Evergreen (EVGR) is a Special Purpose Acquisition Company (SPAC), meaning it is a blank check company with no commercial operations. EVGR raised roughly $116.7M in its February 2022 IPO and placed those proceeds in a trust account invested in U.S. Treasuries and money market funds while searching for an acquisition target. The goal is to identify a private business and take it public through a merger or similar transaction, referred to as a Business Combination. EVGR's sponsor, Evergreen LLC, received founder's shares and private placement units at nominal cost, which become valuable if a deal closes but are forfeited if no deal closes. Public shareholders can redeem shares for their pro rata share of the trust at extension votes, and heavy redemptions have reduced the trust from $116.7M to roughly $26.6M. EVGR has funded operations through roughly $6.4M in unsecured convertible notes from the sponsor, which convert into units upon deal close. EVGR has identified a target and is in active negotiations, but faces a March 11, 2025 deadline, after which it must liquidate and distribute trust funds to shareholders at an estimated $11.88 per share. EVGR's management is based in Malaysia, suggesting a focus on Southeast Asian targets seeking a U.S. listing.