Leapfrog Acquisition Corporation, a SPAC focused on energy and infrastructure targets, reported net income of $1.07 million for the quarter ended March 31, 2026. Results were driven by $1.25 million of interest earned on cash held in its IPO trust account, partially offset by $175,878 of general and administrative expenses.
Total assets were $146.6 million, including $145.34 million held in the Trust Account backing 14,375,000 Class A shares subject to redemption. Operating cash was $1.01 million, with working capital surplus of $1.12 million, which management believes is sufficient while it seeks a business combination within its 24‑month completion window.
Leapfrog Acquisition Corporation is a Cayman Islands-based blank check company formed to complete an initial business combination, targeting international energy supply chains, critical minerals and related infrastructure. It had not begun operations as of December 31, 2025 and will generate only interest income until a deal closes.
The company raised capital through an initial public offering and private placement units, creating a trust account initially funded at $10.00 per public share, with $138,718,750 available for a business combination after deferred underwriting fees, assuming no redemptions. Public shareholders can redeem shares at cash value upon a deal or liquidation.
Leapfrog has 143,750,000 Class A ordinary shares and 4,791,667 Class B founder shares outstanding as of March 20, 2026. It has 24 months from the IPO closing, with potential extensions up to 36 months, to complete a qualifying transaction of at least 80% of trust assets, using cash, equity, debt, or PIPE financing, which may dilute existing holders and increase leverage.
Adage Capital Management and principals Robert Atchinson and Phillip Gross filed a Schedule 13G disclosing a passive ownership stake in Leapfrog Acquisition Corporation. They report beneficial ownership of 1,125,000 Class A Ordinary Shares, representing 7.58% of the class based on 14,847,500 shares outstanding. The shares are held with shared voting and dispositive power and are certified as acquired and held in the ordinary course of business, not for the purpose of changing or influencing control of the company.