SPAC Seeks 12-Month Extension to Complete Cartiga Merger After Nasdaq Delisting
Summary
Alchemy Investments Acquisition Corp 1 filed a preliminary proxy for a September 1, 2026 shareholder meeting to extend its SPAC deadline to September 2027. The company needs more time to complete its merger with Cartiga after being delisted from Nasdaq. Without the extension, the SPAC will liquidate and return approximately $9.1 million in trust to public shareholders.
Key Events · Corporate Governance and Compliance · ALCUF
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Extension Vote Set for September 1
Shareholders will vote on extending the SPAC's business combination deadline from September 9, 2026 to September 9, 2027 on a month-to-month basis. To fund the extension, the sponsor will contribute the lesser of $30,000 or $0.03 per non-redeemed public share per month.
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Nasdaq Delisting Already Occurred
The company received a delisting notice on April 7, 2026 for failing to complete a business combination within 36 months of its May 2023 IPO. Trading moved to the OTC Pink market on May 14, 2026 under symbols ALCYF, ALCUF, and ALCWF.
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Trust Account Dwindled to $9.1 Million
As of July 14, 2026, the trust account held approximately $9.1 million, down from $116.7 million at IPO. Massive redemptions in prior extension votes—10.4 million shares redeemed in both October 2024 and September 2025—have eroded the trust.
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Cartiga Merger Still Pending
The proposed business combination with Cartiga, LLC was announced in August 2025 but has not closed. The board believes more time is needed to complete the deal, which would take Cartiga public via an Up-C structure.
Analysis · ALCUF · Real Estate & Construction
Alchemy Investments Acquisition Corp 1 is asking shareholders to extend its business combination deadline by one year, to September 2027. Without approval, the SPAC liquidates in September 2026, returning roughly $9.1 million in trust to public shareholders. The company already lost its Nasdaq listing in May 2026 after failing to close the Cartiga deal within 36 months of its IPO, and now trades on the OTC Pink market. To fund the extension, the sponsor will contribute up to $30,000 per month, but the trust balance has dwindled from $116 million at IPO to just $9.1 million after massive redemptions in prior extension votes. The board recommends approval, but the outcome is binary: extend or liquidate.
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.