Phalanx is a blank check company, or SPAC, formed to execute a merger, asset acquisition, or similar business combination. Phalanx currently has no operations or revenue and has not identified a specific acquisition target. Phalanx intends to focus its search on private companies within the financial services and fintech sectors, particularly those involved in specialty finance, private credit, and asset-based lending. Executives from Celeres Capital lead Phalanx and leverage their backgrounds in structured finance to source potential transactions. The Phalanx business model involves raising capital through an initial public offering and placing the proceeds into a trust account until a transaction is finalized. Phalanx has 24 months to complete a deal, after which Phalanx must return the capital to shareholders if no combination occurs. To incentivize the completion of a merger, Phalanx utilizes a sponsor promote structure where the management team receives founder shares that convert to ordinary shares upon a successful closing. This structure creates an economic incentive for Phalanx management to close a transaction, which can lead to conflicts regarding deal terms. Phalanx seeks to use management’s industry relationships to access investment opportunities outside of traditional auction processes.