Athena Technology Acquisition II is a SPAC that raised $253.75M in its December 2021 IPO to find and merge with a private company, taking it public. Athena's stated focus is on fintech, enterprise software, deep tech, and health tech. The SPAC model works by having a sponsor acquire founder shares at minimal cost — representing a large portion of post-merger equity — creating significant upside if the combined company performs well. Public investors get downside protection through the right to redeem shares at approximately the IPO price plus interest. Athena has been pursuing a merger with Ace Green Recycling, a battery recycling company, since signing a Business Combination Agreement in December 2024, but the path to closing has been troubled. The original 18-month window to complete a deal has been extended four times, now pushing the deadline to June 2026. Mass shareholder redemptions have drained the trust account from ~$256M at IPO to under $300K, leaving almost no cash to fund the deal. Athena was also delisted from NYSE American in December 2024 for failing to complete a business combination within 36 months of its IPO, and its securities now trade on OTC Markets. Following the redemptions, the sponsor holds ~99.7% of outstanding Class A shares, effectively controlling any shareholder vote on the proposed merger.