D. Boral ARC Acquisition I Corp. Liquidation Value

D. Boral ARC Acquisition I Corp. (BCAR) is a British Virgin Islands blank check SPAC incorporated March 20, 2025, with an IPO closed August 1, 2025 (25M units at $10.00) and a partial over-allotment exercise on August 13, 2025 (3M additional units), generating aggregate gross IPO proceeds of $280M. A further $2M was raised via private placement units, for total trust funding of $250M at IPO close. As of March 31, 2026, the trust account holds $287.3M in an interest-bearing demand deposit, representing essentially the entire asset base. Outside the trust, the Company holds $243,576 cash and $46,875 prepaid expenses, against $308,102 accrued expenses, yielding working capital of approximately $54,122 — barely solvent at the operating entity level.

Under the liquidation lens, recovery to non-redeemable equity is highly constrained. The trust assets ($287.3M at face, 100% cash recovery) are legally restricted for redemption of 28M public Class A shares. At current trust value, each redeemable share is entitled to approximately $10.26 per share. Sponsor-held Class B shares (12M) and non-redeemable Class A shares (1.2M, including 1M representative shares issued to underwriters) have residual claim only on assets outside the trust — which amount to $243,576 cash and $46,875 prepaid, net of $308,102 accrued liabilities, leaving approximately $54,000 total. The $500M Exascale merger agreement (signed January 11, 2026, disclosed in MD&A) is not reflected in the balance sheet and does not affect current liquidation recovery; it is contingent and not XBRL-tagged. Going concern language is explicit in the filing: management acknowledges inadequate liquidity to sustain operations absent a business combination. The combination window is 18 months from IPO close (February 2027), with one optional 3-month sponsor extension to May 2027. No working capital loans have been drawn. The filing discusses the $500M Exascale merger consideration and going concern uncertainty in MD&A but neither concept is separately XBRL-tagged. MFFAIS CLV/LLV/OLV of negative $37,611 is consistent with the near-zero outside-trust equity position.