Libity (formerly Investcorp AI Acquisition Corp.) is a Cayman Islands SPAC with minimal operating activity, focused on completing a business combination. As of March 31, 2026, it held $486,895 in a Trust Account and only $1 of cash, with a working capital deficit of $180,575 and shareholders’ deficit of $1,417,818. First-quarter 2026 net loss was $522,567, driven mainly by a $522,449 increase in warrant liability as market inputs changed.
Substantially all public shares were redeemed in 2023–2025, leaving 26,021 Class A shares subject to redemption at $12.72 per share and limited trust funds to support a transaction. Management discloses substantial doubt about the company’s ability to continue as a going concern without additional sponsor financing or closing a deal before May 12, 2028. The sponsor has forgiven and paid about $5.05 million of prior liabilities and provided a $300,000 working capital facility, of which $8,044 was drawn.
On April 8, 2026, Libity signed a Business Combination Agreement with Blue Finance and New Pubco, under which Blue Finance shareholders would receive 21,985,971 New Pubco shares at $10.00 per share plus up to 6,000,000 earnout shares, subject to conditions and an outside termination date of November 4, 2026. Libity’s securities were delisted from Nasdaq in 2025 and now trade on OTC Markets, and multiple material weaknesses in internal control over financial reporting remain unremediated.
Libity (formerly Investcorp AI Acquisition Corp.) reports 2025 results as a SPAC still seeking a merger while facing significant financial pressure. Heavy redemptions across multiple extensions left only 26,021 public shares redeemable and about $482,661 in the trust at December 31, 2025, with just $1 of cash outside the trust and a net loss of $783,216. The company was delisted from Nasdaq in July 2025 and now trades on OTC Markets. A new sponsor, Samara Special Opportunities, took control in August 2025, forgiving about $5.05 million of related-party debt but only committing up to $300,000 of working capital loans. In April 2026, Libity signed a Business Combination Agreement to merge with UK lender Blue Finance, implying roughly $300 million equity value, but the deal faces closing conditions and an outside termination date of November 4, 2026. Auditors and management highlight substantial doubt about Libity’s ability to continue as a going concern if a business combination is not completed by May 12, 2028.