Origin Investment Corp I Liquidation Value

Origin Investment Corp I (ORIQ) is a Cayman Islands blank check SPAC that completed its IPO on July 3, 2025, raising $69.0M gross from 6,900,000 public units (including full overallotment exercise on July 18, 2025) at $10.00/unit. As of December 31, 2025, the balance sheet is dominated by a single asset: $71.1M held in a Trust Account invested in money market funds, against total liabilities of only $175K (accounts payable and accrued expenses). The prior comparative period (December 31, 2024) showed total assets of $270K, consisting solely of deferred offering costs and no Trust Account, reflecting pre-IPO inception status.

Under the liquidation lens, the recovery posture is structurally favorable for public shareholders holding redeemable ordinary shares, and structurally adverse for sponsor/non-redeemable equity holders. The Trust Account balance of $71.1M is the sole material asset. It is invested in money market funds (Level 1 fair value, $71.1M), carries a 100% haircut recovery assumption under the liquidation lens, and is contractually segregated for public shareholder redemption at $10.30/share (6,900,000 shares x $10.30). In a forced liquidation scenario, public shareholders would receive approximately $10.30/share from the Trust, after settling up to $100K in liquidation/dissolution expenses from trust interest. Total liquidation-value assets applicable to public shareholders: $71.1M Trust + $1.2M operating cash = $72.3M gross assets, less $175K face-value liabilities = ~$72.1M net. However, $71.1M of that is ring-fenced for the 6,900,000 redeemable shares; residual for non-redeemable equity (2,132,500 shares held by sponsor/underwriter/directors) is approximately $1.1M, consistent with the reported shareholders' equity of $1.085M.

The MFFAIS CLV/LLV/OLV of $976,901 aligns closely with the non-redeemable equity book value of $1.085M, reflecting the non-trust operating assets net of liabilities. The Trust Account is excluded from MFFAIS liquidation value because those funds are not freely available to the corporate entity—they are encumbered by the redemption obligation. The $25,000/month administrative services agreement with the Sponsor (accrued $150K in 2025) is an ongoing liability that will burn operating cash until Business Combination or liquidation. No Working Capital Loans outstanding. No deferred underwriting commission structure is disclosed (unlike many SPACs), which is notable—the underwriter was compensated entirely at closing via 1% cash discount ($690K) and 34,500 representative units. No deferred commission liability exists on the balance sheet. The 24-month Business Combination window runs from July 3, 2025, expiring approximately July 2027. No target identified as of filing date.