Apex Treasury Corporation is a blank check SPAC with no operations, revenue, or employees. Apex raised $344.7M in its October 2025 IPO at $10.00 per unit, with proceeds held in a Trust Account invested in short-term U.S. Treasuries. Apex has 24 months from IPO close to complete a business combination, or it must liquidate and return Trust Account funds to public shareholders. Apex is targeting companies in blockchain and digital assets, crypto treasury strategies, AI, B2B software, data services, renewable energy, and build-to-rent real estate. The economics are asymmetric: the Sponsor received 11.1M Founder Shares for roughly $25,000, and purchased 8.9M Private Placement Warrants at $1.00 each, exercisable at $11.50 per share — both positions become valuable only if a deal closes. Public shareholders paid $10.00 per share and can redeem at approximately $10.00 if they dislike a proposed deal, but bear downside risk post-merger. If no deal closes within 24 months, the Founder Shares and warrants expire worthless, creating a strong incentive for insiders to complete a transaction. Apex argues it is differentiated by its management team's M&A and capital markets experience, citing transactions including CNOOC's $1.5B IPO and Springbig's $500M De-SPAC merger, as well as an advisory network focused on AI, blockchain, and digital assets deal flow.