Aperture AC

Aperture AC IPO – What You Need to Know

Hey there! Thinking about investing in Aperture AC’s IPO? Let’s break down what this company actually is, why it matters, and what you should consider—without the Wall Street jargon.

1. What does Aperture AC actually do?

Aperture AC is a SPAC (Special Purpose Acquisition Company), often called a “blank check” company. They’ve raised $200M to find and buy a private company within 18 months. Their focus is digital infrastructure—think blockchain tools, secure payment systems, or bitcoin mining data centers. Imagine them hunting for the next Coinbase or a company that helps traditional finance use crypto tech.

2. How do they make money?

• They don’t… yet. Right now, they’re not selling anything. All their cash ($200M from the IPO) sits in a savings account until they buy a company.
• Long-term plan: If they merge with a target, they’ll own part of that business. Your shares could grow if that company succeeds—but there’s no guarantee.

3. What will they do with IPO cash?

• Only $90M (or up to $103.5M) goes into a protected trust account. This is the money you’d get back (~$10/share) if they fail to make a deal. The rest?
• Pay advisors: Banks and lawyers get $1.35M-$1.55M in fees plus 250,000-350,000 free shares.
• Founders get a sweet deal: They bought shares for $0.01 each. If the SPAC merges, this could reduce the value of your shares by up to 20%.
• Other expenses:
  • Repay $500K in loans to founders.
  • $10K/month office fees (including rent paid to the CEO’s own LLC).
  • “Finder’s fees” for insiders if they help secure a merger.
  • $1.5M in secret loans that insiders can later convert into shares at $10 each, diluting your ownership.

4. Biggest risks to know

• Your $10/share safety net isn’t guaranteed. Legal fees, taxes, or other costs could reduce what you get back if the SPAC fails.
• 18-month time bomb: They have 18 months to find a deal. If they’re late, they might ask for an extension—but you could end up with less cash if many investors bail.
• Dilution danger:
  • Founders and insiders own shares bought for pennies. If the SPAC merges, your ownership % could shrink.
  • Big investors (non-managing sponsors) bought shares for $0.007 each—less than a penny. You paid $10.
  • The $1.5M secret loan loophole lets insiders buy shares at $10 post-IPO, a price regular investors don’t get.
• You’re not in control:
  • Founders control 20% of votes and can approve a merger even if most regular investors oppose it.
  • Big investors with founder shares could push for any merger to profit, even if it’s bad for you.
• Niche focus = high risk: Crypto/digital infrastructure is volatile. Regulatory crackdowns could tank their target.
• Conflicts of interest: The team has financial ties to other companies and might prioritize deals that benefit them personally.
• Less transparency: They’re classified as an “emerging growth company,” so they can skip some financial reporting rules.
• Cayman Islands loophole: Incorporated offshore, they get a 30-year tax exemption but face less oversight than U.S. companies.

5. Who’s in charge?

• CEO Calvin Kung: SPAC veteran. His last SPAC merged with a data center company in 2025.
• CFO Daniel Zhao: Scaled startups like Select Oil (sold to Chevron).
• Tech advisor Raymond Tan: Software engineer with no crypto experience.
• No crypto experts on the team—a red flag for a company targeting blockchain deals.

6. Where to buy shares?

• Stock symbols:
  • Units: APURU (1 share + 1 share right)
  • Shares: APUR (after units split)
  • Share Rights: APURR (expire if the SPAC fails)
• Exchange: NASDAQ.

7. Price and shares

• 10 million shares offered at $18–$21 each.
• At $20/share, they’d raise $200M (minus ~$8M in fees).

Should you invest?
Only if:

1. You’re comfortable with high-risk bets on crypto infrastructure.
2. You trust a team with no crypto expertise to find a diamond in the rough.
3. You’re okay with founders and insiders having more control (and better deals) than you.

Red flags to watch:

• The SEC hasn’t approved the IPO yet—details could change.
• The filing is light on specifics about their target company or strategy.

Bottom line: This is SPAC roulette. You’re betting on a team with mixed incentives, a ticking clock, and a volatile industry. If you prefer investing in actual companies (not treasure hunts), skip this.

Still interested? Do extra homework—and never invest more than you can afford to lose.

This guide is based on a preliminary filing. The company provided limited details about their merger targets or long-term strategy, which is something to consider.