Inception Growth Acquisition is a SPAC (blank check company) with no operating business. Its sole purpose is to merge with a private target, taking that company public. Inception Growth raised roughly $103.5M in its December 2021 IPO and placed proceeds into a trust invested in U.S. Treasuries and money market funds while searching for a target in the TMT, sports and entertainment, or non-gambling gaming sectors, focused on the U.S. and Asia. In September 2023, Inception Growth signed a Business Combination Agreement to merge with AgileAlgo Holdings, a BVI company, at a $160M pre-money valuation, with the combined entity to be renamed Prodigy. Up to 16M shares would be issued as consideration, with 12.5% of those shares held in escrow subject to revenue-based earnout conditions. The deal has been extended six times, with an outside closing date currently set at October 14, 2025. The SPAC structure allows shareholders to redeem their shares for a pro-rata share of the trust regardless of how they vote, and heavy redemptions have shrunk the trust from ~$104.5M to roughly $2.1M. Inception Growth was delisted from Nasdaq in December 2024 for failing to complete a combination within the required window, and its securities now trade on OTC Markets. The Business Combination Agreement requires Nasdaq listing at closing, creating a significant obstacle. If Inception Growth fails to complete a deal by its deadline, it must dissolve and return remaining trust funds to shareholders.