IACQ · Irenic Acquisition Corp.

Irenic Acquisition Corp., a Cayman Islands blank check company sponsored by Irenic Sponsor, LLC, successfully closed its IPO on April 29, 2026, selling 22 million units at $10 each for $220 million in gross proceeds. Each unit includes one Class A ordinary share and one-third of a redeemable warrant. Concurrently, 640,000 private placement units were sold at the same price to the Sponsor (420,000 units) and underwriters Jefferies LLC and Odeon Capital Group LLC (220,000 units), yielding $6.4 million. Of the IPO proceeds, $217.8 million (including $8.8 million deferred underwriter discount) plus $2.2 million from private placements was deposited into a trust account at J.P. Morgan Chase Bank, N.A., managed by Continental Stock Transfer & Trust Company. The audited balance sheet as of April 29 reflects $220 million in the trust, $1.24 million in current assets, $9.07 million liabilities (primarily deferred underwriting fees), and a $7.71 million shareholders' deficit. On May 1, 2026, underwriters partially exercised the 45-day over-allotment option, purchasing 3,253,188 additional units for $32.53 million, with simultaneous private sales of 65,064 units ($0.65 million) split between Sponsor and underwriters. This brought total trust deposits to $252.53 million. The partial exercise triggered Sponsor forfeiture of 11,703 Class B founder shares, reducing to 6,313,297 post-surrender (from prior 6,325,000 after March adjustment). Units trade on Nasdaq as IACQU, with separate trading of shares (IACQ) and warrants (IACQW) planned. Transaction costs totaled $13.85 million. Funds are earmarked for a business combination in aerospace, defense, or industrial sectors, with 80% fair market value threshold and shareholder redemption rights. This capital raise positions the SPAC for pursuing targets with strong control acquisition potential.