Business Context and Reporting Period
Company: Invest Green Acquisition Corporation (IGAC)
Filing Type: Form 10-Q (Quarterly Report)
Period Ended: March 31, 2026
Business Overview: IGAC is a Cayman Islands exempted corporation and a "blank check" company (SPAC) formed to effect a business combination with one or more target businesses. As of the reporting date, the Company has not commenced operations and has not selected a specific target. The Company completed its Initial Public Offering (IPO) on November 26, 2025, and is currently in the process of identifying a target for a business combination within a 24-month window.
Key Financial Metrics
| Metric | Value (Q1 2026) | Value (Dec 31, 2025) |
|---|---|---|
| Net Income | $1,330,316 | N/A (Prior period not provided in text) |
| Operating Costs | $195,006 | N/A |
| Trust Account Balance | $174,617,842 | $173,095,822 |
| Cash (Outside Trust) | $705,191 | $389,108 |
| Total Assets | $175,515,827 | $173,640,297 |
| Total Liabilities | $7,922,594 | $7,377,380 |
| Working Capital Note (Debt) | $896,740 | $0 |
| Deferred Underwriting Fee | $6,900,000 | $6,900,000 |
| Shareholders' Deficit | $(7,024,609) | $(6,832,905) |
| Net Income Per Share (Class A & B) | $0.06 | N/A |
Material Changes vs. Prior Period
- Trust Account Growth: The Trust Account balance increased by approximately $1.52 million, driven by 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 March 31, 2026, the outstanding balance was $896,740 after a $100,000 repayment.
- Liquidity Increase: Cash held outside the Trust Account increased from $389,108 to $705,191, primarily due to advances from the Sponsor.
- Accretion of Redemption Value: The carrying value of Class A ordinary shares subject to possible redemption increased by $1,522,020 to reflect the income earned in the Trust Account, resulting in a corresponding charge to accumulated deficit.
Outlook, Risks, and Management Commentary
- Business Combination Timeline: The Company must complete an initial business combination within 24 months of the IPO closing (November 26, 2025). If unsuccessful, the Company will liquidate and redeem public shares.
- Going Concern: Management has determined that the Company has sufficient funds to sustain operations for at least one year from the issuance of the financial statements, despite a working capital deficit of $173,151.
- Related Party Financing: The Company relies on the Sponsor for working capital via the Working Capital Note, which is convertible into units at $5.00 per unit upon a successful business combination.
- Risks: Key risks include the inability to complete a business combination, market volatility affecting the Trust Account value, and the potential for the Sponsor to be unable to satisfy indemnification obligations if third-party claims reduce Trust Account funds below $10.00 per share.
- Unusual Items: The Company recorded $746,940 in share-based compensation expense in the prior period (Q4 2025) related to the transfer of Founder Shares to independent directors. No similar unusual items were reported for Q1 2026.
Investor Verification Checklist
- Trust Account Yield: Verify the interest rate environment and the specific composition of the Trust Account investments to understand the sustainability of the $1.52 million income.
- Working Capital Note Terms: Confirm the conversion mechanics and the Sponsor's ability to fund the remaining $2.6 million of the note if required for operations.
- Redemption Risk: Assess the likelihood of significant shareholder redemptions upon a proposed business combination, which could impact the available cash for the target company.
- Extension Options: Review the Company's charter for any provisions allowing shareholders to extend the 24-month completion window, as the filing does not explicitly detail extension mechanics in the summary text.
- Deferred Fees: Note the $6.9 million deferred underwriting fee payable only upon a successful business combination, representing a significant contingent liability.