Eureka Acquisition Corp is a SPAC that raised $57.5M in its July 2024 IPO and placed those proceeds into a trust account while searching for a merger target. Eureka has no operations, no revenue, two part-time officers, and no full-time employees. In October 2025, Eureka signed a Business Combination Agreement with Marine Thinking, a Canadian company focused on autonomous ship and fleet solutions. The transaction is expected to close by January 3, 2026, with monthly extension options through July 3, 2026. Following significant shareholder redemptions, the trust holds approximately $28.5M. Upon closing, the combined entity will be renamed Marine Thinking Holdings and listed on Nasdaq. The SPAC structure works as follows: the sponsor, Hercules Capital Management, received founder shares and private placement units at a nominal cost and retains an ownership stake in the combined company if the deal closes. Public IPO investors can either redeem their shares at roughly trust value (~$10.00 per share plus interest) or roll their investment into the combined company. Key deal mechanics include monthly extension fees of $150,000 funded by the sponsor via unsecured promissory notes, the sponsor's right to convert extension notes and working capital loans into shares at $10.00 per unit, and a finder's fee equal to 3% of total company valuation payable in shares to Alpha Innovators upon closing.