Timber Road Acquisition Corp. is a SPAC — a blank check company incorporated in the Cayman Islands with no operations or revenues. Its sole purpose is to raise capital through an IPO and use those proceeds to acquire one or more private businesses in a de-SPAC transaction. Timber Road raised $200M by selling 20M units at $10.00 each on Nasdaq, with proceeds held in trust in U.S. Treasuries or money market funds until a deal closes or the SPAC liquidates. Timber Road's primary focus is real estate, though it can pursue targets in consumer and food & beverage or any other sector. It targets companies with enterprise values between $400M and $2B. The sponsor, controlled by CFO Paul Rachmuth, acquired founder shares for $25,000, which convert into Class A shares upon a business combination — creating a powerful incentive to close a deal within the 18-month deadline, regardless of deal quality. CEO Patrick Fisher brings over two decades of commercial real estate capital markets experience, having closed over $20B in financings, and the board includes directors with real estate development and food & beverage experience. Timber Road plans to fund acquisitions using trust proceeds alongside PIPE financing and/or debt, as it expects to target companies with enterprise values larger than its trust. If no deal closes within 18 months, public shareholders receive their money back from trust.