Business Context and Reporting Period
Company: Apex Treasury Corp (SPAC)
Reporting Period: Quarter ended March 31, 2026
Status: The Company is a blank check company incorporated in the Cayman Islands on June 26, 2025, formed to effect a business combination. It has not commenced operations and generates no operating revenue. The Company targets sectors including blockchain, digital assets, AI, B2B software, renewable energy, and real estate. It is classified as an emerging growth company and a shell company.
Key Financial Metrics
| Metric | Value (Q1 2026) | Value (Dec 31, 2025) |
|---|---|---|
| Net Income | $2,671,098 | N/A (Interim) |
| Operating Loss | $(491,748) | N/A (Interim) |
| Interest Income (Trust Account) | $3,057,776 | N/A (Interim) |
| Cash (Operating) | $762,184 | $991,532 |
| Trust Account Balance | $350,048,711 | $346,990,935 |
| Total Assets | $351,003,465 | $348,131,627 |
| Total Liabilities | $14,072,240 | $13,871,500 |
| Working Capital Surplus | $623,054 | N/A |
| Deferred Underwriting Fee | $13,788,000 | $13,788,000 |
Per Share Data: Basic and diluted net income per ordinary share (Class A and Class B) was $0.06.
Material Changes vs. Prior Period
- Trust Account Growth: The Trust Account balance increased by approximately $3.06 million, driven entirely by interest earned on securities held within the account.
- Operating Cash Flow: Net cash used in operating activities was $229,348 for the quarter, primarily due to the increase in prepaid expenses and insurance, partially offset by an increase in accounts payable.
- Shareholder Deficit: Accumulated deficit increased from $(12,731,957) to $(13,118,635). This increase is due to the accretion of Class A ordinary shares to their redemption value ($3,057,776), which was partially offset by the net income for the period ($2,671,098).
- Liabilities: Current liabilities increased from $83,500 to $284,240, primarily due to an increase in accounts payable and accrued expenses.
Outlook, Risks, and Management Commentary
- Business Combination Deadline: The Company has 24 months from the IPO closing (October 29, 2025) to complete a business combination. It may seek extensions up to 36 months, subject to shareholder approval and potential redemptions.
- Liquidity: Management believes current working capital ($762,184) is sufficient to operate for at least one year. The Sponsor or affiliates may provide working capital loans up to $1,500,000, convertible into warrants, if necessary.
- Redemption Rights: Public shareholders may redeem shares for a pro rata portion of the Trust Account (approx. $10.16 per share as of March 31, 2026) upon the completion of a business combination or liquidation.
- Risks: The filing highlights risks associated with early-stage companies, including the inability to complete a business combination, market volatility, geopolitical instability, and the potential for the Trust Account to be subject to creditor claims.
- Related Party Transactions: The Company pays the Sponsor $20,000 per month for administrative services. Additionally, the Sponsor previously received fees from the Trustee (Efficiency) which were subsequently transferred to the Company's operating account.
Investor Verification Checklist
- Trust Account Yield: Verify the interest rate environment and the specific securities held in the Trust Account to assess future income projections.
- Extension Terms: Review the specific terms required for shareholder approval to extend the business combination deadline beyond 24 months.
- Redemption Value: Confirm the current per-share redemption value ($10.16) and monitor for changes based on Trust Account performance.
- Deferred Fees: Note the $13.8 million deferred underwriting fee payable only upon a successful business combination.
- Related Party Agreements: Review the administrative services agreement and the transfer of funds from the Trustee to ensure compliance with internal controls.