Amanat Acquisition Corp. (AMAN) agreed with Corxel Pharmaceuticals, Inc. and its parent, Corxel Pharmaceuticals Limited, to a business combination based on an implied Corxel equity value of $200 million. The agreement provides for AMAN’s domestication as a Delaware corporation at least one business day before closing, followed by a two-step merger in which AMAN’s second merger subsidiary survives. Corxel shares would convert into New Corxel common stock at an exchange ratio; Parent may elect pre-funded warrants for some or all of that consideration.
AMAN also entered PIPE subscription agreements for $300 million in aggregate purchase commitments, subject to contractual reductions and closing conditions. AMAN shareholders may redeem shares for their pro rata portion of trust-account funds immediately before domestication. Closing is expected in the first half of 2027, subject to required approvals, HSR waiting-period clearance, an effective registration statement and other conditions. These include at least $5,000,001 of AMAN net tangible assets after the merger and a $200 million minimum from trust cash after redemptions, PIPE proceeds and additional company cash, with additional company cash and cash equivalents capped at $75 million. Sponsor and Parent generally may not transfer covered securities until six months after closing, subject to permitted transfers.
Amanat Acquisition Corp. entered into a business combination agreement with Corxel Pharmaceuticals, Inc. and its parent, Corxel Pharmaceuticals Limited, with an implied Corxel equity value of $200 million. PIPE investors agreed to purchase securities for aggregate commitments of $300 million, subject to contractual reduction mechanisms. The transaction is expected to close in the first half of 2027, subject to shareholder approvals, regulatory clearance and other closing conditions.
Assuming no AMAN shareholder redemptions and before transaction costs, the combined company is expected to receive approximately $377 million in gross proceeds. Net proceeds are expected to support the company through 2029 and fund global Phase 3 development of CX11. AMAN shareholders may redeem shares for their pro rata portion of the trust account. The transaction covers Corxel US and its obesity-focused assets; Corxel HK and JX10 remain outside it. Corxel reports that CX11 achieved mean body-weight reduction of up to 11.5% at Week 36 in a U.S. Phase 2 trial; treatment discontinuation due to gastrointestinal adverse events was 5.0%.
ADAR1 Capital Management, LLC and Daniel Schneeberger report beneficial ownership of Class A ordinary shares of Amanat Acquisition Corp. This Schedule 13G states that private investment funds managed by ADAR1 Capital Management hold 750,000 Class A ordinary shares, which may be deemed to be indirectly beneficially owned by both ADAR1 Capital Management and Mr. Schneeberger.
The holding represents 9.6% of Amanat Acquisition Corp.'s Class A ordinary shares, based on 7,800,000 shares outstanding as of June 30, 2026. Voting and dispositive power over these 750,000 shares is reported as shared, with no sole voting or dispositive power for either reporting person.
Amanat Acquisition Corp received an updated large-holder disclosure from a group of affiliates led by Sculptor Capital. The group reports beneficial ownership of 732,867 Class A ordinary shares, representing 9.40% of the class, based on 7,800,000 Class A shares cited in Amanat’s Form 10-Q filed on August 13, 2026. The Sculptor entities report no sole voting or dispositive power, but shared voting and shared dispositive power over all 732,867 shares through various investment accounts they manage. The filing aggregates positions held by certain business units of Sculptor Capital LP and related entities that may be deemed beneficial owners under SEC rules.
Braidwell LP, Braidwell Management LLC, Alexander T. Karnal, and Brian J. Kreiter report a passive ownership position in Amanat Acquisition Corp. Class A ordinary shares. As of June 30, 2026, they may be deemed the beneficial owners of 700,000 Class A shares, all directly owned by Braidwell Partners Master Fund LP.
This stake represents approximately 9.3% of the Class A shares outstanding, based on 7,500,000 shares outstanding as of June 25, 2026. The Reporting Persons have shared voting and dispositive power over 700,000 shares and no sole voting or dispositive power.
Great Point Partners, LLC, together with Dr. Jeffrey R. Jay, M.D. and Ms. Lillian Nordahl, reports beneficial ownership of 500,000 Class A ordinary shares of Amanat Acquisition Corp, representing 6.67% of the class based on 7,500,000 shares outstanding. All 500,000 shares are held with shared voting and dispositive power, with no sole voting or dispositive authority.
The shares are held through Biomedical Value Fund, L.P. (330,000 shares) and Biomedical Offshore Value Fund, Ltd. (170,000 shares), for which Great Point acts as investment manager. Dr. Jay and Ms. Nordahl have voting and investment power through their roles at Great Point but disclaim beneficial ownership except for their pecuniary interests. The reporting persons have executed a Joint Filing Agreement under Rule 13d‑1(k).
Amanat Acquisition Corp. has a new significant shareholder disclosure. Affinity Asset Advisors, LLC and its managing member Michael Cho report that, through Affinity Healthcare Fund, LP, they beneficially own 375,000 Class A ordinary shares of Amanat Acquisition Corp. As of June 30, 2026, this represents approximately 5.0% of the Class A ordinary shares outstanding, based on 7,500,000 shares outstanding as of June 25, 2026. The reporting persons have sole voting and dispositive power over 375,000 shares and no shared voting or dispositive power.
Amanat Acquisition Corp, a Cayman Islands special purpose acquisition company, completed its initial public offering on May 20, 2026, selling 7,500,000 Class A shares at $10.00 each for gross proceeds of $75,000,000, plus 300,000 private placement shares for $3,000,000. After $3,490,447 of offering costs, $75,000,000 was deposited into a Trust Account invested in U.S. Treasuries and cash, which had grown to $75,290,024 as of June 30, 2026.
Total assets were $77,221,210, including cash outside the trust of $1,634,424 and working capital of $1,348,717. Liabilities totaled $2,721,136, including a $2,250,000 deferred underwriting fee. Public Class A shares are redeemable at an initial $10.04 per share and are classified as temporary equity of $75,290,024, leaving a shareholders’ deficit of $789,950.
For the quarter ended June 30, 2026, Amanat recorded net income of $31,732, driven by $290,024 of interest on trust investments and a $45,400 decrease in the over-allotment option liability, offset by operating and formation costs and $52,290 of share-based compensation. From inception on January 13, 2026 through June 30, 2026, it recorded a cumulative net loss of $28,169. The company has not yet entered into a definitive business combination agreement and has up to 24 months from the IPO closing to complete an initial transaction, after which it would redeem all public shares if no deal is completed.
Amanat Sponsor Holdings LLC and Dr. Sandeep Chidambar Kulkarni report beneficial ownership of 2,175,000 Class A ordinary shares of Amanat Acquisition Corp, representing 22.5% of the Class A shares based on 7,800,000 shares outstanding after the IPO and concurrent private placement, assuming full conversion of their Class B shares. Amanat Sponsor Holdings directly holds 300,000 Class A and 1,875,000 Class B ordinary shares; the Class B shares automatically convert one-for-one into Class A at the time of the initial business combination or earlier at the holder’s option. On July 2, 2026, the underwriters’ over-allotment option expired and 281,250 Class B shares held by Amanat Sponsor Holdings were forfeited for no consideration. Dr. Kulkarni, as Managing Member of Amanat Sponsor Holdings, holds voting and dispositive control over these securities.
Amanat Sponsor Holdings LLC reported disposition transactions in this Form 4 filing.
Amanat Sponsor Holdings LLC, a 10% owner of Amanat Acquisition Corp., reported an internal restructuring transaction involving its founder shares. On 2026-07-02, the sponsor forfeited 281,250 Class B ordinary shares to the company at no cost in connection with the expiration of the underwriters' over-allotment option. These Class B shares are structured to automatically convert into Class A ordinary shares on a one-for-one basis upon the initial business combination, with certain anti-dilution adjustments. Following this forfeiture, the sponsor directly holds 1,875,000 Class B ordinary shares.