Activate Energy Acquisition Corp. - Class A Ordinary Share

The trust held $232.6 million at March 31, 2026 and can only be used for a business combination or shareholder redemptions. Outside the trust, cash was about $0.55 million to fund ongoing expenses.

There is an $8.05 million deferred underwriting fee payable only upon consummation of a merger, and management discloses substantial doubt about the ability to continue as a going concern if a deal is not completed within the window. While the trust supports the per share redemption value, it does not strengthen the entity as an operating business.