Dynamix is a SPAC (blank check company) that raised $166M in its IPO in November 2024 at $10.00 per unit, with proceeds held in trust invested in U.S. Treasury Bills. Dynamix has no operations and generates no revenue — its sole purpose is to identify and merge with a private operating business, taking it public in the process. Dynamix has signed a Business Combination Agreement to merge with The Ether Machine, a Delaware corporation focused on Ethereum, and The Ether Machine's affiliated entity, The Ether Reserve LLC, into a new public holding company called Pubco. A private investor contributed 150,000 ether into The Ether Reserve LLC, which will convert into non-voting common stock of Pubco at closing. Dynamix must complete this combination by November 22, 2026, or it must liquidate and return trust funds to shareholders at approximately $10.025 per share. Public shareholders who disapprove of the deal can redeem their Class A shares for their pro-rata share of the trust at closing. The sponsor holds founder shares that would be worthless in a liquidation, aligning sponsor incentives toward completing a deal.