Bukit Jalil Global Acquisition 1 (BUJA) is a SPAC — a blank check company with no operating business, products, or revenue. BUJA raised $57.5M in its IPO in June 2023 at $10 per unit, with proceeds held in trust. The company is sponsored by Bukit Jalil Global Investment, a Malaysian entity, and its sole purpose is to complete a business combination with a private company. BUJA has signed a Business Combination Agreement with Global IBO Group (GIBO), under which BUJA and GIBO will merge into a new Cayman Islands holding company, GIBO Holdings, expected to list on Nasdaq. BUJA shareholders approved the transaction in March 2025. The combined entity will have a dual-class share structure, giving founders 20 votes per share versus 1 vote per share for public shareholders. The sponsor received founder shares at a nominal cost, creating upside if the deal closes at or above the IPO price. To keep BUJA alive during the deal process, the sponsor has been depositing $100,000 per month into the trust since July 2024. Significant redemptions have occurred across two separate votes, materially reducing the cash available to the combined entity. BUJA must close the GIBO transaction by April 30, 2025, with a possible extension to June 30, 2025. If the deal fails to close, BUJA will liquidate and return trust proceeds to remaining shareholders.