Marblegate Acquisition Corp. is a SPAC — a blank check company with no operations of its own — formed to raise capital through an IPO and use the proceeds to acquire a private company and take it public. Marblegate raised $300M in its October 2021 IPO on Nasdaq at $10.00 per unit. The management team, led by co-founders Andrew Milgram and Paul Arrouet of Marblegate Asset Management, focuses specifically on post-restructured or post-bankruptcy companies, arguing that distressed investing expertise gives them an edge in identifying and valuing complex situations that generalist buyers struggle to evaluate. The SPAC sponsor profits primarily through founder shares acquired at a nominal cost, which convert to equity in the combined company at closing. Public investors hold redemption rights, allowing them to reclaim their capital at roughly the IPO price. Marblegate has been pursuing a single deal — the DePalma Business Combination — with affiliated entities DePalma Acquisition I and II, agreed to in February 2023 at a valuation of approximately $750M. Stockholders approved the deal in March 2025, but it had not closed as of the filing date. Nasdaq moved to delist Marblegate's securities in April 2025 for failing to complete a deal within the required 36-month window. Heavy redemptions have left only about $4.1M in trust and $71,532 in cash outside trust, and the sponsor has extended $3.4M in working capital loans to keep operations running. Management has flagged substantial going concern doubt.