SAGU · Shreya Acquisition Group

Shreya Acquisition Group, a Cayman Islands SPAC targeting health & wellness, hospitality, media, shipping, and tourism sectors, successfully closed its upsized IPO on May 8, 2026, raising $110 million gross proceeds from 11 million units at $10 each, including a 1 million unit partial exercise of the 45-day over-allotment option granted to D. Boral Capital LLC. Each unit bundles one Class A ordinary share ($0.0001 par), one redeemable warrant (exercisable at $11.50/share post-business combination), and one right (convertible to 1/4 Class A share upon initial business combination). Concurrently, sponsor Thews (Mauritius) Limited purchased 191,750 identical private units for $1.92 million under Section 4(a)(2), with no additional private units issued on the partial OA per Exhibit 10.7 waiver, preserving trust integrity. Net IPO and private placement proceeds of $110 million, including $600,000 deferred underwriting commissions, were deposited into trust on May 6. The company executed comprehensive governance documents: Second Amended and Restated Memorandum and Articles (Exhibit 3.1), plus agreements for warrants, rights, trust, registration rights, and indemnities. Board expanded with three independent directors—Sanjeev Sharma, Sagar Ravi Bhavsar, Andre Chung Shui—enhancing oversight for de-SPAC pursuit within 12-18 months. Units trade as SAGUU on NYSE; separate trading of components pending audited balance sheet 8-K. This capital raise positions Shreya to pursue business combinations exceeding 80% of trust value, with founder shares maintaining 20-30% post-IPO ownership.