AI Transportation Acquisition Corp (AITR) is a SPAC with no operations, no revenue, and no identified acquisition target. The company raised $60.6M in its November 2023 IPO, with proceeds held in a trust account earning interest. Its sole purpose is to identify and acquire a business in the AI transportation space, broadly defined to include logistics technology, new energy vehicles, smart parking, in-vehicle chips, and AI-driven mobility systems. The sponsor and management team have significant ties to China, and the company may pursue a China-based target, though it has stated it will not pursue targets using VIE structures. If no acquisition is completed within 12 months of IPO closing (extendable to 18 months), the company will liquidate and return approximately $10.10 per share to public shareholders. The sponsor acquired 1.5M founder shares for roughly $25,000 total, creating asymmetric economics — the sponsor stands to profit substantially if a deal closes above the redemption price, while public shareholders' downside is floored at the ~$10.10 redemption value. The company pays a sponsor affiliate $10,000/month for office and administrative services.