# EDGAR Filing Document

**Accession Number:** 0001852889
**File Stem:** 0001829126-26-006699
**Filing Date:** 2026-6
**Character Count:** 267273
**Document Hash:** e4b8b4f4feef8d3078514f3f63f423bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-006699.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001829126-26-006699

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Libity
- **CENTRAL INDEX KEY:** 0001852889
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41383
- **FILM NUMBER:** 261104522

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CENTURY YARD, CRICKET SQUARE
- **STREET 2:** ELGIN AVENUE, PO BOX 1111
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **BUSINESS PHONE:** 3459495122

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CENTURY YARD, CRICKET SQUARE
- **STREET 2:** ELGIN AVENUE, PO BOX 1111
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **PROVINCE COUNTRY:** E9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Investcorp AI Acquisition Corp.
- **DATE OF NAME CHANGE:** 20241017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Investcorp India Acquisition Corp
- **DATE OF NAME CHANGE:** 20220215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Investcorp Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210323

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-K**

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the fiscal year ended December 31, 2025**

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-41383

**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**

*(Exact name of registrant as specified in its charter)*

---

| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| *(State or Other Jurisdiction of<br> Incorporation)* | *(I.R.S. Employer<br>Identification No.)* |

---

Century Yard, Cricket Square, Elgin Avenue

PO Box 1111, George Town, Grand Cayman, Cayman Islands KY1-1102

*(Address of principal executive offices) (zip code)*

(302) 738-7210

*(Registrant's Telephone Number, Including Area Code)*

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbols** | **Name of Each Exchange on Which Registered** |
| Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | IVAUF | OTC Markets (Pink) |
| Class A ordinary shares, par value $0.0001 per share | IVCAF | OTC Markets (Pink) |
| Redeemable warrants, each exercisable for one Class A ordinary share at an exercise price of $11.50 per share | IVAWF | OTC Markets (Pink) |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☐ No ☒

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As the registrant's securities were delisted from Nasdaq effective July 14, 2025, no market quotation on a national securities exchange is available for computing the aggregate market value of voting and non-voting ordinary equity held by non-affiliates as of June 30, 2025.

As of June 18, 2026, there were 6,482,874 Class A ordinary shares, par value $0.0001, and 1 Class B ordinary share, par value $0.0001, issued and outstanding.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K (this "Form 10-K") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements can be identified by words such as "believes," "expects," "intends," "plans," "may," "will," "potential," "projects," or their negatives. Forward-looking statements in this Form 10-K include, without limitation, statements regarding: (i) our ability to complete the business combination with Blue Finance Technology Holding Limited described herein or any other Initial Business Combination; (ii) our new sponsor's ability to fund our operations; (iii) our ability to maintain continued reporting under the Exchange Act following the delisting of our securities from Nasdaq; and (iv) our ability to operate as a going concern.

These statements involve risks and uncertainties, many of which are beyond our control, and actual results may differ materially. Factors that could cause such differences are described in "Item 1A. Risk Factors." We undertake no obligation to update any forward-looking statement except as required by law.

i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**PART I**](#a_001) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 1. Business](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 1A. Risk Factors](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;[Item 1B. Unresolved Staff Comments](#a_004) | 6 |
| &nbsp;&nbsp;&nbsp;[Item 1C. Cybersecurity](#a_005) | 6 |
| &nbsp;&nbsp;&nbsp;[Item 2. Properties](#a_006) | 6 |
| &nbsp;&nbsp;&nbsp;[Item 3. Legal Proceedings](#a_007) | 6 |
| &nbsp;&nbsp;&nbsp;[Item 4. Mine Safety Disclosures](#a_008) | 6 |
| [**PART II**](#a_009) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](#a_010) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 6. \[Reserved\]](#a_011) | 7 |
| &nbsp;&nbsp;&nbsp;[Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_012) | 8 |
| &nbsp;&nbsp;&nbsp;[Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#a_013) | 11 |
| &nbsp;&nbsp;&nbsp;[Item 8. Financial Statements and Supplementary Data](#a_014) | 11 |
| &nbsp;&nbsp;&nbsp;[Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_015) | 11 |
| &nbsp;&nbsp;&nbsp;[Item 9A. Controls and Procedures](#a_016) | 11 |
| &nbsp;&nbsp;&nbsp;[Item 9B. Other Information](#a_017) | 12 |
| &nbsp;&nbsp;&nbsp;[Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#a_018) | 12 |
| [**PART III**](#a_019) | 13 |
| &nbsp;&nbsp;&nbsp;[Item 10. Directors, Executive Officers and Corporate Governance](#a_020) | 13 |
| &nbsp;&nbsp;&nbsp;[Item 11. Executive Compensation](#a_021) | 14 |
| &nbsp;&nbsp;&nbsp;[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#a_022) | 14 |
| &nbsp;&nbsp;&nbsp;[Item 13. Certain Relationships and Related Transactions, and Director Independence](#a_023) | 14 |
| &nbsp;&nbsp;&nbsp;[Item 14. Principal Accountant Fees and Services](#a_024) | 16 |
| **[PART IV](#a_025)** | 17 |
| &nbsp;&nbsp;&nbsp;[Item 15. Exhibits, Financial Statement Schedules](#a_026) | 17 |
| &nbsp;&nbsp;&nbsp;[Item 16. Form 10-K Summary](#a_027) | 17 |
| [**SIGNATURES**](#a_028) | 18 |

---

ii

**PART I**

**Item 1. Business**

In this Form 10-K, references to the "Company," "we," "us" and "our" refer to Libity (formerly Investcorp AI Acquisition Corp.) References to the "Sponsor" or the "Current Sponsor" mean Samara Special Opportunities, a Cayman Islands exempted company that acquired control of the Company on August 28, 2025. References to the "Former Sponsor" mean ICE I Holdings Pte. Ltd., the Company's former sponsor.

***General***

Libity (formerly Investcorp AI Acquisition Corp.) is a Cayman Islands exempted company, formed on February 19, 2021 as a special purpose acquisition company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the "Initial Business Combination"). The Company was originally named Investcorp Acquisition Corp.; on January 11, 2022 it changed its name to Investcorp India Acquisition Corp.; and on October 15, 2024 and on May 14, 2026, it changed its name to Investcorp AI Acquisition Corp. and Libity, respectively. The Company intends to propose a further name change in connection with the Business Combination described below.

The Company has selected December 31 as its fiscal year end. The Company has not commenced any operations and will not generate operating revenue until it consummates an Initial Business Combination.

***Initial Public Offering and Private Placement***

The Company's registration statement for its initial public offering (the "IPO") was declared effective on May 9, 2022. On May 12, 2022, the Company consummated the IPO of 25,875,000 units (including the underwriter's over-allotment) at $10.00 per unit, generating gross proceeds of $258,750,000. Each unit consisted of one Class A ordinary share and one-half of one redeemable warrant (each whole warrant exercisable at $11.50 per share). Simultaneously with the IPO closing, the Former Sponsor purchased 16,087,500 private placement warrants at $1.00 per warrant, generating gross proceeds of $16,087,500.

After IPO expenses, $266,512,500 was deposited in a U.S.-based trust account (the "Trust Account") and invested in U.S. government securities with a maturity of 185 days or less, or in qualifying money market funds.

***Extension Meetings, Redemptions and Nasdaq Delisting***

On August 11, 2023, shareholders approved an extension of the business combination deadline to August 12, 2024 and removed the $5,000,001 net tangible asset redemption limitation. In connection therewith, holders of 16,085,554 Class A ordinary shares redeemed their shares for approximately $172,774,717 (approximately $10.74 per share). On August 12, 2024, shareholders approved a further extension to May 12, 2025, and holders of 8,314,066 Class A ordinary shares redeemed for approximately $95,447,584 (approximately $11.48 per share). Also on August 12, 2024, the Former Sponsor converted 6,468,749 of its Class B ordinary shares (the "Founder Shares") into Class A ordinary shares on a one-for-one basis.

On April 29, 2025, Nasdaq notified the Company of its determination to delist the Company's securities under Nasdaq Listing Rule IM-5101-2, which requires completion of a business combination within 36 months of IPO registration effectiveness. Trading on Nasdaq was suspended at the open of business on May 6, 2025. Nasdaq filed a Form 25 with the SEC on July 14, 2025, formally removing the Company's securities from listing and registration on Nasdaq. Since that time, the Company's units, Class A ordinary shares and warrants have traded on the OTC Markets under the symbols "IVAUF," "IVCAF" and "IVAWF," respectively.

On May 12, 2025, shareholders approved an extension of the deadline to consummate an Initial Business Combination from May 12, 2025 to May 12, 2027 (the "Combination Period"). In connection therewith, holders of 1,449,359 Class A ordinary shares redeemed for approximately $17,521,050 (approximately $12.09 per share). Following such redemptions, 26,021 Class A ordinary shares remained subject to possible redemption, and the Trust Account balance was approximately $473,146. On May 14, 2026, shareholders further approved an extension from May 12, 2027 to May 12, 2028. In connection therewith, holders of 11,896 Class A ordinary shares redeemed for approximately $152,721 (approximately $12.84 per share), which was paid on May 18, 2026. Following this redemption, 14,125 Class A ordinary shares subject to possible redemption remained outstanding in the trust.

***Change in Sponsorship – Purchase Agreement (August 28, 2025)***

On August 28, 2025, the Former Sponsor entered into a purchase agreement (the "Sponsor Purchase Agreement") with Samara Special Opportunities, the Current Sponsor. Pursuant to the Sponsor Purchase Agreement, the Former Sponsor sold to the Current Sponsor (i) 4,528,124 Class A ordinary shares (which had previously been converted from Founder Shares), (ii) 1 Class B ordinary share (the sole outstanding Founder Share), and (iii) 11,261,250 private placement warrants, for an aggregate purchase price of $1.00. The Former Sponsor retained 1,940,625 Class A ordinary shares and 4,826,250 private placement warrants (the "Retained Securities").

At closing: (a) the Current Sponsor joined the Registration and Shareholder Rights Agreement dated May 12, 2022; (b) the Former Sponsor's officers and directors resigned and were replaced by designees of the Current Sponsor, with Vikas Mittal appointed as Principal Executive Officer and a director and James DeAngelis appointed as Principal Financial Officer and a director; (c) the IPO-era letter agreement (the "Insider Letter") was terminated; (d) all SPAC Paid-Off Liabilities, Assumed Liabilities, and Written-Off Liabilities (as defined in the Purchase Agreement) were settled or extinguished as of August 29, 2025 (the "Payment Date"), as further described in Note 5; and (e) the Current Sponsor assumed responsibility for funding ongoing expenses of the Company, including any required Trust Account extension contributions.

***Business Combination Agreement with Blue Finance***

On April 8, 2026, the Company entered into a Business Combination Agreement (the "Business Combination Agreement" or "BCA") with Blue Finance Technology Holding Limited, a United Kingdom private limited company ("Blue Finance"), Beckwell One Limited, an Irish public limited company ("New Pubco"), a Cayman Islands merger subsidiary of New Pubco ("Merger Sub"), and the Target Representative. The BCA contemplates a two-step transaction in which: (i) Blue Finance shareholders will contribute their shares to New Pubco in exchange for an aggregate of 21,985,971 New Pubco ordinary shares valued at $10.00 per share (the "Closing Consideration"), together with up to 6,000,000 contingent earnout shares issuable over five years upon achievement of share price and market capitalization milestones; and (ii) Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of New Pubco (the "Merger" and, together with the share contribution, the "Business Combination"). The implied equity value of Blue Finance is approximately $300 million.

Concurrently with signing, the Current Sponsor, the Company and Blue Finance entered into a Sponsor Support Agreement pursuant to which, among other things, the Current Sponsor agreed to vote in favor of the Business Combination, waive its redemption rights, and to waive certain anti-dilution rights. The agreement includes customary transfer restrictions and will terminate upon the earlier of closing or termination of the Business Combination Agreement. The outside termination date under the BCA is November 4, 2026. On April 13, 2026, the Company and Blue Finance issued a joint press release announcing the transaction.

***Blue Finance – Overview***

Blue Finance is a UK-based consumer finance technology company that provides regulated lending products through digitally-native channels. Blue Finance operates under permissions granted by the United Kingdom Financial Conduct Authority ("FCA") and is subject to the FCA's Consumer Duty and related conduct requirements. Blue Finance's originations are supported by warehouse and forward-flow facilities with institutional credit partners. More detailed information regarding Blue Finance's business, financial condition and prospects will be included in the Form F-4 registration statement and proxy statement/prospectus to be filed by New Pubco in connection with the Business Combination.

***Business Strategy and Competition***

Following the Former Sponsor's departure, the Company no longer focuses its search on India-based targets. Under the Current Sponsor, the Company's focus has shifted to financial technology, consumer finance and adjacent sectors, with its primary focus being completion of the Business Combination with Blue Finance. If the Business Combination is not consummated, the Company may pursue an alternative Initial Business Combination target in any industry or geography within the Combination Period. The Company continues to face competition from other SPACs, private equity groups and strategic acquirers, and its limited remaining Trust Account balance may limit the scale of alternative targets.

***Employees; Facilities; Reporting***

The Company has two executive officers and no other employees. The Company's executive offices are located at the address on the cover page of this Form 10-K and are provided by an affiliate of the Current Sponsor at no cost to the Company. The Company registered its Units, Class A ordinary shares and warrants under the Exchange Act and continues to have reporting obligations thereunder notwithstanding the delisting of its securities from Nasdaq. The Company is an "emerging growth company" as defined in the JOBS Act and a "smaller reporting company" under Regulation S-K, and may rely on related reduced disclosure accommodations.

**Item 1A. Risk Factors**

An investment in our securities involves a high degree of risk. The risks described below are those that we currently consider material to our shareholders, but are not exhaustive. Additional risks not presently known to us, or that we currently believe to be immaterial, may also impair our business and results.

***Risks Relating to the Business Combination***

We may not complete the Business Combination with Blue Finance within the time required by the BCA. The BCA is subject to customary closing conditions, including SEC clearance of the Form F-4 registration statement, shareholder approval, receipt of required regulatory consents (including in the United Kingdom, Ireland and the Cayman Islands), and absence of a material adverse effect. If any such condition is not satisfied or waived by November 4, 2026, either party may terminate the BCA. Failure to consummate the Business Combination would leave us dependent on identifying an alternative target within the Combination Period ending May 12, 2028 as the extension was further approved by shareholders on May 14, 2026.

A large number of redemptions in connection with the Business Combination would reduce the cash available to the post-Closing company. Substantially all of our Trust Account has been depleted through prior redemptions; as of the date of this Form 10-K, only 14,125 Class A ordinary shares remain subject to redemption. Although redemptions at Closing are therefore expected to be limited in absolute dollar terms, additional financings (if any) may be necessary to fund Blue Finance's operations post-Closing, and no PIPE financing has been committed.

Our board did not obtain a fairness opinion in connection with the Business Combination. The Libity board of directors relied on the experience of its members and the results of due diligence to approve the transaction. No third-party valuation or fairness opinion was obtained, and shareholders have no assurance from an independent source that the price being paid for Blue Finance is fair to the Company from a financial point of view.

The Current Sponsor, the Former Sponsor and our directors and officers have interests in the Business Combination that differ from those of other shareholders, including the fact that their equity interests were acquired at nominal prices and will be worthless if the Business Combination (or another business combination) is not completed within the Combination Period.

***Risks Relating to Blue Finance's Business***

Blue Finance is subject to extensive regulation by the FCA, including the Consumer Duty, affordability and creditworthiness assessment obligations, and complaints-handling requirements. Any actual or perceived failure to comply could result in enforcement action, restrictions on Blue Finance's permissions, customer remediation obligations, or reputational harm. Blue Finance depends on warehouse and forward-flow facilities to fund originations; the loss or non-renewal of such facilities, or a material tightening of their terms, could materially reduce loan volumes.

Blue Finance operates in the United Kingdom and its revenues are denominated in pounds sterling, while New Pubco will be incorporated in Ireland and report in U.S. dollars. Currency fluctuations and cross-border tax and regulatory considerations could adversely affect the post-Closing company's financial results.

***Risks Relating to Our SPAC Structure and Trust Account***

On May 12, 2025, our shareholders approved an extension of the deadline by which we must consummate an initial business combination from May 12, 2025 to May 12, 2027. In connection with the extension, holders of 1,449,359 Class A ordinary shares exercised their redemption rights and redeemed their shares for an aggregate of approximately $17.5 million, or approximately $12.09 per share. As a result of these redemptions, only 26,021 Class A ordinary shares remained outstanding and subject to possible redemption, and the balance in the Trust Account was reduced to approximately $473,146.

Subsequently, on May 14, 2026, our shareholders approved a further extension of the deadline to consummate an initial business combination from May 12, 2027 to May 12, 2028. In connection with the 2026 Extraordinary General Meeting, holders of 11,896 Class A ordinary shares redeemed approximately $152,721 at a per-share redemption price of approximately $12.84. Following this redemption, 14,125 Class A ordinary shares subject to possible redemption remained outstanding in the trust. If we do not complete an Initial Business Combination by May 12, 2028, we will cease operations, redeem the remaining public shares, and dissolve. The amount per share available on redemption will be limited to the balance remaining in the Trust Account at that time, which as of December 31, 2025 was $12.56. If third parties bring claims against us, the proceeds held in the Trust Account could be reduced below that amount.

We are reliant on the Current Sponsor to fund our ongoing operations. Under the Sponsor Purchase Agreement, the Current Sponsor assumed responsibility for funding the ongoing expenses of the Company and any monthly extension contributions. The Current Sponsor has extended working capital loans of up to $300,000 to fund our operations pending Closing, but is not obligated to make additional loans beyond that amount. If the Current Sponsor is unable or unwilling to continue providing funding, we may be unable to continue our search for a target or fund the expenses of the Business Combination.

Our independent registered public accounting firm's report on our financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern.

***Risks Relating to Our Securities and OTC Trading***

Our securities were delisted from Nasdaq effective July 14, 2025 and now trade only on the OTC Markets. OTC trading is substantially less liquid than exchange-listed trading, generally has wider bid-ask spreads, and is subject to penny-stock rules that may further impair liquidity. This may adversely affect the trading price of our securities and the ability of shareholders to buy or sell our securities. In order to list the post-Closing company's securities on Nasdaq or another national securities exchange, New Pubco will be required to satisfy the initial listing requirements of such exchange, which are more stringent than the continued listing requirements applicable prior to delisting.

Our warrants are accounted for as liabilities measured at fair value, with changes in fair value reported in earnings. This may cause significant volatility in our reported results and may make us a less attractive business combination partner to certain targets.

The Current Sponsor holds the sole Class B ordinary share (the Founder Share) and a majority of our outstanding Class A ordinary shares. As a result, the Current Sponsor controls the outcome of most matters submitted to a shareholder vote, including the election of directors and approval of the Business Combination.

***Risks Relating to Internal Controls and Regulation***

We previously identified a material weakness in our internal control over financial reporting relating to an ineffective review control that resulted in a material adjustment to accrued expenses. Additionally, the Company did not maintain a control requiring independent reconciliation of the total trust account balance prior to distribution to redeeming shareholders, which resulted in an underpayment of approximately $155,957 to redeeming shareholders at the May 2025 extraordinary general meeting, subsequently corrected through a stub payment made in May 2026. Finally, the Company identified a material weakness during the year ended December 31, 2025 due to lack of controls over complex financial instruments. We continue remediation efforts but have not yet concluded that the material weaknesses have been remediated. The 2024 SPAC Rules impose additional disclosure and process requirements on de-SPAC transactions that may increase our costs and extend our timeline to completion.

Because we are incorporated in the Cayman Islands, shareholders may face practical difficulties enforcing their rights under U.S. federal securities laws, including in effecting service of process and enforcing U.S. judgments against our directors and officers resident outside the United States.

***Risks Relating to Macroeconomic and Geopolitical Conditions***

Macroeconomic conditions, tariff and trade policy uncertainty, geopolitical instability, and capital market volatility may adversely affect our ability to consummate the Business Combination. Global macroeconomic conditions have been characterized by significant volatility in recent periods. Factors including elevated inflation, rising and sustained high interest rates, broad-based U.S. tariff and trade policy changes, geopolitical conflicts (including the ongoing wars in Ukraine and the Middle East and heightened U.S.-China trade tensions), and concerns about a potential global economic slowdown have created, and may continue to create, adverse conditions affecting capital markets, credit availability, and business confidence. Deteriorating market conditions could reduce investor appetite for the Business Combination, make it more difficult to obtain PIPE or alternative financing commitments, impair New Pubco's ability to satisfy Nasdaq initial listing requirements, or make shareholder approval less certain. A prolonged period of market dislocation or capital market disruption could delay or prevent completion of the Business Combination before the November 4, 2026 outside date under the BCA. We cannot predict the duration or severity of current macroeconomic conditions or the impact of future policy changes, and there can be no assurance that such conditions will not further deteriorate before the Business Combination is consummated.

Blue Finance's consumer lending business is directly exposed to elevated UK benchmark interest rates and the availability of institutional funding facilities, each of which could materially impair its financial results and reduce the attractiveness of the Business Combination. Blue Finance funds its loan originations through warehouse and forward-flow facilities with institutional credit partners. Elevated benchmark rates (including SONIA and the Bank of England base rate) directly increase Blue Finance's cost of funds, compress net interest margins, and reduce the economics of its lending operations. A sustained high-rate environment, a credit tightening by funding partners, or a material deterioration in UK consumer credit performance could materially reduce Blue Finance's loan volumes, increase credit losses, or result in the loss or non-renewal of critical funding facilities. Any of these outcomes could adversely affect Blue Finance's financial condition and results of operations, render the Business Combination less attractive to shareholders, or affect New Pubco's ability to operate and grow the business following Closing.

Currency fluctuations between the pound sterling and the U.S. dollar could adversely affect the reported financial results of New Pubco following Closing. Blue Finance's revenues and costs are denominated in pounds sterling. Following the Business Combination, New Pubco will be incorporated in Ireland and will report its financial results in U.S. dollars. Accordingly, Blue Finance's sterling-denominated results will be translated into U.S. dollars for reporting purposes, and any depreciation of sterling against the U.S. dollar will reduce the reported dollar-equivalent value of Blue Finance's revenues, earnings, and assets. Volatility in the sterling/dollar exchange rate — which has been elevated in recent periods due to UK macroeconomic uncertainty, trade policy developments, and global risk sentiment — could cause significant period-to-period variability in New Pubco's reported results and make it difficult for investors to assess the underlying performance of the business. The Company and Blue Finance have not entered into currency hedging arrangements, and there can be no assurance that any such arrangements will be entered into following Closing.

U.S. tariff and trade policy developments may indirectly affect Blue Finance's business through macroeconomic spillover effects on the UK economy and UK consumer credit quality. The U.S. administration has imposed, and may impose additional, broad-based tariffs on goods imported from numerous trading partners, including the United Kingdom. Although Blue Finance's business is a UK consumer lending operation with no direct U.S. import or export exposure, the broader macroeconomic effects of tariff escalation — including retaliatory measures, reduced global trade volumes, currency volatility, increased inflationary pressure, and potential recessionary conditions in the UK — could reduce UK consumer spending power, increase unemployment, and impair the credit quality of Blue Finance's borrowers. An increase in defaults, delinquencies, or credit losses in Blue Finance's loan portfolio as a result of such conditions could materially reduce its earnings and the value of the combined company following Closing. Additionally, tariff-driven volatility in U.S. capital markets could reduce investor interest in New Pubco's securities following Closing.

New Pubco and Blue Finance will depend on access to debt and equity capital markets following Closing, and current macroeconomic conditions may impair their ability to raise financing on acceptable terms. No committed PIPE financing has been arranged in connection with the Business Combination. Following Closing, New Pubco and Blue Finance will be dependent on available debt and equity markets to fund Blue Finance's ongoing lending operations and support its growth strategy. A market environment characterized by tight credit conditions, elevated credit spreads, reduced appetite for small- and mid-cap equity issuances, or continued macroeconomic uncertainty could impair New Pubco's ability to access capital on acceptable terms or at all. Any failure to obtain adequate financing could constrain Blue Finance's loan origination volumes, limit its growth, and adversely affect New Pubco's financial condition and the trading price of its securities following Closing.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

We are a special purpose acquisition company with no business operations, no employees other than our executive officers, and no customer data. Our reliance on digital technologies is limited to third-party service providers (including our transfer agent, independent registered public accounting firm, and legal and administrative service providers). Our board of directors is responsible for general oversight of cybersecurity risk. We have not experienced any material cybersecurity incidents.

**Item 2. Properties**

We do not own or lease any real property. Our executive offices are located at the address on the cover page of this Form 10-K and are provided by an affiliate of the Current Sponsor at no cost to the Company.

**Item 3. Legal Proceedings**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities**

***Market Information***

The Company's Units, Class A ordinary shares and warrants were historically traded on the Nasdaq Global Market under the symbols "IVCAU," "IVCA" and "IVCAW," respectively. Effective July 14, 2025, Nasdaq formally removed the Company's securities from listing and registration pursuant to Nasdaq Listing Rule IM-5101-2. Since that time, the Company's Units, Class A ordinary shares and warrants have been quoted on the OTC Markets under the symbols "IVAUF," "IVCAF" and "IVAWF," respectively.

***Holders***

As of December 31, 2025, there were three (3) holders of record of our Class A ordinary shares, one (1) holder of record of our Units, two (2) holders of record of our warrants, and one (1) holder of record of our Class B ordinary share.

***Dividends***

We have not paid any cash dividends to date and do not intend to do so prior to completion of an Initial Business Combination.

***Unregistered Sales of Equity Securities***

Pursuant to the Sponsor Purchase Agreement dated August 28, 2025, the Former Sponsor sold to the Current Sponsor (i) 4,528,124 Class A ordinary shares, (ii) 1 Class B ordinary share, and (iii) 11,261,250 private placement warrants, for an aggregate purchase price of $1.00. The sale was made in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act as a transaction not involving a public offering. No other unregistered sales of equity securities occurred during the fiscal year ended December 31, 2025.

***Redemptions***

In connection with the extraordinary general meeting held on May 12, 2025, holders of 1,449,359 Class A ordinary shares exercised their redemption rights at a redemption price of approximately $12.09 per share, for an aggregate redemption amount of approximately $17,521,050.

***Issuer Purchases of Equity Securities***

None.

**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion should be read together with our audited financial statements and related notes included elsewhere in this Form 10-K. Forward-looking statements are subject to the risks and uncertainties described under "Item 1A. Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements."

***Overview***

We are a Cayman Islands exempted company formed on February 19, 2021 for the purpose of effecting an Initial Business Combination. Significant events during fiscal 2025 include: (i) the April 29, 2025 Nasdaq delisting determination and the subsequent July 14, 2025 formal removal of our securities from Nasdaq; (ii) the May 12, 2025 shareholder approval of an extension of the Combination Period to May 12, 2027 (subsequently extended to May 12, 2028 at the 2026 Extraordinary General Meeting held on May 14, 2026), and the related redemption of 1,449,359 Class A ordinary shares for $17,521,050; (iii) the August 28, 2025 closing of the Sponsor Purchase Agreement, pursuant to which Samara Special Opportunities acquired control of the Company and the Former Sponsor paid or forgave $5,050,793 of Company liabilities; and (iv) the subsequent appointment of Vikas Mittal as Principal Executive Officer and Director and James DeAngelis as Principal Financial Officer and Director. Subsequent to year-end, on April 8, 2026, we entered into the Business Combination Agreement with Blue Finance.

**Redemption and Supplemental ("Stub") Payment**

Subsequent to May 15, 2025, in connection with the redemption of 1,449,359 Class A ordinary shares, management identified that $150,000 of principal, representing three extension contribution payments, had not been included in the trust account balance used to calculate the redemption price paid to redeeming shareholders. This amount remained in the Citibank cash portion of the trust account and had not been invested as of the May 12, 2025 date used to determine the redemption value based on the trust balance reported by Citibank. Citibank subsequently credited the trust account with $1,055 of accrued interest on the uninvested $150,000 through May 12, 2025 (the "Omitted Amount"). As a result, the corrected trust account balance as of May 12, 2025, was approximately $17,986,669, compared to the $17,836,382 previously used to determine the redemption price.

Consequently, the Company approved a supplemental ("stub") payment to the shareholders who redeemed their shares on May 15, 2025. Based on the trust account reconciliation from Continental Stock Transfer & Trust Company ("CST") as of May 13, 2026, the Omitted Amount represented approximately 32.44% of the adjusted net trust balance remaining after the May 15, 2025, redemption payments. Applying the same proportional allocation to trust interest earned from May 12, 2025, through May 13, 2026, approximately $7,702 of additional interest was calculated as allocable to the redeeming shareholders. The aggregate stub distribution amounted to approximately $155,957, or approximately $0.1076 per redeemed share, after accounting for rounding and administrative holdbacks. The stub payment was distributed on May 15, 2026, which resulted in the trust account balance of approximately $181,337, or approximately $12.84 per remaining public share outstanding.

Following the stub payment of approximately $155,957 and redemption payment of approximately $152,721, the trust account balance was approximately $181,337, or approximately $12.84 per remaining public share outstanding as of May 15, 2026.

***Results of Operations***

We have not generated any operating revenue. For the fiscal year ended December 31, 2025, we had a net loss of $783,216, consisting of operating costs of $777,685 and loss on the change in fair value of warrant liability of $290,250, partially offset by interest earned on investments held in the Trust Account of $284,719. For the fiscal year ended December 31, 2024, we had net income of $2,326,207, consisting of operating costs of $1,948,874, offset by interest earned on investments held in the Trust Account of $3,984,831 and gain on the change in fair value of warrant liability of $290,250. The significant decrease in Trust Account interest income reflects the dramatic reduction in Trust Account funds following the May 2025 redemptions.

***Liquidity, Capital Resources and Going Concern***

As of December 31, 2025, we had cash of $1 held outside the Trust Account, working capital deficit of $176,223, and investments held in the Trust Account of $482,661 (including the amount payable to redeeming shareholders of $155,957). Our working capital position at year end reflects the August 2025 extinguishment of substantially all legacy sponsor liabilities in connection with the Sponsor Purchase Agreement and the discharge by the Former Sponsor of approximately $1,118,982 of third-party vendor obligations. Our ongoing operations are funded by a Working Capital Loan from the Current Sponsor of up to $300,000, of which $4,194 was outstanding at December 31, 2025.

For the year ended December 31, 2025, net cash used in operating activities was $2,216,260. Net loss of $783,216 was affected by the change in fair value of the warrant liability of $290,250 and interest income of $284,719. Changes in operating assets and liabilities used $1,438,575 of cash, primarily reflecting the reduction of accounts payable and accrued expenses (which were paid by the Company in connection with the Purchase Agreement) and payoff of the Due to Sponsor balance.

For the year ended December 31, 2025, net cash provided by investing activities was $17,321,050, primarily driven by the $17,521,050 withdrawn from the Trust Account for payment to redeeming shareholders in May 2025, partially offset by $200,000 of extension contributions deposited into the Trust Account during the year.

For the year ended December 31, 2025, net cash used in financing activities was $16,137,387, reflecting $17,521,050 in payments to redeeming shareholders, partially offset by $200,000 in proceeds from the convertible promissory note from the Original Sponsor, $1,046,172 in proceeds from the working capital loan from the Original Sponsor, $133,297 in accounts payable paid by Original Sponsor on behalf of the Company, and $4,194 from the Samara Working Capital Loan.

We intend to use substantially all of the funds in the Trust Account to complete our Business Combination. To the extent share capital or debt is used as consideration, the remaining Trust proceeds will be used as working capital to finance the operations of the target business, make other acquisitions, and pursue our growth strategies.

In order to finance transaction costs in connection with a Business Combination, our Sponsor, its affiliates, or our officers and directors may, but are not obligated to, loan the Company funds as may be required (the "Working Capital Loan"), evidenced by promissory notes. The Working Capital Loan is non-interest bearing and is repayable upon the earlier of the consummation of a Business Combination or the date the Company determines to cease pursuing a Business Combination. If a Business Combination does not close, the Company may use proceeds held outside the Trust Account — but no Trust proceeds — to repay the Working Capital Loan.

The Company has incurred and expects to continue to incur significant costs in pursuit of its Business Combination. The Company is dependent upon Samara Special Opportunities to fund operating expenses and Trust Account extension contributions, and there is no assurance that the Company will successfully consummate a Business Combination prior to May 12, 2028. Management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance date of these financial statements. Management's plans to address these conditions include consummating the Business Combination prior to May 12, 2028 and obtaining additional financial support from Samara as needed; however, these plans are outside the Company's control and accordingly substantial doubt has not been alleviated. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

***Off-Balance Sheet Arrangements***

As of December 31, 2025 and December 31, 2024, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

We do not have any long-term debt obligations, capital lease obligations, operating lease obligations, purchase obligations or other long-term liabilities, other than described below:

**Registration Rights**

The holders of the Founder Shares and Private Placement Warrants (and any Class A ordinary shares issuable upon exercise of the Private Placement Warrants) are entitled to registration rights pursuant to a registration rights agreement. The holders are entitled to make up to three demands, excluding short-form demands, that the Company register such securities, and have certain "piggy-back" registration rights with respect to registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

**Working Capital Loan**

In order to finance transaction costs in connection with a Business Combination, the Company's Sponsor, an affiliate of the Sponsor, or the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required (the "Working Capital Loan"), evidenced by promissory notes. The Working Capital Loan is non-interest bearing and is repayable upon the earlier of the consummation of a Business Combination or the date the Company determines to cease pursuing a Business Combination. In the event that a Business Combination does not close, the Company may use proceeds held outside the Trust Account — but no proceeds held in the Trust Account — to repay the Working Capital Loan.

***Critical Accounting Estimates***

This management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with GAAP. The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to fair value of financial instruments. We base our estimates on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The Company has identified the following as its critical accounting estimate:

**Warrants**

The Company accounts for its Public Warrants and Private Placement Warrants in accordance with ASC 815, *Derivatives and Hedging*. The warrants do not meet the criteria for equity classification under ASC 815-40 and are therefore recorded as liabilities at fair value, with subsequent changes in fair value recognized in the statements of operations.

Public Warrants are measured using quoted market prices when available. Depending on trading volume and market activity, the Public Warrants are classified as Level 1 or Level 2 within the fair value hierarchy. When observable market prices are not considered representative of an active market, alternative observable inputs may be used to estimate fair value. The fair value of the Private Placement Warrants has subsequently been measured by reference to the trading price of the Public Warrants, which is considered to be a Level 2 fair value measurement.

***Recently Issued and Adopted Accounting Standards***

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional quantitative and qualitative income tax disclosures to enable financial statements users to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which will be fiscal 2025. The Company adopted ASU 2023-09 during the fiscal year ended December 31, 2025 on a prospective basis. The adoption did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows and primarily resulted in enhanced income tax-related disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's financial statements.

**JOBS Act**

The Company is an "emerging growth company" within the meaning of the JOBS Act and has elected to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As a result, the Company will adopt new or revised accounting standards on the effective dates applicable to private companies, and the Company's financial statements may not be comparable to those of companies that comply with public company effective dates. The Company also intends to rely on other exemptions available to emerging growth companies, including exemptions from the requirement to provide an auditor's attestation report on internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act and from certain executive compensation disclosure requirements. The Company will remain an emerging growth company until the earliest of (i) the last day of the fiscal year following the fifth anniversary of its initial public offering, (ii) the date it qualifies as a "large accelerated filer," (iii) the date its annual gross revenues exceed $1.235 billion, or (iv) the date it has issued more than $1.0 billion in non-convertible debt over the prior three-year period.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

As a smaller reporting company, we are not required to provide the information required by this Item.

**Item 8. Financial Statements and Supplementary Data**

The information required by this Item appears following Item 15 of this Form 10-K and is incorporated herein by reference.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

Under the supervision and with the participation of our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of December 31, 2025. Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were not effective as of December 31, 2025, due to a previously identified material weakness in our internal control over financial reporting relating to an ineffective review control over the accrual of expenses, which resulted in a material adjustment to accrued expenses in connection with our Form 8-K filed on May 26, 2022 and an over-accrual of legal fees during the year ended December 31, 2023. Additionally, the Company did not maintain a control requiring independent reconciliation of the total trust account balance to ensure accuracy of the distribution to redeeming shareholders, which resulted in an underpayment.in the second quarter of the year ending December 31, 2025. Finally, the Company identified a material weakness during the year ended December 31, 2025 due to lack of controls over complex financial instruments.

Following the change in sponsorship on August 28, 2025, our new management team is in the process of designing and implementing additional review controls intended to remediate the material weaknesses, including the implementation of a quarterly close checklist requiring sign-off by both the chief financial officer and an independent reviewer. In addition, management has implemented an enhanced reconciliation procedure for all future redemption events, requiring: (i) a comprehensive pre-payment reconciliation of all trust account sub-components (money market, cash, and any other positions) to a single total trust balance; (ii) comparison of that total to the trust value used in the per-share calculation; and (iii) CFO sign-off on the reconciliation prior to any redemption disbursement. Additionally, we plan to implement a more thorough second level review process over the accounting for complex financial instruments. The material weaknesses will not be considered remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing, that the controls are operating effectively. As of December 31, 2025, the material weaknesses have not been remediated.

***Management's Report on Internal Control Over Financial Reporting***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Based on an assessment performed in accordance with the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), management has concluded that our internal control over financial reporting was not effective as of December 31, 2025 due to the material weaknesses described above. We continue our remediation efforts.

This Form 10-K does not include an attestation report of our independent registered public accounting firm due to our status as an emerging growth company.

***Changes in Internal Control Over Financial Reporting***

During the quarter ended December 31, 2025, there were changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting, as described in "Evaluation of Internal Control Over Financial Reporting."

**Item 9B. Other Information**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

***Directors and Executive Officers***

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Vikas Mittal | 44 | Principal Executive Officer and Director |
| James DeAngelis | 65 | Principal Financial Officer, Principal Accounting Officer and Director |

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Vikas Mittal has served as our Principal Executive Officer and a Director since August 28, 2025. Mr. Mittal has served as the Managing Member and Chief Investment Officer of Meteora Capital, LLC since January 2022, and previously was an investment professional and member of Glazer Capital, LLC, which he joined in 2005. Mr. Mittal also serves in roles at other special purpose acquisition companies, including as Chief Executive Officer and Chief Financial Officer of Invest Acquisition Corporation (formerly Investcorp Europe Acquisition Corp. I), Chief Financial Officer of Berto Acquisition Corp., and Chairman and Chief Financial Officer of CSLM Digital Asset Acquisition Corp III Ltd. Mr. Mittal holds a B.S. in Finance (summa cum laude) from the University of Florida and an MBA from NYU Stern School of Business, and is a CFA charter holder.

James DeAngelis has served as our Principal Financial Officer, Principal Accounting Officer and a Director since August 28, 2025. Mr. DeAngelis has more than 30 years of executive financial and operational experience in chief financial officer and chief operations officer roles across technology-focused public and private companies. His prior roles include Director of Digital Transformation and Segment CFO at Kroll, LLC and CFO and COO of Verus Analytics, LLC, and he previously served in C-suite roles at public companies including Commodore Environmental Services, Commodore Applied Technologies and Commodore Separation Technologies. Mr. DeAngelis holds B.S. degrees in biology and physiology from the University of Connecticut and a Master's in International Management from the Thunderbird School of Global Management, and is a graduate of the Harvard Business Analytics Program.

Departures. Effective as of August 28, 2025, in connection with the closing of the Sponsor Purchase Agreement, Nikhil Kalghatgi (Principal Executive Officer and Director), Dean Clinton (Principal Financial Officer and Director), Rishi Kapoor (Director), Kunal Bahl (Director), Girish Vanvari (Director), Ashwini Asokan (Director) and Manpreet Singh (Director) each resigned from all positions held with the Company.

***Committees of the Board of Directors***

Following the Nasdaq delisting on July 14, 2025 and the change in sponsorship and composition of our board on August 28, 2025, the Company's Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee ceased to operate in the composition disclosed in our most recent Annual Report. The Company is no longer required to maintain the corporate governance structures mandated by Nasdaq. The Company's board continues to be responsible for the oversight functions previously delegated to its committees, including oversight of the Company's independent registered public accounting firm and related-party transactions. The Company intends to reconstitute appropriate committees with independent directors upon completion of an Initial Business Combination.

***Code of Ethics***

The Company maintains a Code of Ethics applicable to its directors, officers and employees, a copy of which is filed as an exhibit to the Company's registration statement.

**Item 11. Executive Compensation**

None of our officers or directors has received any cash compensation for services rendered to us. Prior to the closing of the Sponsor Purchase Agreement, we reimbursed our Former Sponsor $10,000 per month for office space, utilities and administrative services. The administrative services arrangement with the Former Sponsor terminated in connection with the August 28, 2025 closing, and the Current Sponsor provides office space and administrative services to the Company at no cost. Our Sponsor, officers and directors are reimbursed for out-of-pocket expenses incurred in connection with activities on our behalf.

After completion of an Initial Business Combination, directors or members of our management team who remain with the Company may be paid consulting, management or other compensation by the combined company. All such compensation will be fully disclosed to shareholders to the extent then known in the proxy materials furnished in connection with the Initial Business Combination.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters**

The following table sets forth information regarding beneficial ownership of the Company's ordinary shares as of June 8, 2026 by: (i) each person known by the Company to beneficially own more than 5% of any class of the Company's outstanding ordinary shares; (ii) each of our executive officers and directors; and (iii) all of our executive officers and directors as a group. Beneficial ownership reflected in the table does not include the Private Placement Warrants, which are not exercisable within 60 days of the date hereof.

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| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Number of <br>Shares Beneficially<br> Owned** | **Approximate<br> % of Outstanding<br> Ordinary Shares** |
| Samara Special Opportunities (Current Sponsor) | 4528125 | 69.8% |
| ICE I Holdings Pte. Ltd. (Former Sponsor) | 1940625 | 29.9% |
| Vikas Mittal |  |  |
| James DeAngelis |  |  |
| All directors and officers as a group (two individuals) |  |  |

---

Percentages are based on a total of 6,482,874 Class A ordinary shares and 1 Class B ordinary share issued and outstanding as of June 8, 2026. The 1 Class B ordinary share is held by Samara Special Opportunities and carries the exclusive right to elect directors prior to an Initial Business Combination. Samara Special Opportunities is governed by its members; Vikas Mittal may be deemed to have voting and investment control over the securities held by Samara Special Opportunities and disclaims beneficial ownership except to the extent of his pecuniary interest therein.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

***Founder Shares and Private Placement Warrants***

On March 12, 2021, the Former Sponsor purchased 7,187,500 Founder Shares for $25,000. In March 2022, the Former Sponsor surrendered 718,750 Founder Shares for no consideration, leaving the Former Sponsor with 6,468,750 Founder Shares. On August 12, 2024, the Former Sponsor converted 6,468,749 Founder Shares into Class A ordinary shares on a one-for-one basis (completed November 18, 2024), leaving one Founder Share outstanding. Simultaneously with the IPO, the Former Sponsor purchased 16,087,500 Private Placement Warrants at $1.00 per warrant.

***Sponsor Purchase Agreement (August 28, 2025)***

Pursuant to the Sponsor Purchase Agreement, the Former Sponsor sold to the Current Sponsor (i) 4,528,124 Class A ordinary shares, (ii) 1 Class B ordinary share, and (iii) 11,261,250 Private Placement Warrants for an aggregate purchase price of $1.00. The Former Sponsor retained 1,940,625 Class A ordinary shares and 4,826,250 Private Placement Warrants. The Former Sponsor also (a) funded approximately $133,297 of third-party vendor obligations on behalf of the Company, and (b) forgave approximately $4,917,496 of related-party balances (Working Capital Loan of $2,836,172, Convertible Promissory Note of $1,650,000, amounts Due to Sponsor of $161,324, and accrued Administrative Services Fee of $270,000). The aggregate forgiveness and payment of $5,050,793 was recorded as a capital contribution to additional paid-in capital. At closing, the Company's IPO-era letter agreement was terminated, and the Current Sponsor entered into a joinder to the Registration and Shareholder Rights Agreement with respect to the Transferred Securities.

***Working Capital Loans – Current Sponsor***

Following the August 28, 2025 closing, the Current Sponsor has agreed to advance working capital loans of up to $300,000 to fund the Company's ongoing operating expenses. Such loans are non-interest bearing, and repayable upon the earlier of (i) the date on which Company consummates its initial business combination or (ii) the date on which Company determines to cease pursuing a business combination. As of December 31, 2025, $4,194 was outstanding under these arrangements.

***Extension Contributions***

Prior to August 28, 2025, the Former Sponsor funded extension contributions to the Trust Account. Following the closing of the Sponsor Purchase Agreement, the Current Sponsor assumed responsibility for all monthly extension contributions of $50,000 per month required under the May 12, 2025 extension.

***Sponsor Support Agreement***

Concurrently with the execution of the Business Combination Agreement on April 8, 2026, the Current Sponsor entered into a Sponsor Support Agreement pursuant to which it agreed to vote in favor of the Business Combination, waive its redemption rights, and to waive certain anti-dilution rights. The agreement includes customary transfer restrictions and will terminate upon the earlier of closing or termination of the Business Combination Agreement.

***Registration Rights***

The holders of the Founder Shares, Private Placement Warrants and warrants issuable upon conversion of working capital loans (including Samara Special Opportunities as successor to a portion of such securities pursuant to its joinder to the Registration and Shareholder Rights Agreement) are entitled to registration rights, including up to three demand registrations and customary "piggyback" rights.

***Director Independence***

Following the Nasdaq delisting on July 14, 2025, the Company is no longer subject to the director-independence rules of Nasdaq. Neither of the Company's two current directors would be considered "independent" within the meaning of Nasdaq rules or Rule 10A-3 under the Exchange Act because each is affiliated with the Current Sponsor.

**Item 14. Principal Accountant Fees and Services**

On November 1, 2024 CBIZ CPAs P.C. acquired the attest business of Marcum LLP ("Marcum") and Marcum continued to serve as the independent registered accounting firm of the Company. On April 22, 2025 with the approval of the Company's Board of Directors, CBIZ CPAs P.C. was engaged as the Company's independent registered public accounting firm for the year ended December 31, 2025.

The firm of CBIZ CPAs P.C., ("CBIZ"), acts as our independent registered public accounting firm for the fiscal year ended December 31, 2025. Marcum acted as our independent registered public accounting firm for the fiscal year ended December 31, 2024.

The following table summarizes the aggregate fees billed to the Company by CBIZ and Marcum LLP for professional services during the fiscal years ended December 31, 2025 and 2024, respectively:

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| | | |
|:---|:---|:---|
| **Type of Fee** | **Year Ended<br>Dec. 31,<br>2025** | **Year Ended<br>Dec. 31,<br>2024** |
| Audit Fees | $126600 | $129051 |
| Audit-Related Fees | $- | $- |
| Tax Fees | $8925 | $13905 |
| All Other Fees | $- | $- |

---

(1) Audit Fees. Audit fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and services that are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings.

(2) Audit-Related Fees. Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our year-end financial statements and are not reported under "Audit Fees." These services include attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.

(3) Tax Fees. Tax fees consist of fees billed for professional services relating to tax compliance.

(4) All Other Fees. All other fees consist of fees billed for all other services.

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules**

***(a)(1) Financial Statements***

The Company's audited financial statements as of December 31, 2025 and 2024 and for the fiscal years then ended, together with the Reports of Independent Registered Public Accounting Firms and the notes thereto, are included under a separate tab of this Form 10-K.

***(a)(2) Financial Statement Schedules***

None. All required information is presented in the financial statements or the notes thereto.

***(a)(3) Exhibits***

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| | | |
|:---|:---|:---|
| **Exhibit No.** | **Description** | **Filed/Incorporated <br>By Reference** |
| 2.1 | [Purchase Agreement, dated August 28, 2025, by and among Samara Special Opportunities, Investcorp AI Acquisition Corp. and ICE I Holdings Pte. Ltd.](https://www.sec.gov/Archives/edgar/data/1852889/000182912625006865/investcorpalacq_ex10-1.htm) | 10-Q filed May 28, 2026 |
| 2.2 | [Business Combination Agreement, dated April 8, 2026, by and among Investcorp AI Acquisition Corp., Blue Finance Technology Holding Limited, Beckwell One Limited, BFT Merger Sub Limited and the Target Representative](https://www.sec.gov/Archives/edgar/data/1852889/000182912626003449/investcorpalacq_ex2-1.htm) | 8-K filed April 13, 2026 |
| 3.1 | [Amended and Restated Memorandum and Articles of Association, as amended](https://www.sec.gov/Archives/edgar/data/1852889/000182912626005494/libity_ex3-1.htm) | 8-K filed May 20, 2026 |
| 4.1 | [Warrant Agreement, dated May 9, 2022, between the Company and Continental Stock Transfer & Trust Company](https://www.sec.gov/Archives/edgar/data/1852889/000119312522148668/d360757dex41.htm) | 8-K filed May 12, 2022 |
| 4.2 | [Description of Securities](libity_ex4-2.htm) | Filed herewith |
| 10.1 | [Investment Management Trust Agreement, dated May 9, 2022](https://www.sec.gov/Archives/edgar/data/1852889/000119312522148668/d360757dex102.htm) | 10-K filed April 17, 2024 |
| 10.2 | [Registration and Shareholder Rights Agreement, dated May 12, 2022 (as joined by Samara Special Opportunities)](https://www.sec.gov/Archives/edgar/data/1852889/000119312522148668/d360757dex103.htm) | 10-K filed April 17, 2024 |
| 10.3 | [Sponsor Support Agreement, dated April 8, 2026, by and among the Company, Samara Special Opportunities and Blue Finance Technology Holding Limited](https://www.sec.gov/Archives/edgar/data/1852889/000182912626003449/investcorpalacq_ex10-3.htm) | 8-K filed April 13, 2026 |
| 10.4 | [Form of Working Capital Loan / Promissory Note with Samara Special Opportunities](libity_ex10-4.htm) | Filed herewith |
| 14.1 | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1852889/000119312522044507/d159165dex14.htm) | 10-K filed April 17, 2024 |
| 24.1 | [Power of Attorney (included on the Signatures page of this Form 10-K)](#poa) | Filed herewith |
| 31.1 | [Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](libity_ex31-1.htm) | Filed herewith |
| 31.2 | [Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](libity_ex31-2.htm) | Filed herewith |
| 32.1 | [Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](libity_ex32-1.htm) | Furnished herewith |
| 32.2 | [Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](libity_ex32-2.htm) | Furnished herewith |
| 97.1 | [Clawback Policy](https://www.sec.gov/Archives/edgar/data/1852889/000119312524098000/d82380dex971.htm) | 10-K filed April 17, 2024 |
| 101.INS | Inline XBRL Instance Document | Filed herewith |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed herewith |

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**Item 16. Form 10-K Summary**

None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on June 18, 2026.

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| | |
|:---|:---|
| **LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)** | **LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)** |
| By: | /s/ Vikas Mittal |
| Name: | Vikas Mittal |
| Title: | Principal Executive Officer |

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**Power of Attorney**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Vikas Mittal his or her attorney-in-fact, with full power of substitution, for him or her in any and all capacities, to sign any amendments to this Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that such attorney-in-fact, or his substitute, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Position** | **Date** |
| /s/ Vikas Mittal | Principal Executive Officer and Director | June 18, 2026 |
|  | (Principal Executive Officer) |  |
| /s/ James DeAngelis | Principal Financial Officer and Director | June 18, 2026 |
|  | (Principal Financial Officer and Principal Accounting Officer) |  |

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**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**

**FINANCIAL STATEMENTS**

*As of and for the Fiscal Years Ended December 31, 2025 and 2024*

**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**

**INDEX TO FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| | **Page** |
| [Report of Independent Registered Public Accounting Firm (PCAOB Firm ID #199)](#b_001) | F-2 |
| [Report of Independent Registered Public Accounting Firm (PCAOB Firm ID #688)](#b_001a) | F-3 |
| [Balance Sheets as of December 31, 2025 and 2024](#b_002) | F-4 |
| [Statements of Operations for the years ended December 31, 2025 and 2024](#b_003) | F-5 |
| [Statements of Changes in Shareholders' Deficit for the years ended December 31, 2025 and 2024](#b_004) | F-6 |
| [Statements of Cash Flows for the years ended December 31, 2025 and 2024](#b_005) | F-7 |
| [Notes to Financial Statements](#b_006) | F-8 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Libity

**Opinion on the Financial Statements**

We have audited the accompanying balance sheet of Libity (formerly known as Investcorp AI Acquisition Corp.) (the "Company") as of December 31, 2025, the related statements of operations, changes in shareholders' deficit and cash flows for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Explanatory Paragraph – Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to the financial statements, the Company's ability to execute its business plan is dependent upon consummation of a business combination, and management has determined that if the Company is unable to complete a business combination by May 12, 2028, then the Company will cease all operations except for the purpose of liquidating. The Company entered into a business combination agreement with a business combination target on April 8, 2026; however, the completion of this transaction is subject to the approval of the Company's shareholders among other conditions. There is no assurance that the Company will obtain the necessary approvals, satisfy the required closing conditions, raise the additional capital it needs to fund its operations, and complete the transaction. Additionally, the Company lacks the capital resources that are needed to fund its operations for a reasonable period of time, which is generally considered to be one year from the issuance of the financial statements. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans with regard to these matters are also described in Note 1. The financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

<u>/s/ CBIZ CPAs P.C</u>.

CBIZ CPAs P.C.

We have served as the Company's auditor since 2021 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024)

Boston, MA

June 18, 2026

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Libity

**Opinion on the Financial Statements**

We have audited the accompanying balance sheet of Libity (formerly known as Investcorp AI Acquisition Corp.) (the "Company") as of December 31, 2024, the related statements of operations, changes in shareholders' deficit and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Explanatory Paragraph – Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1, to the financial statements, the Company's ability to execute its business plan is dependent upon consummation of a business combination, and management has determined that if the Company is unable to complete a business combination by May 12, 2025, then the Company will cease all operations except for the purpose of liquidating. In addition, the Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

<u>/s/ Marcum LLP</u>

Marcum LLP

We have served as the Company's auditor from 2021 to 2025.

Boston, MA

April 16, 2025

**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**

**BALANCE SHEETS**

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| **ASSETS** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1 | $1032598 |
| **Total Current Assets** | **1** | **1032598** |
| Investments held in Trust Account | 482661 | 17518993 |
| **Total Assets** | $**482662** | $**18551591** |
| **LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | $16073 | $1584416 |
| &nbsp;&nbsp;&nbsp;Redeeming shareholders payable | 155957 |  |
| &nbsp;&nbsp;&nbsp;Working Capital Loan – Sponsor (Samara) | 4194 |  |
| &nbsp;&nbsp;&nbsp;Working Capital Loan – Former Sponsor |  | 1790000 |
| &nbsp;&nbsp;&nbsp;Convertible Promissory Note – Former Sponsor |  | 1450000 |
| &nbsp;&nbsp;&nbsp;Due to Former Sponsor | - | 301557 |
| **Total Current Liabilities** | **176224** | **5125973** |
| Warrant Liability | 870751 | 580501 |
| **Total Liabilities** | **1046975** | **5706474** |
| **Commitments and Contingencies (Note 6)** |  |  |
| Class A ordinary shares; 26,021 and 1,475,380 shares subject to possible redemption at $12.56 and $11.87 per share at December 31, 2025 and 2024, respectively | 326705 | 17518993 |
| **Shareholders' Deficit** |  |  |
| &nbsp;&nbsp;&nbsp;Preference shares, $0.0001 par; 1,000,000 authorized; none issued |  |  |
| &nbsp;&nbsp;&nbsp;Class A ordinary shares, $0.0001 par; 479,000,000 authorized; 6,468,749 issued and outstanding at December 31, 2025 and 2024 | 647 | 647 |
| &nbsp;&nbsp;&nbsp;Class B ordinary shares, $0.0001 par; 20,000,000 authorized; 1 share issued and outstanding at December 31, 2025 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 5041277 |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (5932942) | (4674523) |
| **Total Shareholders' Deficit** | **(891018)** | **(4673876)** |
| **TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT** | $**482662** | $**18551591** |

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*The accompanying notes are an integral part of the financial statements.*

**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**

**STATEMENTS OF OPERATIONS**

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| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
| Formation costs and operating expenses | $777685 | $1948874 |
| Loss from operations | (777685) | (1948874) |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;Interest earned on investments held in Trust Account | 284719 | 3984831 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (290250) | 290250 |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | (5531) | 4275081 |
| **Net (loss) income** | $**(783216)** | $**2326207** |
| Weighted average shares outstanding – Class A redeemable | 534289 | 6577711 |
| Basic and diluted net (loss) income per share – Class A redeemable | $(0.11) | $0.18 |
| Weighted average shares outstanding – Class A and B non-redeemable | 6468750 | 6468750 |
| Basic and diluted net (loss) income per share – Class A and B non-redeemable | $(0.11) | $0.18 |

---

*The accompanying notes are an integral part of the financial statements.*

**LIBITY (INVESTCORP AI ACQUISITION CORP.)**

**STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT**

*For the Years Ended December 31, 2025 and 2024*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br>Shares** | **Class A<br>Amount** | **Class B<br>Shares** | **Class B<br>Amount** | **APIC** | **Accumulated<br>Deficit** | **Total** |
| **Balance – January 1, 2024** | **-** | $**-** | **6468750** | $**647** | $**-** | $**(2065899)** | $**(2065252)** |
| Accretion of Class A ordinary shares subject to possible redemption |  |  |  |  |  | (4934831) | (4934831) |
| Conversion of Class B into Class A ordinary shares | 6468749 | 647 | (6468749) | (647) |  |  |  |
| Net income | - | - | - | - | - | 2326207 | 2326207 |
| **Balance – December 31, 2024** | **6468749** | $**647** | **1** | $**-** | $**-** | $**(4674523)** | $**(4673876)** |
| Accretion of Class A ordinary shares subject to possible redemption |  |  |  |  | (9516) | (475203) | (484719) |
| Capital contribution – debt forgiveness by Former Sponsor |  |  |  |  | 5050793 |  | 5050793 |
| Net loss | - | - | - | - | - | (783216) | (783216) |
| **Balance – December 31, 2025** | **6468749** | $**647** | **1** | $**-** | $**5041277** | $**(5932942)** | $**(891018)** |

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*The accompanying notes are an integral part of the financial statements.*

**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**

**STATEMENTS OF CASH FLOWS**

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| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(783216) | $2326207 |
| &nbsp;&nbsp;&nbsp;**Adjustments to reconcile net (loss) income to net cash used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | 290250 | (290250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earned on investments held in Trust Account | (284719) | (3984831) |
| &nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets |  | 192366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (1165045) | 952606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable paid by Former Sponsor on behalf of the Company | (133297) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Former Sponsor | (140233) | 69723 |
| **Net cash used in operating activities** | **(2216260)** | **(734179)** |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments withdrawn from Trust Account for payment to redeeming shareholders | 17521050 | 95447584 |
| &nbsp;&nbsp;&nbsp;Cash deposited in Trust Account for extension contributions | (200000) | (950000) |
| **Net cash provided by investing activities** | **17321050** | **94497584** |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payment to redeeming shareholders | (17521050) | (95447584) |
| &nbsp;&nbsp;&nbsp;Proceeds from Working Capital Loan – Sponsor (Samara) | 4194 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Working Capital Loan – Former Sponsor | 1046172 | 1490000 |
| &nbsp;&nbsp;&nbsp;Proceeds from Convertible Promissory Note – Former Sponsor | 200000 | 950000 |
| &nbsp;&nbsp;&nbsp;Accounts payable paid by Former Sponsor on behalf of the Company | 133297 | - |
| **Net cash used in financing activities** | **(16137387)** | **(93007584)** |
| **Net Change in Cash** | **(1032597)** | **755821** |
| Cash – Beginning of year | 1032598 | 276777 |
| **Cash – End of year** | $**1** | $**1032598** |
| **Non-cash investing and financing activities:** |  |  |
| Accretion of Class A ordinary shares subject to possible redemption | $484719 | $4934831 |
| Deemed contribution for forgiveness of accrued expenses—Former Sponsor | $270000 | $- |
| Deemed contribution for forgiveness of amount due to Former Sponsor | $161324 | $- |
| Deemed contribution for forgiveness of convertible promissory note—Former Sponsor | $1650000 | $- |
| Deemed contribution for forgiveness of working capital loan—Former Sponsor | $2836172 | $- |
| Redeeming shareholders payable | $155957 | $- |
| Conversion of Class B ordinary shares to Class A ordinary shares | $- | $647 |

---

Supplemental disclosure: The Company paid no cash for income taxes or interest during the years ended December 31, 2025 and 2024.

*The accompanying notes are an integral part of the financial statements.*

**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS**

Libity (formerly known as Investcorp AI Acquisition Corp.) (the "Company") is a blank check company incorporated in the Cayman Islands on February 19, 2021. The Company was formed for the purpose of effectuating a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (the "Business Combination"). On January 11, 2022, the Company changed its name from Investcorp Acquisition Corp. to Investcorp India Acquisition Corp.; and on October 15, 2024, the Company changed its name to Investcorp AI Acquisition Corp. On May 14, 2026 the Company changed its name to Libity.

As of December 31, 2025, and for the period from February 19, 2021 (inception) through December 31, 2025, the Company has not commenced any operations and will not generate operating revenue until after the completion of its Business Combination. The Company has selected December 31 as its fiscal year end.

***Initial Public Offering and Private Placement***

On May 12, 2022, the Company consummated its Initial Public Offering of 22,500,000 units (the "Units"), at $10.00 per Unit, generating gross proceeds of $225,000,000. The underwriter also exercised its over-allotment option in full, resulting in an additional 3,375,000 Units issued for an aggregate amount of $33,750,000. Simultaneously, the Company consummated the sale of 16,087,500 Private Placement Warrants at $1.00 per warrant to ICE I Holdings Pte. Ltd. (the "Former Sponsor"), generating gross proceeds of $16,087,500.

***Extension Meetings and Redemptions***

At extraordinary general meetings held on August 11, 2023, August 12, 2024 and May 12, 2025, shareholders approved successive extensions of the deadline to complete a Business Combination and exercised their redemption rights as follows: (i) August 2023 – 16,085,554 shares redeemed for $172,774,717 ($10.74 per share); (ii) August 2024 – 8,314,066 shares redeemed for $95,447,584 ($11.48 per share); and (iii) May 2025 – 1,449,359 shares redeemed for $17,521,050 ($12.09 per share). Following the May 2025 redemptions, 26,021 Class A ordinary shares remained subject to possible redemption. The current deadline to consummate a Business Combination is May 12, 2028 (the "Combination Period"). On May 14, 2026, shareholders further approved an extension from May 12, 2027 to May 12, 2028 and a change of the Company's name to "Libity".

***Nasdaq Delisting***

On April 29, 2025, after prior notices, Nasdaq notified the Company of its determination to delist the Company's securities under Nasdaq Listing Rule IM-5101-2, which requires a SPAC to complete a business combination within 36 months of IPO registration effectiveness. Trading on Nasdaq was suspended effective May 6, 2025. On July 14, 2025, Nasdaq filed a Form 25 with the Securities and Exchange Commission (the "SEC") formally removing the Company's securities from listing and registration on Nasdaq. Since that time, the Company's units, Class A ordinary shares and warrants have been quoted on the OTC Markets under the symbols "IVAUF," "IVCAF" and "IVAWF," respectively.

***Change in Sponsorship – Purchase Agreement (August 28, 2025)***

On August 28, 2025, the Company entered into and consummated a purchase agreement (the "Sponsor Purchase Agreement") by and among Samara Special Opportunities ("Samara" or the "Current Sponsor"), the Company, and the Former Sponsor. Pursuant to the Sponsor Purchase Agreement, the Former Sponsor sold to Samara (i) 4,528,124 Class A ordinary shares, (ii) 1 Class B ordinary share, and (iii) 11,261,250 Private Placement Warrants, for an aggregate purchase price of $1.00. The Former Sponsor retained 1,940,625 Class A ordinary shares and 4,826,250 Private Placement Warrants (the "Retained Securities").

At closing: (a) Samara joined the Registration and Shareholder Rights Agreement dated May 12, 2022; (b) the Former Sponsor's officers and directors resigned and were replaced by designees of Samara; (c) the IPO-era letter agreement was terminated; d) all SPAC Paid-Off Liabilities, Assumed Liabilities, and Written-Off Liabilities (as defined in the Purchase Agreement) were settled or extinguished as of August 29, 2025 (the "Payment Date"), as further described in Note 5; and (e) Samara assumed responsibility for funding the ongoing expenses of the Company, including any monthly Trust Account extension contributions.

***Business Combination Agreement (Subsequent Event – April 8, 2026)***

On April 8, 2026, the Company entered into a Business Combination Agreement (the "BCA") with Blue Finance Technology Holding Limited ("Blue Finance"), Beckwell One Limited, an Irish public limited company ("New Pubco"), a Cayman Islands merger subsidiary of New Pubco, and the target representative. The BCA contemplates a two-step transaction in which (i) Blue Finance shareholders will contribute their shares to New Pubco in exchange for an aggregate of 21,985,971 New Pubco ordinary shares valued at $10.00 per share, together with up to 6,000,000 contingent earnout shares issuable over five years, and (ii) the merger subsidiary will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of New Pubco. The outside termination date under the BCA is November 4, 2026. See Note 11.

***Liquidity, Capital Resources and Going Concern***

As of December 31, 2025, the Company had $1 in cash and a working capital deficit of $176,223. The Company has until May 12, 2028 to complete a Business Combination. The Paid-Off Liabilities and Written-Off Liabilities (each as defined in the Purchase Agreement) that existed prior to the change in sponsorship were discharged or forgiven at or prior to the Payment Date. Following the closing, Samara has provided the Company with a Working Capital Loan vehicle for up to $300,000 to fund on-going operations. As of December 31, 2025, $4,194 was outstanding under the Samara's Working Capital Loan.

The Company has incurred and expects to continue to incur significant costs in pursuit of a Business Combination. The Company lacks the financial resources required to sustain operations for one year from the issuance date of these financial statements and is dependent on Samara to fund operating expenses. There is no assurance that the Company will successfully consummate a Business Combination prior to May 12, 2028. Management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance date of these financial statements. Management's plans to address these conditions include consummating the Business Combination prior to May 12, 2028 and obtaining additional financial support from Samara as needed; however, these plans are outside the Company's control and accordingly substantial doubt has not been alleviated. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

***Risks and Uncertainties***

*Recent Tax Legislation.* On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law. ASC 740 requires the effects of changes in tax laws to be recognized in the period in which legislation is enacted. The Company has evaluated the OBBBA and concluded that none of its provisions has a material impact on the Company's financial statements, consistent with the Company's status as a Cayman Islands exempted company with no U.S. or other jurisdictional tax exposure.

The Inflation Reduction Act of 2022 imposes a 1% excise tax on the fair market value of stock repurchased by U.S. domestic corporations whose stock is traded on an established securities market, beginning in 2023, with certain exceptions (the "Excise Tax"). The Company is a Cayman Islands exempted company and is not a U.S. domestic corporation for U.S. federal income tax purposes, and therefore the Excise Tax does not apply to the Company's redemptions of its Class A ordinary shares. Treasury regulations and IRS guidance addressing the application of the Excise Tax to non-U.S. corporations and to redemptions occurring in connection with business combinations remain subject to interpretation, and the Company will continue to monitor developments. As of December 31, 2025, the Company has not recognized any liability for Excise Tax, including with respect to the August 2024 and May 2025 redemptions of its Class A ordinary shares.

*Macroeconomic and Geopolitical Conditions*. Macroeconomic, geopolitical, and trade-policy conditions — including U.S. tariff and trade policy changes, elevated global interest rates, ongoing geopolitical conflicts, and concerns about potential economic slowdown — may adversely affect our ability to consummate the Business Combination and the post-closing business of New Pubco and Blue Finance. Blue Finance's consumer lending operations are directly sensitive to UK benchmark interest rates (which affect its cost of funds, net interest margins, and the economics of its lending business), to the availability and terms of institutional warehouse and forward-flow financing facilities, and to UK consumer credit conditions. Elevated UK rates have compressed net interest margins across the consumer lending sector and tightened institutional credit availability; a continued high-rate environment or further credit tightening could materially impair Blue Finance's financial results. Blue Finance's revenues are denominated in pounds sterling; a significant depreciation of sterling against the U.S. dollar would reduce the reported dollar-equivalent value of Blue Finance's business and adversely affect New Pubco's reported results post-Closing. U.S. tariff escalation, while not directly impacting Blue Finance's UK consumer lending operations, could produce broader macroeconomic spillover effects in the UK — including higher unemployment, reduced consumer purchasing power, and increased credit losses — that adversely affect the quality of Blue Finance's loan portfolio. No PIPE financing has been committed, and New Pubco will depend on access to debt and equity capital markets post-Closing; continued market volatility may impair this access. We continue to monitor these developments; however, we cannot predict their ultimate impact on the Business Combination or on New Pubco's post-closing performance. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

**NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the SEC.

***Emerging Growth Company and Smaller Reporting Company***

The Company is an emerging growth company (an "EGC") under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Section 102(b)(1) of the JOBS Act permits EGCs to delay adoption of new or revised financial accounting standards until those standards are required to be applied to private companies. The JOBS Act allows an EGC to irrevocably opt out of this extended transition period, but the Company has elected not to opt out. Accordingly, when a new or revised accounting standard has different effective dates for public and private companies, the Company will adopt the standard on the private-company effective date. As a result, the Company's financial statements may not be comparable to those of public companies that are required to comply with public-company effective dates.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the fair value of the warrants.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, Actual results could differ from those estimates.

***Sponsor Debt Forgiveness and Capital Contribution***

In connection with the Purchase Agreement, the Former Sponsor agreed to the discharge and forgiveness of all related-party balances owed by the Company to the Former Sponsor as of the Payment Date. These balances included: (i) Working Capital Loan of $2,836,172; (ii) Convertible Promissory Note of $1,650,000; (iii) amounts Due to Former Sponsor of $161,324; and (iv) accrued Administrative Services Fee of $270,000. In addition, the Former Sponsor paid $133,297 of the Paid-Off Liabilities (totaling approximately $1,118,982), on behalf of the Company, while the Company paid $977,618 and received a vendor credit of $8,067. The aggregate forgiveness and payment of $5,050,793 have been recorded as a capital contribution and credited to additional paid-in capital in the year ended December 31, 2025, in accordance with ASC 470-50 and ASC 850 as a related-party transaction.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2025 and 2024, the Company had $1 and $1,032,598 of cash and no cash equivalents, respectively.

***Investments Held in Trust Account***

As of December 31, 2025 and 2024, the Company had $482,661 and $17,518,993, respectively, held in money market funds, which are invested primarily in U.S. Treasury Securities.

***Concentration of Credit Risk***

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. As of December 31, 2025 and 2024, the Company had $1 and $1,032,598 in cash in the bank account, respectively. However, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

***Class A Ordinary Shares Subject to Possible Redemption***

The Company accounts for its Class A ordinary shares subject to possible redemption under ASC 480, Distinguishing Liabilities from Equity. Class A ordinary shares with redemption rights that are outside the Company's sole control are classified as temporary equity. As of December 31, 2025 and 2024, 26,021 and 1,475,380 Class A ordinary shares, respectively, were classified as temporary equity and presented outside of the shareholders' deficit section of the balance sheet, because the related redemption rights are subject to uncertain future events outside the Company's control.

Changes in redemption value are recognized immediately as they occur, and the carrying value of redeemable Class A ordinary shares is adjusted to equal the redemption value at the end of each reporting period. Such changes are recorded as charges against additional paid-in capital (to the extent available) and thereafter against accumulated deficit.

As of December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the balance sheet is reconciled in the following table:

---

| | |
|:---|:---|
| Class A ordinary shares subject to possible redemption at December 31, 2023 | $108031746 |
| Plus: |  |
| Accretion of carrying value to redemption value | 4934831 |
| Less: |  |
| Shares redeemed in August 2024 | (95447584) |
| Class A ordinary shares subject to possible redemption at December 31, 2024 | $17518993 |
| Plus: |  |
| Accretion of carrying value to redemption value | 484719 |
| Less: |  |
| Shares redeemed in May 2025 | (17521050) |
| Redeeming shareholders payable | (155957) |
| Class A ordinary shares subject to possible redemption at December 31, 2025 | $326705 |

---

***Warrant Liability***

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable guidance under ASC 480 and ASC 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments under ASC 480 that meet the definition of a liability, and whether the warrants meet the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own ordinary shares. This assessment is performed at issuance and at each subsequent reporting date.

Warrants that qualify for equity classification are recorded as a component of additional paid-in capital at issuance. Warrants that do not qualify for equity classification are recorded as liabilities at fair value, with subsequent changes in fair value recognized in the statements of operations as a non-cash gain or loss.

***Derivative Financial Instruments***

The Company evaluates its financial instruments under ASC Topic 815 to determine whether they are derivatives or contain embedded derivative features. Derivative instruments classified as liabilities are initially recorded at fair value on the grant date and remeasured at each reporting date, with changes in fair value recognized in the statements of operations. The classification of derivative instruments as liabilities or equity is reassessed at each reporting date. Derivative liabilities are presented as current or non-current based on whether net cash settlement or conversion could be required within 12 months of the balance sheet date.

***Income Taxes***

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes." There is currently no taxation imposed on income by the Government of the Cayman Islands. Consequently, income taxes are not reflected in the Company's financial statements. As of December 31, 2025 and 2024, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. ASU 2023-09 (effective for fiscal years beginning after December 15, 2024) requires a tabular rate reconciliation and disaggregation of income taxes paid. Because the Company has no income tax expense or benefit in any jurisdiction for the years ended December 31, 2025 and 2024, no rate reconciliation table or tax-paid disaggregation is presented herein, as such disclosures would be uninformative. The Company is a Cayman Islands exempted company not subject to income taxes in any jurisdiction. As such, the Company's tax provision was zero for the years ended December 31, 2025 and 2024. Tax years 2022 through 2025 remain nominally open, but no taxing authority has asserted jurisdiction over the Company.

***Net Income (Loss) Per Ordinary Share***

The Company has two classes of ordinary shares — Class A and Class B — which share pro rata in the Company's net income or loss. Net income or loss per ordinary share is calculated by dividing net income or loss allocable to each class by the weighted average number of shares of that class outstanding during the period. Diluted net income or loss per share is the same as basic, because the warrants are not exercisable until the consummation of a Business Combination and therefore are not included in the calculation of diluted earnings per share. Accretion of redeemable Class A ordinary shares to redemption value is excluded from the numerator because the redemption value approximates the carrying amount.

The following tables reflect the calculation of basic and diluted net (loss) income per ordinary share (in dollars, except share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Class A<br>Ordinary<br>Redeemable<br>Shares** | **Class A and B<br>Ordinary<br>Non-redeemable<br>Shares** | **Class A<br>Ordinary<br>Redeemable<br>Shares** | **Class A and B<br>Ordinary<br>Non-redeemable<br>Shares** |
| Basic and diluted net (loss) income per ordinary share |  |  |  |  |
| Numerator: |  |  |  |  |
| Allocation of net (loss) income | $(59755) | $(723461) | $1172817 | $1153390 |
| Denominator: |  |  |  |  |
| Basic and diluted weighted average shares outstanding | 534289 | 6468750 | 6577711 | 6468750 |
| Basic and diluted net (loss) income per ordinary share | $(0.11) | $(0.11) | $0.18 | $0.18 |

---

***Fair Value of Financial Instruments***

The Company applies ASC 820, which establishes a framework for measuring fair value. The fair value hierarchy categorizes inputs into three levels based on observability. See Note 9.

***Redeeming Shareholders Payable***

Subsequent to the May 15, 2025 redemption of 1,449,359 Class A ordinary shares, the Company determined that approximately $151,055 of trust assets, consisting of three extension contribution payments and related interest, had been omitted from the Trust Account balance used to calculate the redemption price paid to redeeming shareholders. As a result, the Company approved a supplemental ("stub") payment to the affected redeeming shareholders.

In addition, the Company allocated a portion of trust earnings attributable to the omitted amount through the payment date. Accordingly, the Company recorded a liability of approximately $155,957 payable to redeeming shareholders as of December 31, 2025, representing the supplemental redemption amount due to shareholders who redeemed their shares in connection with the May 15, 2025 redemption event. The supplemental payment was distributed on May 15, 2026.

***Operating Segments***

The Company operates as one operating segment. The Company's chief operating decision maker (the Principal Executive Officer) reviews the Company's financial information and resources and assesses performance on a consolidated basis. The Company does not accumulate discrete financial information with respect to separate divisions and does not have separate operating or reportable segments.

***Recently Issued and Adopted Accounting Pronouncements***

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional quantitative and qualitative income tax disclosures to enable financial statements users better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which will be fiscal 2025. The Company adopted ASU 2023-09 during the fiscal year ended December 31, 2025 on a prospective basis. The adoption did not have a material impact on the Company's financial position, results of operations, or cash flows and primarily resulted in enhanced income tax-related disclosures.

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's financial statements.

**NOTE 3. INITIAL PUBLIC OFFERING**

Pursuant to the IPO on May 12, 2022, the Company sold 25,875,000 Units (including the over-allotment) at a purchase price of $10.00 per Unit. Each Unit consisted of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant ("Public Warrant"). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 7).

**NOTE 4. PRIVATE PLACEMENT**

Simultaneously with the closing of the IPO, the Former Sponsor purchased an aggregate of 16,087,500 Private Placement Warrants at a price of $1.00 per warrant. As a result of the August 28, 2025 Sponsor Purchase Agreement, 11,261,250 of these Private Placement Warrants were transferred to Samara and 4,826,250 are retained by the Former Sponsor. Each Private Placement Warrant is identical to the Public Warrants, except there will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Placement Warrants, which will expire worthless if the Company does not consummate a Business Combination within the Combination Period.

**NOTE 5. RELATED PARTY TRANSACTIONS**

***Founder Shares and Change in Sponsorship***

On March 12, 2021, the Former Sponsor purchased 7,187,500 Class B ordinary shares (the "Founder Shares") for an aggregate purchase price of $25,000. In March 2022, the Former Sponsor surrendered 718,750 Founder Shares for no consideration, leaving the Former Sponsor with 6,468,750 Founder Shares. On August 12, 2024, the Former Sponsor converted 6,468,749 Founder Shares into Class A ordinary shares on a one-for-one basis, with such conversion completed on November 18, 2024.

On August 28, 2025, pursuant to the Sponsor Purchase Agreement, the Former Sponsor sold to Samara (i) 4,528,124 Class A ordinary shares, (ii) 1 Class B ordinary share (the sole outstanding Founder Share), and (iii) 11,261,250 Private Placement Warrants, for an aggregate purchase price of $1.00. Following the closing, the Former Sponsor retained 1,940,625 Class A ordinary shares and 4,826,250 Private Placement Warrants.

***Settlement and Forgiveness of Liabilities at Closing (Purchase Agreement)***

In connection with the Purchase Agreement, effective as of August 29, 2025 (the "Payment Date"), the following related-party and third-party liabilities of the Company were paid or forgiven:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Paid-Off Liabilities: The Company's third-party liabilities totaling approximately $1,118,982 , including Winston & Strawn LLP ($846,172), Continental Stock Transfer & Trust Company ($76,982), Donnelley Financial ($113,280), and other vendors ($82,548). These amounts were recorded as accounts payable on the Company's balance sheets. The Former Sponsor paid $133,297 of these liabilities, which was recognized as a capital contribution to additional paid-in capital. As of December 31, 2024, the Company's third-party liabilities totaled $1,374,416 .

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Written-Off Liabilities: The following related-party balances owed by the Company to the Former
 Sponsor were forgiven in full as of the Payment Date and recorded as capital contributions to additional paid-in capital: Working
 Capital Loan-Former Sponsor ($2,836,172),
 Convertible Promissory Note—Former Sponsor ($1,650,000),
 Due to Former Sponsor ($161,324),
 and accrued Administrative Services Fee ($270,000).
 The aggregate of the forgiven balances totaling $4,917,496 ,
 together with $133,297 of the Paid-Off Liabilities funded directly by the Former Sponsor, represents a total capital contribution to additional paid-in
 capital of $5,050,793 .
 As of December 31, 2024, the related-party balances owed by the Company to the Former Sponsor totaled $3,751,557 :
 Working Capital Loan-Former Sponsor ($1,790,000),
 Convertible Promissory Note—Former Sponsor ($1,450,000),
 Due to Former Sponsor ($301,557),
 and accrued Administrative Services Fee ($210,000).

***Working Capital Loan – Samara Special Opportunities (Current Sponsor)***

Following the closing of the Purchase Agreement, Samara Special Opportunities, as the Current Sponsor, provided the Company with a Working Capital Loan of up to $300,000 to fund ongoing operating expenses in connection with the Company's search for a Business Combination. As of December 31, 2025, there was $4,194 outstanding under the Samara Working Capital Loan. The Samara Working Capital Loan is non-interest bearing and repayable upon the earlier of (i) the date on which Company consummates its initial business combination or (ii) the date on which Company determines to cease pursuing a business combination.

**NOTE 6. COMMITMENTS AND CONTINGENCIES**

***Registration Rights***

Pursuant to the Registration Rights Agreement dated May 12, 2022, the holders of Founder Shares and Private Placement Warrants will have registration rights. Samara Special Opportunities has joined the Registration Rights Agreement pursuant to a joinder executed in connection with the Purchase Agreement and will receive the same registration rights as previously held by the Former Sponsor with respect to the Transferred Securities.

**NOTE 7. WARRANT LIABILITY**

The Company accounts for the 29,025,000 warrants issued in connection with the Initial Public Offering (16,087,500 Private Placement Warrants and 12,937,500 Public Warrants) as liabilities under ASC 815-40, *Derivatives and Hedging*, because the warrants are not considered indexed to the Company's own stock. The warrants are measured at fair value at each reporting date, with changes in fair value recognized in the statement of operations. The Company will continue to remeasure the warrants until the earlier of their exercise or expiration, at which time the related warrant liability will be reclassified to additional paid-in capital.

Public Warrants may only be exercised for a whole number of shares; no fractional shares will be issued. The Public Warrants will become exercisable 30 days after the consummation of a Business Combination and will expire five years thereafter or earlier upon redemption or liquidation.

The Company will not be obligated to deliver Class A ordinary shares upon exercise of a Public Warrant unless a registration statement under the Securities Act covering the issuance of the underlying shares is then effective and a current prospectus is available, and unless the issuance is registered or qualified under the securities laws of the state of the exercising holder (or an exemption is available).

Within 15 business days after the closing of a Business Combination, the Company has agreed to use its best efforts to file a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain its effectiveness, with a current prospectus, until the warrants expire or are redeemed. If a registration statement covering such shares is not effective by the 60th business day after the closing, holders may exercise on a cashless basis under Section 3(a)(9) of the Securities Act or another available exemption until effectiveness is restored.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants in whole and not in part, at $0.01 per warrant, upon not less than 30 days' prior written notice, if and only if the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, dividends, reorganizations, recapitalizations, and the like) for any 20 trading days within a 30-trading-day period ending three business days before the Company sends the notice of redemption.

The Company may not exercise this redemption right unless an effective registration statement covering the underlying Class A ordinary shares is in place throughout the 30-day redemption period, except that the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities under applicable state securities laws.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants in whole and not in part, at $0.10 per warrant, upon a minimum of 30 days' prior written notice, if and only if (i) the closing price of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted for anti-dilution adjustments described in the warrant agreement) for any 20 trading days within a 30-trading-day period ending three trading days before the Company sends the notice of redemption, and (ii) the closing price of the Class A ordinary shares for any such 20-trading-day period is less than $18.00 per share, in which case the Private Placement Warrants must concurrently be called for redemption on the same terms. Holders may exercise their warrants on a cashless basis prior to redemption and receive a number of Class A ordinary shares determined by reference to the table set forth in the warrant agreement based on the redemption date and the "fair market value" of the Class A ordinary shares.

The Company may not exercise this redemption right if the issuance of Class A ordinary shares upon exercise of the warrants is not exempt from, or has not been registered or qualified under, applicable state blue sky laws.

The exercise price and number of Class A ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend, recapitalization, reorganization, merger, or consolidation. In no event will the Company be required to net cash settle the Public Warrants. If the Company calls the Public Warrants for redemption, management may require all holders to exercise their Public Warrants on a "cashless basis," as described in the warrant agreement.

If the Company is unable to complete a Business Combination within the Combination Period and the Trust Account is liquidated, holders of Public Warrants will not receive any distribution from Trust Account funds or other Company assets with respect to their Public Warrants, and the Public Warrants may expire worthless.

If (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share (the "Newly Issued Price"), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Business Combination on the closing date (net of redemptions), and (iii) the volume-weighted average trading price of the Company's Class A ordinary shares during the 20 trading day period starting on the trading day prior to the closing of the Business Combination (the "Market Value") is below $9.20 per share, then:

● the exercise price of the warrants will be adjusted (to the nearest cent) to 115 % of the higher of the Market Value and the Newly Issued Price; and

● the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to 180 % of the higher of the Market Value and the Newly Issued Price.

The Newly Issued Price will be determined in good faith by the Company's board of directors and, for issuances to the Sponsor or its affiliates, will be calculated without giving effect to any Founder Shares held by them prior to such issuance.

The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the Class A ordinary shares issuable upon their exercise are not transferable, assignable, or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. So long as the Private Placement Warrants are held by the initial purchasers or their permitted transferees, they are exercisable on a cashless basis and are non-redeemable. If transferred to any other holder, the Private Placement Warrants become redeemable by the Company and exercisable on the same basis as the Public Warrants.

**NOTE 8. SHAREHOLDERS' DEFICIT**

Preference Shares – The Company is authorized to issue up to 1,000,000 preference shares, $0.0001 par value. As of December 31, 2025 and 2024, no preference shares were issued or outstanding.

Class A Ordinary Shares – The Company is authorized to issue up to 479,000,000 Class A ordinary shares, $0.0001 par value. As of December 31, 2025, there were 6,494,770 Class A ordinary shares issued and outstanding, consisting of 26,021 shares subject to possible redemption (classified as temporary equity) and 6,468,749 non-redeemable shares. Of the non-redeemable Class A shares, 4,528,124 are held by Samara, 1,940,625 are held by the Former Sponsor as Retained Securities, and the remaining shares are held by other holders. As of December 31, 2024, there were 7,944,129 (1,475,380 redeemable; 6,468,749 shares non-redeemable) Class A ordinary shares issued and outstanding.

Class B Ordinary Shares – The Company is authorized to issue up to 20,000,000 Class B ordinary shares, $0.0001 par value. As of December 31, 2025, there was 1 Class B ordinary share issued and outstanding, held by Samara following the closing of the Sponsor Purchase Agreement. Only the holder of the Class B ordinary share has the right to elect directors prior to an Initial Business Combination. At December 31, 2024, there was 1 Class B ordinary shares issued and outstanding.

Additional Paid-in Capital – During the year ended December 31, 2025, the Company recognized $5,050,793 in additional paid-in capital, representing the fair value of the capital contribution made by the Former Sponsor in connection with the discharge and forgiveness of related-party and third-party liabilities described in Note 5.

**NOTE 9. FAIR VALUE MEASUREMENTS**

The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

● Level 1—Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.

● Level 2—Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.

● Level 3—Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.

The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs used:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level** | **December 31,<br>2025** | **December 31,<br>2024** |
| Assets: |  |  |  |
| Investments held in Trust Account – U.S. Treasury money market fund | 1 | $482661 | $17518993 |
| Liabilities: |  |  |  |
| Public Warrants | 1 | $- | $258750 |
| Public Warrants | 2 | $388126 | $- |
| Private Warrants | 3 | $- | $321750 |
| Private Warrants | 2 | $482625 | $- |

---

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. During the period there were transfers to/from Levels 1 and 2 for Public Warrants and to/from Levels 3 and 2 for Private Warrants.

The Company established the initial fair value of the warrants on May 12, 2022, using a binomial option pricing model. Proceeds from the sale of Units, the sale of Private Placement Warrants, and the issuance of Class B ordinary shares were allocated first to the warrants at their fair values, with the remaining proceeds allocated based on relative fair values to Class A ordinary shares subject to possible redemption (temporary equity), Class A ordinary shares (permanent equity), and Class B ordinary shares (permanent equity).

Public warrant liability fair value measurements (Level 1, 2 and 3) are detailed in the roll forward table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| Balance – December 31, 2024 | $258750 | $- | $- |
| Leveling transfer | (258750) | 258750 | - |
| Change in Fair Value | - | 129376 | - |
| **Balance – December 31, 2025** | $**-** | $**388126** | $**-** |

---

The Public Warrants were initially measured using a binomial option pricing model and are valued at December 31, 2025 based on limited observable market prices (Level 2) and at December 31, 2024 based on quoted market prices (Level 1).

The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement. The close price of the Public Warrants on NASDAQ was used as the primary input to the fair value of the Public Warrants as of each relevant date subsequent to May 12, 2022. As of December 31, 2024, the measurement of the Public Warrants after the detachment of the Public Warrants from the Units is classified as Level 1 due to the use of an observable market quote in an active market.

As of December 31, 2025, the subsequent measurements of the Public Warrants are classified as Level 2 due to the use of an observable market quote for a similar asset in an active market. The last trading day in the Company's fiscal year 2025 does not have significant trading volume and as a result, the Public Warrants were reclassified from Level 1 to Level 2.

The Private Placement Warrants as of December 31, 2024 are valued using a binomial option pricing model and are classified as Level 3. The primary unobservable input used in valuing the Private Placement Warrants is expected volatility, which is derived from observable warrant pricing of comparable "blank check" companies without an identified target.

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2024:

---

| | |
|:---|:---|
|  | **December 31,<br>2024** |
| Stock Price | $11.80 |
| Exercise Price | $11.50 |
| Risk-free rate of interest | 4.38% |
| Volatility | 5.4% |
| Expected term (years) | 0.7 |
| Expected term of warrant conversion | 5 years |
| Probability of successful business combination | 6.00% |

---

At December 31, 2025, the fair value of the Private Placement Warrants has subsequently been measured by reference to the trading price of the Public Warrants, which is considered to be a Level 2 fair value measurement.

**note 10. Segment Information**

The Company's chief operating decision maker (the "CODM") is its Chief Executive Officer, who reviews the Company's operating results in order to allocate resources and assess financial performance. Accordingly, the Company operates as a single reportable segment. In evaluating performance and resource allocation, the CODM reviews the following key metrics:

---

| | | |
|:---|:---|:---|
|  | **For the<br>Years Ended<br>December 31,** | **For the<br>Years Ended<br>December 31,** |
|  | **2025** | **2024** |
| Formation costs and operating expenses | $777685 | $1948874 |
| Interest earned on investments held in Trust Account | $284719 | $3984831 |

---

The key measures of segment profit or loss reviewed by the CODM are formation and operating costs and interest earned on investments held in the Trust Account. Formation and operating costs are monitored to manage cash sufficiency through the business combination period and to ensure expenditures are aligned with contractual obligations and budget. Interest earned on investments held in the Trust Account is monitored to assess Trust Account performance and to inform investment decisions consistent with the Trust Agreement.

**NOTE 11. SUBSEQUENT EVENTS**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements were issued. The Company did not identify any subsequent events requiring adjustment to or disclosure in the financial statements other than the following:

**Business Combination Agreement ("BCA")**

On April 8, 2026, the Company entered into a BCA with Blue Finance, New Pubco, Merger Sub, and the Target Representative. The BCA provides for (i) a share contribution by Blue Finance shareholders to New Pubco and (ii) a merger of Merger Sub into the Company, with the Company surviving as a wholly owned subsidiary of New Pubco.

As consideration, New Pubco will issue 21,985,971 ordinary shares to Blue Finance shareholders (valued at $10.00 per share) and, pursuant to anticipated subscription agreements, 814,029 and 1,200,000 ordinary shares to The Hugely Successful Company, LLC and MFC Tech Limited, respectively, at a nominal price per share. Blue Finance shareholders are also entitled to a contingent earnout of up to 6,000,000 ordinary shares based on market-based milestones over five years, with aggregate share issuances (including earnout) capped at 30,000,000, subject to adjustment.

At closing, the Company's Class B shares will convert to Class A shares and exchange one-for-one for New Pubco ordinary shares, and the Company's warrants will be converted into New Pubco warrants on substantially the same terms. Closing is subject to customary conditions, including shareholder and regulatory approvals, F-4 effectiveness, and Nasdaq listing approval, with an outside termination date of November 4, 2026.

**Voting Agreement**

In connection with the Business Combination, certain Blue Finance shareholders are expected to enter into a Voting Agreement at closing. Pursuant to this agreement, such shareholders will agree to vote their shares in favor of the Business Combination and against any transactions that could impede or delay its consummation. The agreement also includes customary provisions regarding transfer restrictions, waiver of appraisal rights, and information sharing, and will terminate upon the closing of the Business Combination or earlier termination of the Business Combination Agreement.

**Lock-Up Agreement**

Certain Blue Finance shareholders are expected to enter into Lock-Up Agreements at closing, pursuant to which they will be restricted from transferring their New Pubco ordinary shares for a period of twelve months following the closing, subject to customary permitted transfers. The lock-up restrictions may be partially released after six months with the consent of the Target Representative. The agreement includes customary provisions relating to transfer restrictions, including stop-transfer instructions and restrictive legends.

**Sponsor Support Agreement**

On April 8, 2026, the sponsor of the Company entered into a Sponsor Support Agreement with the Company and Blue Finance. Under this agreement, the sponsor agreed to vote its shares in favor of the Business Combination, not to redeem its shares in connection with the transaction, and to waive certain anti-dilution rights. The agreement includes customary transfer restrictions and will terminate upon the earlier of closing or termination of the Business Combination Agreement.

**Strategic Alliance / Side Letter Arrangement**

*HSC Subscription Agreement*

Under the HSC Subscription Agreement, New Pubco will issue 814,029 ordinary shares to The Hugely Successful Company, LLC ("HSC"), at closing, representing approximately 2.6% ownership, with the right to receive additional shares upon achievement of a valuation milestone to maintain an additional 2.6% ownership on a post-issuance basis. HSC may also receive up to 203,507 earnout shares if applicable milestones are met.

The consideration for these shares is non-cash and is deemed satisfied by amounts previously contributed or committed by HSC under a prior agreement, with only nominal cash consideration of $0.0001 per share paid for legal purposes. The subscription price is based on the implied equity value of New Pubco as established in the Business Combination Agreement.

*MFC Tech Subscription Agreement*

Under the MFC Tech Subscription Agreement, New Pubco will issue 1,200,000 ordinary shares to MFC Tech Limited ("MFCT"), under a prior consulting arrangement with Blue Finance, in satisfaction and replacement of Blue Finance's obligations under that agreement. The shares will be issued for nominal cash consideration of $0.0001 per share (approximately $120 in total).

In addition, MFCT is entitled to participate in the earnout arrangement and may receive up to 300,000 additional ordinary shares upon achievement of specified milestones under the Business Combination Agreement.

**2026 Extraordinary General Meeting**

On April 28, 2026, the Company filed a definitive information statement on Schedule 14C in connection with an extraordinary general meeting of its shareholders held on May 14, 2026 (the "2026 Extraordinary General Meeting") to, among other things, (i) extend the Initial Business Combination period from May 12, 2027 to May 12, 2028 (the "Extended Combination Period"), and (ii) change the Company's name from "Investcorp AI Acquisition Corp." to "Libity." At the 2026 Extraordinary General Meeting, the Company's shareholders approved, by special resolution, proposals to amend the Company's Amended and Restated Memorandum and Articles of Association to (i) extend the date by which the Company has to consummate a Business Combination from May 12, 2027 to May 12, 2028, and (ii) effect the Name Change. In connection with the 2026 Extraordinary General Meeting, holders of 11,896 Class A ordinary shares exercised their right to redemption at a per-share redemption price of approximately $12.84, for an aggregate redemption amount of approximately $152,721, which was paid on May 18, 2026. Following this redemption, 14,125 Class A ordinary shares remained outstanding in the Trust Account.

**Redemption and Supplemental ("Stub") Payment**

As discussed in Note 2 under "Redeeming Shareholders Payable," the Company approved a supplemental ("stub") payment to certain shareholders who redeemed their shares in connection with the May 15, 2025 redemption event.

The supplemental payment was calculated by allocating the omitted trust assets and the related trust earnings through the payment date to the affected redeeming shareholders. Based on this methodology, the aggregate stub payment amounted to approximately $155,957, or approximately $0.1076 per redeemed share.

The stub payment was distributed to the affected redeeming shareholders on May 15, 2026.

## Exhibit 4.2

**Exhibit 4.2**

**DESCRIPTION OF REGISTRANT'S SECURITIES**

**REGISTERED PURSUANT TO SECTION 12 OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

We are a Cayman Islands exempted company (company number 371843) and our affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act and common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 479,000,000 Class A ordinary shares, 20,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, par value $0.0001 per share. The following description summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you.

**Units**

Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in this Annual Report on Form 10-K (the "Annual Report"). Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company's Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder.

The Class A ordinary shares and warrants constituting the units began separate trading on the June 30, 2022. Holders will continue to have the option to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.

**Ordinary Shares**

As of the date of this Annual Report, there are 6,468,750 Class B ordinary shares issued and outstanding, all of which were held of record by our sponsor, so that our sponsor will own 20% of our issued and outstanding shares after the initial public offering (the "Initial Public Offering"). At the closing of the Initial Public Offering there were 32,343,750 ordinary shares issued and including:

● 25,875,000 Class A ordinary shares underlying the units from the Initial Public Offering; and

● 6,468,750 Class B ordinary shares held by our initial shareholders.

Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders, except as required by law; provided that, prior to our Business Combination (the "Business Combination"), only holders of our Class B ordinary shares will have the right to vote on the appointment of directors, and holders of a majority of our Class B ordinary shares may remove a member of the board of directors for any reason. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our Business Combination, except as required by law, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class. Unless specified in the Companies Act, our amended and restated memorandum and articles of association or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Directors are elected for a term of two years. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the founder shares voted for the appointment of directors can elect all of the directors prior to our Business Combination. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

Because our amended and restated memorandum and articles of association authorizes the issuance of up to 479,000,000 Class A ordinary shares, if we were to enter into a Business Combination, we may (depending on the terms of such a Business Combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the Business Combination to the extent we seek shareholder approval in connection with our Business Combination.

In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may not be afforded the opportunity to discuss company affairs with management.

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our Business Combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described herein. At the completion of our Business Combination, we will be required to purchase any Class A ordinary shares properly delivered for redemption and not withdrawn. The amount in the trust account is initially anticipated to be $10.30 per public share. Additionally, each public shareholder may elect to redeem its public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed Business Combination. Our initial shareholders entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and any public shares held by them in connection with the completion of Business Combination. Our directors and officers have also entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any. Permitted transferees of our initial shareholders, officers or directors will be subject to the same obligations.

Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their Business Combinations and provide for related redemptions of public shares for cash upon completion of such Business Combinations even when a vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing our Business Combination. Our amended and restated memorandum and articles of association requires these tender offer documents to contain substantially the same financial and other information about the Business Combination and the redemption rights as is required under the SEC's proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirement, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our Business Combination only if we obtain an approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or any of their affiliates in privately-negotiated transactions, if any, could result in the approval of our Business Combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such Business Combination. For purposes of seeking approval of an ordinary resolution, non-votes will have no effect on the approval of our Business Combination once a quorum is obtained. We intend to give not less than ten days nor more than 60 days prior written notice of any such meeting, if required, at which a vote shall be taken to approve our Business Combination. These quorum and voting thresholds, and the voting agreements of our initial shareholders, may make it more likely that we will consummate our Business Combination.

If we seek shareholder approval of our Business Combination and we do not conduct redemptions in connection with our Business Combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the ordinary shares sold in the Initial Public Offering, which we refer to as the "Excess Shares," without our prior consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against our Business Combination. Our shareholders' inability to redeem the Excess Shares will reduce their influence over our ability to complete our Business Combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination. As a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.

If we seek shareholder approval in connection with our Business Combination, our initial shareholders have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by them in favor of our Business Combination. As a result, in addition to our initial shareholders' founder shares, we would need 9,703,126, or 37.5% (assuming all issued and outstanding shares are voted), or 1,617,189, or 6.25% (assuming only the minimum number of shares representing a quorum are voted), of the 25,875,000 public shares sold in the Initial Public Offering to be voted in favor of a transaction (assuming all issued and outstanding shares are voted), subject to any higher threshold as is required by Cayman Islands or other applicable law, in order to have such Business Combination approved. Our directors and officers have also entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any.

Pursuant to our amended and restated memorandum and articles of association, if we are unable to complete our Business Combination within 15 months from the closing of the Initial Public Offering (or up to 21 months, if we extend the time to complete a business combination), we will (1) cease all operations except for the purpose of winding up, (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any) and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our Business Combination within 15 months from the closing of the Initial Public Offering (or up to 21 months, if we extend the time to complete a business combination). However, if our initial shareholders acquire public shares after the Initial Public Offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our Business Combination within the prescribed time period.

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders at such time will be entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), upon the completion of our Business Combination, subject to the limitations described herein.

**Founder Shares**

The founder shares are designated as Class B ordinary shares and are identical to the Class A ordinary shares included in the units being sold in the Initial Public Offering, and holders of founder shares have the same shareholder rights as public shareholders, except that: (1) prior to our Business Combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (2) the founder shares are subject to certain transfer restrictions, as described in more detail below; (3) our initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed to waive: (x) their redemption rights with respect to their founder shares and any public shares held by them in connection with the completion of our Business Combination (and not seek to sell its shares to us in any tender offer we undertake in connection with our Business Combination); (y) their redemption rights with respect to their founder shares and any public shares held by them in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our Business Combination or to redeem 100% of our public shares if we do not complete our Business Combination within 15 months from the closing of the Initial Public Offering (or up to 21 months, if we extend the time to complete a business combination) or (B) with respect to any other provision relating to shareholders' rights or pre-Business Combination activity; and (z) their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our Business Combination within 15 months from the closing of the Initial Public Offering (or up to 21 months, if we extend the time to complete a business combination) (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our Business Combination within the prescribed time frame); (4) the founder shares will automatically convert into our Class A ordinary shares as described below and (5) the founder shares are entitled to registration rights. In addition, our directors and officers have also entered into the letter agreement with respect to public shares acquired by them, if any.

The founder shares will automatically convert into Class A ordinary shares on the first business day following the completion of our Business Combination on a one-for-one basis, subject to adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities convertible or exercisable for Class A ordinary shares, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of our Business Combination, the ratio at which founder shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares then in issue) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of our ordinary shares issued and outstanding upon the completion of the Initial Public Offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection with our Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our Business Combination and any private placement warrants issued to our sponsor, an affiliate of our sponsor or any of our officers or directors.

With certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our Business Combination or (B) subsequent to our Business Combination, (x) if the last reported sale price of the ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after our Business Combination, or (y) the date following the completion of our Business Combination on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

**Register of Members**

Under Cayman Islands law, we must keep a register of members and there shall be entered therein:

● the names and addresses of the members of the company, a statement of the shares held by each member, which:

● distinguishes each share by its number (so long as the share has a number);

● confirms the amount paid, or agreed to be considered as paid, on the shares of each member;

● confirms the number and category of shares held by each member; and

● confirms whether each relevant category of shares held by a member carries voting rights under the articles of association of the company, and if so, whether such voting rights are conditional;

● the date on which the name of any person was entered on the register as a member; and

● the date on which any person ceased to be a member.

For these purposes, "voting rights" means rights conferred on shareholders in respect of their shares to vote at general meetings of the company on all or substantially all matters. A voting right is conditional where the voting right arises only in certain circumstances.

Under Cayman Islands law, the register of members of us is prima facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members. At the closing of the Initial Public Offering, the register of members was updated to reflect the issue of shares by us. Once our register of members was updated, the shareholders recorded in the register of members were deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

**Preference Shares**

Our amended and restated memorandum and articles of association authorizes 1,000,000 preference shares and provides that preference shares may be issued from time to time in one or more series. Our board of directors are authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares were issued or registered in the Initial Public Offering.

**Warrants**

***Public Shareholders' Warrants***

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one year from the closing of the Initial Public Offering and 30 days after the completion of our Business Combination, provided in each case that we have an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least four units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

We have agreed that as soon as practicable, but in no event later than 20 business days after the closing of our Business Combination, we will use our commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the "fair market value" (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The "fair market value" as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.

No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our Business Combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares, the company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise.

***Redemptions of Warrants for Cash When the Price per Class A Ordinary Share Equals or Exceeds $18.00.* **Once the warrants become exercisable, we may call the warrants for redemption (except as described herein with respect to the private placement warrants):

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon not less than 30 days' prior written notice of redemption to each warrant holder; and

● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "— Warrants — Public Shareholders' Warrants —Anti-Dilution Adjustments") for any 20 trading days within a 30-trading day period ending three business days before we send to the notice of redemption to the warrant holders.

If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "— Warrants — Public Shareholders' Warrants — Anti-Dilution Adjustments") as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

Redemption of warrants for Class A ordinary shares when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, we may redeem the outstanding warrants:

● in whole and not in part;

● at $0.10 per warrant;

● upon a minimum of 30 days' prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the "fair market value" of our Class A ordinary shares (as defined below) except as otherwise described below;

● if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "— Warrants — Public Shareholders' Warrants — Anti-Dilution Adjustments") for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; and

● if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "— Warrants — Public Shareholders' Warrants — Anti-Dilution Adjustments") the private placement warrants are also concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

Beginning on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the "fair market value" of our Class A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends.

Pursuant to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our Business Combination. The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our Business Combination.

The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading "— Anti-dilution Adjustments" below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading "— Anti-dilution Adjustments" below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading "— Anti-dilution Adjustments" and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading "— Anti-dilution Adjustments" below, the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** | **Fair Market Value of Class A Ordinary Shares** |
| **Redemption Date**<br>**(period to expiration of warrants)** | ≤**$10.00** | **$11.00** | **$12.00** | **$13.00** | **$14.00** | **$15.00** | **$16.00** | **$17.00** | ≥**$18.00** |
| **60 months** | 0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 |
| **57 months** | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 |
| **54 months** | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 |
| **51 months** | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.361 |
| **48 months** | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.361 |
| **45 months** | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.361 |
| **42 months** | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 |
| **39 months** | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.361 |
| **36 months** | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 |
| **33 months** | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.361 |
| **30 months** | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 |
| **27 months** | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.361 |
| **24 months** | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.328 | 0.361 |
| **21 months** | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 |
| **18 months** | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 |
| **15 months** | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 |
| **12 months** | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.361 |
| **9 months** | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 |
| **6 months** | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 |
| **3 months** | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 |
| **0 months** |  |  | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |

---

The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Class A ordinary shares.

This redemption feature differs from the typical warrant redemption features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per public share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption

feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under "— Redemption of warrants for cash when the price per Class A ordinary share equals or exceeds $18.00." Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the of this prospectus. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

As stated above, we can redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the exercise price of $11.50.

***Anti-Dilution Adjustments.*** If the number of issued and outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary shares, or by a sub-division-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend, sub-division-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering to holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the "historical fair market value" (as defined below) will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) "historical fair market value" means the volume weighted average price of Class A ordinary shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed Business Combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our Business Combination or to redeem 100% of our public shares if we do not complete our Business Combination within 15 months from the closing of the Initial Public Offering (or up to 21 months, if we extend the time to complete a business combination) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-Business Combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our Business Combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event.

If the number of issued and outstanding Class A ordinary shares is decreased by a consolidation, combination or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in issued and outstanding Class A ordinary shares.

Whenever the number of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter.

In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our Business Combination on the date of the consummation of our Business Combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our Business Combination (such price, the "Market Value") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under "— Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00" will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under "— Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00" will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

In case of any reclassification or reorganization of the issued and outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued and outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the company as provided for in the company's amended and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if a proposed Business Combination is presented to the shareholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker

(within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Binomial Option Pricing model (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

The warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.

The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See "*Risk Factors — Our warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with us*." This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.

***Private Placement Warrants***

Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in the Initial Public Offering. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our Business Combination (except pursuant to limited exceptions as described under "Principal Shareholders — Transfers of Founder Shares and Private Placement Warrants," to our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us (except as described above under "— Public Shareholders' Warrants — Redemption of warrants for Class A ordinary shares when the price per Class A ordinary share equals or exceeds $10.00") so long as they are held by our sponsor or its permitted transferees. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units being sold in the Initial Public Offering. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants requires a vote of holders of at least 50% of the number of the then outstanding private placement warrants.

Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. Except as described above under "— Public Shareholders' Warrants — Redemption procedures and cashless exercise," if holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the "historical fair market value" (defined below) over the exercise price of the warrants by (y) the historical fair market value. The "historical fair market value" will mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.

The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended Business Combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $3,000,000 of such loans may be convertible into warrants of the post-business combination company at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants.

**Dividends**

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our Business Combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our Business Combination. The payment of any cash dividends subsequent to our Business Combination will be within the discretion of our board of directors at such time and we will only pay such dividend out of our profits or share premium (subject to solvency requirements) as permitted under Cayman Islands law. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future. Further, if we incur any indebtedness in connection with our Business Combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

**Our Transfer Agent and Warrant Agent**

The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

**Certain Differences in Corporate Law**

Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

***Mergers and Similar Arrangements.*** In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction). Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan of merger or consolidation must then be authorized by (a) a special resolution (being (i) the affirmative vote of at least a two-thirds (2/3) majority of the votes cast by the holders of the issued ordinary shares present in person or represented by proxy at a general meeting of the company and entitled to vote on such matter or (ii) a unanimous written resolution of the shareholders) of the shareholders of each company; and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. No shareholder resolution is required for a merger between a parent company (*i.e.*, a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (1) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with; (2) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (3) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (4) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted; and (5) there is no other reason why it would be against the public interest to permit the merger or consolidation.

Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (1) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (2) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; and (3) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction.

The Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his or her shares upon their dissenting to the merger or consolidation in certain circumstances if they follow a prescribed procedure. In essence, where such rights apply, that procedure is as follows: (a) the shareholder must give his or her written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his or her shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his or her intention to dissent including, among other details, a demand for payment of the fair value of his or her shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his or her shares at a price that the company determines is the fair value and if the company and the shareholder agrees to the price within 30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fails to agree to a price within such 30-day period, within 20 days following the date on which such 30-day period expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value.

Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not to be available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company, or in the context of a parent and subsidiary merger.

Moreover, Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, such schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a "scheme of arrangement" which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures of which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at an annual general meeting, or extraordinary general meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it is satisfied that:

● we are not proposing to act illegally or beyond the scope of our corporate authority and we have complied with the statutory provisions as to majority vote;

● the shareholders have been fairly represented at the meeting in question;

● the arrangement is such as a business-person would reasonably approve; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a "fraud on the minority."

If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Squeeze-out Provisions.*** When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means to these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements, of an operating business.

***Shareholders' Suits.*** Ogier, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability of such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:

● a company is acting, or proposing to act, illegally or beyond the scope of its authority;

● the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes that have actually been obtained; or

● those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

***Enforcement of Civil Liabilities.*** The Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the federal courts of the United States.

We have been advised by Ogier, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (1) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state and (2) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

***Special Considerations for Exempted Companies.*** We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

● an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

● an exempted company's register of members is not open to inspection;

● an exempted company does not have to hold an annual general meeting;

● an exempted company may issue shares with no par value;

● an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● an exempted company may register as a limited duration company; and

● an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Our Amended and Restated Memorandum and Articles of Association**

Our amended and restated memorandum and articles of association contains certain requirements and restrictions relating to the Initial Public Offering that will apply to us until the completion of our Business Combination. These provisions cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either (1) at least two-thirds (or any higher threshold specified in a company's articles of association) of a company's shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given or (2) if so authorized by a company's articles of association, by a unanimous written resolution of all of the company's shareholders. Our amended and restated memorandum and articles of association provides that special resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting (i.e., the lowest threshold permissible under Cayman Islands law) (other than amendments relating to the appointment or removal of directors prior to our Business Combination, which require the approval of at least 90% of our Class B ordinary shares), or by a unanimous written resolution of all of our shareholders.

Our initial shareholders, including our sponsor, who collectively beneficially own 20% of our ordinary shares as of the closing of the Initial Public Offering, may participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provides, among other things, that:

● if we are unable to complete our Business Combination within 15 months from the closing of the Initial Public Offering (or up to 21 months, if we extend the time to complete a business combination), we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

● prior to our Business Combination, we may not issue additional shares that would entitle the holders thereof to (1) receive funds from the trust account or (2) vote as a class with our public shares (a) on any

Business Combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond 15 months from the closing of the Initial Public Offering or (y) amend the foregoing provisions;

● in the event we enter into a Business Combination with a target business that is affiliated with our sponsor, our directors or our officers (which we currently do not intend to do), we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm, or from an independent accounting firm, that such a business combination is fair to us from a financial point of view;

● if a shareholder vote on our Business Combination is not required by law and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E under the Exchange Act, and will file tender offer documents with the SEC prior to completing our Business Combination which contain substantially the same financial and other information about our Business Combination and the redemption rights as is required under Regulation 14A under the Exchange Act;

● if we anticipate that we may not be able to consummate our Business Combination within 15 months, we may, but are not obligated to, extend the period of time to consummate a business combination by an additional three months on two separate occasions (for a total of up to 21 months to complete a business combination); in order to extend the time available for us to consummate our Business Combination, our sponsor (or its affiliates or designees) upon five days advance notice prior to the applicable deadline, must deposit into the trust account for each three-month extension (of which there may be no more than two such extensions) $2,587,500 ($0.10 per share in either case), on or prior to the date of the applicable deadline, and any such payments would be funded from the proceeds of a non-interest bearing loan between our sponsor and us; such loan may be convertible into warrants, at a price of $1.00 per warrant at the option of the lender, and the terms of the warrants would be identical to the terms of the private placement warrants;

● in the event our units are listed on Nasdaq, our Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the trust account (excluding taxes payable on the income earned on the trust account) at the time of the agreement to enter into the Business Combination;

● if our shareholders approve an amendment to our amended and restated memorandum and articles of association (a) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our Business Combination or to redeem 100% of our public shares if we do not complete our Business Combination within 15 months from the closing of the Initial Public Offering (or up to 21 months, if we extend the time to complete a business combination) or (b) with respect to any other provision relating to shareholders' rights or pre-Business Combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares; and

● we will not effectuate our Business Combination with another blank check company or a similar company with nominal operations.

In addition, our amended and restated memorandum and articles of association provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon completion of our Business Combination.

The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution. A company's articles of association may specify that the approval of a higher majority is required. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

**Anti-Money Laundering — Cayman Islands**

If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (2021 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Cayman Islands Data Protection**

We have certain duties under the Data Protection Act, 2017 of the Cayman Islands (the "DPA") based on internationally accepted principles of data privacy.

**Privacy Notice**

***Introduction***

This privacy notice puts our shareholders on notice that through your investment in the Company you will provide us with certain personal information which constitutes personal data within the meaning of the DPA ("personal data").

In the following discussion, the "company" refers to us and our affiliates and/or delegates, except where the context requires otherwise.

***Investor Data***

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

***Who this Affects***

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

***How the Company May Use a Shareholder's Personal Data***

The Company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;(i) where this is necessary for the performance of our rights and obligations under any purchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

***Why We May Transfer Your Personal Data***

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipates disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the United States, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

***The Data Protection Measures We Take***

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

**Certain Anti-Takeover Provisions of Our Amended and Restated Memorandum and Articles of Association**

Our amended and restated memorandum and articles of association provides that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings.

Our authorized but unissued Class A ordinary shares and preference shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Class A ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

**Securities Eligible for Future Sale**

Immediately after the Initial Public Offering we had 32,343,750 ordinary shares issued and outstanding. Of these shares, the 25,875,000 Class A ordinary shares sold in the Initial Public Offering will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining 6,468,750 founder shares and all 16,087,500 private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering, and are subject to transfer restrictions as set forth elsewhere in this prospectus.

**Rule 144**

Pursuant to Rule 144, a person who has beneficially owned ordinary shares or warrants for at least six months would be entitled to sell their securities provided that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale.

Persons who have beneficially owned restricted ordinary shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

● 1% of the total number of ordinary shares then issued and outstanding, which equals 258,750 shares immediately after the Initial Public Offering; or

● the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

**Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies**

Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

● the issuer of the securities that was formerly a shell company has ceased to be a shell company;

● the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

● the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and

● at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

As a result, our initial shareholders will be able to sell their founder shares and our sponsor will be able to sell its private placement warrants, pursuant to Rule 144 without registration, one year after we have completed our Business Combination.

**Registration and Shareholder Rights**

The holders of the founder shares, private placement warrants and any warrants that may be issued on conversion of working capital loans and extension loans (and any ordinary shares issuable upon the exercise of the private placement warrants or warrants issued upon conversion of the working capital loans and extension loans and upon conversion of the founder shares) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Initial Public Offering requiring us to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that we register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to our completion of our Business Combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (1) in the case of the founder shares, on the earlier of (A) one year after the completion of our Business Combination or (B) subsequent to our Business Combination, (x) if the last reported sale price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after our Business Combination, or (y) the date following the completion of our Business Combination on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property, and (2) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of our Business Combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

In addition, pursuant to an agreement to be entered into on or prior to the closing of the Initial Public Offering, our sponsor, upon and following consummation of an Business Combination, will be entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement.

**Listing of Securities**

We list our units, Class A ordinary shares and warrants on Nasdaq under the symbols "IVCAU", "IVCA" and "IVCAW", respectively.

## Exhibit 10.4

**Exhibit 10.4**

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

<u>PROMISSORY NOTE</u>

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| $300000.00 | As of March 12, 2026 |

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Investcorp AI Acquisition Corp ("Maker"), promises to pay to the order of Samara Special Opportunities or its successors or assigns ("Payee") the principal sum of up to Three Hundred Thousand Dollars and No Cents ($300,000.00) in lawful money of the United States of America, on the terms and conditions described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Principal and Drawdowns</u>. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars and No Cents ($300,000.00) for costs reasonably related to the SPAC's activities. The principal of this promissory note (the "Note") may be drawn down from time to time by written request by Maker to Payee until the full amount has been drawn. The principal balance of this Note shall be repayable on the earlier of (i) the date on which Maker consummates its initial business combination or (ii) the date on which Maker determines to cease pursuing a business combination. Repayment may be made from funds released from the trust account in accordance with applicable regulations, proceeds from any financing in connection with the business combination, or by conversion into equity securities of Maker as agreed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Pre-Existing Advances</u>. The parties acknowledge and agree that, prior to the execution of this Note, Payee advanced certain amounts to or on behalf of Maker to fund costs and expenses reasonably related to the SPAC's activities following the Sponsor's assumption of control (the "Pre-Existing Advances"). Upon the effectiveness of this Note, all Pre-Existing Advances shall be deemed principal outstanding under this Note and shall be treated for all purposes as amounts drawn by Maker pursuant to the terms hereof. The aggregate amount of such Pre-Existing Advances shall reduce the remaining availability under this Note on a dollar-for-dollar basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Interest</u>. No interest shall accrue on the unpaid principal balance of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Application of Payments</u>. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys' fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Events of Default</u>. The following shall constitute Events of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Failure to Make Required Payments</u>. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Voluntary Bankruptcy, Etc</u>. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

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|:---|:---|
| **1** | I V C B t o S S O P r o m i s s o r y N o t e |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Involuntary Bankruptcy, Etc</u>. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Waivers</u>. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Unconditional Liability</u>. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Notices</u>. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

If to Maker:

Investcorp AI Acquisition Corp

Century Yard, Cricket Square

Elgin Avenue

P.O. Box 1111, George Town

Grand Cayman, Cayman Islands

KY1-1102

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|:---|:---|
| **2** | I V C B t o S S O P r o m i s s o r y N o t e |

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If to Payee:

Samara Special Opportunities

c/o Meteora Capital LLC

1200 North Federal Highway. Suite #200

Boca Raton, FL 33432

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission was received by the receiving party's on-line access provider (iv) the date reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Construction</u>. This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Severability</u>. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Jurisdiction</u>. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this Note) and the parties submit to the exclusive jurisdiction of the courts of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Trust Waiver</u>. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind ("Claim") in or to any amounts contained in the trust account in which the proceeds of the IPO conducted by the Maker and the proceeds of the sale of securities in a private placement to occur prior to the effectiveness of the IPO, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, will be placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim from the trust account or any distribution therefrom for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment; Waiver</u>. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Further Assurance</u>. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full effect to this Note.

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|:---|:---|
| **3** | I V C B t o S S O P r o m i s s o r y N o t e |

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IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

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| | |
|:---|:---|
| INVESTCORP AI ACQUISITION CORP | INVESTCORP AI ACQUISITION CORP |
| By: | /s/ Vikas Mittal |
| Name: | Vikas Mittal |
| Title: | Director |

---

Acknowledged and Accepted:

SAMARA SPECIAL OPPORTUNITIES

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| | |
|:---|:---|
| By: | /s/ Vikas Mittal |
| Name: | Vikas Mittal |
| Title: | Authorized Signatory |

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| | |
|:---|:---|
| **4** | I V C B t o S S O P r o m i s s o r y N o t e |

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Vikas Mittal, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of Libity (formerly Investcorp AI Acquisition Corp.);

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 18, 2026

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| | |
|:---|:---|
| By: | /s/ Vikas Mittal |
| Name: | Vikas Mittal |
| Title: | Principal Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, James DeAngelis, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of Libity (formerly Investcorp AI Acquisition Corp.);

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 18, 2026

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| | |
|:---|:---|
| By: | /s/ James DeAngelis |
| Name: | James DeAngelis |
| Title: | Principal Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of Libity (formerly Investcorp AI Acquisition Corp.) (the "Company") on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Vikas Mittal, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 18, 2026

---

| | |
|:---|:---|
| By: | /s/ Vikas Mittal |
| Name: | Vikas Mittal |
| Title: | Principal Executive Officer |

---

*A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.*

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of Libity (formerly Investcorp AI Acquisition Corp.) (the "Company") on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James DeAngelis, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 18, 2026

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| | |
|:---|:---|
| By: | /s/ James DeAngelis |
| Name: | James DeAngelis |
| Title: | Principal Financial Officer |

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*A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.*