D. Boral Acquisition I (NASDAQ: DBCA) sponsor reports 12.3M Class B founder shares

Rhea-AI Filing Summary

D. Boral Acquisition I Corp. filed an initial ownership report showing that D. Boral Sponsor I LLC, a 10% owner, holds 12,321,429 Class B ordinary shares. These Class B shares automatically convert into Class A ordinary shares on a one-for-one basis at the company’s initial business combination or earlier at the holder’s option.

Chief Financial Officer Darwin John is the manager of the Sponsor and has voting and investment discretion over these shares, so he may be deemed a beneficial owner, while disclaiming beneficial ownership except for his pecuniary interest.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider D. Boral Sponsor I LLC, Darwin John

Role 10% Owner | Chief Financial Officer

Type	Security	Shares	Price	Value
holding	Class B Ordinary Shares	--	--	--

Holdings After Transaction: Class B Ordinary Shares — 12,321,429 shares (Direct)

Footnotes (3)

1. F1. As described in the registration statement on Form S-1 (File No. 333- 291613) of D. Boral Acquisition I Corp. (the "Issuer") under the heading "Description of Securities--Founder Shares," the Class B ordinary shares will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments.
2. F2. These shares represent the Class B ordinary shares held by D. Boral Sponsor I LLC (the "Sponsor") acquired pursuant to a subscription agreement by and between the Issuer and the Sponsor.
3. F3. John Darwin is the manager of the Sponsor and holds voting and investment discretion with respect to the Class B ordinary shares held of record by the Sponsor. As such, Mr. Darwin may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Mr. Darwin disclaims any beneficial ownership except to the extent of his pecuniary interest therein.

Key Figures

Class B shares held: 12,321,429 shares Conversion ratio: 1-for-1 Exercise price: $0.0000 per share +1 more

4 metrics

Class B shares held 12,321,429 shares Class B ordinary shares held by D. Boral Sponsor I LLC

Conversion ratio 1-for-1 Class B ordinary shares into Class A ordinary shares

Exercise price $0.0000 per share Conversion price for Class B ordinary shares into Class A

Form S-1 reference File No. 333-291613 Registration statement describing founder shares

Key Terms

Class B Ordinary Shares, founder shares, beneficial ownership, pecuniary interest, +1 more

5 terms

Class B Ordinary Shares financial

"These shares represent the Class B ordinary shares held by D. Boral Sponsor I LLC"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

founder shares financial

"under the heading "Description of Securities--Founder Shares," the Class B ordinary shares"

Founder shares are the ownership stakes given to the people who start a company, often with extra voting power or protections compared with ordinary shares. For investors, they matter because founders’ control and incentives influence decisions about strategy, hiring, and whether the company sells or stays independent — like a family that keeps majority voting rights in a household decision. High founder ownership can mean stable leadership but also a risk that outside shareholders have less influence.

beneficial ownership financial

"Mr. Darwin may be deemed to have beneficial ownership of the securities held of record"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"Mr. Darwin disclaims any beneficial ownership except to the extent of his pecuniary interest therein"

initial business combination financial

"will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination"

An initial business combination is the deal in which a special-purpose acquisition company (SPAC) merges with or acquires an operating business to bring that business onto public markets. Think of the SPAC as an empty shell that raises money from investors, then uses that cash to buy a private company—this transaction turns the private company into a public one and often changes its ownership, valuation, and access to capital, so investors should watch for shifts in risk, future growth prospects, and shareholder rights.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What insider holdings does D. Boral Sponsor I LLC report in DBCA on this Form 3?

D. Boral Sponsor I LLC reports holding 12,321,429 Class B ordinary shares of D. Boral Acquisition I Corp. These founder shares are a key sponsor stake and form the sponsor’s primary economic interest before any business combination.

How do DBCA Class B ordinary shares convert into Class A shares?

The Class B ordinary shares automatically convert into Class A ordinary shares on a one-for-one basis. Conversion occurs at the time of D. Boral Acquisition I Corp.’s initial business combination or earlier at the option of the holder, subject to specified adjustments.

What role does Darwin John have in relation to D. Boral Sponsor I LLC’s DBCA shares?

Darwin John, the Chief Financial Officer, is the manager of D. Boral Sponsor I LLC and holds voting and investment discretion over its Class B shares. He may be deemed a beneficial owner but disclaims ownership beyond his pecuniary interest.

Are the DBCA Class B founder shares described in a registration statement?

Yes. The treatment of the Class B founder shares, including their automatic conversion into Class A ordinary shares, is described in D. Boral Acquisition I Corp.’s registration statement on Form S-1 (File No. 333-291613) under the “Description of Securities--Founder Shares” section.

Does this DBCA Form 3 show any insider buying or selling transactions?

This Form 3 functions as an initial ownership report. It lists existing holdings of Class B ordinary shares by the sponsor, rather than reporting new open-market purchases, sales, or option exercises by the reporting persons.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

D. Boral Sponsor I LLC

(Last) (First) (Middle)

C/O D. BORAL ACQUISITION I CORP.

590 MADISON AVE

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
02/10/2026

3. Issuer Name and Ticker or Trading Symbol
D. Boral Acquisition I Corp. [ DBCA ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Ordinary Shares(1)	(1)	(1)	Class A Ordinary Shares	12,321,429(2)	(1)	D(2)(3)

1. Name and Address of Reporting Person^*

D. Boral Sponsor I LLC

(Last) (First) (Middle)

C/O D. BORAL ACQUISITION I CORP.

590 MADISON AVE

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Darwin John

(Last) (First) (Middle)

C/O D. BORAL ACQUISITION I CORP.

590 MADISON AVE

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

Explanation of Responses:

1. As described in the registration statement on Form S-1 (File No. 333- 291613) of D. Boral Acquisition I Corp. (the "Issuer") under the heading "Description of Securities--Founder Shares," the Class B ordinary shares will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments.

2. These shares represent the Class B ordinary shares held by D. Boral Sponsor I LLC (the "Sponsor") acquired pursuant to a subscription agreement by and between the Issuer and the Sponsor.

3. John Darwin is the manager of the Sponsor and holds voting and investment discretion with respect to the Class B ordinary shares held of record by the Sponsor. As such, Mr. Darwin may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Mr. Darwin disclaims any beneficial ownership except to the extent of his pecuniary interest therein.

	/s/ John Darwin, Manager of MFH 1, LLC	06/17/2026
	/s/ John Darwin	06/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)