D. Boral ARC Acquisition I Corp. (Nasdaq: BCARU) is a SPAC — a blank check company with no operations of its own — formed solely to identify and acquire a private company, taking it public through a merger. D. Boral ARC raised $280M through its IPO and concurrent private placement in August 2025, parking those proceeds in a trust account invested in U.S. Treasuries. The trust held approximately $284.8M as of December 31, 2025. D. Boral ARC has until approximately February 2027 to complete a business combination, or it must return trust funds to shareholders. Public shareholders can redeem shares at roughly $10.00 per share plus interest, giving them downside protection, while each public unit includes a half-warrant exercisable at $11.50, providing additional upside. The sponsor — affiliates of D. Boral Capital and ARC Group — acquired founder shares at a nominal price, creating substantial upside if a deal closes but total loss if none does. In January 2026, D. Boral ARC signed a merger agreement with Exascale Labs, a Delaware-based company, at a $500M merger consideration paid in 50M newly issued shares of the surviving public entity at $10.00 per share. Post-merger, the combined company would carry a dual-class share structure, with Exascale Class B shareholders receiving shares carrying 20 votes each — typical of founder-led tech companies seeking to preserve control post-IPO. The filing provides limited detail on Exascale's underlying business. D. Boral ARC's management team, led by CEO David Boral and CFO John Darwin, claims experience across more than 65 SPAC transactions totaling over $7B in combined value.