Fifth Era Acquisition Corp I (FERA) reported that on September 14, 2026 it received a written notice from Nasdaq stating it is not in compliance with Nasdaq Listing Rule 5450(a)(2), which requires at least 400 Total Holders for continued listing on the Nasdaq Global Market. The notice is a deficiency notification only and currently has no effect on the listing or trading of the company’s securities. Fifth Era has 45 calendar days, until October 29, 2026, to submit a plan to regain compliance, after which Nasdaq may grant up to an additional 180 calendar days to evidence compliance. The company is evaluating options to regain compliance with the Minimum Total Holders Requirement and may also consider applying to transfer its securities to the Nasdaq Capital Market.
Fifth Era Acquisition Corp I has a significant shareholder disclosure from Glazer Capital, LLC and Paul J. Glazer. They report beneficial ownership of 1,800,228 Class A Ordinary Shares, which represents 7.63% of this class. These shares are held by certain funds and managed accounts for which Glazer Capital serves as investment manager, collectively referred to as the Glazer Funds.
The Reporting Persons state they have shared voting and dispositive power over 1,800,228 shares and no sole voting or dispositive power. Glazer Capital is a Delaware limited liability company, and Mr. Glazer, a United States citizen, is its Managing Member. Glazer Capital Enhanced Master Fund, Ltd., one of the Glazer Funds, has the right to receive or direct the receipt of proceeds from the sale of more than 5% of the outstanding Class A Ordinary Shares.
Fifth Era Acquisition Corp I, a Cayman Islands SPAC, reported total assets of $242.4 million as of June 30 2026, including $242.1 million in a Trust Account supporting its 23,000,000 redeemable Class A shares at $10.52 per share. For the three and six months ended June 30 2026 it generated net income of $1.32 million and $2.61 million, driven by $4.22 million of interest on Trust investments, while incurring general and administrative expenses of $1.61 million for the six‑month period.
The company had cash outside the Trust of $157,686 and a working capital deficit of $3.99 million, and Management disclosed substantial doubt about its ability to continue as a going concern absent a business combination or additional financing before March 3 2027. It has agreed a Miotal Business Combination under which its Class A and Class B shares will convert into Holdco ordinary shares and Miotal shareholders will receive Holdco shares valuing Miotal equity at $10 billion. Miotal estimates its strategic metals stockpile at approximately $35 billion based on prevailing market prices.
Fifth Era Acquisition Corp I Chief Financial Officer Nelson Christopher has filed an initial Form 3, which is a statement of beneficial ownership for company insiders. The provided data shows no reportable transactions, share holdings, or derivative positions for him at this time.
Fifth Era Acquisition Corp I, a SPAC, reported net income of $1.29 million for the quarter ended March 31, 2026, driven by $2.09 million of interest on its $239.95 million Trust Account, partially offset by $0.80 million of general and administrative expenses.
Cash outside the Trust Account was $370,084 with a working capital deficit of $3.18 million, and management disclosed substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by March 3, 2027.
The company entered into a Miotal Business Combination Agreement, under which its Class A and B shares will convert into Holdco shares and Miotal shareholders will receive Holdco shares valued at $10 billion. Miotal estimates its high-purity strategic metals stockpile at about $35 billion based on prevailing prices. Closing is expected in the second half of 2026, subject to shareholder, regulatory and other customary approvals.
Fifth Era Acquisition Corp I reported a leadership change in its finance team. On May 8, 2026, Chief Financial Officer Christopher Linn resigned, and the Board accepted his resignation effective immediately. The company states his departure did not involve any disagreement over operations, policies, or financial reporting.
The Board simultaneously appointed Christopher Nelson, age 29, as the new Chief Financial Officer, also effective May 8, 2026. Nelson has supported the company’s accounting, finance, and reporting since its IPO and previously held research and finance roles at Fifth Era Partners, as well as a consulting role at Mercer.
Fifth Era Acquisition Corp I director Donald H. Putnam filed an initial Form 3, which is a statement of beneficial ownership for new insiders. The filing lists him as a director but shows no reported transactions or holdings in either common stock or derivative securities at this time.
Fifth Era Acquisition Corp I announced a definitive business combination with SMT Holdings Limited (Miotal), a strategic metals platform. FERA will merge into a new Cayman entity, and each FERA share will convert into one new Holdco ordinary share. Each Miotal share will be exchanged for Holdco shares based on a $10 billion equity value, with each Holdco share valued at $10.00, subject to adjustments. Miotal controls an independently verified inventory of ultrafine copper powder, ultrafine nickel wire and rare earth metals that it estimates at approximately $35 billion at prevailing market prices. The deal, unanimously approved by both boards, is expected to close in the first half of 2026, subject to shareholder approvals, regulatory clearances, Nasdaq listing approval and completion of specified stockpile sales. Related agreements include a Sponsor Support Agreement, registration rights and lock-up arrangements that govern voting support, cost sharing and post-closing resale and transfer restrictions.
Fifth Era Acquisition Corp. I is a Cayman Islands-based blank check company that raised $230,000,000 in its IPO on March 3, 2025 by selling 23,000,000 units at $10.00 each, plus a 600,000-unit private placement at $10.00 per unit.
The company placed $230,000,000, including $10,950,000 of deferred underwriting commissions, into a U.S. Trust Account and has until March 3, 2027 to complete a business combination or redeem public shares. As of March 31, 2026, 23,600,000 Class A and 7,666,667 Class B ordinary shares were outstanding, and the report highlights extensive risks around redemptions, dilution, regulatory changes and SPAC-specific deal uncertainty.
Fifth Era Acquisition Corp I reported changes to its board of directors. On March 17, 2026, director Gary Cookhorn resigned from the board, and the company stated his resignation did not result from any disagreement over operations, policies, or practices. On March 20, 2026, the board unanimously appointed Donald Putnam as a new director, effective immediately. The filing highlights Mr. Putnam’s extensive background in investment banking, quantitative finance, machine learning, and blockchain, as well as his leadership roles at Energy Substantiation Partners LLC and Grail Partners LLC. The company also noted there are no family relationships or related-party transactions involving Mr. Putnam that require disclosure.