Irenic Acquisition Corp. is a SPAC — a blank check company with no operations, products, or revenue — formed solely to identify and acquire one or more private businesses. Irenic raised $220M through an IPO at $10.00 per unit, with proceeds held in trust until an acquisition closes. The company is sponsored by Irenic Capital Management, an activist and special situations investment firm with roughly $2.5B in AUM, co-founded by Adam Katz and Andy Dodge. The sponsor's economics are typical of SPACs: the sponsor purchased founder shares representing 20% of post-IPO shares outstanding for a nominal sum, shares that convert into publicly tradable stock only if a deal closes — creating a strong incentive to complete a transaction within the 24-month window. Public shareholders can redeem shares at approximately $10.00 if they dislike a proposed deal or if no deal occurs. Irenic targets companies in aerospace, defense, and industrial sectors, with enterprise values in the $750M–$1.5B+ range. The management team includes executives with backgrounds at Elliott Management, Apollo, and Oaktree, supplemented by independent directors with operating experience at Pratt & Whitney, Precision Castparts, Spirit AeroSystems, and Cooper Industries. Irenic's Evergreen Fund committed to a $50M forward purchase at closing, providing additional deal financing certainty and serving as a credibility signal to prospective targets.