Aldabra 4 Liquidity Opportunity Vehicle, Inc. Liquidation Value

ALOV is a Cayman Islands blank check company that completed its IPO on January 23, 2026, raising $300.15M gross proceeds from 30,015,000 Class A ordinary shares at $10.00 per unit, with the full over-allotment exercised. Simultaneously, $7.3M was raised from 4,866,666 Private Placement Warrants at $1.50 each. The entire $300.15M was deposited into a grantor trust account invested in U.S. government treasuries or qualifying money market funds. As of March 31, 2026, the Trust Account held $302.05M (reflecting $1.9M of interest earned in Q1), and unrestricted cash outside the Trust was $1.07M. The filing period is the company's first operating quarter as a public entity; the prior period (December 31, 2025) was a pre-IPO stub with total assets of only $285K.

Liquidation recovery posture: The dominant balance sheet feature is the $302.05M held in trust, which is classified as temporary equity (Class A ordinary shares subject to possible redemption at $10.06/share as of March 31, 2026). Under the liquidation lens, these trust assets receive a 100% recovery haircut as they are effectively U.S. Treasuries/money market instruments held in a restricted grantor trust structure. However, the entire trust balance is encumbered by the redemption obligation to public shareholders — under SPAC mechanics, if no business combination is completed by January 23, 2028, all trust proceeds revert to public shareholders. The Class B founder shares (7,503,750 shares held by the Sponsor) have no claim on trust assets in a wind-up scenario per the waiver provisions disclosed.

Key liability: A $12.789M deferred underwriting fee is recorded as a non-cash liability (disclosed in the supplemental cash flow as a non-cash financing activity and separately tagged as alov:DeferredUnderwritingFeePayable). This fee is contingent — payable only upon consummation of a business combination from trust proceeds — and per the underwriting agreement, Underwriters waive their deferred fee if no business combination is completed. In a true liquidation scenario where no deal closes, this liability extinguishes. However, under the strict liquidation lens applied here (liabilities at face value), it represents $12.79M of potential claims.

Permanent equity (Class B, non-redeemable) deficit stands at $(11.69M) as of March 31, 2026, reflecting the accounting mechanics of accreting Class A shares to redemption value ($23.56M accretion charged against APIC and retained earnings in Q1 2026) and accumulated operating losses. Total MFFAIS-reported liquidation values of $47K reflect pre-IPO stub period data and are stale as of this filing — the balance sheet has transformed materially since December 31, 2025.

TAG_CONTEXT is empty; no XBRL tags were provided for this filing. All quantitative references above are drawn from narrative disclosures in the filing body. The filing does not separately XBRL-tag the deferred underwriting fee payable balance sheet line, the trust account asset, or the temporary equity redemption value in the TAG_CONTEXT input, which limits tag-level analysis.