Alchemy Investments Acquisition Corp 1 (ALCY) is a Cayman Islands blank check SPAC that IPO'd in May 2023 raising $115M gross proceeds. As of December 31, 2025, the entity has not completed a Business Combination and carries a formal going concern qualification. Under the liquidation lens, recovery to permanent equity is deeply negative. Total assets are $8.9M, of which $8.8M sits in the grantor trust (AssetsHeldInTrustNoncurrent) invested in U.S. Treasury money market funds and $55K is unrestricted cash. The trust balance is effectively ring-fenced for the 737,543 remaining Class A public shares subject to redemption, carried at $8.7M (TemporaryEquityCarryingAmountAttributableToParent). That temporary equity balance represents a senior claim on trust assets that sits ahead of permanent equity holders in any liquidation scenario. Total liabilities are $8.7M, comprising $3.5M current liabilities (which include $1.71M related-party promissory notes at 10% interest and $777K accounts payable) and $5.175M deferred underwriting fee payable (non-current, contingent on Business Combination close). In a wind-up, the deferred underwriting fee is waived by the underwriter if no combination closes per the underwriting agreement, which would remove that liability from the liquidation stack. Even stripping the deferred fee, current liabilities of $3.5M exceed unrestricted liquid assets of $55K by approximately $3.5M, consistent with the $3.4M working capital deficit disclosed in the going concern note and the MFFAIS computed CLV/LLV/OLV of negative $3.46M. Permanent equity deficit stands at negative $8.5M (StockholdersEquity / RetainedEarningsAccumulatedDeficit). Since the trust is consumed by the redemption obligation owed to the remaining public shareholders, there is zero residual asset coverage for permanent equity holders. The proposed Business Combination with Cartiga, LLC (agreement signed August 22, 2025, $540M equity value, Up-C structure) is the only path to value realization; the hard deadline is May 1, 2026, with monthly extension deposits of up to $30K required through September 9, 2026. The sponsor drew an additional $1.18M in related-party notes during 2025 (cumulative $1.71M outstanding) and added $290K post-period (January-February 2026 per subsequent events). Trust declined from $11.9M at December 31, 2024 to $8.8M at December 31, 2025, driven by $3.8M September 2025 redemptions. Filing discusses deferred underwriting fee ($5.175M) and sponsor promissory note terms extensively in MD&A but the deferred fee is tagged only via company-specific XBRL tags (ALCY:DeferredUnderwritingFeePayableNoncurrent / ALCY:DeferredOfferingCostsNoncurrent) not separately in TAG_CONTEXT as a us-gaap liability tag, so it is captured here in narrative only.
▼ Community Notes