-14	pipe-subscription-agreements-form.docx	All subscription agreements executed; PIPE placement agent: Pemberton Zanthor & Co.
8	Transaction Agreement	Non-Redemption / Backstop Agreement — Velthryn Strategic Investments, LP and Pinnacle	Ashland Burke & Thayer LLP	Velthryn / Pinnacle	Executed	2025-04-14	2025-04-14	backstop-agreement-execution.docx	Up to 5,000,000 shares at $10.25/share ($51.25M max); incentive shares = 10% of backstop shares purchased; Contact: Richard Tsai
9	Transaction Agreement	Earnout Agreement (Form — to be executed at closing)	Calderwood & Harkness LLP	Former Skybridge shareholders / Combined Company	Draft	2025-07-21	earnout-agreement-form.docx	Up to 5,000,000 earnout shares: Tranche 1 — 2,500,000 shares if VWAP ≥ $12.50 for 20/30 trading days within 24 months; Tranche 2 — 2,500,000 shares if VWAP ≥ $15.00 for 20/30 trading days within 36 months
10	Transaction Agreement	Merger Agreement — Pinnacle Merger Sub Inc. (forward triangular merger)	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	All Parties	Draft	2025-07-21	merger-agreement-form.docx	Merger Sub merges with and into Skybridge; Skybridge survives as wholly owned subsidiary
11	SEC Filing	Registration Statement on Form S-4 (Initial Filing)	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	SEC	Filed	2025-04-28	2025-04-28	form-s-4-initial-filing-draft.docx	SEC File No. 333-294817; CIK 0001948372
12	SEC Filing	Response to SEC First-Round Comment Letter	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	SEC Division of Corporation Finance	In Progress	2025-06-02	sec-comment-letter-response-draft.docx	Comments received 5/19/2025; allocation of response responsibilities between target and SPAC counsel
13	SEC Filing	Amendment No. 1 to Form S-4	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	SEC	In Progress	2025-06-02	form-s-4-amendment-no-1-draft.docx	Incorporates responses to SEC comments; updated financial data; revised proxy/prospectus
14	SEC Filing	Form 8-K — Announcement of Business Combination	Ashland Burke & Thayer LLP	SEC	Filed	2025-04-14	2025-04-14	form-8k-announcement-bca.docx	Announcing BCA execution; $450M deal value; merger structure; PIPE and backstop
15	SEC Filing	Form 8-K — Closing / Super 8-K	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	SEC	Draft	2025-07-21	form-8k-closing-super-8k-draft.docx	Shell company disclosures; pro forma financials; audited Skybridge financials as exhibits; Nasdaq ticker change to SBFT; domestication and merger completion
16	SEC Filing	Definitive Proxy Statement / Prospectus (part of S-4)	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	PGAC shareholders	In Progress	2025-06-18	definitive-proxy-prospectus-draft.docx	To be mailed to shareholders following S-4 effectiveness
17	SEC Filing	Form 8-A — Registration of Class A Common Stock under Exchange Act (domesticated entity)	Ashland Burke & Thayer LLP	SEC	Draft	2025-07-21	form-8a-registration.docx	Registration of domesticated Delaware entity securities
18	Tax	Tax Structure Memorandum — Section 368(a) reorganization and domestication tax consequences	Leonard Cross (Calderwood & Harkness LLP) / Cedarhurst Advisory Group LLC	Internal / Client	Final	Pre-S-4 filing	tax-structure-memorandum.docx	Section 368(a)(1)(A), Section 367(b), Section 368(a)(1)(F); treatment of PIPE, earnout, warrants
19	Tax	Tax Opinion — Section 368(a)(1)(A) and Section 367(b) (to accompany S-4 effectiveness)	Leonard Cross (Calderwood & Harkness LLP)	SEC (exhibit to S-4)	Draft	2025-06-16	tax-opinion-draft.docx	To be finalized and delivered at S-4 effectiveness
20	Tax	FIRPTA / Withholding Analysis Memorandum	Leonard Cross (Calderwood & Harkness LLP)	Internal / Client	Final	Pre-closing	firpta-withholding-analysis-memo.docx	Sections 1445 and 1446 analysis; Skybridge not a USRPHC
21	Tax	IRS Form W-9 — Skybridge Fintech Ltd.	Calderwood & Harkness LLP / Marcus Ellingham	Pinnacle	Not Started	2025-07-21	w9-skybridge.pdf	TIN certification for closing
22	Certificate	Officer's Certificate — Skybridge Fintech Ltd.	Calderwood & Harkness LLP	Pinnacle	Draft	2025-07-21	officers-certificate-skybridge-form.docx	To be signed by Priya Chandrasekaran (CEO) and Marcus Ellingham (CFO); certifies reps & warranties true, no material adverse effect, covenants complied with
23	Certificate	Secretary's Certificate — Skybridge Fintech Ltd.	Calderwood & Harkness LLP	Pinnacle	Draft	2025-07-21	secretarys-certificate-skybridge-form.docx	Attaches certificate of incorporation, bylaws, board resolutions, incumbency of officers; to be executed by Teresa Okafor
24	Certificate	FIRPTA Certificate — Skybridge Fintech Ltd.	Calderwood & Harkness LLP	Pinnacle	Draft	2025-07-21	firpta-certificate-form.docx	Per Treas. Reg. § 1.1445-2(c)(3); certifies not USRPHC under IRC § 897(c)(2)

25	Certificate	Good Standing Certificates — Skybridge in Delaware and each qualification state	Calderwood & Harkness LLP	Pinnacle	Not Started	2025-07-14	good-standing-certificate-request-list.docx	Request list prepared; orders to be placed ~2 weeks pre-closing
26	Certificate	Officer's Certificate — Pinnacle Growth Acquisition Corp.	Ashland Burke & Thayer LLP	Skybridge	Draft	2025-07-21	officers-certificate-pinnacle-form.docx	To be signed by Jonathan Mercer (CEO) and Elaine Stratford (CFO)
27	Certificate	Secretary's Certificate — Pinnacle Growth Acquisition Corp.	Ashland Burke & Thayer LLP	Skybridge	Draft	2025-07-21	secretarys-certificate-pinnacle-form.docx	Attaches organizational documents, board resolutions, incumbency
28	Corporate	Amended and Restated Certificate of Incorporation — Skybridge Fintech Holdings, Inc.	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Delaware Secretary of State	Draft	2025-07-21	amended-restated-certificate-of-incorporation-form.docx	Post-closing combined company governance; authorized capital stock; board structure; protective provisions
29	Corporate	Amended and Restated Bylaws — Skybridge Fintech Holdings, Inc.	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Combined Company	Draft	2025-07-21	amended-restated-bylaws-form.docx	Effective at closing
30	Corporate	Certificate of Domestication and Certificate of Incorporation (Domestication — Pinnacle)	Ashland Burke & Thayer LLP	Delaware Secretary of State	Draft	2025-07-21	domestication-certificate-form.docx	DGCL § 388; Pinnacle re-domiciles from Cayman Islands to Delaware immediately prior to merger effective time
31	Corporate	Certificate of Merger — Delaware Secretary of State	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Delaware Secretary of State	Draft	2025-07-21	certificate-of-merger-form.docx	Merger Sub merges with and into Skybridge; effective time of merger
32	Corporate	2025 Equity Incentive Plan — Skybridge Fintech Holdings, Inc.	Calderwood & Harkness LLP	PGAC shareholders (EGM approval)	Draft	2025-07-18	2025-equity-incentive-plan-form.docx	To be approved at EGM; share reserve, award types, plan limits for post-closing equity compensation
33	Corporate	2025 Employee Stock Purchase Plan — Skybridge Fintech Holdings, Inc.	Calderwood & Harkness LLP	PGAC shareholders (EGM approval)	Draft	2025-07-18	2025-espp-form.docx	To be approved at EGM
34	Corporate	Board Resolutions — Skybridge Fintech Ltd. approving merger and related transactions	Calderwood & Harkness LLP	Skybridge Board	Draft	2025-07-21	skybridge-board-resolutions-form.docx	Board approval of closing deliverables and merger consummation
35	Corporate	Board Resolutions — Pinnacle Growth Acquisition Corp. approving merger and domestication	Ashland Burke & Thayer LLP	Pinnacle Board	Draft	2025-07-21	pinnacle-board-resolutions-form.docx	Board approval of domestication, merger, charter amendments
36	Financial	Payoff Letter — Velthorn Commerce Bank, N.A.	Calderwood & Harkness LLP / Skybridge	Velthorn Commerce Bank, N.A.	Draft	2025-07-21	payoff-letter-greylock-commerce-form.docx	Payoff of $18,500,000 outstanding revolving facility (Credit Agreement dated 3/22/2023; $25M commitment); wire instructions; UCC termination; lien releases; funded from trust proceeds
37	Financial	PIPE Funding — Wire of $150,000,000 from PIPE Investors	Pemberton Zanthor & Co. / PIPE Investors	Glenridge National Bank, N.A. (Trust Account)	Not Started	2025-07-21	N/A	Hargrove ($60M), Stonewall ($40M), Meridian ($25M), Canfield ($25M); wire to close on closing date
38	Financial	Trust Account Disbursement — Glenridge National Bank, N.A.	Ashland Burke & Thayer LLP / Pinnacle	Combined Company / Redeeming Shareholders / Payoff	Not Started	2025-07-21	N/A	Trust balance ~$312.6M as of 3/31/2025; Glenridge National Bank, N.A. is trust custodian/paying agent; net of redemptions
39	Financial	Backstop Funding — Velthryn Strategic Investments, LP (if triggered)	Ashland Burke & Thayer LLP / Velthryn	Redeeming Shareholders	Not Started	2025-07-21	N/A	Up to $51.25M (5M shares × $10.25); incentive shares = 10% of backstop shares purchased
40	Financial	Closing Funds Flow Memorandum	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	All Parties	Draft	2025-07-18	closing-funds-flow-memo-draft.docx	Detailed wire instructions, payment waterfall, and sources/uses reconciliation
41	Insurance	R&W Insurance Policy — Clarendon Mutual Underwriters, Ltd.	Calderwood & Harkness LLP / Skybridge	All Parties	In Progress	2025-07-21	N/A	Policy No. CLM-2025-SPAC-04471; limit: $45M (10% of deal value); retention: $4.5M (1% of deal value); estimated premium: $1.8M (~4% of limit); bound; final policy at closing
42	Insurance	D&O Tail Policy — Marlowe Asset Management Specialty Insurance Co.	Calderwood & Harkness LLP / Skybridge	Skybridge directors and officers	Not Started	2025-07-21	N/A	Policy No. VSI-DO-2025-88320; quoted; to be bound at closing
43	Other	Nasdaq Listing Application — Combined Company (Ticker: SBFT)	Ashland Burke & Thayer LLP / Pinnacle	Nasdaq	In Progress	2025-05-05	Pre-EGM	N/A	Application submitted 5/5/2025; review ongoing; must be approved prior to closing
44	Other	Transfer Agent Coordination — Continental Registrars, Inc.	Ashland Burke & Thayer LLP	Continental Registrars, Inc.	Not Started	2025-07-21	N/A	Share issuance instructions; book-entry positions for merger consideration, PIPE shares, and founder share conversion
45	Other	Deferred Underwriting Fee Payment — Pemberton Zanthor & Co.	Ashland Burke & Thayer LLP / Pinnacle	Pemberton Zanthor & Co.	Not Started	2025-07-21	N/A	Deferred underwriting fee: $10,500,000 (3.5% × $300M IPO proceeds); payable from trust at closing

STATUS SUMMARY

Executed	6
Filed	3
Final	3
Draft	20
In Progress	5
Not Started	8
Total Deliverables	45
Percentage Complete (Executed + Filed + Final)	26.7%	12 of 45 deliverables completed

[sheet: Action Items]

Item No.	Action Item Description	Assigned To	Supporting Team	Priority	Status	Due Date	Dependency / Predecessor	Notes
1	Prepare and finalize response to SEC first-round comment letter on Form S-4 (File No. 333-294817)	Naomi Petersen	Ryan Kowalski / Jennifer Kwan (ABT)	Critical	In Progress	2025-05-30	SEC comments received 5/19/2025	Allocate response responsibilities between C&H (target-side) and ABT (SPAC-side); coordinate with Graystone Thornton LLP (Helen Marchetti) and Brindoval Tarvick LLP (Samuel Norris) on accounting comments
2	Finalize and file Amendment No. 1 to Form S-4	Naomi Petersen	Ryan Kowalski / Sandra Tung / James Prentice	Critical	In Progress	2025-06-02	Completion of SEC comment response	Incorporate revised disclosure, updated financial data, revised pro forma; coordinate with Ashland Burke & Thayer LLP (William Ashford)
3	Obtain SEC effectiveness of Form S-4	James Prentice	Naomi Petersen	Critical	Not Started	2025-06-16	Filing of Amendment No. 1	May require additional SEC comment rounds; acceleration request to be submitted
4	Finalize and deliver Tax Opinion for S-4 exhibit	Leonard Cross	Cedarhurst Advisory Group LLC (Martin Cho)	Critical	In Progress	2025-06-16	S-4 effectiveness	Section 368(a)(1)(A) and Section 367(b) opinion
5	Mail definitive proxy statement/prospectus to PGAC shareholders	Ashland Burke & Thayer LLP	Advantage Proxy Advisors, Inc. / Continental Registrars, Inc.	Critical	Not Started	2025-06-18	S-4 effectiveness	Record date to be set; coordinate with transfer agent Continental Registrars, Inc.
6	Coordinate proxy solicitation with Advantage Proxy Advisors, Inc.	Ashland Burke & Thayer LLP	William Ashford	High	Not Started	2025-06-18	Mailing of proxy/prospectus	Simple majority of votes cast required (ordinary resolution)
7	Conduct PGAC Extraordinary General Meeting — shareholder vote	Ashland Burke & Thayer LLP / Pinnacle (Jonathan Mercer / Elaine Stratford)	Advantage Proxy Advisors, Inc.	Critical	Not Started	2025-07-18	Proxy mailing + solicitation period	Proposals: BCA approval, domestication, charter amendments, equity incentive plan, ESPP, adjournment
8	Determine final redemption level and calculate Available Cash	Ashland Burke & Thayer LLP / Glenridge National Bank, N.A.	Calderwood & Harkness LLP	Critical	Not Started	2025-07-18	EGM vote / redemption deadline	Minimum cash condition: $200M; trust ~$312.6M; if high redemptions, backstop with Velthryn (Richard Tsai) triggered
9	Coordinate Velthryn backstop (if triggered by redemption levels)	Ashland Burke & Thayer LLP	Richard Tsai (Velthryn Strategic Investments, LP)	High	Not Started	2025-07-21	Redemption results	Up to 5M shares at $10.25/share; incentive shares = 10% of backstop shares purchased
10	Confirm Sponsor forfeiture — Ridgeway Capital Holdings LLC	Ashland Burke & Thayer LLP	Jonathan Mercer	High	Not Started	2025-07-21	Redemption results	Base forfeiture: 500,000 Class B shares (post-forfeiture: 7,000,000); additional 500,000 if redemptions >75% of public shares (post-forfeiture: 6,500,000)
11	File Certificate of Domestication and Certificate of Incorporation with Delaware Secretary of State	Ashland Burke & Thayer LLP	Pinnacle	Critical	Not Started	2025-07-21	EGM approval	DGCL § 388; Cayman Islands Companies Act deregistration; domestication immediately prior to merger effective time
12	File Certificate of Merger with Delaware Secretary of State	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	All Parties	Critical	Not Started	2025-07-21	Domestication completion	Pinnacle Merger Sub Inc. merges with and into Skybridge; Skybridge survives as wholly owned subsidiary of Skybridge Fintech Holdings, Inc.
13	File Amended and Restated Certificate of Incorporation — Skybridge Fintech Holdings, Inc.	Calderwood & Harkness LLP	Ashland Burke & Thayer LLP	Critical	Not Started	2025-07-21	Merger effective time	Filed with Delaware Secretary of State
14	Execute Registration Rights Agreement at closing	Calderwood & Harkness LLP	All signing parties	High	Not Started	2025-07-21	Closing	Parties: Combined Company, Sponsor, former SBF shareholders, PIPE investors
15	Execute Earnout Agreement at closing	Calderwood & Harkness LLP	Former Skybridge shareholders / Combined Company	High	Not Started	2025-07-21	Closing	Up to 5M shares; two tranches
16	Coordinate PIPE funding wires — $150M	Pemberton Zanthor & Co. (Rebecca Solano)	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Critical	Not Started	2025-07-21	S-4 effectiveness; EGM approval	Hargrove ($60M / Alicia Drummond), Stonewall ($40M), Meridian ($25M), Canfield ($25M)
17	Coordinate trust disbursement with Glenridge National Bank, N.A.	Ashland Burke & Thayer LLP	Glenridge National Bank, N.A.	Critical	Not Started	2025-07-21	EGM results; redemption calculations	Trust: 60 Wall Street, New York, NY 10005; disbursement to redeeming shareholders, payoff of Velthorn Commerce, expense payments, deferred underwriting fee
18	Execute and deliver Payoff Letter to Velthorn Commerce Bank, N.A.; wire $18,500,000	Calderwood & Harkness LLP / Marcus Ellingham	Velthorn Commerce Bank, N.A. (100 Federal Street, Boston, MA 02110)	High	Not Started	2025-07-21	Trust disbursement	Credit Agreement dated 3/22/2023; $25M revolving facility; obtain UCC termination statements and lien releases
19	Obtain and deliver Good Standing Certificates for Skybridge	Ryan Kowalski	Naomi Petersen	Medium	Not Started	2025-07-14	None	Delaware Secretary of State and each qualification state; order ~2 weeks pre-closing
20	Complete Bring-Down Due Diligence Memorandum	Ryan Kowalski	Naomi Petersen	High	Not Started	2025-07-18	Initial diligence complete (3/28/2025)	Update findings since 3/28/2025: new litigation, contract changes, regulatory matters, capitalization changes
21	Bind D&O Tail Policy — Marlowe Asset Management Specialty Insurance Co.	Calderwood & Harkness LLP / Teresa Okafor	Marlowe Asset Management Specialty Insurance Co.	High	Not Started	2025-07-21	Closing	Policy No. VSI-DO-2025-88320; quoted; to be bound at closing
22	Confirm R&W Insurance final policy issuance — Clarendon Mutual Underwriters, Ltd.	Calderwood & Harkness LLP	Clarendon Mutual Underwriters, Ltd.	High	In Progress	2025-07-21	Closing	Policy No. CLM-2025-SPAC-04471; bound; final policy at closing; limit $45M; retention $4.5M; premium ~$1.8M
23	Coordinate share issuance with Continental Registrars, Inc.	Ashland Burke & Thayer LLP	Continental Registrars, Inc. (1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004)	High	Not Started	2025-07-21	Closing	45M shares to Skybridge holders; 15M PIPE shares; founder share Class B to Class A conversion; book-entry
24	Pay deferred underwriting fee to Pemberton Zanthor & Co. — $10,500,000	Ashland Burke & Thayer LLP / Pinnacle	Glenridge National Bank, N.A.	High	Not Started	2025-07-21	Trust disbursement	3.5% × $300M IPO proceeds; 383 Madison Avenue, 25th Floor, New York, NY 10179

25	File Super 8-K (Form 8-K — Closing)	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Naomi Petersen / Jennifer Kwan	Critical	Draft	2025-07-25	Closing (4 business days)	Shell company disclosures; pro forma financials; audited Skybridge financials; Nasdaq ticker SBFT
26	Prepare and distribute Closing Memorandum	Naomi Petersen / Ryan Kowalski	James Prentice / Sandra Tung	Medium	Not Started	2025-07-28	Closing + all filings	Catalogue executed documents, filed certificates, wire confirmations, Nasdaq listing confirmation, closing binder index
27	Confirm Nasdaq ticker change from PGAC/PGACU/PGACW to SBFT	Ashland Burke & Thayer LLP	Nasdaq / Pinnacle	High	Not Started	2025-07-21	Closing	Post-closing trading under SBFT
28	Prepare and circulate closing funds flow memorandum	Naomi Petersen	Ryan Kowalski / Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Critical	In Progress	2025-07-18	Final redemption numbers	Detailed wire instructions for all closing payments; to be approved by both sides
29	Finalize 2025 Equity Incentive Plan and 2025 ESPP for EGM approval	Naomi Petersen	Ryan Kowalski / Teresa Okafor	High	In Progress	2025-07-10	None	Plan terms, share reserves, and limits to be finalized; included in proxy/prospectus
30	Coordinate Cayman Islands deregistration with Harborstone Corporate Services Ltd.	Ashland Burke & Thayer LLP	Jennifer Kwan / Harborstone Corporate Services Ltd.	Medium	Not Started	2025-07-21	Domestication filing in Delaware	Cayman Companies Act; concurrent with domestication
31	Prepare and deliver IRS Form W-9 for Skybridge	Ryan Kowalski	Marcus Ellingham	Low	Not Started	2025-07-21	None	TIN certification
32	Finalize and circulate Amended & Restated Certificate of Incorporation and Bylaws	Naomi Petersen	James Prentice / William Ashford	High	In Progress	2025-07-10	None	Combined company governance documents; requires mutual agreement

PRIORITY SUMMARY

Critical	14
High	13
Medium	4
Low	1

STATUS SUMMARY

Open / Not Started	20
In Progress	7
Draft	1
Complete	0
Blocked	0
Total Action Items	32

[sheet: Pro Forma Cap Table]

Holder	No-Redemption Shares	No-Redemption %	Max-Redemption Shares	Max-Redemption %	Notes
Former Skybridge Shareholders	45,000,000	46.4%	45,000,000	58.4%	45,000,000 shares = $450M ÷ $10.00/share; includes Veltrano Capital Partners (~38.2% FD pre-transaction), Atlas Horizon Ventures Fund II (~22.7% FD), Founder & management (~31.4% FD), other employees/option holders (~7.7% FD)
PGAC Public Shareholders (Class A)	30,000,000	30.9%	5,000,000	6.5%	No-redemption: all 30M shares remain; Max-redemption: 25M of 30M redeemed (~83.3%)
Velthryn Backstop Shares	0	0.0%	5,000,000	6.5%	Backstop: up to 5M shares purchased from redeemers at $10.25/share ($51.25M max); triggered only in high-redemption scenario
Velthryn Incentive Shares	0	0.0%	500,000	0.6%	10% of backstop shares actually purchased
PIPE Investors	15,000,000	15.5%	15,000,000	19.5%	Hargrove ($60M), Stonewall ($40M), Meridian ($25M), Canfield ($25M); 15M shares at $10.00/share
Sponsor — Ridgeway Capital Holdings LLC (Founder Shares)	7,000,000	7.2%	6,500,000	8.4%	Pre-forfeiture: 7,500,000 Class B shares; base forfeiture 500,000 at closing; additional 500,000 forfeited if redemptions >75% (max-redemption scenario); Class B convert 1:1 to Class A at closing
TOTAL	97,000,000	100.0%	77,000,000	100.0%	Excludes 8M private placement warrants, 10M public warrants (exercise price $11.50/share each), and up to 5M earnout shares

FULLY DILUTED ANALYSIS (Memo)

Total Basic Shares	97,000,000	77,000,000	As above
Public Warrants (if exercised)	10,000,000	10,000,000	Exercise price $11.50/share
Private Placement Warrants (if exercised)	8,000,000	8,000,000	Exercise price $11.50/share; held by Ridgeway Capital Holdings LLC
Earnout Shares (if earned)	5,000,000	5,000,000	Tranche 1: 2.5M (VWAP ≥ $12.50); Tranche 2: 2.5M (VWAP ≥ $15.00)
Total Fully Diluted Shares	120,000,000	100,000,000	Illustrative; assumes all warrants exercised and all earnout shares earned

[sheet: Sources & Uses]

Line Item

SOURCES

Trust Account (Glenridge National Bank, N.A.)	312,600,000	312,600,000	Balance as of 3/31/2025; 30M shares × $10.00 IPO price + accrued interest
PIPE Proceeds	150,000,000	150,000,000	15M shares × $10.00/share from Hargrove, Stonewall, Meridian, Canfield
Backstop Proceeds (Velthryn Strategic Investments)	0	51,250,000	Up to 5M shares × $10.25/share; triggered only in max-redemption scenario
Total Sources	462,600,000	513,850,000

USES

Cash to Redeeming PGAC Shareholders	0	256,250,000	25M shares × ~$10.25 per-share trust value; max-redemption scenario
Velthorn Commerce Bank Payoff	18,500,000	18,500,000	Revolving credit facility balance; Credit Agreement dated 3/22/2023
Deferred Underwriting Fee — Pemberton Zanthor & Co.	10,500,000	10,500,000	3.5% × $300M IPO proceeds
Estimated Transaction Expenses (legal, advisory, printing, D&O, R&W, filing fees, etc.)	31,500,000	31,500,000	Estimated at $42M total less deferred underwriting ($10.5M) and Velthorn payoff ($18.5M) shown separately = $13M other expenses; NOTE: For Available Cash calculation, total expenses = $42M
Cash to Combined Company Balance Sheet	402,100,000	197,100,000	Residual cash
Total Uses	462,600,000	513,850,000

MINIMUM CASH CONDITION TEST

Available Cash (Trust net of redemptions + PIPE + Backstop − Transaction Expenses)	420,600,000	215,600,000	Must be ≥ $200,000,000
Minimum Cash Threshold	200,000,000	200,000,000	Per BCA Section 8.1(f)
Condition Satisfied?	YES	YES	No-redemption: $420.6M; Max-redemption: $215.6M

SENSITIVITY — MAXIMUM ALLOWABLE REDEMPTIONS

Maximum Redemptions to Satisfy $200M Threshold	27,090,000 shares	Approx. 90.3% of public shares; Available Cash = ~$200.2M at this level
Corresponding Redemption Proceeds	277,672,500	27.09M shares × $10.25/share

[sheet: Timeline]

Date	Event / Milestone	Status	Responsible Party	Notes
2018-06-15	Skybridge Fintech Ltd. incorporated in Delaware	Completed	N/A	EIN: 83-2471560; 1200 Market Street, Suite 1400, Wilmington, DE 19801
2023-03-22	Velthorn Commerce Bank Credit Agreement executed	Completed	Skybridge / Velthorn Commerce Bank, N.A.	$25M revolving facility; $18.5M outstanding as of BCA signing
2023-10-17	Pinnacle Growth Acquisition Corp. IPO closing	Completed	Pemberton Zanthor & Co. / Ashland Burke & Thayer LLP	Raised $300M in trust; 30M Class A shares at $10.00; Nasdaq: PGAC; EIN: 88-3654921
2025-01-09	Calderwood & Harkness LLP engagement opened	Completed	James Prentice / Sandra Tung	Engagement letter executed; representation of Skybridge in connection with de-SPAC business combination
2025-01-22	Mutual NDA executed between Skybridge and Pinnacle	Completed	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP
2025-02-03	Letter of Intent signed	Completed	All Parties	Non-binding LOI; exclusivity period commenced
2025-02-10	Due diligence commenced	Completed	Naomi Petersen / Ryan Kowalski	Legal diligence on Skybridge including corporate, IP, regulatory, contracts, litigation, employment, tax, real property, environmental, insurance
2025-03-14	PIPE marketing commenced	Completed	Pemberton Zanthor & Co. (Rebecca Solano)	Placement agent for PIPE
2025-03-28	Due diligence substantially completed; PIPE commitments finalized ($150M)	Completed	Calderwood & Harkness LLP / Pemberton Zanthor & Co.	Hargrove ($60M), Stonewall ($40M), Meridian ($25M), Canfield ($25M)
2025-04-07	Final BCA and ancillaries circulated for review	Completed	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Final negotiation round; closing conditions and termination provisions finalized
2025-04-14	BCA signed; 8-K filed; Sponsor Support, Company Stockholder Support, Lock-Up, PIPE Subscription, and Backstop Agreements executed	Completed	All Parties	BCA execution date; implied EV $450M; Skybridge as target; Pinnacle as acquiror; Merger Sub as merger vehicle
2025-04-21	HSR Act filing submitted	Completed	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Pre-merger notification filing
2025-04-28	Form S-4 initially filed with SEC	Completed	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	SEC File No. 333-294817; CIK 0001948372
2025-05-05	Nasdaq listing application submitted	Completed	Ashland Burke & Thayer LLP / Pinnacle	Combined company ticker: SBFT; review ongoing
2025-05-12	HSR Act early termination granted	Completed	FTC / DOJ	No second request; clearance obtained
2025-05-19	SEC first-round comments received on Form S-4	Completed	SEC Division of Corporation Finance	Response and Amendment No. 1 in preparation
2025-06-02	Amendment No. 1 to S-4 filed	Projected	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Responsive to SEC comments; updated financials and disclosure
2025-06-16	S-4 declared effective by SEC	Projected	SEC	Tax opinion to be delivered as exhibit; acceleration request to be filed
2025-06-18	Definitive proxy statement/prospectus mailed to PGAC shareholders	Projected	Ashland Burke & Thayer LLP / Advantage Proxy Advisors, Inc.	Record date to be set; proxy solicitation commences
2025-07-10	Nasdaq listing approval received (projected)	Projected	Nasdaq	Must be received prior to EGM/closing
2025-07-14	Good Standing Certificates ordered and received	Projected	Calderwood & Harkness LLP / Ryan Kowalski	Delaware and all qualification states
2025-07-18	PGAC Extraordinary General Meeting — shareholder vote	Projected	Pinnacle / Advantage Proxy Advisors, Inc.	Ordinary resolution; simple majority of votes cast; redemption deadline; proposals include BCA, domestication, charter, equity plan, ESPP, adjournment
2025-07-21	Domestication and merger closing	Projected	All Parties	Pinnacle domesticates from Cayman to Delaware; Merger Sub merges with and into Skybridge; Skybridge survives as subsidiary of Skybridge Fintech Holdings, Inc.; PIPE funding; trust disbursement; Velthorn payoff; expense payments
2025-07-25	Super 8-K filed with SEC (within 4 business days of closing)	Projected	Calderwood & Harkness LLP / Ashland Burke & Thayer LLP	Shell company disclosures; pro forma financials; audited Skybridge financials; ticker change to SBFT

2025-07-28	Closing Memorandum distributed; closing binder assembled	Projected	Naomi Petersen / Ryan Kowalski	Final closing documentation package
2025-10-14	Outside Date (BCA termination)	Pending	N/A	6 months from signing; extendable by 3 months to 1/14/2026 if sole outstanding condition is regulatory/SEC-related
2026-01-14	Extended Outside Date (if applicable)	Pending	N/A	3-month extension from Outside Date

[sheet: Closing Conditions]
Item No. | BCA Section Reference | Condition Description | Condition Type | Responsible Party | Status | Target Date | Actual Completion Date | Notes / Comments
1 | Section 8.1(a) | Registration Statement on Form S-4 declared effective by the SEC | Mutual | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | In Progress | 2025-06-16 | Initial S-4 filed 4/28/2025 (SEC File No. 333-294817); SEC first-round comments received 5/19/2025; Amendment No. 1 in preparation, projected filing 6/2/2025; effectiveness projected 6/16/2025
2 | Section 8.1(b) | PGAC Shareholder Approval — Ordinary resolution, simple majority of votes cast at Extraordinary General Meeting | Mutual | Ashland Burke & Thayer LLP / Advantage Proxy Advisors, Inc. | Not Started | 2025-07-18 | EGM projected 7/18/2025; definitive proxy/prospectus to be mailed 6/18/2025; proxy solicitation not yet commenced; proxy solicitor: Advantage Proxy Advisors, Inc.
3 | Section 8.1(c) | No Material Adverse Effect on Skybridge since the date of the BCA (April 14, 2025) | Mutual | Skybridge Fintech Ltd. | In Progress | 2025-07-21 | Ongoing monitoring; bring-down diligence to be completed pre-closing by Ryan Kowalski
4 | Section 8.1(d) | No Legal Impediment — No order, injunction, or law prohibiting consummation of the merger | Mutual | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | In Progress | 2025-07-21 | No known impediments as of late May 2025
5 | Section 8.1(e) | Nasdaq listing approval for combined company shares (post-closing ticker: SBFT) | Mutual | Ashland Burke & Thayer LLP / Pinnacle Growth Acquisition Corp. | In Progress | 2025-07-18 | Nasdaq listing application submitted 5/5/2025; review ongoing
6 | Section 8.1(f) | Minimum Cash Condition — Combined company must have at least $200,000,000 of Available Cash at closing (trust proceeds net of redemptions + PIPE proceeds + backstop proceeds − transaction expenses) | Mutual | All Parties | In Progress | 2025-07-21 | No-redemption scenario: $312.6M + $150M − $42M = $420.6M (satisfied). Max-redemption w/ backstop: $312.6M − $256.25M + $51.25M + $150M − $42M = $215.6M (satisfied). Estimated transaction expenses: $42M
7 | Section 8.1(g) | Domestication of Pinnacle from Cayman Islands to Delaware completed immediately prior to merger effective time | Mutual | Ashland Burke & Thayer LLP | Not Started | 2025-07-21 | Certificate of Domestication (DGCL § 388) and Certificate of Incorporation to be filed with Delaware Secretary of State; Cayman Islands Companies Act deregistration
8 | Section 8.1(h) | HSR Act waiting period expired or early termination granted (if applicable) | Mutual | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Completed | 2025-05-15 | 2025-05-12 | HSR filing made 4/21/2025; early termination granted 5/12/2025
9 | Section 8.1(i) | No governmental authority shall have enacted any law making the transaction illegal | Mutual | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | In Progress | 2025-07-21 | Ongoing monitoring; no known adverse legislation pending
10 | Section 8.2(a) | Representations and warranties of Skybridge true and correct (subject to materiality qualifiers) as of closing | Pinnacle's Obligation | Skybridge Fintech Ltd. | Not Started | 2025-07-21 | To be certified via Officer's Certificate signed by Priya Chandrasekaran (CEO) and Marcus Ellingham (CFO)
11 | Section 8.2(b) | Skybridge covenants performed in all material respects | Pinnacle's Obligation | Skybridge Fintech Ltd. | In Progress | 2025-07-21 | Ongoing compliance; no-shop covenant in effect from signing through closing or termination
12 | Section 8.2(c) | No Material Adverse Effect on Skybridge since BCA date | Pinnacle's Obligation | Skybridge Fintech Ltd. | In Progress | 2025-07-21 | MAE defined in Article I of BCA; standard carveouts for general economic/industry conditions, changes in law, COVID/pandemic, acts of war or terrorism, failure to meet projections (but not underlying cause)
13 | Section 8.2(d) | Officer's Certificate — Skybridge delivered | Pinnacle's Obligation | Calderwood & Harkness LLP | Not Started | 2025-07-21 | Form prepared; to be executed by Priya Chandrasekaran and Marcus Ellingham at closing
14 | Section 8.2(e) | Secretary's Certificate — Skybridge delivered (board resolutions, incumbency, organizational documents) | Pinnacle's Obligation | Calderwood & Harkness LLP | Not Started | 2025-07-21 | Form prepared; to be executed by Teresa Okafor
15 | Section 8.2(f) | FIRPTA Certificate delivered by Skybridge pursuant to Treas. Reg. § 1.1445-2(c)(3) | Pinnacle's Obligation | Calderwood & Harkness LLP | Not Started | 2025-07-21 | Form prepared; certifies Skybridge is not a USRPHC under Section 897(c)(2) IRC
16 | Section 8.2(g) | Good Standing Certificates — Skybridge in Delaware and each qualification state | Pinnacle's Obligation | Calderwood & Harkness LLP | Not Started | 2025-07-14 | Request list prepared; orders to be placed ~2 weeks pre-closing
17 | Section 8.2(h) | Payoff of Velthorn Commerce Bank, N.A. revolving credit facility — $18,500,000 outstanding balance under Credit Agreement dated March 22, 2023; $25,000,000 commitment | Pinnacle's Obligation | Calderwood & Harkness LLP / Skybridge | Not Started | 2025-07-21 | Payoff letter form prepared; payoff from trust proceeds at closing; UCC termination statements and lien releases required
18 | Section 8.2(i) | Delivery of Skybridge audited financial statements (FY2024 and FY2023) and interim unaudited financials | Pinnacle's Obligation | Graystone Thornton LLP / Skybridge | Completed | 2025-04-28 | 2025-04-25 | Included in S-4 filing; audited by Graystone Thornton LLP (Helen Marchetti)
19 | Section 8.2(j) | Written consent of Skybridge stockholders approving merger | Pinnacle's Obligation | Calderwood & Harkness LLP | Completed | 2025-04-14 | 2025-04-14 | Delivered at BCA signing; Veltrano (~38.2%), Atlas Horizon (~22.7%), and Chandrasekaran executed Company Stockholder Support Agreement
20 | Section 8.2(k) | Delivery of Skybridge capitalization certificate and spreadsheet | Pinnacle's Obligation | Calderwood & Harkness LLP / Marcus Ellingham | In Progress | 2025-07-21 | Initial cap table delivered at signing; updated cap table with all options/warrants to be delivered 3 business days pre-closing
21 | Section 8.3(a) | Representations and warranties of Pinnacle and Merger Sub true and correct as of closing | Skybridge's Obligation | Ashland Burke & Thayer LLP | Not Started | 2025-07-21 | To be certified via Officer's Certificate from Pinnacle
22 | Section 8.3(b) | Pinnacle and Merger Sub covenants performed in all material respects | Skybridge's Obligation | Ashland Burke & Thayer LLP | In Progress | 2025-07-21 | Ongoing compliance; trust maintenance, SEC filings, Nasdaq listing maintenance
23 | Section 8.3(c) | No Material Adverse Effect on Pinnacle since BCA date | Skybridge's Obligation | Ashland Burke & Thayer LLP | In Progress | 2025-07-21 | Monitoring trust balance and SPAC-level events
24 | Section 8.3(d) | Officer's Certificate — Pinnacle delivered | Skybridge's Obligation | Ashland Burke & Thayer LLP | Not Started | 2025-07-21 | To be executed by Jonathan Mercer (CEO) and Elaine Stratford (CFO) at closing
25 | Section 8.3(e) | Secretary's Certificate — Pinnacle delivered | Skybridge's Obligation | Ashland Burke & Thayer LLP | Not Started | 2025-07-21 | Attaches organizational documents, board resolutions, and incumbency
26 | Section 8.3(f) | Trust Account has sufficient funds to satisfy trust redemption obligations and minimum cash condition | Skybridge's Obligation | Ashland Burke & Thayer LLP / Glenridge National Bank, N.A. | In Progress | 2025-07-21 | Trust balance ~$312.6M as of 3/31/2025; to be confirmed at closing
27 | Section 8.3(g) | Registration Rights Agreement executed and delivered | Skybridge's Obligation | Calderwood & Harkness LLP | Not Started | 2025-07-21 | Form drafted; to be executed at closing
STATUS SUMMARY
Completed | 3
In Progress | 12
Not Started | 12
Total Conditions | 27
Percentage Complete | 11.1% | 3 of 27 conditions completed
[sheet: Closing Deliverables]
Item No. | Category | Deliverable Description | Responsible Party | Counterparty / Recipient | Status | Execution / Delivery Date | Target Deadline | Document Filename / Reference | Notes / Comments
1 | Transaction Agreement | Business Combination Agreement (Execution Version) — among Pinnacle Growth Acquisition Corp., Pinnacle Merger Sub Inc., and Skybridge Fintech Ltd. | All Parties | All Parties | Executed | 2025-04-14 | 2025-04-14 | business-combination-agreement-execution.docx | Implied EV $450M; per-share consideration $10.00; 45,000,000 shares to Skybridge holders; governed by Delaware law
2 | Transaction Agreement | Amendment No. 1 to BCA (Form — if needed) | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | All Parties | Draft | Pre-closing | bca-amendment-no-1-form.docx | Template prepared; to be executed only if pre-closing amendments required
3 | Transaction Agreement | Sponsor Support Agreement — Ridgeway Capital Holdings LLC and Pinnacle | Ashland Burke & Thayer LLP | Pinnacle / Skybridge | Executed | 2025-04-14 | 2025-04-14 | sponsor-support-agreement-execution.docx | Voting obligations; forfeiture of 500,000 Class B shares at closing; additional 500,000 forfeited if redemptions >75% of public shares; waiver of anti-dilution
4 | Transaction Agreement | Company Stockholder Support Agreement — Harborview Partners (~38.2% FD), Atlas Horizon Ventures Fund II, LP (~22.7% FD), Priya Chandrasekaran | Calderwood & Harkness LLP | Skybridge | Executed | 2025-04-14 | 2025-04-14 | company-stockholder-support-agreement-execution.docx | Written consent in favor of merger; no-transfer covenants
5 | Transaction Agreement | Lock-Up Agreement — Skybridge insiders (Chandrasekaran, Ellingham, Okafor, Hsiao, Veltrano, Atlas Horizon) and Sponsor (Ridgeway Capital Holdings) | Calderwood & Harkness LLP | All Lock-Up Parties | Executed | 2025-04-14 | 2025-04-14 | lock-up-agreement-execution.docx | 12-month lock-up on founder shares; 180-day lock-up on Skybridge insider shares; customary early-release triggers
6 | Transaction Agreement | Registration Rights Agreement (Form — to be executed at closing) | Calderwood & Harkness LLP | Skybridge Fintech Holdings, Inc. / Sponsor / Former SBF shareholders / PIPE investors | Draft | 2025-07-21 | registration-rights-agreement-form.docx | Shelf registration, demand rights, piggyback rights
7 | Transaction Agreement | PIPE Subscription Agreements — Hargrove Institutional Partners, LP ($60M); Stonewall Global Equity Fund ($40M); Meridian Crossover Fund III, LP ($25M); Canfield Asset Management, LLC ($25M); Total: $150M / 15,000,000 shares at $10.00/share | Pemberton Zanthor & Co. / Calderwood & Harkness LLP | PIPE Investors / Pinnacle | Executed | 2025-04-14 | 2025-04-14 | pipe-subscription-agreements-form.docx | All subscription agreements executed; PIPE placement agent: Pemberton Zanthor & Co.
8 | Transaction Agreement | Non-Redemption / Backstop Agreement — Velthryn Strategic Investments, LP and Pinnacle | Ashland Burke & Thayer LLP | Velthryn / Pinnacle | Executed | 2025-04-14 | 2025-04-14 | backstop-agreement-execution.docx | Up to 5,000,000 shares at $10.25/share ($51.25M max); incentive shares = 10% of backstop shares purchased; Contact: Richard Tsai
9 | Transaction Agreement | Earnout Agreement (Form — to be executed at closing) | Calderwood & Harkness LLP | Former Skybridge shareholders / Combined Company | Draft | 2025-07-21 | earnout-agreement-form.docx | Up to 5,000,000 earnout shares: Tranche 1 — 2,500,000 shares if VWAP ≥ $12.50 for 20/30 trading days within 24 months; Tranche 2 — 2,500,000 shares if VWAP ≥ $15.00 for 20/30 trading days within 36 months
10 | Transaction Agreement | Merger Agreement — Pinnacle Merger Sub Inc. (forward triangular merger) | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | All Parties | Draft | 2025-07-21 | merger-agreement-form.docx | Merger Sub merges with and into Skybridge; Skybridge survives as wholly owned subsidiary
11 | SEC Filing | Registration Statement on Form S-4 (Initial Filing) | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | SEC | Filed | 2025-04-28 | 2025-04-28 | form-s-4-initial-filing-draft.docx | SEC File No. 333-294817; CIK 0001948372
12 | SEC Filing | Response to SEC First-Round Comment Letter | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | SEC Division of Corporation Finance | In Progress | 2025-06-02 | sec-comment-letter-response-draft.docx | Comments received 5/19/2025; allocation of response responsibilities between target and SPAC counsel
13 | SEC Filing | Amendment No. 1 to Form S-4 | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | SEC | In Progress | 2025-06-02 | form-s-4-amendment-no-1-draft.docx | Incorporates responses to SEC comments; updated financial data; revised proxy/prospectus
14 | SEC Filing | Form 8-K — Announcement of Business Combination | Ashland Burke & Thayer LLP | SEC | Filed | 2025-04-14 | 2025-04-14 | form-8k-announcement-bca.docx | Announcing BCA execution; $450M deal value; merger structure; PIPE and backstop
15 | SEC Filing | Form 8-K — Closing / Super 8-K | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | SEC | Draft | 2025-07-21 | form-8k-closing-super-8k-draft.docx | Shell company disclosures; pro forma financials; audited Skybridge financials as exhibits; Nasdaq ticker change to SBFT; domestication and merger completion
16 | SEC Filing | Definitive Proxy Statement / Prospectus (part of S-4) | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | PGAC shareholders | In Progress | 2025-06-18 | definitive-proxy-prospectus-draft.docx | To be mailed to shareholders following S-4 effectiveness
17 | SEC Filing | Form 8-A — Registration of Class A Common Stock under Exchange Act (domesticated entity) | Ashland Burke & Thayer LLP | SEC | Draft | 2025-07-21 | form-8a-registration.docx | Registration of domesticated Delaware entity securities
18 | Tax | Tax Structure Memorandum — Section 368(a) reorganization and domestication tax consequences | Leonard Cross (Calderwood & Harkness LLP) / Cedarhurst Advisory Group LLC | Internal / Client | Final | Pre-S-4 filing | tax-structure-memorandum.docx | Section 368(a)(1)(A), Section 367(b), Section 368(a)(1)(F); treatment of PIPE, earnout, warrants
19 | Tax | Tax Opinion — Section 368(a)(1)(A) and Section 367(b) (to accompany S-4 effectiveness) | Leonard Cross (Calderwood & Harkness LLP) | SEC (exhibit to S-4) | Draft | 2025-06-16 | tax-opinion-draft.docx | To be finalized and delivered at S-4 effectiveness
20 | Tax | FIRPTA / Withholding Analysis Memorandum | Leonard Cross (Calderwood & Harkness LLP) | Internal / Client | Final | Pre-closing | firpta-withholding-analysis-memo.docx | Sections 1445 and 1446 analysis; Skybridge not a USRPHC
21 | Tax | IRS Form W-9 — Skybridge Fintech Ltd. | Calderwood & Harkness LLP / Marcus Ellingham | Pinnacle | Not Started | 2025-07-21 | w9-skybridge.pdf | TIN certification for closing
22 | Certificate | Officer's Certificate — Skybridge Fintech Ltd. | Calderwood & Harkness LLP | Pinnacle | Draft | 2025-07-21 | officers-certificate-skybridge-form.docx | To be signed by Priya Chandrasekaran (CEO) and Marcus Ellingham (CFO); certifies reps & warranties true, no material adverse effect, covenants complied with
23 | Certificate | Secretary's Certificate — Skybridge Fintech Ltd. | Calderwood & Harkness LLP | Pinnacle | Draft | 2025-07-21 | secretarys-certificate-skybridge-form.docx | Attaches certificate of incorporation, bylaws, board resolutions, incumbency of officers; to be executed by Teresa Okafor
24 | Certificate | FIRPTA Certificate — Skybridge Fintech Ltd. | Calderwood & Harkness LLP | Pinnacle | Draft | 2025-07-21 | firpta-certificate-form.docx | Per Treas. Reg. § 1.1445-2(c)(3); certifies not USRPHC under IRC § 897(c)(2)
25 | Certificate | Good Standing Certificates — Skybridge in Delaware and each qualification state | Calderwood & Harkness LLP | Pinnacle | Not Started | 2025-07-14 | good-standing-certificate-request-list.docx | Request list prepared; orders to be placed ~2 weeks pre-closing
26 | Certificate | Officer's Certificate — Pinnacle Growth Acquisition Corp. | Ashland Burke & Thayer LLP | Skybridge | Draft | 2025-07-21 | officers-certificate-pinnacle-form.docx | To be signed by Jonathan Mercer (CEO) and Elaine Stratford (CFO)
27 | Certificate | Secretary's Certificate — Pinnacle Growth Acquisition Corp. | Ashland Burke & Thayer LLP | Skybridge | Draft | 2025-07-21 | secretarys-certificate-pinnacle-form.docx | Attaches organizational documents, board resolutions, incumbency
28 | Corporate | Amended and Restated Certificate of Incorporation — Skybridge Fintech Holdings, Inc. | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Delaware Secretary of State | Draft | 2025-07-21 | amended-restated-certificate-of-incorporation-form.docx | Post-closing combined company governance; authorized capital stock; board structure; protective provisions
29 | Corporate | Amended and Restated Bylaws — Skybridge Fintech Holdings, Inc. | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Combined Company | Draft | 2025-07-21 | amended-restated-bylaws-form.docx | Effective at closing
30 | Corporate | Certificate of Domestication and Certificate of Incorporation (Domestication — Pinnacle) | Ashland Burke & Thayer LLP | Delaware Secretary of State | Draft | 2025-07-21 | domestication-certificate-form.docx | DGCL § 388; Pinnacle re-domiciles from Cayman Islands to Delaware immediately prior to merger effective time
31 | Corporate | Certificate of Merger — Delaware Secretary of State | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Delaware Secretary of State | Draft | 2025-07-21 | certificate-of-merger-form.docx | Merger Sub merges with and into Skybridge; effective time of merger
32 | Corporate | 2025 Equity Incentive Plan — Skybridge Fintech Holdings, Inc. | Calderwood & Harkness LLP | PGAC shareholders (EGM approval) | Draft | 2025-07-18 | 2025-equity-incentive-plan-form.docx | To be approved at EGM; share reserve, award types, plan limits for post-closing equity compensation
33 | Corporate | 2025 Employee Stock Purchase Plan — Skybridge Fintech Holdings, Inc. | Calderwood & Harkness LLP | PGAC shareholders (EGM approval) | Draft | 2025-07-18 | 2025-espp-form.docx | To be approved at EGM
34 | Corporate | Board Resolutions — Skybridge Fintech Ltd. approving merger and related transactions | Calderwood & Harkness LLP | Skybridge Board | Draft | 2025-07-21 | skybridge-board-resolutions-form.docx | Board approval of closing deliverables and merger consummation
35 | Corporate | Board Resolutions — Pinnacle Growth Acquisition Corp. approving merger and domestication | Ashland Burke & Thayer LLP | Pinnacle Board | Draft | 2025-07-21 | pinnacle-board-resolutions-form.docx | Board approval of domestication, merger, charter amendments
36 | Financial | Payoff Letter — Velthorn Commerce Bank, N.A. | Calderwood & Harkness LLP / Skybridge | Velthorn Commerce Bank, N.A. | Draft | 2025-07-21 | payoff-letter-greylock-commerce-form.docx | Payoff of $18,500,000 outstanding revolving facility (Credit Agreement dated 3/22/2023; $25M commitment); wire instructions; UCC termination; lien releases; funded from trust proceeds
37 | Financial | PIPE Funding — Wire of $150,000,000 from PIPE Investors | Pemberton Zanthor & Co. / PIPE Investors | Glenridge National Bank, N.A. (Trust Account) | Not Started | 2025-07-21 | N/A | Hargrove ($60M), Stonewall ($40M), Meridian ($25M), Canfield ($25M); wire to close on closing date
38 | Financial | Trust Account Disbursement — Glenridge National Bank, N.A. | Ashland Burke & Thayer LLP / Pinnacle | Combined Company / Redeeming Shareholders / Payoff | Not Started | 2025-07-21 | N/A | Trust balance ~$312.6M as of 3/31/2025; Glenridge National Bank, N.A. is trust custodian/paying agent; net of redemptions
39 | Financial | Backstop Funding — Velthryn Strategic Investments, LP (if triggered) | Ashland Burke & Thayer LLP / Velthryn | Redeeming Shareholders | Not Started | 2025-07-21 | N/A | Up to $51.25M (5M shares × $10.25); incentive shares = 10% of backstop shares purchased
40 | Financial | Closing Funds Flow Memorandum | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | All Parties | Draft | 2025-07-18 | closing-funds-flow-memo-draft.docx | Detailed wire instructions, payment waterfall, and sources/uses reconciliation
41 | Insurance | R&W Insurance Policy — Clarendon Mutual Underwriters, Ltd. | Calderwood & Harkness LLP / Skybridge | All Parties | In Progress | 2025-07-21 | N/A | Policy No. CLM-2025-SPAC-04471; limit: $45M (10% of deal value); retention: $4.5M (1% of deal value); estimated premium: $1.8M (~4% of limit); bound; final policy at closing
42 | Insurance | D&O Tail Policy — Marlowe Asset Management Specialty Insurance Co. | Calderwood & Harkness LLP / Skybridge | Skybridge directors and officers | Not Started | 2025-07-21 | N/A | Policy No. VSI-DO-2025-88320; quoted; to be bound at closing
43 | Other | Nasdaq Listing Application — Combined Company (Ticker: SBFT) | Ashland Burke & Thayer LLP / Pinnacle | Nasdaq | In Progress | 2025-05-05 | Pre-EGM | N/A | Application submitted 5/5/2025; review ongoing; must be approved prior to closing
44 | Other | Transfer Agent Coordination — Continental Registrars, Inc. | Ashland Burke & Thayer LLP | Continental Registrars, Inc. | Not Started | 2025-07-21 | N/A | Share issuance instructions; book-entry positions for merger consideration, PIPE shares, and founder share conversion
45 | Other | Deferred Underwriting Fee Payment — Pemberton Zanthor & Co. | Ashland Burke & Thayer LLP / Pinnacle | Pemberton Zanthor & Co. | Not Started | 2025-07-21 | N/A | Deferred underwriting fee: $10,500,000 (3.5% × $300M IPO proceeds); payable from trust at closing
STATUS SUMMARY
Executed | 6
Filed | 3
Final | 3
Draft | 20
In Progress | 5
Not Started | 8
Total Deliverables | 45
Percentage Complete (Executed + Filed + Final) | 26.7% | 12 of 45 deliverables completed
[sheet: Action Items]
Item No. | Action Item Description | Assigned To | Supporting Team | Priority | Status | Due Date | Dependency / Predecessor | Notes
1 | Prepare and finalize response to SEC first-round comment letter on Form S-4 (File No. 333-294817) | Naomi Petersen | Ryan Kowalski / Jennifer Kwan (ABT) | Critical | In Progress | 2025-05-30 | SEC comments received 5/19/2025 | Allocate response responsibilities between C&H (target-side) and ABT (SPAC-side); coordinate with Graystone Thornton LLP (Helen Marchetti) and Brindoval Tarvick LLP (Samuel Norris) on accounting comments
2 | Finalize and file Amendment No. 1 to Form S-4 | Naomi Petersen | Ryan Kowalski / Sandra Tung / James Prentice | Critical | In Progress | 2025-06-02 | Completion of SEC comment response | Incorporate revised disclosure, updated financial data, revised pro forma; coordinate with Ashland Burke & Thayer LLP (William Ashford)
3 | Obtain SEC effectiveness of Form S-4 | James Prentice | Naomi Petersen | Critical | Not Started | 2025-06-16 | Filing of Amendment No. 1 | May require additional SEC comment rounds; acceleration request to be submitted
4 | Finalize and deliver Tax Opinion for S-4 exhibit | Leonard Cross | Cedarhurst Advisory Group LLC (Martin Cho) | Critical | In Progress | 2025-06-16 | S-4 effectiveness | Section 368(a)(1)(A) and Section 367(b) opinion
5 | Mail definitive proxy statement/prospectus to PGAC shareholders | Ashland Burke & Thayer LLP | Advantage Proxy Advisors, Inc. / Continental Registrars, Inc. | Critical | Not Started | 2025-06-18 | S-4 effectiveness | Record date to be set; coordinate with transfer agent Continental Registrars, Inc.
6 | Coordinate proxy solicitation with Advantage Proxy Advisors, Inc. | Ashland Burke & Thayer LLP | William Ashford | High | Not Started | 2025-06-18 | Mailing of proxy/prospectus | Simple majority of votes cast required (ordinary resolution)
7 | Conduct PGAC Extraordinary General Meeting — shareholder vote | Ashland Burke & Thayer LLP / Pinnacle (Jonathan Mercer / Elaine Stratford) | Advantage Proxy Advisors, Inc. | Critical | Not Started | 2025-07-18 | Proxy mailing + solicitation period | Proposals: BCA approval, domestication, charter amendments, equity incentive plan, ESPP, adjournment
8 | Determine final redemption level and calculate Available Cash | Ashland Burke & Thayer LLP / Glenridge National Bank, N.A. | Calderwood & Harkness LLP | Critical | Not Started | 2025-07-18 | EGM vote / redemption deadline | Minimum cash condition: $200M; trust ~$312.6M; if high redemptions, backstop with Velthryn (Richard Tsai) triggered
9 | Coordinate Velthryn backstop (if triggered by redemption levels) | Ashland Burke & Thayer LLP | Richard Tsai (Velthryn Strategic Investments, LP) | High | Not Started | 2025-07-21 | Redemption results | Up to 5M shares at $10.25/share; incentive shares = 10% of backstop shares purchased
10 | Confirm Sponsor forfeiture — Ridgeway Capital Holdings LLC | Ashland Burke & Thayer LLP | Jonathan Mercer | High | Not Started | 2025-07-21 | Redemption results | Base forfeiture: 500,000 Class B shares (post-forfeiture: 7,000,000); additional 500,000 if redemptions >75% of public shares (post-forfeiture: 6,500,000)
11 | File Certificate of Domestication and Certificate of Incorporation with Delaware Secretary of State | Ashland Burke & Thayer LLP | Pinnacle | Critical | Not Started | 2025-07-21 | EGM approval | DGCL § 388; Cayman Islands Companies Act deregistration; domestication immediately prior to merger effective time
12 | File Certificate of Merger with Delaware Secretary of State | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | All Parties | Critical | Not Started | 2025-07-21 | Domestication completion | Pinnacle Merger Sub Inc. merges with and into Skybridge; Skybridge survives as wholly owned subsidiary of Skybridge Fintech Holdings, Inc.
13 | File Amended and Restated Certificate of Incorporation — Skybridge Fintech Holdings, Inc. | Calderwood & Harkness LLP | Ashland Burke & Thayer LLP | Critical | Not Started | 2025-07-21 | Merger effective time | Filed with Delaware Secretary of State
14 | Execute Registration Rights Agreement at closing | Calderwood & Harkness LLP | All signing parties | High | Not Started | 2025-07-21 | Closing | Parties: Combined Company, Sponsor, former SBF shareholders, PIPE investors
15 | Execute Earnout Agreement at closing | Calderwood & Harkness LLP | Former Skybridge shareholders / Combined Company | High | Not Started | 2025-07-21 | Closing | Up to 5M shares; two tranches
16 | Coordinate PIPE funding wires — $150M | Pemberton Zanthor & Co. (Rebecca Solano) | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Critical | Not Started | 2025-07-21 | S-4 effectiveness; EGM approval | Hargrove ($60M / Alicia Drummond), Stonewall ($40M), Meridian ($25M), Canfield ($25M)
17 | Coordinate trust disbursement with Glenridge National Bank, N.A. | Ashland Burke & Thayer LLP | Glenridge National Bank, N.A. | Critical | Not Started | 2025-07-21 | EGM results; redemption calculations | Trust: 60 Wall Street, New York, NY 10005; disbursement to redeeming shareholders, payoff of Velthorn Commerce, expense payments, deferred underwriting fee
18 | Execute and deliver Payoff Letter to Velthorn Commerce Bank, N.A.; wire $18,500,000 | Calderwood & Harkness LLP / Marcus Ellingham | Velthorn Commerce Bank, N.A. (100 Federal Street, Boston, MA 02110) | High | Not Started | 2025-07-21 | Trust disbursement | Credit Agreement dated 3/22/2023; $25M revolving facility; obtain UCC termination statements and lien releases
19 | Obtain and deliver Good Standing Certificates for Skybridge | Ryan Kowalski | Naomi Petersen | Medium | Not Started | 2025-07-14 | None | Delaware Secretary of State and each qualification state; order ~2 weeks pre-closing
20 | Complete Bring-Down Due Diligence Memorandum | Ryan Kowalski | Naomi Petersen | High | Not Started | 2025-07-18 | Initial diligence complete (3/28/2025) | Update findings since 3/28/2025: new litigation, contract changes, regulatory matters, capitalization changes
21 | Bind D&O Tail Policy — Marlowe Asset Management Specialty Insurance Co. | Calderwood & Harkness LLP / Teresa Okafor | Marlowe Asset Management Specialty Insurance Co. | High | Not Started | 2025-07-21 | Closing | Policy No. VSI-DO-2025-88320; quoted; to be bound at closing
22 | Confirm R&W Insurance final policy issuance — Clarendon Mutual Underwriters, Ltd. | Calderwood & Harkness LLP | Clarendon Mutual Underwriters, Ltd. | High | In Progress | 2025-07-21 | Closing | Policy No. CLM-2025-SPAC-04471; bound; final policy at closing; limit $45M; retention $4.5M; premium ~$1.8M
23 | Coordinate share issuance with Continental Registrars, Inc. | Ashland Burke & Thayer LLP | Continental Registrars, Inc. (1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004) | High | Not Started | 2025-07-21 | Closing | 45M shares to Skybridge holders; 15M PIPE shares; founder share Class B to Class A conversion; book-entry
24 | Pay deferred underwriting fee to Pemberton Zanthor & Co. — $10,500,000 | Ashland Burke & Thayer LLP / Pinnacle | Glenridge National Bank, N.A. | High | Not Started | 2025-07-21 | Trust disbursement | 3.5% × $300M IPO proceeds; 383 Madison Avenue, 25th Floor, New York, NY 10179
25 | File Super 8-K (Form 8-K — Closing) | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Naomi Petersen / Jennifer Kwan | Critical | Draft | 2025-07-25 | Closing (4 business days) | Shell company disclosures; pro forma financials; audited Skybridge financials; Nasdaq ticker SBFT
26 | Prepare and distribute Closing Memorandum | Naomi Petersen / Ryan Kowalski | James Prentice / Sandra Tung | Medium | Not Started | 2025-07-28 | Closing + all filings | Catalogue executed documents, filed certificates, wire confirmations, Nasdaq listing confirmation, closing binder index
27 | Confirm Nasdaq ticker change from PGAC/PGACU/PGACW to SBFT | Ashland Burke & Thayer LLP | Nasdaq / Pinnacle | High | Not Started | 2025-07-21 | Closing | Post-closing trading under SBFT
28 | Prepare and circulate closing funds flow memorandum | Naomi Petersen | Ryan Kowalski / Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Critical | In Progress | 2025-07-18 | Final redemption numbers | Detailed wire instructions for all closing payments; to be approved by both sides
29 | Finalize 2025 Equity Incentive Plan and 2025 ESPP for EGM approval | Naomi Petersen | Ryan Kowalski / Teresa Okafor | High | In Progress | 2025-07-10 | None | Plan terms, share reserves, and limits to be finalized; included in proxy/prospectus
30 | Coordinate Cayman Islands deregistration with Harborstone Corporate Services Ltd. | Ashland Burke & Thayer LLP | Jennifer Kwan / Harborstone Corporate Services Ltd. | Medium | Not Started | 2025-07-21 | Domestication filing in Delaware | Cayman Companies Act; concurrent with domestication
31 | Prepare and deliver IRS Form W-9 for Skybridge | Ryan Kowalski | Marcus Ellingham | Low | Not Started | 2025-07-21 | None | TIN certification
32 | Finalize and circulate Amended & Restated Certificate of Incorporation and Bylaws | Naomi Petersen | James Prentice / William Ashford | High | In Progress | 2025-07-10 | None | Combined company governance documents; requires mutual agreement
PRIORITY SUMMARY
Critical | 14
High | 13
Medium | 4
Low | 1
STATUS SUMMARY
Open / Not Started | 20
In Progress | 7
Draft | 1
Complete | 0
Blocked | 0
Total Action Items | 32
[sheet: Pro Forma Cap Table]
Holder | No-Redemption Shares | No-Redemption % | Max-Redemption Shares | Max-Redemption % | Notes
Former Skybridge Shareholders | 45,000,000 | 46.4% | 45,000,000 | 58.4% | 45,000,000 shares = $450M ÷ $10.00/share; includes Veltrano Capital Partners (~38.2% FD pre-transaction), Atlas Horizon Ventures Fund II (~22.7% FD), Founder & management (~31.4% FD), other employees/option holders (~7.7% FD)
PGAC Public Shareholders (Class A) | 30,000,000 | 30.9% | 5,000,000 | 6.5% | No-redemption: all 30M shares remain; Max-redemption: 25M of 30M redeemed (~83.3%)
Velthryn Backstop Shares | 0 | 0.0% | 5,000,000 | 6.5% | Backstop: up to 5M shares purchased from redeemers at $10.25/share ($51.25M max); triggered only in high-redemption scenario
Velthryn Incentive Shares | 0 | 0.0% | 500,000 | 0.6% | 10% of backstop shares actually purchased
PIPE Investors | 15,000,000 | 15.5% | 15,000,000 | 19.5% | Hargrove ($60M), Stonewall ($40M), Meridian ($25M), Canfield ($25M); 15M shares at $10.00/share
Sponsor — Ridgeway Capital Holdings LLC (Founder Shares) | 7,000,000 | 7.2% | 6,500,000 | 8.4% | Pre-forfeiture: 7,500,000 Class B shares; base forfeiture 500,000 at closing; additional 500,000 forfeited if redemptions >75% (max-redemption scenario); Class B convert 1:1 to Class A at closing
TOTAL | 97,000,000 | 100.0% | 77,000,000 | 100.0% | Excludes 8M private placement warrants, 10M public warrants (exercise price $11.50/share each), and up to 5M earnout shares
FULLY DILUTED ANALYSIS (Memo)
Total Basic Shares | 97,000,000 | 77,000,000 | As above
Public Warrants (if exercised) | 10,000,000 | 10,000,000 | Exercise price $11.50/share
Private Placement Warrants (if exercised) | 8,000,000 | 8,000,000 | Exercise price $11.50/share; held by Ridgeway Capital Holdings LLC
Earnout Shares (if earned) | 5,000,000 | 5,000,000 | Tranche 1: 2.5M (VWAP ≥ $12.50); Tranche 2: 2.5M (VWAP ≥ $15.00)
Total Fully Diluted Shares | 120,000,000 | 100,000,000 | Illustrative; assumes all warrants exercised and all earnout shares earned
[sheet: Sources & Uses]
Line Item | No-Redemption Amount ($) | Max-Redemption Amount ($) | Notes
SOURCES
Trust Account (Glenridge National Bank, N.A.) | 312,600,000 | 312,600,000 | Balance as of 3/31/2025; 30M shares × $10.00 IPO price + accrued interest
PIPE Proceeds | 150,000,000 | 150,000,000 | 15M shares × $10.00/share from Hargrove, Stonewall, Meridian, Canfield
Backstop Proceeds (Velthryn Strategic Investments) | 0 | 51,250,000 | Up to 5M shares × $10.25/share; triggered only in max-redemption scenario
Total Sources | 462,600,000 | 513,850,000
USES
Cash to Redeeming PGAC Shareholders | 0 | 256,250,000 | 25M shares × ~$10.25 per-share trust value; max-redemption scenario
Velthorn Commerce Bank Payoff | 18,500,000 | 18,500,000 | Revolving credit facility balance; Credit Agreement dated 3/22/2023
Deferred Underwriting Fee — Pemberton Zanthor & Co. | 10,500,000 | 10,500,000 | 3.5% × $300M IPO proceeds
Estimated Transaction Expenses (legal, advisory, printing, D&O, R&W, filing fees, etc.) | 31,500,000 | 31,500,000 | Estimated at $42M total less deferred underwriting ($10.5M) and Velthorn payoff ($18.5M) shown separately = $13M other expenses; NOTE: For Available Cash calculation, total expenses = $42M
Cash to Combined Company Balance Sheet | 402,100,000 | 197,100,000 | Residual cash
Total Uses | 462,600,000 | 513,850,000
MINIMUM CASH CONDITION TEST
Available Cash (Trust net of redemptions + PIPE + Backstop − Transaction Expenses) | 420,600,000 | 215,600,000 | Must be ≥ $200,000,000
Minimum Cash Threshold | 200,000,000 | 200,000,000 | Per BCA Section 8.1(f)
Condition Satisfied? | YES | YES | No-redemption: $420.6M; Max-redemption: $215.6M
SENSITIVITY — MAXIMUM ALLOWABLE REDEMPTIONS
Maximum Redemptions to Satisfy $200M Threshold | 27,090,000 shares | Approx. 90.3% of public shares; Available Cash = ~$200.2M at this level
Corresponding Redemption Proceeds | 277,672,500 | 27.09M shares × $10.25/share
[sheet: Timeline]
Date | Event / Milestone | Status | Responsible Party | Notes
2018-06-15 | Skybridge Fintech Ltd. incorporated in Delaware | Completed | N/A | EIN: 83-2471560; 1200 Market Street, Suite 1400, Wilmington, DE 19801
2023-03-22 | Velthorn Commerce Bank Credit Agreement executed | Completed | Skybridge / Velthorn Commerce Bank, N.A. | $25M revolving facility; $18.5M outstanding as of BCA signing
2023-10-17 | Pinnacle Growth Acquisition Corp. IPO closing | Completed | Pemberton Zanthor & Co. / Ashland Burke & Thayer LLP | Raised $300M in trust; 30M Class A shares at $10.00; Nasdaq: PGAC; EIN: 88-3654921
2025-01-09 | Calderwood & Harkness LLP engagement opened | Completed | James Prentice / Sandra Tung | Engagement letter executed; representation of Skybridge in connection with de-SPAC business combination
2025-01-22 | Mutual NDA executed between Skybridge and Pinnacle | Completed | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP
2025-02-03 | Letter of Intent signed | Completed | All Parties | Non-binding LOI; exclusivity period commenced
2025-02-10 | Due diligence commenced | Completed | Naomi Petersen / Ryan Kowalski | Legal diligence on Skybridge including corporate, IP, regulatory, contracts, litigation, employment, tax, real property, environmental, insurance
2025-03-14 | PIPE marketing commenced | Completed | Pemberton Zanthor & Co. (Rebecca Solano) | Placement agent for PIPE
2025-03-28 | Due diligence substantially completed; PIPE commitments finalized ($150M) | Completed | Calderwood & Harkness LLP / Pemberton Zanthor & Co. | Hargrove ($60M), Stonewall ($40M), Meridian ($25M), Canfield ($25M)
2025-04-07 | Final BCA and ancillaries circulated for review | Completed | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Final negotiation round; closing conditions and termination provisions finalized
2025-04-14 | BCA signed; 8-K filed; Sponsor Support, Company Stockholder Support, Lock-Up, PIPE Subscription, and Backstop Agreements executed | Completed | All Parties | BCA execution date; implied EV $450M; Skybridge as target; Pinnacle as acquiror; Merger Sub as merger vehicle
2025-04-21 | HSR Act filing submitted | Completed | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Pre-merger notification filing
2025-04-28 | Form S-4 initially filed with SEC | Completed | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | SEC File No. 333-294817; CIK 0001948372
2025-05-05 | Nasdaq listing application submitted | Completed | Ashland Burke & Thayer LLP / Pinnacle | Combined company ticker: SBFT; review ongoing
2025-05-12 | HSR Act early termination granted | Completed | FTC / DOJ | No second request; clearance obtained
2025-05-19 | SEC first-round comments received on Form S-4 | Completed | SEC Division of Corporation Finance | Response and Amendment No. 1 in preparation
2025-06-02 | Amendment No. 1 to S-4 filed | Projected | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Responsive to SEC comments; updated financials and disclosure
2025-06-16 | S-4 declared effective by SEC | Projected | SEC | Tax opinion to be delivered as exhibit; acceleration request to be filed
2025-06-18 | Definitive proxy statement/prospectus mailed to PGAC shareholders | Projected | Ashland Burke & Thayer LLP / Advantage Proxy Advisors, Inc. | Record date to be set; proxy solicitation commences
2025-07-10 | Nasdaq listing approval received (projected) | Projected | Nasdaq | Must be received prior to EGM/closing
2025-07-14 | Good Standing Certificates ordered and received | Projected | Calderwood & Harkness LLP / Ryan Kowalski | Delaware and all qualification states
2025-07-18 | PGAC Extraordinary General Meeting — shareholder vote | Projected | Pinnacle / Advantage Proxy Advisors, Inc. | Ordinary resolution; simple majority of votes cast; redemption deadline; proposals include BCA, domestication, charter, equity plan, ESPP, adjournment
2025-07-21 | Domestication and merger closing | Projected | All Parties | Pinnacle domesticates from Cayman to Delaware; Merger Sub merges with and into Skybridge; Skybridge survives as subsidiary of Skybridge Fintech Holdings, Inc.; PIPE funding; trust disbursement; Velthorn payoff; expense payments
2025-07-25 | Super 8-K filed with SEC (within 4 business days of closing) | Projected | Calderwood & Harkness LLP / Ashland Burke & Thayer LLP | Shell company disclosures; pro forma financials; audited Skybridge financials; ticker change to SBFT
2025-07-28 | Closing Memorandum distributed; closing binder assembled | Projected | Naomi Petersen / Ryan Kowalski | Final closing documentation package
2025-10-14 | Outside Date (BCA termination) | Pending | N/A | 6 months from signing; extendable by 3 months to 1/14/2026 if sole outstanding condition is regulatory/SEC-related
2026-01-14 | Extended Outside Date (if applicable) | Pending | N/A | 3-month extension from Outside Date

[sheet: Closing Conditions]

STATUS SUMMARY

STATUS SUMMARY

PRIORITY SUMMARY

STATUS SUMMARY

SOURCES

MINIMUM CASH CONDITION TEST

Record

Parties

Dates

Amounts