Bluerock

Where it stands

Deal announced · next: the shareholder vote, awaiting filing

A deal has been announced. Before anyone can redeem, a merger proxy has to be filed — an S-4 or F-4 registration statement, or a preliminary proxy — the SEC has to clear it, and a meeting date has to be set. That meeting is where you redeem. No such date is on file with us, so there is none to show.

Merging with

Yellow.ai (Bitonic Technology Labs Inc., San Mateo; founded 2016 by IIT/MIT-rooted engineers Raghu Ravinutala (CEO, Top 50 SaaS CEOs 2023), Rashid Khan (CMO/Head of IR, Forbes 30-under-30 2022) and Jaya Kishore Reddy (CPO) … (United States)

Revenue $35M (FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending)) as reported.

Industry

Information Technology — AI-powered conversational automation platform

Deal value

$300M

announced 3 August 2026

Price vs cash floor

$10.10 vs $10.19

$0.09 below the last filed cash held for you; 1.6% below cash against our estimated ~$10.27

Cash left in trust

$175.8M

IPO

12 December 2025

$173M raised · 100.0% of each $10 unit into trust

Headquarters

27777 FRANKLIN ROAD, SUITE 900, SOUTHFIELD, MI, 48034

registered in the Cayman Islands

Lead underwriter

Cantor Fitzgerald & Co.

Key officers

Simon Adamiyatt (Chief Financial Officer, Treasurer) · Christopher Vohs (Chief Financial Officer, Treasurer) · Jason Emala (Chief Legal Officer, Secretary)

Listed securities

BLRK common · BLRKU unit $10.32 · BLRK common $10.10

1. No dated redemption election is on file for this name. That is an absence in the record, not proof that the right has gone — but it does mean this page cannot tell you a day to act by.
2. Cash held in trust is $10.19 per share as last filed. That is the figure a redemption pays out at, plus whatever interest the trust earns between the filing and the window.
3. The charter runs to a date no filing we hold states; from the IPO date and the charter term we estimate 12 December 2027. Whenever it falls, if no deal closes by then the trust is returned to holders — a floor of a different kind: it pays out, but you do not choose when, and this one you should read out of the prospectus yourself.

1. 12 December 2025IPOpassed

   $173M raised into trust

2. 3 August 2026Deal announcedpassed

   Combination with Yellow.ai

3. 31 March 2027Outside date0001213900-26-084282
4. 12 December 2027Outside date0001213900-26-087789

• Yellow.ai$300M · announced 3 August 2026
  announcedInformation Technologypost-close YAIWeb research

  What Yellow.ai does — read from yellow.ai on 14 August 2026

  yellow.ai presents an enterprise-grade agentic AI platform leveraging 15+ LLMs for autonomous customer/employee conversations across voice, chat and email, with the go-public announcement bannered on the homepage; marketing claims (500+ languages for Nexus Vox) exceed the deck's 135+ languages figure.

  Site does not foreground an HQ; press release datelines San Mateo, Calif.Customer service automation and employee experience; industry solutions for BFSI, healthcare, utilities, retail/e-commerce

  Yellow.ai, formerly Yellow Messenger, is an enterprise agentic AI platform company specializing in service automation for large organizations. Founded in 2016 in Bangalore, India by Raghu Ravinutala, Jaya Kishore Reddy Gollareddy, and Rashid Khan, the company is now headquartered in San Mateo, California, and operates as a subsidiary of Bitonic Technology Labs Pvt. Ltd. Its core platform, called Nexus, uses a multi-LLM architecture that dynamically orchestrates more than fifteen models — including those from OpenAI, Anthropic, and proprietary sources — to deploy autonomous AI agents capable of planning tasks, acting on them, and resolving issues across voice, chat, email, and social channels. The platform supports over 135 languages across 85-plus countries, integrates with more than 100 enterprise systems, and handles approximately 16 billion conversations annually for over 650 enterprise clients. Its fastest-growing and most widely adopted product is Nexus Vox, a low-latency voice agent delivering human-like conversations in contact centers. Enterprise accounts now constitute over 70 percent of recurring revenue, reflecting a deliberate strategic shift toward large, durable contracts. The company has been recognized as a Strong Performer in The Forrester Wave for Conversational AI Platforms (Q2 2026) and was named a Challenger in Gartner's Magic Quadrant for Enterprise Conversational AI Platforms in 2023 and 2025.

  The company has raised over $102 million across three funding rounds from blue-chip investors including Lightspeed Venture Partners, Salesforce Ventures, Sapphire Ventures, and WestBridge Capital. Its Series A brought in $4 million in 2019, followed by a $20 million Series B in 2020 and a $78.15 million Series C in 2021. Revenue has grown steadily, from $11.6 million in fiscal year 2022 to $34.8 million in fiscal year 2026 (ending January 31, 2026), with management projecting $37.3 million and its first EBITDA-positive year in fiscal 2027. The founding leadership team has expanded from three to five partners: Ravinutala serves as CEO, Reddy as Chief Product Officer, Khan as CMO and Head of Investor Relations, while Kaushik Bhaskar was brought in for business process outsourcing operating leadership and Nand Sharma for private-equity roll-up execution — additions specifically designed to support the company's consolidation strategy.

  Yellow.ai is going public via a definitive Business Combination Agreement with Bluerock Acquisition Corp. (Nasdaq: BLRK), a special purpose acquisition company, at a pro forma equity value of approximately $550 million and a pre-money valuation of roughly $300 million. The transaction is expected to generate over $200 million in gross proceeds, including approximately $175 million from Bluerock's trust account assuming no redemptions and $30 million in committed PIPE financing from institutional investors. The deal structure also includes up to $50 million in senior secured convertible notes bearing 12 percent interest. Notably, the founders and key management are investing their own capital in the PIPE alongside institutional investors, signaling long-term alignment. The combined company will trade on Nasdaq under the ticker "YAI," with a nine-member board — eight directors designated

  Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A

  Headline$300MvsEffective$554M+85% dilution

  Effective equity counts every claim on the post-close company at $10.00 — rollover, public shares, the founder promote and the PIPE. The headline counts only the target.

  PIPE

  $30M

  Sponsor promote

  25%

  Pro-forma shares

  55.4M

  Exchange ratio

  Per Share Merger Consideration = Aggregate Consideration / Company Fully Diluted Stock, where Aggregate Consideration = $300,000,000 / $10.00 = 30,000,000 Pubco shares, subject to adjustment. On Domestication each Cayman Class B share converts 1:1 into Class A and each Class A converts 1:1 into Pubco Common Stock.more ▾less ▴

  PIPE structure:

  Two-part. (1) Equity PIPE: 500,000 Pubco units at $10.00 = $5,000,000; each unit is one share plus one warrant at $11.50 for 5 years; investors also receive 0.5 Sponsor Commitment Shares per unit, upmore ▾less ▴

  PIPE investors:

  Equity PIPE: 'certain institutional and accredited investors, including certain affiliates of Yellow' — not individually named. Note PIPE: a single unnamed accredited investor. Press release adds that the founders and key management are investing their own capital in the PIPE alongside institutional investors.more ▾less ▴

  PIPE termsstated in 0001213900-26-084282

  Coupon

  12% — paid in kind, or in cash at a lower rate

  Earnout:

  No seller earnout. A 2026 Milestone Equity Plan instead grants participants up to 17,500,000 Pubco shares: 19.05% on trailing-twelve-month revenue of at least $45 million, 19.05% at $55 million and 19.05% at $65 million (measured over the three fiscal years starting with the first full fiscal year after Closing), plus 42.85% if Pubco VWAP is at or above $12.00 for 20 of 30 consecutive trading days within five years of Closing. Continued service required; unachieved tranches forfeited.more ▾less ▴

  Outside date: 31 March 2027 — the contractual long-stop for closing. It is not a redemption deadline and confers no right to cash.

  Lock-up:

  Lock-Up Period ” shall mean, with respect to the Holders and their respective Permitted Transferees, the period beginning on the Closing Date and ending on the earliest of (w) (i) with respect to 50% of the shares of Common Stock held by a Holder, two hundred ten (210) days after the Closing Date and (ii) with respect to the remaining 50% of the shares of Common Stock held by a Holder, one (1) year after the Closing Date, (x) the date on which the Trading Price of the shares of Common Stock equals or exceeds $12.00 per share, (y) the date on which the Common Stock ceases to be listed on any national securities exchange or automated quotation system (including, without limitation, OTCQB, OTCQX, OTCID, the Pink Limited Market or any other similar exchange) (collectively, the “ Applicable Exchanges ”) and is not re-listed on any of the Applicable Exchanges within five (5) Business Days thereafter and (z) the date on which the Company completes a liquidation, merger, amalgamation, capital stock exchange, reorganization or other similar transaction, that results in all of the Company’s public stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding the foregoing, the Lock-Up Period with respect to any Commitment Shares held by the Holders or their respective Permitted Transferees shall mean the period beginning on the Closing Date and ending on the earliest of (w) one hundred eighty (180) days after the Closing Date, (x) the date on which the Trading Price of the shares of Common Stock equals or exceeds $12.00 per share, (y) the date on which the Common Stock ceases to be listed on any of the Applicable Exchanges and is not re-listed on any of the Applicable Exchanges within five (5) Business Days thereafter and (z) the date on which the Company completes a liquidation, merger, amalgamation, capital stock exchange, reorganization or other similar transaction, that results in all of the Company’s publicmore ▾less ▴

  Sponsor forfeiture:

  At or immediately prior to the Closing, the Purchaser Support Party shall irrevocably forfeit, surrender and deliver to the Purchaser for cancellation, for no consideration, 750,000 Purchaser Class B Ordinary Shares, together with all Company Ordinary Shares issued upon conversion thereof, including any securities paid as dividends or distributions with respect to or into which such shares are exchanged or converted (or, following the Sponsor Share Conversion and the Domestication, the equivalent number of shares of Domesticated Purchaser Common Stockmore ▾less ▴

  stated in:0001213900-26-084282 0001213900-26-087789 0001213900-25-123337

  What it is being valued atSEC-primary — the filed capitalisation table

  Three different numbers are all called the deal value

  They are not the same fact, and only the last one is what a valuation multiple may be struck on.

  Pre-money equity value of the target$300M

  What Yellow.ai on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.

  Pro-forma equity value of the combined company$553.5M

  assumes 0% redemptions

  Every share of the combined company, marked at the reference price, once the deal closes — the business PLUS the cash that arrives with it. This is the figure press headlines quote, and it is bigger than the business for that reason alone.

  −Cash on the balance sheet at close$188.2M

  assumes 0% redemptions

  Money the transaction puts INTO the company. It is counted inside the equity value above, which is why it comes straight back out to reach the figure below — nobody pays a revenue multiple for a bank balance.

  =Pro-forma enterprise value$365.3M

  The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.

  What that price is, per dollar of sales

  Enterprise value ÷ FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending) revenue10.5×

  $365.3M ÷ $34.8M of FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending) revenue. $1 of Yellow.ai's 2026 reported sales is being bought for $10.50.

  Enterprise value ÷ EBITDA — not shown

  No EBITDA figure for Yellow.ai appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.

  What qualifies these figures

  • The equity and cash figures above assume NOBODY REDEEMS — the filing's own assumption, and the most favourable one available to it. Public shareholders in this market frequently redeem most of a trust; at a higher rate both figures fall together and the enterprise value the multiples are struck on does not move.
  • The announced headline of $300M and the filed pro-forma equity value of $553.5M are not the same number. Both are recorded as stated; we have not reconciled them for you.

  All figures above are stated in EX-99.2 investor deck (425)0001213900-26-084286

  Transaction Summary slide of the filed investor deck — Sources and Uses plus the capitalisation block, one slide, and the identity $553.5M − $188.2M = $365.3M holds exactly as printed. Note the two cash figures are not the same number and both are filed: Uses says "196.3 Cash to Balance Sheet" while the capitalisation block subtracts "($188.2) ( - ) Pro forma Cash on Balance Sheet", the deck's footnote (5) governing the difference. We store the figure the EV is actually struck against, $188.2M, because that is the one inside the identity. Redemption assumption from the same slide: "Assumes no SPAC public shareholder elect to redeem their shares." Not stored: the deck's own "Peer Comps Mean: 15.2x" (its choice of comparables and its own multiple, per "AlphaSense, FactSet, and S P Capital IQ as of 7/30/26") — our peer median comes from our own priced peer set, not from the seller's slide.

• 10-Q11 August 20260001213900-26-087789

  This is the first quarterly report since the IPO and it reveals the trust value per share ($10.19), the cash runway ($341K outside trust, $318K working capital surplus), and most importantly, the definitive deal with Yellow.ai. Investors can now evaluate the proposed business combination, the sponsor's commitment (forfeiture of shares/warrants), and the additional PIPE financing. The redemption deadline remains December 12, 2027. The filing provides the financial baseline for the upcoming shareholder vote to approve the transaction.

• 4253 August 20260001213900-26-084286

  This filing gives investors the complete terms of the proposed deSPAC, including the valuation (pro forma equity ~$550M), the explicit lack of a minimum cash condition (meaning the deal can close even with high redemptions), the aggressive PIPE terms (12% senior secured convertible notes with conversion resets, 5% OID, and 120% prepayment penalties), sponsor alignment through forfeitures and lock-ups, and the revenue-based earnout structure. It also provides Yellow.ai's financials (FY26A unaudited revenue $34.8M) and its strategy to roll up BPOs. Redemption mechanics are standard but the no-minimum-cash provision is a key risk for trust value.

• 8-K3 August 20260001213900-26-084282

  This is the definitive deal announcement. Investors now have the full terms: valuation, PIPE structure, sponsor concessions, redemption mechanics, and timeline. The trust per share is above $10.19, above the $10.00 redemption price, so public shareholders may have incentive to redeem depending on market price. The note PIPE terms are aggressive (high interest, reset floor) and could be dilutive. The transaction has no minimum cash condition, meaning the deal can close even with heavy redemptions. The sponsor's forfeiture and warrant cancellation reduce future dilution. The investor presentation claims $34.8 million unaudited FY26 revenue, 650+ customers, 16B+ annual conversations, and a path to EBITDA positive in FY27E. The filing provides the basis for evaluating the deal's prospects.

• 10-K20 March 20260001213900-26-032357

  This filing confirms BLRK is a freshly capitalized SPAC in its search phase with no deal announced. The trust value of approximately $10.19 per share (as provided in the user query) exceeds the initial $10.00, tracked by the $172.7M trust vs. 17.25M shares. The report discloses a 15% share redemption cap if a shareholder vote is sought, a standard but investor-relevant term. Sponsor conduct is detailed: the sponsor paid $25,000 for its 5.75M founder shares ($0.0043/share), creating a significant potential profit if a deal closes. The CEO and chairman controls the sponsor. The filing also contains extensive risk factors about the ability to complete a deal, competitive pressures, and the SEC's SPAC rules. For investors tracking the redemption clock, the deadline is December 12, 2027, with no extension mechanism without a shareholder vote.

• 10-Q26 January 20260001213900-26-007716

  Establishes the baseline trust value ($10.00 per unit as of IPO), 24-month deadline (December 12, 2027), and sponsor conduct. Confirms sponsor surrendered 1,916,667 founder shares and transferred 60,000 shares to independent directors. Provides warrant terms (exercise price $11.50, 30-day exercisability after business combination, etc.). Investors should note that the trust per share may have increased due to interest; the filing shows $10.00 initial but actual trust value may be higher as per user input $10.19047. The Q4 2025 financials will reflect the IPO proceeds.

• 8-K18 December 20250001213900-25-123337

  This filing locks in the foundational capital structure and regulatory clock for BLRK investors. By confirming the full exercise of the over-allotment option, it eliminates potential founder share dilution risk tied to partial exercises while cementing the $172,500,000 trust balance that caps maximum shareholder redemption payouts. The explicit 24-month completion window, coupled with mandatory shareholder votes for any timeline amendments, defines the exact horizon for redemption deadlines and extension ballots. Sponsor alignment provisions—including founder share voting pledges, indemnification undertakings, and deferred fee waivers—reduce certain counterparty risks but also concentrate post-combination equity control. The $7,350,000 deferred underwriting obligation creates a direct correlation between successful merger execution and cash outflows from the trust, directly impacting net residual value if redemptions occur. Furthermore, the transition from 'Bluerock AI 500 Acquisition Corp.' signals a strategic pivot in target industry focus ahead of operations commencement.

• 10-Q11 August 20260001213900-26-087789

  What changed: Quarterly Report (Form 10-Q) for the period ended June 30, 2026. Trust per share increased from $10.01 at 2025-12-31 to $10.19 at 2026-06-30 due to interest income of $3,046,940. Net income of $2,629,970 for H1 2026. Cash used in operations $352,493. On July 31, 2026, the Company entered into a Business Combination Agreement to merge with Bitonic Technology Labs Inc. (Yellow.ai), with the closing expected in H2 2026. The Sponsor agreed to forfeit 750,000 Class B shares and 2,000,000 Private Placement Warrants at closing. A $5 million Equity PIPE and up to $50 million Note PIPE were also arranged. No redemptions occurred during the period. Why it matters: This is the first quarterly report since the IPO and it reveals the trust value per share ($10.19), the cash runway ($341K outside trust, $318K working capital surplus), and most importantly, the definitive deal with Yellow.ai. Investors can now evaluate the proposed business combination, the sponsor's commitment (forfeiture of shares/warrants), and the additional PIPE financing. The redemption deadline remains December 12, 2027. The filing provides the financial baseline for the upcoming shareholder vote to approve the transaction.

  What changed vs 2026-05-14trust $174.2M → $175.8M +1%
  trust account, sponsor loans outstanding, redeemable shares1 moved · 2 with no prior record of ours

  Trust account

  $174.2M→$175.8M

  SpacBrain reads this as $1,577,367 was added to the trust between the two filings.

  The clause “81,394 Long-term prepaid insurance 30,479 63,729 Cash and marketable securities held in Trust Account 175,785,614 172,738,674 Total Assets $ 176,271,976 $ 173,583,797 Liabilities, Class A Ordinary Shares Subject to Possible Redemption,”…

  Sponsor loans outstanding

  $300K · unchanged

  The clause …“the Initial Public Offering. On December 12, 2025, the Company had borrowed $ 300,000 under the Promissory Note, which was fully settled simultaneously with the closing of the Initial Public Offering. Borrowing against the”…

  Redeemable shares

  17.3M · unchanged

  The clause …“value; 500,000,000 shares authorized; none issued or outstanding (excluding 17,250,000 shares subject to possible redemption) as of June 30, 2026 and December 31, 2025 Class B ordinary shares, $ 0.0001 par value; 50,000,000 shares”…

  Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.

• 4255 August 20260001213900-26-085814

  What changed: Form 425 communication filed pursuant to Securities Act Rule 425 and Exchange Act Rule 14a-12, functioning as a business combination advertisement and official repository for social media announcements regarding the merger. No amendments to the redemption calendar, trust account mechanics, or extension provisions are introduced. The filing confirms that the Business Combination Agreement was executed on July 31, 2026, by Bluerock Acquisition Corp., Bitonic Technology Labs Inc. d/b/a Yellow.ai, and BLRK Merger Sub Inc. Yellow.ai’s management team disseminated related information via LinkedIn and X on August 3, 2026, and Bluerock posted its own update via LinkedIn on August 5, 2026. Procedurally, the company states it intends to file a Form S-4 registration statement containing a preliminary proxy statement/prospectus, after which definitive solicitation materials will be mailed to shareholders once declared effective. Risk disclosures warn that shareholder elections to redeem shares could leave the combined company with insufficient cash to execute business plans, particularly if PIPE financings fail to close or close at amounts less than anticipated. Why it matters: This filing confirms the transaction remains on track toward the extraordinary general meeting without modifying the existing redemption framework or the tracked trust value of $10.190470376811595 per share against the stated deadline of 2027-12-12. Structurally, the agreement parties outlined a domestication strategy wherein Bluerock will deregister as a Cayman Islands exempted company, become a Delaware corporation, and adopt the name 'Yellow.ai' ('Pubco'), while Merger Sub merges into Yellow.ai as a direct wholly-owned subsidiary. Strategically, forward-looking statements attributed to the companies project market opportunity expansion, third-party platform compatibility maintenance, and reliance on relationships with governments, state-funded entities, suppliers, and regulatory bodies, alongside cautionary notes on AI/machine learning adoption rates and cybersecurity risks. The sponsor’s historical investment track record is explicitly disclaimed by the company as non-indicative of future performance. Ultimately, this document serves as a compliance checkpoint that formalizes the marketing rollout and sets the stage for the S-4 filing, which will contain the definitive redemption mechanics, proxy vote dates, and final financial pro formas required for investor decisions.

• 4253 August 20260001213900-26-084286

  What changed: Form 8-K filed as a Rule 425 written communication announcing entry into a definitive Business Combination Agreement between Bluerock Acquisition Corp. (BLRK) and Bitonic Technology Labs Inc. d/b/a Yellow.ai. Includes the full BCA, Sponsor Support Agreement, Company Support Agreement, Lock-Up Agreement, Equity PIPE Subscription Agreement, Note PIPE Purchase Agreement, Amended and Restated Registration Rights Agreement, press release, and investor presentation. Bluerock has signed a definitive business combination with Yellow.ai, moving the SPAC from a pre-deal search state to a deal-announced state with a specific target. The filing establishes the transaction structure: Yellow.ai valued at $300M pre-money, Aggregate Consideration of 30M shares at $10/share, no minimum cash condition to close, $5M Equity PIPE and up to $50M convertible Note PIPE, sponsor forfeiture of 750,000 Class B shares and 2,000,000 warrants, lock-up periods (210 days / 1 year for founders; 180 days for commitment shares), and a 17.5M share milestone equity incentive plan tied to revenue ($45M/$55M/$65M) and stock price ($12) triggers. Why it matters: This filing gives investors the complete terms of the proposed deSPAC, including the valuation (pro forma equity ~$550M), the explicit lack of a minimum cash condition (meaning the deal can close even with high redemptions), the aggressive PIPE terms (12% senior secured convertible notes with conversion resets, 5% OID, and 120% prepayment penalties), sponsor alignment through forfeitures and lock-ups, and the revenue-based earnout structure. It also provides Yellow.ai's financials (FY26A unaudited revenue $34.8M) and its strategy to roll up BPOs. Redemption mechanics are standard but the no-minimum-cash provision is a key risk for trust value.

• 8-K3 August 20260001213900-26-084282

  What changed: 8-K announcing a Business Combination Agreement (merger) between SPAC Bluerock Acquisition Corp. and Bitonic Technology Labs d/b/a Yellow.ai, together with related exhibits: Sponsor Support Agreement, Company Support Agreement, Lock-Up Agreement, Equity PIPE Subscription Agreement, Note PIPE Purchase Agreement, Registration Rights Agreement, press release, and investor presentation. The filing reports the entry into a definitive Business Combination Agreement on July 31, 2026. The trust account holds at least $172.5 million as of signing. The SPAC trust per share is $10.190470376811595 (per user data). The deal values Yellow.ai at $300 million pre-money, implying a pro forma equity value of ~$550 million. The deadline to close is March 31, 2027 (Outside Date). The sponsor agrees to forfeit 750,000 Class B shares and up to 1,000,000 commitment shares to PIPE investors, and to cancel 2,000,000 warrants. The PIPE includes $5 million equity units at $10/unit and up to $50 million convertible notes (initial $25 million at 12% interest, 5% OID, conversion price $10 with a floor of $6 after six months). The closing conditions include no minimum cash requirement. The Registration Statement (S-4) must be filed within 75 days or the SPAC can terminate. Why it matters: This is the definitive deal announcement. Investors now have the full terms: valuation, PIPE structure, sponsor concessions, redemption mechanics, and timeline. The trust per share is above $10.19, above the $10.00 redemption price, so public shareholders may have incentive to redeem depending on market price. The note PIPE terms are aggressive (high interest, reset floor) and could be dilutive. The transaction has no minimum cash condition, meaning the deal can close even with heavy redemptions. The sponsor's forfeiture and warrant cancellation reduce future dilution. The investor presentation claims $34.8 million unaudited FY26 revenue, 650+ customers, 16B+ annual conversations, and a path to EBITDA positive in FY27E. The filing provides the basis for evaluating the deal's prospects.

• 10-Q14 May 20260001213900-26-056634

  What changed: Quarterly report (Form 10-Q) for the period ended March 31, 2026, filed by Bluerock Acquisition Corp., a blank check company seeking a business combination. No material changes. Trust value per share increased from $10.01 at Dec 31, 2025 to $10.10 at Mar 31, 2026 due to interest earned. No extension, no deal announcement, no sponsor conduct issues. The company continues to search for a target. No changes in risk factors or legal proceedings. Why it matters: Routine quarterly filing with no new developments affecting redemption mechanics or deal progress. The trust value per share is slightly above the IPO price due to interest, but no deadline extension or business combination has been announced.

  trust account, redeemable shares, sponsor loans outstandingnothing moved · 3 with no prior record of ours

  Trust account

  not previously extracted→$174.2M

  The clause “81,394 Long-term prepaid insurance 47,104 63,729 Cash and marketable securities held in Trust Account 174,208,247 172,738,674 Total Assets $ 174,895,078 $ 173,583,797 Liabilities, Class A Ordinary Shares Subject to Possible Redemption,”…

  Redeemable shares

  not previously extracted→17.3M

  The clause …“value; 500,000,000 shares authorized; none issued or outstanding (excluding 17,250,000 shares subject to possible redemption) as of March 31, 2026 and December 31, 2025 Class B ordinary shares, $ 0.0001 par value; 50,000,000 shares”…

  Sponsor loans outstanding

  $300K · unchanged

  The clause …“Public Offering of its securities. On December 12, 2025, the Company had borrowed $ 300,000 under the Promissory Note which was fully settled simultaneously with the closing of the Initial Public Offering. Borrowing against the”…

  Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.

Market data as of 2026-08-19 (21 days old). A forward multiple is a market opinion on one day, not a filed figure.

Selected from a listed universe by sector and by business description — not from the SPAC's stated mandate. 7 hand-picked comp(s) are kept alongside and were not rewritten.

Reality check: Robotics deSPAC median: $0.89. AI hype has not translated into SPAC premiums. (SPACInsider via Institutional Investor, Feb 2026)