This is a Special Purpose Acquisition Company (SPAC), a blank check company with no operations, no revenue, and no identified acquisition target. Its sole purpose is to identify a private company and take it public through a merger, commonly called a de-SPAC transaction. The SPAC raised $230M in its November 2021 IPO, with proceeds held in a trust account invested in U.S. Treasuries. Over 99% of those funds have since been redeemed through successive shareholder withdrawals, leaving roughly $774K in trust as of early 2026, with a redemption price of approximately $12.37 per share. The SPAC's original deal deadline of May 2023 has been extended four times and now stands at November 2026, at which point the SPAC must either close a deal or liquidate. Sponsorship changed hands in December 2023, when Fulton AC acquired the sponsor stake from the original sponsor, Chain Bridge Group, and now holds approximately 3M Class B founder shares. In July 2024, the SPAC signed a merger agreement with Phytanix Bio, a Nevada biotech, but that deal was terminated in April 2025 with no transaction completed. As of early 2026, the SPAC has no signed deal and no announced target. Operating costs of up to $30K/month are paid to Fulton AC for administrative services and funded through sponsor loans rather than trust funds.