Artius II Acquisition Inc. (AACB) is a Cayman Islands blank check SPAC that completed its IPO on February 14, 2025, raising $220M gross at $10.00/unit. Under the liquidation lens, the recovery posture for non-redeemable equity is deeply negative and has deteriorated further quarter-over-quarter. As of March 31, 2026, total assets of $230.3M are almost entirely composed of $230.1M held in a grantor trust (U.S. Treasury Bills, Level 1, amortized cost basis), which at 100% recovery under the liquidation lens represents the dominant asset. Outside the Trust Account, liquid assets consist of $20,298 in operating cash and $137,836 in prepaid expenses — collectively de minimis. Total liabilities of $15.8M include $230.1M of temporary equity (Class A shares subject to possible redemption, classified outside permanent equity per ASC 480) which has a prior redemption claim on Trust proceeds. The liability stack relevant to non-redeemable equity: current liabilities of $3.2M ($2.86M accrued liabilities, $300K working capital note payable to Sponsor, $9.5K accounts payable), plus $12.6M in long-term liabilities consisting of the $6.0M advisory fee payable and $6.6M deferred underwriting fee payable. Both the advisory fee and deferred underwriting fee are contingent on closing a Business Combination, but under the liquidation lens they are treated at face value as they do not automatically extinguish on wind-up absent specific contractual carve-outs. Total permanent equity (shareholders' deficit) stands at negative $15.6M versus negative $13.8M at December 31, 2025, a deterioration of approximately $1.8M driven by $2.1M of Trust Account interest accreting to the temporary equity redemption value (reducing retained earnings) partially offset by $245K net income. MFFAIS-reported liquidation value of negative $3.1M appears to reflect the net outside-Trust deficit only; the full deficit to non-redeemable equity holders is $15.6M. The Company has disclosed a going concern qualification: Completion Window expires August 14, 2026 (extendable to February 14, 2027 with a signed definitive agreement), mandatory liquidation would follow. Operating cash of $20,298 against a working capital deficit of $3.0M leaves the entity dependent on Sponsor working capital loans. A $1.0M working capital note (Amended and Restated, cash-only, non-convertible) was drawn $300K as of period end, with $700K remaining available. No target has been identified.
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