Aperture AC is a SPAC — a blank check company with no operations or identified acquisition target. Aperture raised $90M through an IPO, placing those proceeds into a trust invested in short-term U.S. Treasuries or money market funds. Aperture has 12 months from closing to identify and complete an initial business combination (IBC) with a private business; if it fails, it liquidates and returns funds to public shareholders at approximately $10.025 per share. While Aperture may pursue any target in any industry or geography, it intends to focus on the digital asset ecosystem — specifically companies building infrastructure in areas such as tokenized assets, decentralized finance, mining, data centers, and payments. The sponsor economics are asymmetric: the sponsor paid roughly $0.008 per share for founder shares that convert into Class A shares at IBC, giving the sponsor a breakeven far below the $10.00 paid by public shareholders. Aperture is led by CEO Calvin Kung, who previously led Finnovate Acquisition Corp., a SPAC that completed its IBC but saw approximately 99% of public shares redeemed before closing. Aperture targets lower middle market companies in digital asset infrastructure, arguing its transaction execution experience is a differentiator for targets seeking a path to public markets.