Invest Green Acquisition Corp Annual Report - How They Did This Year

I’m putting together a plain-English guide to help you understand how Invest Green Acquisition Corp (IGAC) performed this year. My goal is to break down the complex filing information so you can decide if this company fits your investment goals.

1. What does this company do?

Invest Green Acquisition Corp (IGAC) is a "blank check" company. It doesn't make products or provide services yet. Instead, it raised $172.5 million from investors by selling 17.25 million units at $10.00 each.

The company’s goal is to buy a private business in the clean energy, sustainable finance, or nuclear energy sectors. By merging with a private entity, IGAC takes that company public. You are betting on the management team’s ability to find a target company worth between $500 million and $1.5 billion.

2. Financial performance

Because this is a shell company, it isn't "growing" by selling goods. Its main activity this year was its IPO on November 26, 2025. The company raised $172.5 million from the public and another $4.35 million from its sponsors.

As of December 31, 2025, the company held $176.85 million in a trust account. This money sits in U.S. Treasury securities and money market funds. It earns interest to cover daily operating costs and future deal expenses.

3. Major wins and strategy

• The Big Win: The company successfully secured $176.85 million in cash, providing the funds needed to execute a merger.
• The Strategy: They are looking for companies focused on decarbonization, energy storage, or modular nuclear reactors. They offer private companies a faster path to the stock market, usually finishing a merger in 6–12 months.
• Flexibility: The company can use "PIPE" financing. This allows other large investors to add more cash to the deal, ensuring the target company has enough money after the merger.

4. Financial health

The company has not earned any revenue. Operating expenses are low, covering only the legal and administrative costs of searching for a target.

IGAC is an "emerging growth company," which allows it to delay certain auditor requirements for up to five years. At year-end, the company had a working capital deficit of about $450,000. This is normal for a SPAC, as it relies on sponsor loans to pay bills until a merger happens.

5. Key risks

• The "Search" Risk: If they don't sign a deal by November 2027, they must close the company and return the $10.00 per share (plus interest) to investors.
• The Clock is Ticking: With many SPACs competing for clean energy targets, IGAC might overpay for an acquisition.
• Redemption Risk: When it’s time to vote on a merger, you can choose to get your cash back instead of staying invested. If too many people do this, the merger might collapse.
• Lack of Diversification: After the merger, the company will own only one business. If that business fails, there is no other part of the company to protect your investment.
• "Controlled Company" Status: Sponsors hold 20% of the shares. This gives them significant power over board decisions and merger approvals, which may not always align with your interests.
• No Track Record: The management team has never taken a company public before, which increases the risk that the process may not go smoothly.

Final Thought for Investors: Investing in a SPAC like IGAC is essentially a bet on the management team's ability to find a high-quality private company in the green energy space. Since there is no business yet, your primary safety net is the cash held in the trust account, which is protected until a merger is proposed. Before you commit, consider whether you are comfortable with the management team's lack of a prior track record and the specific risks associated with the clean energy sector.