Company: BCAR
Filing Date: 2025-04-29
Form Type: S-1
Source: 0001829126-25-003006
Chunk: 171

Company: D. Boral ARC Acquisition I Corp.
Filing Date: 2025-04-29
Form: S-1
Chunk 171
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 22, 2025, the closing sale price of ECDA and ECDAW were $0.3750 and $0.02, respectively. As of April 22, 2025, the aggregate market capitalization of ECD reflects a market value of approximately $13.27 million.

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Northern Lights Acquisition Corp.

Mr. Darwin previously served as Co-Chief
Executive Officer of Northern Lights Acquisition Corp. since March 19, 2021. Northern Lights Acquisition Corp. completed its initial
public offering on June 24, 2021, in which it raised aggregate proceeds of approximately $115 million. On February 14, 2022,
Northern Lights Acquisition Corp. announced that it had entered into a definitive agreement for a business combination with SHF Holdings,
LLC. (“SHF”). On June 28, 2022, Northern Lights Acquisition Corp. held a special meeting of stockholders to approve the
business combination and in connection therewith, approximately 7,573,402 shares were redeemed and an additional 3,804,872 redeemed shares
were purchased as part of a forward purchase agreement for a total of 11,378,274 shares, or 98.9% of the public shares issued in Northern
Lights Acquisition Corp.’s initial public offering. Following the closing of the business combination with SHF on June 30,
2022, the common stock and warrants of SHF began trading on Nasdaq on July 1, 2022 under the ticker symbols “SHFS” and
“SHFSW,” respectively. On April 22, 2025, the closing sale price of SHFS and SHFSW were $3.81 and $0.02, respectively.
As of April 22, 2025, the aggregate market capitalization of SHF reflects a market value of approximately $10.61 million.

However, in recent years, a number of target businesses have underperformed financially post-business combination with a SPAC. As a result, we cannot assure you that we will properly ascertain or assess all of the significant risk factors associated with a target business or that the price of the shares of the combined entity post-business combination will increase.

With respect to the foregoing experiences of our management team, past performance is not a guarantee (i) that we will be able to identify a suitable candidate for our initial business combination or (ii) of success with respect to any business combination we may consummate. You