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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.
Illumination Acquisition Corp. I chief operating officer John DeMarais filed an initial Form 3, which is a mandatory statement of beneficial ownership for company insiders. This filing does not report any stock purchases, sales, or other equity transactions by DeMarais at this time.
Illumination Acquisition Corp I appointed John DeMarais as its new Chief Operating Officer, effective April 13, 2026. The board also approved a standard indemnification agreement for him, which is a routine protection for senior executives.
DeMarais brings investment banking and SPAC experience from Lucid Capital Markets, Craig-Hallum Capital Group, and Ernst & Young, where he supported capital markets, M&A advisory, and numerous SPAC transactions.
Illumination Acquisition Corp I, a Cayman Islands blank check company, reported its first quarter as a public entity for the period ended February 28, 2026, showing a net loss of $87,593 from formation, general and administrative costs.
Before completing its IPO, the company had $3.74 million in cash equivalents and a working capital deficit of $319,434, funded largely by related-party advances and a promissory note. On March 2, 2026, after quarter-end, it completed an IPO of 23,000,000 units and a private placement of 625,000 units, placing $230,000,000 into a Trust Account to finance a future business combination.
Illumination Acquisition Corp. I director Eric Helenek filed an initial Form 3, which is the required statement of beneficial ownership for insiders when they first become subject to reporting rules. This filing identifies his role as a director but does not detail specific transactions in the excerpt provided.
Illumination Acquisition Corp I completed its initial public offering of 23,000,000 units at $10.00 per unit, raising $230,000,000 in gross proceeds. Each unit includes one Class A ordinary share and one-third of a redeemable warrant exercisable at $11.50 per share.
At the same time, the company sold 625,000 private placement units for an additional $6,250,000, with $230,000,000 placed into a trust account initially invested in U.S. Treasury-focused money market funds. Public shareholders can redeem their shares for cash tied to the trust balance if no business combination is completed within 24 months.
Illumination Acquisition 1 Sponsor LLC and two executives report a significant ownership position in Illumination Acquisition Corp. I. They beneficially own 8,031,667 Class A ordinary shares, representing 25.7% of the class, based on 31,291,667 shares outstanding.
The sponsor initially acquired 7,666,667 ordinary shares on November 21, 2025 for $25,000, and later purchased 365,000 units for $3,650,000 in the February 26, 2026 IPO. Each unit includes one Class A ordinary share and one-third of a redeemable warrant.
Chief Executive Officer John Lipman and Chairman David Rosenberg indirectly share voting and dispositive power over these shares through the sponsor. They have registration rights and are party to an insider agreement requiring them to support a business combination, restrict transfers for set periods, and waive redemption rights, while stating they currently have no additional specific change-of-control plans.