Alussa Energy Acquisition Corp. II is a Cayman Islands-incorporated blank check company (SPAC) that completed its IPO on November 14, 2025, raising $287.5M gross proceeds. As of March 31, 2026, the company has no operations and no identified acquisition target. Under a liquidation lens, the balance sheet presents a structurally unusual but mechanically clear picture: virtually all asset value is sequestered in a grantor trust structure ($291.4M in U.S. government treasury bills, up from $288.9M at December 31, 2025), while the same amount is fully offset on the liability side by the temporary equity redemption obligation ($291.4M carrying value for 28,750,000 Class A shares at $10.14/share redemption price). The trust assets receive a 100% liquidation haircut for analytical purposes only in the sense that trust proceeds are legally restricted to (a) redeeming public shareholders at completion of a business combination, or (b) distributing pro-rata to public shareholders on wind-up; they are not available to satisfy general creditors ahead of public shareholders in the normal SPAC liquidation waterfall. Outside the trust, unrestricted assets total approximately $0.9M (cash $0.82M, prepaid expenses $0.12M combined current and long-term). Against these unrestricted assets, total non-trust liabilities standing at face value are $18.6M: $0.20M current payables, $8.63M deferred underwriting fee, $8.63M deferred advisory fee (Santander), and $1.20M deferred legal fees. All three deferred items are contingent on Business Combination completion — they are not payable on wind-up without a deal — but under the liquidation lens, liabilities stay at face value. On that basis, unrestricted assets of ~$0.9M versus face-value non-trust liabilities of $18.6M yields a sharply negative recovery position for non-trust stakeholders (the Class B founders and any unsecured creditors), which is consistent with the MFFAIS CLV/LLV/OLV of approximately $1.45M reflecting only the unrestricted cash-equivalent assets. The sponsor-held promissory note ($197,917 at December 31, 2025) was repaid in full on January 12, 2026; there are no working capital loans outstanding as of March 31, 2026. The filing does not separately disclose income taxes payable as a distinct XBRL tag; the company is a Cayman Islands exempted entity with zero income tax provision. No QoQ change to the deferred fee stack; it remained unchanged at $18.4M combined from December 31, 2025.
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