SPAC Flags Going Concern, Nasdaq Delisting, and Material Weakness in Q2 10-Q
Summary
Alchemy Investments Acquisition Corp 1 reported a going concern warning, Nasdaq delisting, and a material weakness in internal controls in its Q2 2026 10-Q, while pursuing a $540M merger with Cartiga that requires $40M in closing cash.
Key Events · Earnings and Guidance · ALCUF
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Going Concern Warning
Only $18,995 in cash outside the trust account and a $4.36M working capital deficit as of June 30, 2026; management states substantial doubt about the company's ability to continue as a going concern.
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Nasdaq Delisting
Securities were suspended from Nasdaq on May 14, 2026 for failing to complete a business combination within 36 months of the IPO; now trading over-the-counter.
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Material Weakness in Internal Controls
Disclosure controls and procedures were not effective due to a material weakness related to underaccrued vendor expenses and other accrued liabilities.
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Cartiga Merger at $540M
Business Combination Agreement with Cartiga, LLC at $540M equity value, contingent on at least $40M in available closing cash; termination deadline extended to September 9, 2026.
Analysis · ALCUF · Real Estate & Construction
Alchemy Investments Acquisition Corp 1 disclosed substantial doubt about its ability to continue as a going concern, with only $18,995 in cash outside its trust account and a $4.36 million working capital deficit as of June 30, 2026. The company also confirmed its securities were delisted from Nasdaq effective May 14, 2026 and now trade over-the-counter, and disclosed a material weakness in internal control over financial reporting related to underaccrued vendor expenses. Against that backdrop, the company is pursuing a $540 million business combination with Cartiga, LLC, but the deal requires at least $40 million in available closing cash — a threshold that looks increasingly difficult given the liquidity position. The sponsor has been funding operations through promissory notes now totaling $2.19 million, underscoring the reliance on related-party support.
How filings like this one have moved
In the 30 days to Aug 27, 2026, 36.8% of the 3372 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ALCUF was trading at $12.26 on OTC in the Real Estate & Construction sector, with a market capitalization of approximately $49.2M. The 52-week trading range was $0.08 to $15.00. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.