SPAC completes $253M IPO in March 2026; Q1 loss $1.4M driven by compensation costs

Filed May 14, 2026 · Period ending March 31, 2026 · ~1 min read

Key Changes

• high

  IPO closed March 30, 2026 with $253 million placed in trust account. Transaction costs totaled $17.3 million, including a $12 million deferred underwriting fee payable only if a business combination closes.

  MD&A: IPO completion verify on EDGAR →
• high

  Q1 2026 net loss of $1.44 million driven by $1.34 million in compensation expense. Trust account generated $24,708 in interest income during the quarter.

  MD&A: Q1 2026 results verify on EDGAR →
• medium

  Company held $2.17 million in cash outside trust as of March 31, 2026 for target identification and due diligence. Management believes this is sufficient to operate until a business combination closes.

  MD&A: Cash position verify on EDGAR →