OneIM Acquisition Corp. (OIM) is a Cayman Islands-incorporated blank check SPAC that completed its IPO on January 15, 2026, raising $287.5M gross from 28,750,000 Class A ordinary shares at $10.00/unit, with full over-allotment exercise. The prior period (December 31, 2025) balance sheet was a pre-IPO stub with total assets of $479,596 consisting entirely of deferred offering costs and total liabilities of $513,730, yielding shareholders' deficit of ($34,134). The March 31, 2026 balance sheet reflects the post-IPO structure: total assets of $290.5M, of which $288.7M (99.4%) is marketable securities held in the Trust Account (Level 1, U.S. government obligations or qualifying money market funds). Outside-trust assets are minimal: $770K cash, $871K interest receivable, $154K prepaid expenses. Under the liquidation lens, the Trust Account assets receive a 100% haircut rate as they are U.S. government securities marked at Level 1 fair value — recoverable at face. The structurally significant liability is the deferred underwriting fee payable of $15,812,500 ($0.55/unit), which is a contingent obligation payable only upon Business Combination consummation. Notably, Deutsche Bank has agreed to waive this fee if no Business Combination occurs within the Completion Period (January 15, 2028 or March 15, 2028); accordingly, in a forced-liquidation scenario this liability extinguishes. Total current liabilities are $250,539 (accounts payable $29,763, accrued expenses $185,426, due to related party $35,350). Permanent equity (non-redeemable) is a deficit of ($14.27M), driven by $14.27M accumulated deficit generated primarily by the accretion of Class A shares to redemption value ($19.5M accretion in Q1 2026) partially offset by Q1 net income of $1.69M and warrant/placement proceeds credited to APIC. The 28,750,000 Class A shares are classified as temporary equity at redemption value of $10.04/share ($288.7M total). In a liquidation scenario, public shareholders recover ~$10.04/share from Trust, the deferred underwriting fee is waived (per agreement), and residual outside-trust assets ($1.74M current, $53K non-current prepaid) net against current liabilities ($250K). Net recovery to non-redeemable equity holders (Class B + private placement Class A) is approximately $1.49M working capital surplus less any wind-down costs, against which the Sponsor's $15.8M deferred fee claim is void. Going concern has been resolved per management's post-IPO re-evaluation. No XBRL tags were provided in TAG_CONTEXT; all balance sheet line items referenced above are drawn from the FILING_BODY narrative and financial statements. Filing discusses all material balance sheet items in the financial statements but TAG_CONTEXT was empty, so no XBRL-tagged items can be independently cited.
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