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Abony Acquisition Corp. I

AACO
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Business Summary

Abony Acquisition Corp. I (the "Company") is a blank check company, incorporated on November 13, 2025, as a Cayman Islands exempted company, formed with the sole purpose of effecting a business combination such as a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar transaction with one or more businesses . The Company intends to focus on target companies with an aggregate enterprise value of approximately $750 million to $1.5 billion or more, specifically complementing its management team's background in defense technology, advanced computing, software, and media industry sectors . The Company has not yet commenced any operations or generated revenues as of December 31, 2025 .

The core business model of Abony Acquisition Corp. I is to identify and acquire a target business, leveraging the operational, investment, and capital markets experience of its management team to create shareholder value in the public markets post-business combination . The Company generates non-operating income in the form of interest income on cash held in its trust account, which was established following its initial public offering . Primary customer segments are not applicable as the Company is a blank check company seeking a business combination.

As of December 31, 2025, the Company reported total assets of $391,275 . Total liabilities stood at $465,990 , which included accrued expenses of $33,875 , accrued offering costs of $307,325 , and a promissory note to a related party of $124,790 . The Company had no cash or cash equivalents as of this date . Shareholder's deficit was $(74,715) , comprising Class B ordinary shares of $767 , additional paid-in capital of $24,233 , and an accumulated deficit of $(99,715) . For the period from November 13, 2025 (inception) through December 31, 2025, the Company reported a net loss of $99,715 , consisting entirely of general and administrative costs . Basic and diluted net loss per share for Class B ordinary shares was $(0.01) , based on 6,666,667 weighted average shares outstanding . Cash used in operating activities for this period was $0 .

The Company's financial position as of December 31, 2025, reflects its pre-IPO, organizational phase, with no operating revenues and a net loss driven by administrative and offering preparation costs. Subsequent to the reporting period, on February 20, 2026, the Company consummated its initial public offering (IPO) of 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000 . Simultaneously, it completed a private sale of 695,000 private placement units to its sponsor and BTIG, LLC at $10.00 per unit, generating gross proceeds of $6,950,000 . A total of $230,000,000 from these proceeds, including $8,050,000 of underwriters' deferred commission, was placed in a U.S.-based trust account . Total transaction costs amounted to $13,314,254 , consisting of a $4,600,000 cash underwriting fee, $8,050,000 deferred underwriting fee, and $664,254 in other offering costs. The promissory note from the sponsor, which had an outstanding balance of $124,790 as of December 31, 2025, was fully settled on February 20, 2026, with an outstanding amount of $302,954 .

Business Outlook

Abony Acquisition Corp. I intends to use substantially all of the funds held in the trust account, including any interest earned thereon (less income taxes payable), to complete its business combination . If its share capital or debt is used as consideration, the remaining proceeds in the trust account will be allocated as working capital to finance the operations of the target business, make other acquisitions, and pursue growth strategies . Funds held outside the trust account are primarily intended to identify and evaluate target businesses, perform due diligence, cover travel expenses, review corporate documents, and structure, negotiate, and complete a business combination .

The Company's management does not believe it will need to raise additional funds to meet operating expenditures . However, if the estimated costs for identifying a target, conducting due diligence, and negotiating a business combination are less than actual amounts, the Company may face insufficient funds to operate prior to the business combination . Additional financing may be required to complete a business combination or if a significant number of public shares are redeemed, potentially leading to the issuance of additional securities or incurrence of debt . The sponsor or its affiliates, or certain officers and directors, may provide working capital loans up to $1,500,000 , convertible into private placement units at $10.00 per unit upon completion of a business combination, to fund working capital deficiencies or transaction costs .

The Company has a completion window of 24 months from the closing of its initial public offering to consummate its initial business combination, or an earlier liquidation date approved by its board of directors . While the Company does not currently intend to seek shareholder approval to extend this period, it may elect to do so in the future, though it does not expect to extend beyond 36 months from the IPO closing . If the Company fails to complete a business combination within this timeframe, it will redeem 100% of its public shares at a per-share price equal to the aggregate amount in the trust account, including interest (less taxes and up to $100,000 for dissolution expenses), divided by the number of outstanding public shares . The pro rata redemption price is expected to be approximately $10.00 per public share .

Risk Factors

The Company faces several material risks, including the potential inability to complete its initial business combination within the 24-month completion window, which would result in the redemption of public shares at approximately $10.00 per share and the expiration of warrants without value . The ability of public shareholders to redeem shares for cash may make the Company unattractive to potential targets or limit its ability to meet minimum cash closing conditions, potentially forcing a restructuring or abandonment of a desirable business combination . The deferred underwriting commissions of $8,050,000 are payable only upon completion of a business combination, and this obligation may dilute the investment of non-redeeming shareholders . Conflicts of interest may arise due to the sponsor and management team's significant ownership of founder shares, purchased at a nominal price of approximately $0.003 per share , creating an incentive to complete a transaction even if it is not optimal for public shareholders . Changes in laws or regulations, such as the SEC's SPAC Rules, may increase costs and time needed for a business combination, and the risk of being deemed an investment company under the Investment Company Act could impose burdensome compliance requirements or restrict activities . Geopolitical conditions, including military escalations between the United States and Iran, the Russia-Ukraine conflict, and other similar conflicts, could adversely affect global economies, capital markets, and the pool of viable target candidates . The rapid advancement of artificial intelligence and machine learning technologies could also reduce the pool of attractive targets or disrupt the business models of acquired companies . If third parties bring claims against the Company, funds in the trust account could be reduced below $10.00 per public share , despite the sponsor's indemnification agreement, which may not be fully satisfiable .

Management Priorities

Management's message to shareholders emphasizes leveraging the team's significant operating, investment, and SPAC experience to identify and execute a successful business combination that creates shareholder value. Key strategic priorities include capitalizing on the management team's industry knowledge, relationships, and capital markets expertise to identify target businesses with an aggregate enterprise value of approximately $750 million to $1.5 billion or more , particularly in defense technology, advanced computing, software, and media industry sectors . Management also highlights its deep capital markets expertise, with Mr. Abony having raised over $10 billion in capital and Mr. Kofman advising on over $10 billion in capital raises, including over $1.5 billion in PIPE raises for SPACs, which is intended to benefit financing alternatives for potential business combination candidates and post-business combination support. A third priority is to utilize their extensive strategic sourcing network, developed through careers with founders, management teams, asset managers, private equity, and corporate business owners, to identify initial business combination opportunities . The Company has until 24 months from the closing of its initial public offering to consummate its initial business combination .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — General
  2. [2] Item 1, Business — General
  3. [3] Item 7, MD&A — Results of Operations
  4. [4] Item 1, Business — Business Strategy
  5. [5] Item 7, MD&A — Results of Operations
  6. [6] Item 8, Balance Sheet — Total Assets
  7. [7] Item 8, Balance Sheet — Total Liabilities
  8. [8] Item 8, Balance Sheet — Accrued expenses
  9. [9] Item 8, Balance Sheet — Accrued offering costs
  10. [10] Item 8, Balance Sheet — Promissory note - related party
  11. [11] Item 8, Statement of Cash Flows — Cash – End of period
  12. [12] Item 8, Balance Sheet — Total Shareholder’s Deficit
  13. [13] Item 8, Balance Sheet — Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,666,667 shares issued and outstanding
  14. [14] Item 8, Balance Sheet — Additional paid-in capital
  15. [15] Item 8, Balance Sheet — Accumulated deficit
  16. [16] Item 8, Statement of Operations — Net loss
  17. [17] Item 8, Statement of Operations — General and administrative costs
  18. [18] Item 8, Statement of Operations — Basic and diluted net loss per share, Class B ordinary shares
  19. [19] Item 8, Statement of Operations — Basic and diluted weighted average shares outstanding, Class B ordinary shares
  20. [20] Item 8, Statement of Cash Flows — Net cash used in operating activities
  21. [21] Item 7, MD&A — Liquidity and Capital Resources
  22. [22] Item 7, MD&A — Liquidity and Capital Resources
  23. [23] Item 7, MD&A — Liquidity and Capital Resources
  24. [24] Item 7, MD&A — Liquidity and Capital Resources
  25. [25] Item 7, MD&A — Liquidity and Capital Resources
  26. [26] Item 7, MD&A — Liquidity and Capital Resources
  27. [27] Item 7, MD&A — Liquidity and Capital Resources
  28. [28] Item 7, MD&A — Liquidity and Capital Resources
  29. [29] Item 7, MD&A — Liquidity and Capital Resources
  30. [30] Item 5, Recent Sales of Unregistered Securities; Use of Proceeds from Registered Offerings — Unregistered Sales of Equity Securities
  31. [31] Item 5, Recent Sales of Unregistered Securities; Use of Proceeds from Registered Offerings — Unregistered Sales of Equity Securities
  32. [32] Item 7, MD&A — Liquidity and Capital Resources
  33. [33] Item 7, MD&A — Liquidity and Capital Resources
  34. [34] Item 7, MD&A — Liquidity and Capital Resources
  35. [35] Item 7, MD&A — Liquidity, Capital Resources and Going Concern
  36. [36] Item 7, MD&A — Liquidity, Capital Resources and Going Concern
  37. [37] Item 7, MD&A — Liquidity and Capital Resources
  38. [38] Item 7, MD&A — Liquidity and Capital Resources
  39. [39] Item 7, MD&A — Liquidity and Capital Resources
  40. [40] Item 7, MD&A — Liquidity and Capital Resources
  41. [41] Item 1, Business — Initial Business Combination
  42. [42] Item 1, Business — Initial Business Combination
  43. [43] Item 1, Business — Initial Business Combination
  44. [44] Item 1, Business — Initial Business Combination
  45. [45] Item 1, Business — Initial Business Combination
  46. [46] Item 1A, Risk Factors — We may not be able to complete our initial business combination within the completion window, in which case we would redeem our public shares.
  47. [47] Item 1A, Risk Factors — We may not be able to complete our initial business combination within the completion window, in which case we would redeem our public shares.
  48. [48] Item 1A, Risk Factors — The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target.
  49. [49] Item 1A, Risk Factors — The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares and the amount of deferred underwriting compensation may not allow us to complete the most desirable business combination or optimize our capital structure, and may substantially dilute your investment in us.
  50. [50] Item 1A, Risk Factors — The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares and the amount of deferred underwriting compensation may not allow us to complete the most desirable business combination or optimize our capital structure, and may substantially dilute your investment in us.
  51. [51] Item 1A, Risk Factors — The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to materially decline.
  52. [52] Item 1A, Risk Factors — The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to materially decline.
  53. [53] Item 1A, Risk Factors — Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business combination, and results of operations.
  54. [54] Item 1A, Risk Factors — Our search for an initial business combination, and any target business with which we may ultimately consummate an initial business combination, may be materially adversely affected by current global geopolitical conditions resulting from the military escalation between the United States and Iran, the ongoing Russia-Ukraine conflict, and other similar geopolitical conflicts.
  55. [55] Item 1A, Risk Factors — Our search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially adversely affected by new outbreaks, or continuation of any existing outbreaks, of any infectious disease (such as COVID-19), the status of debt and equity markets and disruption of target business models or potential obsolescence by artificial intelligence.
  56. [56] Item 1A, Risk Factors — If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share.
  57. [57] Item 1A, Risk Factors — If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share.
  58. [58] Item 1, Business — General
  59. [59] Item 1, Business — General
  60. [60] Item 1, Business — Our Competitive Strengths
  61. [61] Item 1, Business — Our Competitive Strengths
  62. [62] Item 1, Business — Our Competitive Strengths
  63. [63] Item 1, Business — Extensive Strategic Sourcing Network
  64. [64] Item 1, Business — Initial Business Combination

Analysis on 5/22/2026