Vernal Capital Acquisition Corp. is a blank check company, or SPAC, incorporated in the Cayman Islands in 2025 with no operations or revenue. Its sole purpose is to raise capital through an IPO and use those proceeds to acquire a private company — completing an initial business combination — and bring that company to U.S. public markets. Vernal Capital is seeking to raise $100M through an IPO of 10M units at $10.00 per unit. IPO proceeds will be held in trust, invested in U.S. Treasuries or money market funds, while management searches for a target. If no deal closes within 15 months (extendable to 21 months), the trust is liquidated and shareholders get their money back. The sponsors — Vernal One and Xesse Ventures — received 2,875,000 founder shares for only $25,000, creating a strong financial incentive to complete a deal regardless of deal quality. Vernal Capital has no identified acquisition target and has not initiated substantive discussions with any prospective target. While management states the search is not formally limited by geography or industry, the company's focus is effectively on private companies in Asia, particularly those with ties to China, that are seeking access to U.S. public markets. The CEO, Du Jun, is a PRC citizen based in Singapore and co-founder of Huobi Group, Chainup, and ABCDE Capital, all in the crypto and blockchain space. None of the management team has prior SPAC experience.