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Mercator Acquisition Corp. (MRCO), a Cayman Islands SPAC, reported no revenues and a net loss of $25,650 for the quarter and $72,125 for the six months ended June 30, 2026, mainly from general and administrative costs. As of June 30, total assets were $660,231, almost entirely deferred offering costs, against a working capital deficit of $728,105 and no cash, funded via a Sponsor promissory note of $200,575.
Subsequent to quarter-end, Mercator completed its IPO on July 10, 2026, selling 17,250,000 units at $10.00 each and a concurrent private placement of 4,500,000 warrants at $1.00, generating gross proceeds of $177.0 million. $172,500,000 was placed in a trust account for a future business combination, with total transaction costs of $10,755,081 and deferred underwriting fees of $7,350,000. Despite the IPO, management discloses that limited liquidity outside the trust and the fixed 18‑month completion window for a business combination raise substantial doubt about the company’s ability to continue as a going concern if no deal is completed in time.