This is a blank check company, or SPAC (Special Purpose Acquisition Company), with no operating business. The SPAC raised $185M in its June 2021 IPO at $10 per unit, placing the proceeds in a trust account while management searches for a private company to acquire and take public through a merger. If no deal closes by the December 31, 2025 deadline, the trust is liquidated and shareholders get their money back. The trust currently holds approximately $12.11 per public share, reflecting accumulated interest. The sponsor group holds "founder shares" representing roughly 20% of the post-IPO share count at minimal cost, with those shares only becoming valuable if a deal closes. Since the IPO, the SPAC has experienced near-total redemptions — public shareholders have withdrawn capital at nearly every extension vote, leaving just 15,048 Class A shares outstanding out of the original 18.5M. This dramatically limits the cash available for any business combination. The original sponsor sold its founder shares and exited in 2024, and the SPAC was delisted from Nasdaq in August 2024, now trading on the OTCQB. After more than four years of searching with an original 12-month mandate, the SPAC has yet to complete an acquisition.