Alchemy Investments Acquisition Corp 1: Annual Report Summary

I’ve put together this guide to help you understand Alchemy Investments Acquisition Corp 1’s latest annual report. My goal is to explain what is happening in plain English, skipping the jargon so you can decide if this company fits your portfolio.

1. What does this company do?

Alchemy is a "blank check" company, or SPAC. It does not make products or provide services yet. Instead, it raised money from investors to find a private company to buy and take public. Alchemy raised $230 million in its September 2021 IPO by selling 23 million units at $10.00 each.

2. The Big News: They found a partner!

For years, this was just a shell company hunting for a deal. On August 22, 2025, Alchemy signed an agreement to acquire Cartiga, LLC, a tech and capital provider for the legal industry.

This is a major shift. Alchemy is moving from a shell to an operating company. To do this, they are moving their legal home from the Cayman Islands to Delaware. This move is required to list the new company on a major U.S. stock exchange.

3. Financial health and the "Redemption" factor

Because this is a SPAC, the financials focus on managing cash in a trust account.

• The Cash Pile: In late 2024, many investors chose to cash out their shares. Over 10 million shares were turned in, and the company paid out $114.2 million. This significantly reduced the cash available for the merger.
• What’s Left: As of December 31, 2025, only $8.8 million remains in the trust. The company now relies on outside funding or private investment to meet the cash requirements of the Cartiga deal.
• Staying Alive: To keep running while finalizing the merger, the company pays monthly fees funded by interest or loans from the sponsor. They have until September 9, 2026, to finish the Cartiga deal. If they fail, they must shut down and return the remaining money, likely paying shareholders $10.00–$10.50 per share.

4. Major risks to keep in mind

• The Deal Isn't Done: The merger has a "Minimum Cash Condition." If too many shareholders cash out during the final vote, the deal could be canceled.
• Lack of Diversification: Your investment will depend entirely on Cartiga. If that industry struggles, there is no other business to balance it out.
• Conflicts of Interest: Management owns 5.75 million "founder shares" bought for only $25,000. They are highly motivated to finish any deal before September 2026 so their shares don't become worthless. Also, they can pursue other business interests, which might split their focus.
• Time Pressure: If they miss the September 2026 deadline, the company must liquidate.
• Dilution: If they issue new shares to raise money, your ownership percentage will decrease, which can also lower the stock price.
• Management Uncertainty: There is no guarantee the current team will stay or that they have the experience to run a legal-tech company.

5. Future outlook

The company is now focused on closing the Cartiga deal. They are working through legal filings and shareholder approvals. Your investment is now tied to the success of this merger and the new company’s ability to keep its stock price above the $10.00 cash-out value.

Final Thought for Investors: When considering this opportunity, weigh the potential of the Cartiga business against the significant cash constraints and the strict September 2026 deadline. Because the company is currently transitioning from a shell to an operating business, the most important next step is to monitor the upcoming shareholder vote and any announcements regarding the necessary private funding to complete the merger.