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Abony Acquisition Corp. I

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Business Summary

Abony Acquisition Corp. I is a blank check company, incorporated in the Cayman Islands on November 13, 2025, formed for the 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, complementing its management team's background in defense technology, advanced computing, software, and media industry sectors . The company has not yet selected any specific business combination target and has not engaged in substantive discussions with any potential targets .

The core business model of Abony Acquisition Corp. I is to identify and acquire a target business, leveraging the experience, network, and capital of its management team and directors. The company generates non-operating income from interest on funds held in a trust account, but does not expect to generate operating revenues until after the completion of its initial business combination . Revenue generation is transactional, focused on the successful completion of an acquisition rather than ongoing product or service sales. The primary customer segments are the shareholders who invest in the units, expecting value creation through the business combination.

The company's management team is led by Lorne Abony, Chief Executive Officer and Director, and Leo Kofman, Chief Financial Officer and Chief Operating Officer . Mr. Abony has experience as a three-time public company CEO, with a track record of scaling companies through organic growth and strategic acquisitions, and has raised over $10 billion in capital through public and private debt and equity markets . Mr. Kofman has over fifteen years of investment banking experience, advising on over $10 billion in capital raises, including over $1.5 billion in private investment in public equity capital raises for SPAC business combinations . The management team's competitive strengths are cited as extensive experience scaling public companies, deep capital markets expertise, significant prior SPAC experience, and an extensive strategic sourcing network .

For the period from November 13, 2025 (inception) through December 31, 2025, Abony Acquisition Corp. I reported a net loss of $99,715 . The company had no cash and a working capital deficit of $425,990 as of December 31, 2025 . Total assets were $391,275, consisting of $40,000 in prepaid expenses and $351,275 in deferred offering costs . Total liabilities amounted to $465,990, including $33,875 in accrued expenses, $307,325 in accrued offering costs, and a $124,790 promissory note to a related party . Shareholder's deficit was $(74,715), comprising $767 in Class B ordinary shares and $24,233 in additional paid-in capital, offset by an accumulated deficit of $(99,715) . Basic and diluted net loss per share for Class B ordinary shares was $(0.01) .

Subsequent to the reporting period, on February 20, 2026, the company consummated its Initial Public Offering (IPO), selling 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000 . Simultaneously, 695,000 private placement units were sold to the sponsor and BTIG, LLC at $10.00 per unit, generating gross proceeds of $6,950,000 . A total of $230,000,000 from the IPO and private placement proceeds, including $8,050,000 of deferred underwriting commission, was placed in a U.S.-based trust account . Total transaction costs incurred were $13,314,254, comprising a $4,600,000 cash underwriting fee, $8,050,000 deferred underwriting fee, and $664,254 in other offering costs .

During the period from November 13, 2025 (inception) through December 31, 2025, cash used in operating activities was $0 . Net loss of $99,715 was adjusted by $60,840 in operating costs paid via promissory note to a related party, $5,000 in formation costs paid by the sponsor in exchange for Class B ordinary shares, and a $33,875 change in operating assets and liabilities . The company has no off-balance sheet arrangements as of December 31, 2025 .

Business Outlook

Abony Acquisition Corp. I intends to use substantially all of the funds held in the trust account, including any interest earned (less income taxes payable), to complete its business combination . If share capital or debt is used as consideration, the remaining proceeds in the trust account will be allocated as working capital for the target business's operations, other acquisitions, and growth strategies . The funds held outside the trust account are primarily designated for identifying and evaluating target businesses, performing due diligence, travel, reviewing corporate documents, and structuring/negotiating the business combination .

The company may incur additional financing to fund working capital deficiencies or transaction costs, with the sponsor or affiliates potentially providing loans . Up to $1,500,000 of such working capital loans may be convertible into private units at a price of $10.00 per unit upon completion of a business combination . The company does not anticipate needing to raise additional funds for its operating business expenditures, but acknowledges that if its estimates for identifying and negotiating a target business are insufficient, it may lack the necessary funds to operate prior to a business combination . Additional financing may also be required to complete a business combination or if a significant number of public shares are redeemed, potentially through issuing additional securities or incurring debt .

The company has a completion window of 24 months from the closing of its initial public offering, or an earlier liquidation date approved by its board of directors, to consummate its initial business combination . This period can be extended with shareholder approval, with no limitations on duration or number of extensions, though the company does not expect to extend beyond 36 months from the IPO closing . If an extension is sought, public shareholders will have the opportunity to redeem their shares at a per-share price equal to the aggregate amount in the trust account (less taxes payable) divided by the number of outstanding public shares .

The company's business combination must have an aggregate fair market value of at least 80% of the value of assets held in the trust account (excluding deferred underwriting commissions and taxes payable) . The board of directors will determine fair market value, or an opinion from an independent investment banking firm will be obtained if the board cannot independently determine it . The company anticipates structuring its initial business combination to own or acquire 100% of the equity interests or assets of the target business, but may acquire less than 100% if the post-transaction company owns or acquires 50% or more of the outstanding voting securities or a controlling interest sufficient to avoid registration as an investment company .

Risk Factors

An investment in Abony Acquisition Corp. I's securities involves a high degree of risk, including the possibility that public shareholders may not have an opportunity to vote on the proposed initial business combination, and even if a vote is held, the sponsor's participation could lead to approval despite a majority of public shareholders not supporting it . The ability of public shareholders to redeem shares for cash may make the company's financial condition unattractive to potential targets, potentially preventing the completion of a desirable business combination or optimizing its capital structure, and could substantially dilute non-redeeming shareholders . The requirement to complete a business combination within a 24-month completion window may give target businesses leverage in negotiations and limit due diligence time, especially as the deadline approaches . If the company fails to complete an initial business combination within this window, public shares will be redeemed at approximately $10.00 per share , or possibly less due to creditor claims, and warrants will expire worthless . Third-party claims against the company could reduce the trust account proceeds, leading to a per-share redemption amount less than $10.00 . The excise tax on stock repurchases under the Inflation Reduction Act of 2022 could apply if the company domesticates as a U.S. corporation, potentially reducing cash available for redemptions or transferring to the target business . The company's status as a blank check company with no operating history means investors have no basis to evaluate its ability to achieve its business objective . The increasing number of SPACs may lead to scarcer attractive targets and increased competition, potentially raising acquisition costs or preventing a business combination . Adverse developments in the financial services industry, such as liquidity issues or defaults by financial institutions holding the company's funds, could impair the value of trust account assets . Compliance with Sarbanes-Oxley Act requirements may increase the time and costs of completing a business combination, particularly if a target business is not compliant with internal controls . Changes in international trade policies, tariffs, and treaties could negatively affect the search for a target or the performance of a post-business combination company . The nominal purchase price paid by the sponsor for founder shares (approximately $0.003 per share) may result in significant dilution to the implied value of public shares upon a business combination, and the sponsor could make a substantial profit even if the trading price of ordinary shares declines . The company's incorporation under Cayman Islands law may limit investors' ability to protect their interests or enforce rights through U.S. Federal courts .

Management Priorities

Management's message to shareholders emphasizes leveraging the team's significant experience, network, and capital markets expertise to identify and complete an initial business combination that creates shareholder value . The strategic priorities include focusing on companies 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 highlights its extensive experience scaling public companies, deep capital markets expertise, and prior SPAC experience as competitive strengths to attract potential target businesses . The company intends to identify and contact potential target businesses, evaluate and pursue possible business combinations, and communicate its search parameters to its network of relationships . Management also states its commitment to supporting the combined company post-business combination with industry relationships, operational and capital markets expertise, and capital resources . 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 1, Business — Note 1 — Organization and Business Operations
  4. [4] Item 7, MD&A — Results of Operations
  5. [5] Item 10, Directors, Executive Officers And Corporate Governance — Directors and Executive Officers
  6. [6] Item 1, Business — Our Management Team
  7. [7] Item 1, Business — Our Management Team
  8. [8] Item 1, Business — Our Competitive Strengths
  9. [9] Item 7, MD&A — Results of Operations
  10. [10] Item 7, MD&A — Liquidity and Capital Resources
  11. [11] Item 8, Balance Sheet — Total Assets
  12. [12] Item 8, Balance Sheet — Total Liabilities
  13. [13] Item 8, Balance Sheet — Total Shareholder’s Deficit
  14. [14] Item 8, Statement of Operations — Basic and diluted net loss per share, Class B ordinary shares
  15. [15] Item 7, MD&A — Liquidity and Capital Resources
  16. [16] Item 7, MD&A — Liquidity and Capital Resources
  17. [17] Item 7, MD&A — Liquidity and Capital Resources
  18. [18] Item 7, MD&A — Liquidity and Capital Resources
  19. [19] Item 8, Statement of Cash Flows — Net cash used in operating activities
  20. [20] Item 8, Statement of Cash Flows — Adjustments to reconcile net loss to net cash used in operating activities
  21. [21] Item 7, MD&A — Off-Balance Sheet Arrangements
  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 1, Business — Initial Business Combination
  30. [30] Item 1, Business — Initial Business Combination
  31. [31] Item 1, Business — Initial Business Combination
  32. [32] Item 1, Business — Initial Business Combination
  33. [33] Item 1, Business — Initial Business Combination
  34. [34] Item 1, Business — Initial Business Combination
  35. [35] Item 1A, Risk Factors — Risks Relating our Search for, and Consummation of or Inability to Consummate, a Business Combination
  36. [36] 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.
  37. [37] Item 1A, Risk Factors — The requirement that we complete our initial business combination within the completion window may give potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which to conduct due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that would produce value for our shareholders.
  38. [38] Item 1, Business — Initial Business Combination
  39. [39] 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.
  40. [40] 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.
  41. [41] Item 1A, Risk Factors — If our initial business combination involves a company organized under the laws of the United States (or any subdivision thereof), the excise tax could be imposed on us in connection with any redemptions of our Class A ordinary shares after or in connection with such initial business combination.
  42. [42] Item 1A, Risk Factors — We are a blank check company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.
  43. [43] Item 1A, Risk Factors — As the number of special purpose acquisition companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive targets or such attractive targets may not be interested to consummate a business combination with a SPAC due to a negative public perception of mergers involving SPACs. This could increase the cost of our initial business combination and could even result in our inability to find a target or to consummate an initial business combination.
  44. [44] Item 1A, Risk Factors — Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions, could adversely affect our business, financial condition or results of operations, or our prospects.
  45. [45] Item 1A, Risk Factors — Compliance obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate our initial business combination, require substantial financial and management resources, and increase the time and costs of completing an initial business combination.
  46. [46] Item 1A, Risk Factors — Changes in international trade policies, tariffs and treaties affecting imports and exports may have a material adverse effect on our search for an initial business combination target or the performance or business prospects of a post-business combination company.
  47. [47] 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.
  48. [48] 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.
  49. [49] Item 1A, Risk Factors — Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited.
  50. [50] Item 1, Business — Business Strategy
  51. [51] Item 1, Business — General
  52. [52] Item 1, Business — Our Competitive Strengths
  53. [53] Item 1, Business — Business Strategy
  54. [54] Item 1, Business — Business Strategy
  55. [55] Item 1, Business — Initial Business Combination

Analysis on 5/22/2026