KPET Ultra Paceline Corporation is a Cayman Islands-based blank check company formed to complete a Business Combination and has not begun operating activities beyond IPO-related and target search efforts.
In April 2026 it completed its Initial Public Offering and full over-allotment, placing $230,000,000 in a Trust Account. As of June 30, 2026, total assets were $233,333,249, including $231,832,551 of investments in the Trust Account and cash of $1,371,945 outside the trust.
For the three and six months ended June 30, 2026, KPET reported net income of $1,619,436 and $1,579,393, driven by $1,957,551 of interest on Trust investments and a $57,000 gain from the change in fair value of the over-allotment option, partially offset by $435,158 of formation, general and administrative costs.
The company has 23,000,000 Class A ordinary shares classified as subject to possible redemption at an aggregate redemption value of $231,457,551 and reports shareholders’ deficit due to SPAC accounting, while management states it has sufficient liquidity for at least one year as it seeks a Business Combination within 24 months (or up to 27 months) of the IPO closing.
Adage Capital Management, L.P. and related principals reported a significant ownership stake in KPET Ultra Paceline Corporation. Through Adage Capital Partners, L.P., the group beneficially owns 1,800,000 Class A Ordinary Shares, par value $0.0001 per share, representing 7.75% of this class. This percentage is based on 23,235,000 Class A Ordinary Shares outstanding as of May 13, 2026, as reported by the company. The shares are held with shared voting and shared dispositive power and no sole voting or dispositive power for any reporting person. Adage Capital Management, L.P., and its managing members Robert Atchinson and Phillip Gross report this position in their capacities as investment manager and controlling persons of related entities.
KPET Ultra Paceline Corporation announced that holders of its NYSE-listed units can now choose to trade the components separately. Each unit consists of one Class A ordinary share with $0.0001 par value and one-sixth of one warrant, with each whole warrant exercisable at $11.50 per share.
Beginning May 21, 2026, unsplit units continue trading under the symbol KPET.U, while separated Class A shares trade as KPET and whole warrants trade as KPET.WS. No fractional warrants will be issued; only whole warrants will trade. The company is a blank check vehicle formed to pursue a business combination.
KPET ULTRA PACELINE CORPORATION Schedule 13G discloses beneficial ownership positions held by related reporting persons as of March 31, 2026 with the ownership percentages calculated using 28,985,000 ordinary shares outstanding as of May 13, 2026.
The filing shows KPThree Capital LLC beneficially owns 5,865,000 shares (20.20%) and KPET Ultra Paceline LLC (the Sponsor) beneficially owns 5,630,000 shares (19.40%). Individual reporting persons Karl Peterson and Roger Edward (Eduardo) Tamraz are reported with the same beneficial totals through managerial relationships; 235,000 Class A shares are held by Unit Holdings via a private placement and 39,167 Class A shares are associated with warrants that are not presently exercisable.
KPET Ultra Paceline Corporation, a Cayman Islands-based blank check company, reported a net loss of $40,043 for the three months ended March 31, 2026, reflecting start-up and public-company costs before any merger.
As of March 31, it held $1,759,111 in cash, $250,000 in a Trust Account and had a working capital deficit of $866,998. Subsequent to quarter-end, KPET completed its IPO and over-allotment, selling 23,000,000 units at $10.00 each and placing $230,000,000 in the Trust Account while incurring $13,445,810 of transaction costs.
Management disclosed a material weakness in internal control tied to a restatement of a related party promissory note balance but believes current financials are fairly stated and that cash on hand and IPO proceeds will fund operations while it seeks a business combination within 24–27 months.
RP Investment Advisors and affiliated funds filed a joint Schedule 13G reporting shared beneficial ownership of Class A ordinary shares of KPET Ultra Paceline Corp. The cover shows combined shared dispositive and voting positions held across five funds, including 1,250,000 shares (5.4%) by RP Investment Advisors (via funds) and other fund positions of 760,125 shares (3.3%), 281,125 shares (1.2%), 148,125 shares (0.6%), and 60,625 shares (0.3%). The percentages are calculated “based upon 23,000,000 Class A ordinary shares outstanding following the issuer’s IPO,” as cited in the filing.
KPET Ultra Paceline Corporation reports that the underwriter fully exercised its IPO over-allotment option, purchasing an additional 3,000,000 units at $10.00 per unit and generating gross proceeds of $30,000,000.
The IPO previously closed on 20,000,000 units at $10.00 per unit for $200,000,000, and a concurrent private placement added 235,000 units at $10.00 per unit for $2,350,000. In total, $230,000,000 of net proceeds, including $12,650,000 of deferred underwriting discounts and commissions, was placed in a trust account. A pro forma unaudited balance sheet as of April 20, 2026 reflects these transactions, showing 23,000,000 Class A ordinary shares subject to possible redemption at $10.00 per share.