Aperture AC's $150M SPAC Merger with Atlantic HPC Brings Bitcoin Mining and AI Infrastructure Public
APUR is trading near its 52-week low of $9.88 (1.4% above the low).
Summary
A definitive $150 million SPAC merger has been signed between Aperture AC and Atlantic HPC Group, a bitcoin mining and AI infrastructure company with $28.6M FY2026 revenue. The combined company will list on Nasdaq as AHPC in Q1 2027, with Atlantic stockholders retaining 46% ownership.
Key Events · M&A and Partnerships · APUR
-
Definitive $150M Merger Agreement Signed
A Business Combination Agreement dated September 10, 2026 was entered into with Atlantic HPC Group Inc., a bitcoin mining and AI infrastructure company. Atlantic stockholders will receive 15,000,000 shares of Aperture Class A common stock at $10.00 per share, representing a $150 million pre-money equity value with 100% equity rollover.
-
Atlantic's Financial Profile Revealed
Atlantic reported FY2026A revenue of $28.6 million and Adjusted EBITDA of $4.4 million, with 1.9 EH/s hash rate and 303 bitcoin mined. Projections show revenue of $24.7M in FY2027E, $36.0M in FY2028E, and $40.1M in FY2029E as AI infrastructure revenue ramps from $0 to $26.4M.
-
Pro Forma Valuation and Ownership
Pro forma Enterprise Value of $227 million at 7.5x EV/2027E Revenue. Atlantic stockholders retain 46% ownership, APUR public shareholders hold 41%, and sponsor holds 13%. Pro forma cash balance of $97 million will fund growth initiatives.
-
Up to 6M Earnout Shares
Atlantic stockholders can earn up to 6,000,000 additional shares: 3M upon a 5 MW Phase I data center lease with a non-affiliated tenant (7-year minimum term), 1.5M if VWAP reaches $12.50, and 1.5M if VWAP reaches $15.00 over any three consecutive months.
Analysis · APUR · Real Estate & Construction
A definitive merger agreement has been signed between Aperture AC and Atlantic HPC Group, a bitcoin mining and AI infrastructure company, in a deal valued at $150 million. The investor presentation reveals Atlantic generated $28.6 million in FY2026 revenue with $4.4 million EBITDA, and projects revenue growing to $40.1 million by FY2029 as it pivots from bitcoin mining to AI/HPC infrastructure. Atlantic stockholders will receive 15 million shares at $10.00 per share and retain 46% ownership of the combined company, which is expected to list on Nasdaq as AHPC in Q1 2027. The deal provides up to $102 million in trust cash to fund Atlantic's 121 MW development pipeline, including the Ohio AI Campus. This is a transformative event for a SPAC that previously disclosed going-concern doubts — the merger gives it a real operating business with revenue, assets, and a growth story in the AI infrastructure sector.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 42.5% of the 522 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, APUR was trading at $10.02 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $147.6M. The 52-week trading range was $9.88 to $10.02. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.