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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.