Cactus is a special purpose acquisition company, or SPAC, with no current operations, revenue, or products. Its sole purpose is to acquire or merge with a private company to take that company public. Cactus has signed a business combination agreement with Tembo e-LV, a Dutch electric vehicle company, in an all-stock transaction. The deal aims to list a new combined entity on Nasdaq. Cactus raised capital through an IPO to be held in trust for an acquisition, but significant shareholder redemptions have since removed almost all capital from that account. Consequently, Cactus must secure third-party financing to complete the Tembo transaction. The business model relies on a sponsor group that receives founder shares as an incentive to identify and close a transaction. If Cactus does not complete a merger by its November 2026 liquidation deadline, it must return the remaining trust funds to shareholders and the sponsor's equity becomes worthless. Due to delays in completing a combination, Cactus was delisted from Nasdaq and currently trades on the OTC Expert Market. The transaction remains subject to SEC review of registration statements.