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Xsolla SPAC 1 files its annual report describing its structure as a Cayman Islands blank check company and its recent IPO. The SPAC raised $200,000,000 by selling 20,000,000 units at $10.00 each, plus 419,385 over-allotment units, and placed a total of $204,193,850 in a trust account for future business combination purposes.
The company aims to complete an initial business combination within 24 months of January 30, 2026, targeting one or more businesses with enterprise values generally between $500 million and $1 billion, and focusing on high-growth, tech-driven sectors. Public shareholders are granted redemption rights at a per-share amount initially anticipated to be $10.00 from the trust if a deal is completed or if no transaction occurs within the allowed time.
Xsolla SPAC 1 announced that starting March 18, 2026, holders of its units can choose to trade the underlying Class A ordinary shares and warrants separately. Each unit consists of one Class A ordinary share with $0.0001 par value and one-half of one redeemable warrant.
Each whole warrant allows the purchase of one Class A ordinary share at $11.50 per share. Unseparated units will continue trading on Nasdaq under XSLLU, while separated Class A shares and warrants will trade under XSLL and XSLLW. No fractional warrants will be issued; only whole warrants will trade.
Xsolla SPAC 1 filed its first quarterly report covering the short period from inception on September 16, 2025 through September 30, 2025. As a pre-IPO blank check company, it reported a net loss of $46,662, mainly from formation, general and administrative costs.
At period-end, the balance sheet showed total assets of $82,400, entirely related to prepaid expenses and deferred offering costs, against current liabilities of $104,062, resulting in a shareholder’s deficit of $21,662. The company had no cash and a working capital deficit funded by a sponsor promissory note.
Subsequent events after the quarter are significant: in early 2026 the company completed its IPO and private placement, raising gross proceeds of $204,193,850 that were placed in a trust account to fund a future business combination. Management believes these proceeds provide sufficient liquidity for at least one year while it seeks a target.
Xsolla SPAC 1 reported that its sponsor, Xsolla SPAC I LLC, bought additional private units linked to Class A Ordinary Shares. On January 30, 2026, the sponsor purchased 400,000 private units, each at $10.00, for an aggregate $4,000,000. Each private unit consists of one ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable for one Class A Ordinary Share at $11.50 per share.
On February 2, 2026, the sponsor bought a further 3,146 private units at $10.00 per unit, adding $31,460 of investment under an over-allotment option. After these transactions, the sponsor held 403,146 Class A Ordinary Shares and 201,573 warrants. The warrants become exercisable on the later of the initial business combination or January 28, 2027 and expire five years after the business combination or earlier upon redemption or liquidation.
Xsolla SPAC 1 director Levin Eugenie has filed an initial ownership report showing direct holdings of 73,334 Class B ordinary shares. These Class B shares will automatically convert into Class A ordinary shares on a one-for-one basis upon or immediately after the company’s initial business combination, or earlier at the holders’ option, and they have no expiration date.
Xsolla SPAC 1 director Yang Wenfeng has filed an initial ownership report showing holdings of 73,334 Class B Ordinary Shares. This Form 3 does not reflect a new purchase or sale, but simply discloses existing ownership in the company.
The Class B Ordinary Shares will automatically convert into Class A Ordinary Shares on a one-for-one basis concurrently with or immediately following the completion of Xsolla SPAC 1's initial business combination, or earlier at the holders’ option, and they have no expiration date.
Xsolla SPAC 1 director and Chief Executive Officer Dmitry Burkovskiy reported his initial beneficial ownership on a Form 3. He holds 73,334 Class B Ordinary Shares directly. These Class B shares will automatically convert into Class A ordinary shares on a one-for-one basis upon the issuer’s initial business combination or earlier at the holders’ option, and they have no expiration date.
Xsolla SPAC 1 director Perry Michael Fischer reported his initial holdings in the company. The filing shows he beneficially owns 73,334 Class B ordinary shares, held directly. These Class B shares will automatically convert into Class A ordinary shares on a one-for-one basis when the SPAC completes its initial business combination, or earlier at the holders' option, and they have no expiration date.
Xsolla SPAC 1 director and 10% owner Aleksandr Agapitov reported indirect purchases of the sponsor’s private units, which each include one Class A Ordinary Share and one-half of a redeemable warrant. On January 30, 2026, the sponsor acquired 400,000 private units at $10.00 per unit for an aggregate $4,000,000 under a Private Units Subscription Agreement.
On February 2, 2026, the sponsor bought an additional 3,146 private units at $10.00 per unit for a further $31,460 pursuant to an over-allotment option. The warrants in these units become exercisable on the later of completing the initial business combination or January 28, 2027 and expire five years after that combination, or earlier upon redemption or liquidation. Agapitov is the managing member of the sponsor and disclaims beneficial ownership beyond any pecuniary interest.
Xsolla SPAC 1 director and Chief Legal Officer Carla Bedrosian filed an initial ownership report on Class B Ordinary Shares. She reported beneficial ownership of 73,334 Class B Ordinary Shares, held directly. These Class B shares will automatically convert into Class A ordinary shares on a one-for-one basis upon the company’s initial business combination or earlier at the holders’ option, and they have no expiration date.