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.
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.