Business Context and Reporting Period
Company: Invest Green Acquisition Corporation (IGAC)
Filing Type: Form 10-Q (Quarterly Report)
Reporting Period: Quarter ended June 30, 2026
Business Overview: IGAC is a Cayman Islands exempted corporation and a "blank check" company (SPAC) formed on April 7, 2025. The company has not commenced operations and is searching for a target business for an initial Business Combination. It completed its Initial Public Offering (IPO) on November 26, 2025, raising $172.5 million in gross proceeds, with funds held in a Trust Account.
Key Financial Metrics
| Metric | As of June 30, 2026 | As of Dec 31, 2025 |
|---|---|---|
| Total Assets | $176,983,455 | $173,640,297 |
| Trust Account Balance | $176,163,459 | $173,095,822 |
| Cash Equivalents (Outside Trust) | $669,779 | $389,108 |
| Total Liabilities | $8,085,997 | $7,377,380 |
| Working Capital Note (Sponsor) | $896,740 | $0 |
| Deferred Underwriting Fee | $6,900,000 | $6,900,000 |
| Shareholders' Deficit | $(7,266,001) | $(6,832,905) |
Results of Operations (Six Months Ended June 30, 2026):
- Net Income: $2,634,541
- Income from Trust Account: $3,067,637
- General and Administrative Expenses: $440,910
- Net Income Per Share (Class A & B): $0.11
Material Changes vs. Prior Period
- Trust Account Growth: The Trust Account balance increased by approximately $3.07 million, driven by interest income earned on marketable securities held within the account.
- Debt Issuance: The company issued a $3.5 million convertible promissory note (Working Capital Note) to the Sponsor in February 2026. As of June 30, 2026, the outstanding balance was $896,740. This represents a new liability not present at year-end 2025.
- Accrued Expenses: Current accrued expenses increased significantly from $2,380 to $214,257, reflecting ongoing operational costs.
- Share Redemption Value: The redemption value per Class A ordinary share subject to possible redemption increased from $10.03 to $10.21 due to accretion of interest income.
Outlook, Risks, and Management Commentary
Liquidity and Going Concern: Management has determined that the company has sufficient funds to sustain operations for at least one year from the issuance date. Liquidity outside the Trust Account is supported by cash equivalents and the Working Capital Note facility.
Business Combination Deadline: The company must complete an initial Business Combination within 24 months of the IPO closing (November 26, 2025), or by an earlier liquidation date approved by the board. If no combination is completed, the company will liquidate and redeem public shares.
Risks and Contingencies:
- Completion Risk: There is no assurance the company will successfully identify or complete a Business Combination.
- Market Conditions: Geopolitical instability, inflation, and market downturns could adversely affect the ability to consummate a transaction.
- Sponsor Indemnity: The Sponsor has agreed to indemnify the company against certain claims that reduce Trust Account funds below $10.00 per share, though the company has not verified the Sponsor's ability to satisfy this obligation.
Investor Verification Checklist
- Trust Account Yield: Verify the current interest rate environment and its impact on the redemption value per share ($10.21 as of June 30, 2026).
- Working Capital Note Terms: Confirm the conversion terms of the $896,740 outstanding note (convertible at $5.00 per unit upon Business Combination) and its potential dilution impact.
- Redemption Rights: Review the specific conditions under which public shareholders can redeem shares and the potential cash outflow if a significant portion of shares are redeemed prior to a deal.
- Deferred Fees: Note the $6.9 million deferred underwriting fee payable only upon successful completion of a Business Combination.
- Share Count: Verify the outstanding share count: 17,250,000 Public Shares (subject to redemption) and 5,750,000 Founder Shares (Class B).