This is a Special Purpose Acquisition Company (SPAC), a blank check company with no operating business of its own. The SPAC raised $172.5M through its January 2025 IPO, selling 17.25M units at $10.00 each, with total proceeds of $174.2M held in trust pending a business combination. In March 2026, the SPAC entered into a Business Combination Agreement with Controlled Thermal Resources (CTR), a geothermal energy and lithium extraction company. CTR stockholders holding at least 60% of voting power have already committed to vote in favor of the deal. The SPAC must complete a business combination by July 16, 2026, or it must liquidate and return approximately $10.10 per share to public shareholders. The sponsor acquired founder shares (Class B shares representing ~20% of post-IPO equity) for a nominal $25,000, which convert to common stock upon a successful business combination. Public shareholders have downside protection through the trust account redemption right at ~$10.10 per share, and additional upside through warrants exercisable at $11.50 per share. If the CTR deal closes, the combined company will be a publicly traded geothermal energy and lithium extraction business.