Business Context and Reporting Period
Company: Collective Acquisition Corp. (formerly Dune Acquisition Corporation II)
Filing Type: Form 8-K (Current Report)
Date of Report: August 4, 2026
Context: The Company, a Cayman Islands exempted company and emerging growth company, held an extraordinary general meeting to approve an extension of its deadline to consummate an initial business combination.
Key Financial Metrics and Liquidity
This filing does not report revenue, profit, or operating cash flows as the Company is a special purpose acquisition company (SPAC) in the pre-business combination phase. Key liquidity metrics related to the trust account are as follows:
- Shares Redeemed: 12,863,312 Class A ordinary shares.
- Redemption Amount: Approximately $135,190,109.16 removed from the trust account.
- Redemption Price: Approximately $10.51 per share.
- Remaining Trust Balance: Estimated $15,887,453.01.
Material Changes
The primary material change reported is the extension of the Company's termination date:
- Previous Termination Date: August 8, 2026.
- New Termination Date: August 8, 2027.
- Extension Duration: 12 months.
- Corporate Action: Shareholders approved an amendment to the Second Amended and Restated Memorandum and Articles of Association via special resolution.
Shareholder Vote and Management Commentary
Shareholders approved two proposals at the meeting held on August 4, 2026:
- Articles Amendment Proposal: Approved by special resolution.
- For: 15,841,860 votes
- Against: 1,719,170 votes
- Abstain: 0 votes
- Adjournment Proposal: Approved by ordinary resolution to permit further solicitation if necessary.
- For: 16,779,914 votes
- Against: 781,116 votes
- Abstain: 0 votes
Unusual Items: The significant reduction in the trust account balance (from an implied pre-redemption total of approximately $151 million to $15.9 million) reflects a high redemption rate by shareholders, leaving the Company with limited capital to fund operations or a business combination without additional financing.
Investor Verification Checklist
- Verify the exact remaining cash balance in the trust account post-redemption to assess runway for operations.
- Confirm if the Company has secured any additional financing or PIPE (Private Investment in Public Equity) commitments to support a business combination given the reduced trust balance.
- Review the definitive proxy statement filed on July 8, 2026, for details on the terms of the extension and any associated sponsor support.
- Monitor the Company's ability to identify and close a target business within the new 12-month window ending August 8, 2027.