A SPAC II Acquisition Corp. (ASCBF) is a British Virgin Islands blank-check company with no operating business, incorporated in June 2021 and IPO'd in May 2022 raising $200M gross. As of March 31, 2026 — the current period — the entity's liquidation posture is severely negative for non-redeemable equity holders and operationally marginal even for the residual trust beneficiaries. The balance sheet is dominated by two items: (1) investments held in trust of $530,997, representing 43,594 remaining Class A redeemable shares at a $12.181 redemption price, and (2) sponsor-funded promissory notes payable of $412,068 (up from $292,068 at December 31, 2025), which constitute the primary liability. Outside-trust cash was only $135 at December 31, 2025 but recovered to $100,159 at March 31, 2026 solely due to $120,000 in new related-party debt drawdown. The company reports a working capital deficit of $701,315 at March 31, 2026, which management has flagged as raising substantial doubt about going concern. Under a liquidation scenario today, the trust assets ($531K at 100% recovery, being U.S. government-equivalent money market) would be distributed to the 43,594 redeemable public shareholders at approximately $12.18 per share. However, the $412K outstanding sponsor notes are due upon consummation of a business combination and are subordinated to the trust — their face-value treatment in a winding-up is uncertain absent a combination event; the filing states they would be repaid only from outside-trust funds in a liquidation, where outside-trust cash is only $100K. Additionally, $7.0M in deferred underwriting fees (payable to Maxim Group LLC only upon consummation of a business combination) would not be triggered in a pure liquidation, but remain a contingent obligation. The 5,200,000 non-redeemable Class A shares and 100,000 Class B shares (sponsor and affiliated insider holdings) carry zero recovery claim against the trust under the SPAC charter and sponsor waivers. Accumulated shareholders' deficit deepened to $(7,701,315) from $(7,625,353) at December 31, 2025, driven by the Q1 2026 net loss of $72,295 and accretion of $3,667. Trust interest income dropped sharply — $3,667 in Q1 2026 vs. $46,969 in Q1 2025 — reflecting the near-total depletion of redemption float. The combination deadline is August 5, 2027 (63 months from IPO), with no disclosed target. The company was delisted from Nasdaq in September 2024 and now trades OTC. Filing discusses the working capital deficit and going concern in MD&A but does not separately tag working capital deficit in XBRL (only disclosed in narrative as $701,315). The TAG_CONTEXT list provided is empty, meaning no XBRL tags were made available for this filing's quantitative context. All balance-sheet values referenced here are drawn directly from the filing's financial statement narrative and XBRL inline values parsed from the document body.
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