Investcorp Europe Acquisition Corp I is a SPAC — a blank check company with no operations, revenue, or employees beyond three executive officers. Its sole purpose is to identify a private company and take it public through a merger or business combination. The company raised $345M in its IPO in December 2021, placing proceeds in a trust account, and has a deadline of June 17, 2024 to close a deal or return funds to shareholders and liquidate. As of early April 2024, approximately $129.7M remained in the trust following two rounds of shareholder redemptions. The sponsor is Europe Acquisition Holdings Limited, a subsidiary of Investcorp Holdings, a Bahrain-based global investment firm. In April 2023, the company entered into a Business Combination Agreement targeting OpSec Holdings, a brand protection and security products business. However, in March 2024, OpSec's parent restructured its subsidiaries, separating the OpSec business from the Zacco business (IP services), and sold OpSec to an affiliate of Crane NXT. As a result, any completed combination would effectively be a merger with Zacco, not OpSec. As of the filing date, the company was still evaluating whether to proceed on these revised terms. The sponsor has made approximately $5.45M in non-interest-bearing loans to fund operating costs and trust contributions, repayable from post-deal proceeds or forgiven if no deal closes.