Investcorp AI Acquisition Corp. is a blank check company formed to complete a business combination. The filing discloses the sale of 25,875,000 Units at $10.00 per Unit in the IPO and a private placement of 14,400,000 warrants at $1.00 each. The company reports cash of $977,227 and $473,146 held in money market funds in the Trust Account as of June 30, 2025, compared with $17,518,993 in the Trust Account at December 31, 2024.
Management reports a working capital loan outstanding of $2,836,172 and a convertible promissory note balance of $1,650,000 at June 30, 2025. The company recorded substantial redemptions in prior periods (payments of $172,774,717 noted) and states that its liquidity condition raises substantial doubt about its ability to continue as a going concern. Nasdaq suspended trading and initiated delisting procedures in May 2025; the filing notes the securities will be eligible to trade on OTC Markets under specified tickers.