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Xsolla SPAC 1, a Cayman Islands blank check company, reported its first post-IPO quarter for the period ended June 30, 2026. Total assets were $209,003,797, including $207,159,708 of cash and investments held in a Trust Account and $1,750,553 of cash outside the Trust.
The SPAC completed its IPO and over-allotment in early 2026, placing $204,193,850 into the Trust, primarily from 20,419,385 Class A shares subject to possible redemption. These redeemable shares are carried at aggregate redemption value of $207,159,708. Remaining shareholders’ equity was $1,438,991, reflecting net income and accretion to redemption value.
For the three and six months ended June 30, 2026, net income was $1,655,116 and $2,757,990, driven mainly by $1,800,222 and $2,965,858 of interest on Trust investments, partly offset by $145,106 and $368,468 of formation, general and administrative costs. Basic and diluted earnings per share were $0.06 for both Class A and B in the quarter and $0.11 year-to-date.
Management reiterates it is still seeking a suitable business combination within a 24‑month period. Disclosure controls and procedures were deemed not effective due to a material weakness in internal control over financial reporting related to segregation of duties and insufficient written policies.
Xsolla SPAC 1 reported its first quarter as a public blank check company for the period ended March 31, 2026, driven by IPO proceeds held in trust rather than operating activity. The company has not yet begun revenue-generating operations and is focused on identifying a merger target.
Total assets were $207.2 million, including $205.4 million of cash and investments in a Trust Account and $1.7 million of cash outside the trust. Net income was $1.1 million, mainly from $1.2 million of interest on trust investments and a $0.2 million gain on the over-allotment liability, partially offset by $0.2 million of formation, general and administrative costs.
The SPAC completed its IPO and over-allotment, issuing 20,419,385 Class A shares subject to redemption at a total redemption value of $205.4 million and 403,146 private placement units to the sponsor. It has 24 months from its January 30, 2026 IPO closing to complete a business combination or redeem public shares and liquidate.
Glazer Capital, LLC and Paul J. Glazer report beneficial ownership of Xsolla SPAC 1 Class A ordinary shares. The statement shows 1,524,093 shares beneficially owned, representing 7.30% of the class (CUSIP G9833K102) as disclosed in the filing with reporting period 03/31/2026. The filing names Glazer Capital Enhanced Master Fund, Ltd. as a Glazer Fund with the right to receive proceeds from more than 5% of the shares. The statements are signed by Paul J. Glazer on 05/14/2026.
Aristeia Capital, L.L.C. reports beneficial ownership of 1,950,000 Units of Xsolla SPAC 1, representing 9.34% of the Class A ordinary shares. The filing states those Units consist of one Class A ordinary share and one-half of one redeemable warrant per Unit.
Aristeia says the 9.34% figure is based on 20,873,579 shares outstanding as of March 30, 2026, as reported in the issuer's 10-K. The report is signed by Andrew B. David, COO of Aristeia Capital, and dated May 14, 2026.
AQR Capital Management (via related entities) reports beneficial ownership of 6.29% of Xsolla SPAC 1's Class A ordinary shares, representing 1,311,960 shares.
The filing lists AQR Capital Management, LLC; AQR Capital Management Holdings, LLC; and AQR Arbitrage, LLC as joint filers with shared voting and dispositive power over the 1,311,960 units. The CUSIP is G9833K102.
Magnetar Financial and affiliated Reporting Persons disclosed beneficial ownership of 1,100,000 Class A ordinary shares of XSOLLA SPAC 1 as of March 31, 2026. The holding represents approximately 5.26% of the class. The statement lists shared voting and dispositive power over these shares across Magnetar entities and an administrative manager.
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.