Business Context and Reporting Period
D. Boral ARC Acquisition I Corp. is a blank check company incorporated in the British Virgin Islands on March 20, 2025, formed to effect a business combination. The filing covers the quarterly period ended September 30, 2025, and the period from inception through that date. The Company consummated its Initial Public Offering (IPO) on August 1, 2025, and partially exercised the over-allotment option on August 11, 2025. As of the reporting date, the Company has not commenced any operations; all activity relates to formation and the IPO.
Key Financial Metrics
| Metric | Value |
|---|---|
| Total Assets | $282,783,440 |
| Cash Held in Trust Account | $281,963,221 |
| Operating Cash | $570,210 |
| Total Liabilities | $48,783 |
| Working Capital | $771,436 |
| Net Income (3 months ended Sept 30, 2025) | $1,869,556 |
| Net Income (Inception to Sept 30, 2025) | $1,828,136 |
| Operating Costs (Inception to Sept 30, 2025) | $(135,085) |
| Interest Income (Trust Account) | $1,963,221 |
| Shares Outstanding (Class A Public) | 28,000,000 (subject to redemption) |
| Shares Outstanding (Class B Founder) | 12,000,000 |
Material Changes and IPO Activity
The Company generated gross proceeds of $250,000,000 from the initial sale of 25,000,000 Units at $10.00 per Unit. Subsequently, underwriters partially exercised the over-allotment option, purchasing 3,000,000 additional Units for $30,000,000. The remaining 750,000 Units of the over-allotment option were forfeited on September 9, 2025, resulting in the cancellation of 321,429 founder shares. Total funds placed in the Trust Account were $280,000,000, which grew to $281,963,221 due to interest income. The Company incurred total transaction costs of $3,582,634, including $2,419,400 in Representative Shares issued to the underwriter.
Outlook, Risks, and Contingencies
The Company has 18 months from the IPO closing (August 1, 2025) to consummate a business combination, with an option for one three-month extension. If a combination is not completed, the Company will liquidate and redeem public shares from the Trust Account. Management has determined that current funds are sufficient to meet working capital needs for at least one year. Key risks include the inability to complete a business combination, potential dilution from warrant exercises, and geopolitical instability affecting global markets. The Sponsor has agreed to indemnify the Trust Account against certain third-party claims, though the Company has not verified the Sponsor's ability to satisfy these obligations.
Investor Verification Checklist
- Verify the status of the over-allotment option and the final count of outstanding Class A and Class B shares.
- Confirm the interest rate earned on the Trust Account and the projected balance at the time of potential liquidation or combination.
- Review the Sponsor's financial capacity to fulfill indemnification obligations regarding the Trust Account.
- Monitor the timeline for the 18-month combination deadline and any potential extension requests.
- Assess the impact of the $20,000 monthly administrative fee payable to the Sponsor on operating cash reserves.