Who is behind ARCL? D. Boral / ARC Group (MFH sponsor series)
The people who set ARC Group Acquisition I up, what they have done before, and what happened to the shareholders who backed their earlier vehicles — every outcome cited to an SEC filing.
Post-close outcome quality: 1 more delisted with no surviving quote — scored as a total loss (a known outcome, not a gap), with no % invented. n=1, pulled toward neutral. 2 other completion(s) not priced (2 no stored price) — left OUT of the ratio, not guessed.
Mixed record · medium confidence — the same inputs always produce the same score.
Track record
The fleet this sponsor runs today, and the SEC-verified fate of every prior vehicle we have traced.
- EF Hutton Acquisition Corp I · 2022→ ECD Automotive Design, Inc.ECDACompleted
Two primary links, no name-guessing. (1) MFH 1, LLC (sponsor of D. Boral ARC Acquisition I / BCAR) and MFH 2, LLC (sponsor of ARC Group Acquisition I / ARCL) file from the SAME registered address — 10 East 53rd Street, Suite 3001, New York NY 10022 — under one numbered series. (2) D. Boral Acquisition I (DBCA, sponsor D. Boral Sponsor I LLC) shares two Section 16 filers with BCAR: Darwin John (chief financial officer at both) and Ingargiola Luisa. BCAR is the bridge vehicle — its CEO is Boral David and its sponsor is the MFH series. No prior vehicle has resolved; coverage only.
Full sponsor record →Why the sponsor matters
The thirty-second version, for anyone who has never traded a SPAC.
A SPAC is an empty listed company; the sponsor is the only substance it has before a deal. They pick the target, negotiate the terms, and typically hold founder shares — equity they received nearly free — which pay off for them even in deals that lose public holders money. A sponsor’s prior vehicles are the closest thing to evidence about how this one ends.
How the founder-share incentive works is covered in our plain-English guide to the sponsor promote.
In plain English
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.