Illumination Acquisition Corp. I (ILLU) reported net income of $2,005,956 for the three months ended August 31, 2026. This comprised $2,091,821 in trust-account interest, $69,000 in referral fee income and $5,145 in bank interest, less $160,010 in formation, general and administrative costs. At quarter-end, cash equivalents were $819,260, working capital surplus was $740,381, and the trust account held $234,129,285 in money market funds invested primarily in U.S. Treasury securities.
The blank-check company completed its IPO on March 2, 2026, selling 23,000,000 units at $10.00 each for gross proceeds of $230,000,000; $230,000,000 was placed in the trust account. It is seeking a business combination, and its 24-month completion window ends March 2, 2028, unless shareholders approve an extension. Public shareholders may redeem shares in connection with a combination.
Management determined that liquidity is insufficient to sustain operations for a reasonable period, considered to be at least one year from issuance of the statements, raising substantial doubt about the company’s ability to continue as a going concern. If it does not complete a business combination within the completion window, it will cease operations except to liquidate. Management plans to complete a combination before then, but says there is no assurance its plans will succeed.
Magnetar Financial LLC and affiliates filed Amendment No. 1 to a Schedule 13G reporting their passive ownership in Illumination Acquisition Corp. I Class A ordinary shares. As of June 30, 2026, the Magnetar complex beneficially owned 1,849,995 shares, representing 7.83% of the outstanding Class A shares.
The shares are held across several Magnetar-managed funds, including Structured Credit Fund, Constellation Master Fund, Alpha Star Fund, Lake Credit Fund, Xing He Master Fund, Waterfront Series A Fund, Purpose Alternative Credit Fund - T, and Capital Master Fund. Magnetar Financial exercises investment and voting power over these positions, with Magnetar Capital Partners, Supernova Management, and David J. Snyderman reported as indirect owners. All 1,849,995 shares are reported with shared voting and dispositive power and zero sole power, based on 23,625,000 shares outstanding disclosed by the issuer.
Illumination Acquisition Corp I, a Cayman Islands blank check company, reported net income of $1,925,144 for the quarter ended May 31, 2026, driven mainly by $2,037,464 of interest on investments in its trust account and $69,000 of referral fee income, partially offset by formation and administrative costs.
On March 2, 2026, it completed an IPO of 23,000,000 units at $10.00 each and a concurrent private placement of 625,000 units at $10.00, raising gross proceeds of $230,000,000 and $6,250,000, respectively. As of May 31, 2026, $232,037,464 was held in a trust account, while cash and cash equivalents outside the trust totaled $824,832, resulting in working capital of $810,621.
The company must complete an initial business combination within 24 months of the IPO closing or redeem its public shares. At May 31, 2026, 23,000,000 Class A ordinary shares were classified as subject to possible redemption at a recorded redemption value of $10.09 per share. The company states it does not expect to need additional funding for ongoing operating costs as it evaluates potential merger targets.
ILLUMINATION ACQUISITION CORP. I ownership disclosure: Magnetar Financial LLC, Magnetar Capital Partners, Supernova Management LLC and David J. Snyderman report beneficial ownership of 1,850,000 Shares of Class A ordinary shares, representing approximately 5.91% of outstanding shares as of March 31, 2026.
The statement attributes voting and dispositive power to Magnetar Financial as investment adviser and cites the issuer's Form 10-Q for an outstanding share count of 31,291,667 Shares.