Callaway Capital Acquisition is a Special Purpose Acquisition Company (SPAC) with no operations, revenue, or identified acquisition target. Its sole purpose is to raise capital, hold it in trust, and use it to take a private company public through a merger, bypassing the traditional IPO process. Callaway Capital Acquisition raised $172.5M in its September 2025 IPO, selling 17.25M units at $10.00 each, with all proceeds held in a trust account earning interest. The SPAC is focused on targets in energy, fintech, real estate, and technology, though it may pursue any sector or geography. The sponsor, Callaway Capital Management, acquired founder shares at a nominal price that convert into roughly 25% of post-deal equity upon deal close — the standard SPAC "promote" structure that gives sponsors low-cost equity with significant upside. The sponsor and underwriter BTIG also purchased private placement warrants exercisable at $11.50 per share, which gain value if the post-merger stock trades above that level. Public shareholders, by contrast, can redeem shares for approximately $10.10 each from the trust at any point up to deal close, giving them a near-guaranteed floor. The management team, led by Daniel Freifeld, Craig Perry, Powers Spencer, and William Weir, plans to leverage its deal network through Callaway Capital Management to source transactions. The SPAC has until September 22, 2027, to close a deal; if no deal is completed, the trust is liquidated, public shareholders are redeemed at pro-rata trust value, and sponsors forfeit their invested capital and the promote.