Emmis Acquisition Corp. is a SPAC — a publicly listed blank check company with no operations, revenues, or identified acquisition target. Its sole purpose is to find and merge with a private business, taking that business public without a traditional IPO. Emmis raised $115M in its IPO in September 2025, pricing units at $10.00 each, with proceeds held in trust until a deal closes. Emmis has 24 months from IPO close to complete an acquisition or it must return trust funds to shareholders. Emmis is targeting businesses in industrial and business services, manufacturing, transportation, distribution, and technology, with a geographic focus on North America and Southeast Asia, though Emmis is not bound to these areas. The sponsor, Emmis Capital Sponsor LLC, controlled by CEO Peter Goldstein, received founder shares at nominal cost representing roughly 20% of post-IPO shares outstanding — these convert to real equity if a deal closes, but expire worthless if no deal is done. This structure creates a strong incentive for the sponsor to close a deal. Public shareholders have downside protection via the trust, allowing them to redeem shares at approximately $10.00 per share if they dislike a proposed deal. Emmis intends to target businesses with enterprise values larger than the ~$111.6M in trust, meaning any transaction would likely require additional equity or debt financing.