AI Infrastructure Acquisition

There is no history of reinvestment returns or buybacks. Instead, the key capital allocation choice is structuring the de‑SPAC. The security design is dilution‑heavy: 1/5‑share rights on all units, 483 thousand representative shares to the underwriter, and a 25 percent founder promote that converts at closing.

Any target must be high quality and acquired at a compelling price to overcome this headwind, which is rare. We penalize the structure and the absence of demonstrated discipline across completed deals.