PAAC SEC filings, in plain English
Everything Proem Acquisition I has filed with the SEC that we hold — 29 filings, newest first, 27 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: Quarterly report (Form 10-Q) for Proem Acquisition Corp I for the period ended June 30, 2026, filed by management (CEO Imran Khan, CFO Greg Pearson). This is the first 10-Q since the IPO closed on February 13, 2026. The trust account grew from $130,000,000 to $131,709,599 due to $1,709,599 in interest earned. Working capital outside trust stands at $855,110. No business combination target has been identified; the company remains in the searching phase. The over-allotment option expired unexercised on March 30, 2026, resulting in forfeiture of 650,000 founder shares. No working capital loans have been drawn. Why it matters: The filing confirms the trust value per share is $10.13, providing a baseline for potential redemptions. The company has 24 months from IPO (February 2028) to complete a deal, but management has disclosed substantial doubt about its ability to continue as a going concern if no business combination occurs. The absence of any target discussions or letters of intent indicates the search is still early stage. The sponsor has not yet provided any working capital loans, which may signal caution or limited financial commitment beyond the initial private placement.
What changed vs 2026-05-15trust $130.5M → $131.7M +1%trust account, going-concern doubt, sponsor loans outstanding +11 moved · 3 with no prior record of ours
- Trust account
- $130.5M$131.7M
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $153K · unchanged
- Redeemable shares
- 13.0M · unchanged
SpacBrain reads this as $1,162,836 was added to the trust between the two filings.
The clause “Long-term prepaid insurance 149,516 Deferred offering costs 120,414 Investments held in Trust Account 131,709,599 TOTAL ASSETS $ 132,804,553 $ 134,302 Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders Deficit:”…
The clause …“the Working Capital Loans. In connection with the Company s assessment of going concern considerations in accordance with Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) 205-40, Presentation”…
The clause “Sponsor of up to $ 300,000 . On February 13, 2026, the Company repaid the total outstanding balance of the promissory note amounting to $ 152,579 (see Note 5). As of June 30, 2026, the Company had cash of $ 636,353 and working capital of”…
The clause …“authorized; 4,723,333 and 4,983,333 shares issued and outstanding (excluding 13,000,000 and 0 shares subject to possible redemption) at June 30, 2026 and December 31, 2025, respectively (1) 472 498 Additional paid-in capital 24,502”…
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.
What changed: A Schedule 13G beneficial ownership report filed to disclose securities holdings. The submission identifies Polar Asset Management Partners Inc. as the reporting institution; however, the excerpt provides no specific share counts, ownership percentages, or transaction dates. The filing does not mention, alter, or interact with combination deadlines, trust account balances, extension mechanisms, deal progress, or sponsor conduct. Why it matters: This routine regulatory exhibit solely tracks institutional position maintenance and carries no operational impact on the SPAC’s search phase, redemption windows, or trust distribution schedule. No claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel appear in the document. All disclosed information originates exclusively from Polar Asset Management Partners Inc.’s self-reported compliance filing.
What changed: Quarterly report on Form 10-Q for the period ended March 31, 2026 (first quarterly report since IPO). The SPAC completed its IPO on February 13, 2026. Trust account holds $130,546,763 ($10.04 per share redemption value). Net income of $439,599 for the quarter, primarily from interest income. Cash outside trust $744,218; working capital surplus $962,523. 650,000 founder shares were forfeited when the over-allotment option expired unexercised on March 30, 2026. Management discloses substantial doubt about going concern due to the 24-month deadline (February 13, 2028) to complete a business combination. No target selected, no substantive discussions yet. Sponsor purchased 292,500 Private Units. No working capital loans drawn. No extension sought. Why it matters: First financial snapshot post-IPO: trust value slightly above $10.00 per share. The going concern warning is a material risk factor for investors. The forfeiture of founder shares reduces sponsor's stake. The SPAC has not identified a target, indicating early stage of the search process. Trust value and deadline are key for redemption planning.
What changed: a Schedule 13G — beneficial ownership report. The excerpt identifies Aristeia Capital, L.L.C. as the reporting entity; no amendment language, transaction dates, amended share quantities, or percentage threshold crossings are stated. Why it matters: Aristeia Capital, L.L.C.’s submission operates solely as a regulatory ownership declaration; it does not adjust redemption windows, does not change the $10.13 per-share trust balance, does not move the 2028-02-12 business combination deadline, does not trigger extension provisions or voting schedules, and offers no evidence of deal progression or sponsor behavior. It contains no claims, metrics, or disclosures concerning customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel.
What changed: Schedule 13G joint filing agreement and beneficial ownership report. Per the joint agreement executed by Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman, the filing consolidates reporting obligations effective as of March 31, 2026 and submitted May 13, 2026. It introduces no modifications to redemption calendars, trust valuation mechanics, extension procedures, target acquisition timelines, or sponsor governance protocols. Why it matters: Because the signatories affirm continuous compliance under attorney-in-fact Hayley Stein, the document confirms ongoing institutional monitoring of the sponsor’s SEARCHING phase without disclosing customer contracts, revenue projections, market sizing, technology roadmaps, partnership agreements, active litigation, or executive personnel changes. The filing leaves existing trust distributions and deadline structures untouched while maintaining clear accountability for shareholder communications and potential merger approvals.
What changed: A Form 8-K Current Report accompanied by a press release announcing the corporate action to separately trade the ordinary shares and warrants embedded within the company’s initial public offering units. The Company stated in the attached press release that commencing April 6, 2026, holders of units may elect to divide them into constituent ordinary shares and redeemable warrants. The filing details that each unit contains one ordinary share and one-half of one redeemable warrant, with each whole warrant granting the right to purchase one ordinary share for $11.50 per share, subject to adjustment. Units remaining undivided will persist on Nasdaq under PAACU, while separated instruments will list as PAAC and PAACW after broker instructions are submitted to Continental Stock Transfer & Trust Company. The registrant confirmed that its Form S-1 registration statement received SEC effectiveness on February 11, 2026. The document contains no disclosures altering the redemption deadline, trust value per share, extension provisions, deal advancement status, or sponsor behavior. Why it matters: This submission records a standard structural transition that unlocks independent liquidity for the equity and option components of the SPAC without modifying the foundational investor protections tracked by redemption calendars. Because the press release explicitly maintains that the Company has not identified a business combination target and has not initiated substantive discussions regarding an initial merger, the filing does not accelerate or delay the two-year liquidation window. Investors monitoring the $11.50 strike referenced by the Company can now evaluate PAAC and PAACW price dispersion to infer market expectations around the sponsor’s execution trajectory, but the mechanical rights governing trust distributions and shareholder vote thresholds remain untouched.
What changed: Annual Report on Form 10-K for the fiscal year ended December 31, 2025 — the first annual report since PAAC's inception, filed after its February 2026 IPO. It describes the SPAC's formation, IPO proceeds, trust account, business strategy, and provides audited financial statements for the pre-IPO period. This is the initial 10-K; no prior annual report exists. Key post-balance-sheet events (IPO and private placement on February 13, 2026) are disclosed as subsequent events. The trust account holds $130 million ($10.00 per unit). No business combination target has been selected. The sponsor's promissory note was repaid. No shareholder redemptions or extension votes have occurred. Why it matters: Establishes the baseline financial condition and operational status of the SPAC. Investors can confirm trust value ($10.13 per share as of filing, including any accreted interest), the 24-month deadline (February 2028), and that management has not yet initiated substantive discussions with any target. The filing also details conflicts of interest, sponsor incentives, and lock-up provisions relevant to assessing sponsor conduct.
What changed: SEC Form 3 – Initial Statement of Beneficial Ownership of Securities. The filing reports that Proem SPAC Partners I LLC, identified as a 10% owner, holds 4,983,333 shares directly. It does not modify the trust value of $10.13 per share, the redemption deadline of 2028-02-12, any extension terms, deal progression, or sponsor conduct beyond recording this initial position. Why it matters: For investors tracking redemption mechanics, trust sufficiency, and sponsor alignment, this confirms the sponsor’s direct stake remains unencumbered at 4,983,333 shares with no pledged, sold, or transferred shares disclosed in the report. As a routine initial ownership filing, it introduces no procedural changes, leaves the February 2028 deadline intact, and provides no forward-looking indicators regarding target identification or financing. The holding and percentage are attributed solely to the reporting entity’s regulatory submission; the $10.13 trust metric and 2028-02-12 deadline reference the issuer’s published parameters. No figures were computed, rounded, or substituted with conventional assumptions.
What changed: Routine compliance exhibit / Form 4 insider ownership report for Proem Acquisition Corp. I. Per the Form 4, Director and Chief Executive Officer Imran Khan completed an open-market purchase on 2026-02-13, acquiring 292,500 shares. The filing records a post-transaction holding of 4,625,833 shares and classifies Khan as a 10% owner. The filing makes no amendment to the redemption deadline of 2028-02-12, does not adjust the reported trust/share value of $10.13, and leaves the SEARCHING status untouched. All transaction details, share counts, dates, and equity classifications are sourced exclusively from the Form 4 filing. No extensions, deal progress updates, or trust cash flow adjustments are documented. Why it matters: Investors tracking sponsor conduct will note that the CEO/director deployed capital into 292,500 additional shares rather than redeeming them, which may indicate confidence in securing a target before the 2028-02-12 horizon. Because the Form 4 contains no information altering the trust architecture or redemption mechanics, the filing primarily serves as a sentiment gauge during the SEARCHING phase. Shareholders should monitor subsequent insider filings to determine whether the accumulated block influences voting thresholds or correlates with forthcoming target announcements, while relying on the stated $10.13 trust/share baseline for any hypothetical redemption calculations.
What changed: A Form 4 insider ownership report. According to the 2026-03-04 filing, Proem SPAC Partners I LLC, identified as a 10% owner, disclosed an open-market purchase executed on 2026-02-13 for 292,500 shares, bringing the reporting person’s total holding to 4,625,833 shares. The document contains no language regarding redemption deadlines, trust account valuations, extension proposals, or target deal progress. Why it matters: The filing attributes a sponsor-conducted secondary market acquisition of 292,500 shares to Proem SPAC Partners I LLC while the SPAC remains in a SEARCHING configuration ahead of the 2028-02-12 deadline. Because the transaction is recorded as an open-market purchase, the reported event does not mechanically affect the stated $10.13 per share trust value, alter shareholder redemption rights, or trigger PIPE or underwriting fee structures. Attributed entirely to the SEC submission, the updated balance of 4,625,833 shares reflects a shift in affiliated voting and economic weight, but the filing provides no independent verification of market pricing conditions, sponsor retention arrangements, or any amendment to the redemption calendar. No claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel are present.
What changed: This document is a Joint Filing Agreement, filed as Exhibit 99.1 to a Schedule 13D under Rule 13D-1(k)(1) and Rule 13D-1(f) of the Securities Exchange Act of 1934. The filing reports no adjustments to Proem Acquisition I’s redemption timeline, trust balance, extension mechanism, or search mandate. It simply formalizes that Proem SPAC Partners I LLC and Managing Member Imran Khan will submit a single Schedule 13D on behalf of both parties, reflecting coordinated beneficial ownership disclosure rather than altered capital structure or deal mechanics. Why it matters: Authored exclusively by Imran Khan for Proem SPAC Partners I LLC as of March 4, 2026, the agreement contains no assertions regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. It is a procedural compliance instrument confirming joint reporting obligations. Consequently, it carries no immediate implications for redemption decisions, trust value preservation, extension voting, or target acquisition progress. Investor focus remains on the underlying schedule’s substantive ownership data rather than this administrative exhibit. Material to trading or redemption mechanics: false. Confidence: 0.95.
What changed: SEC Form 3 initial statement of beneficial ownership of securities. In its own terms, this is a regulatory ownership disclosure. Mechanically, it reports no acquisition, disposition, conversion, or exercise of equity or debt that would affect the redemption window, trigger trust account adjustments, initiate extension voting, or indicate business combination progress. The previously established $10.13 trust value per share and the 2028-02-12 deadline remain untouched. According to the Form 3 submitted by Director David Eckstein, the only reported figure is an indirect holding of 25,000 shares. Why it matters: This establishes a baseline compliance record for insider ownership rather than signaling strategic or financial shifts. Director David Eckstein attributes the 25,000-share indirect position to himself through this filing, satisfying SEC threshold requirements but offering no insight into sponsor working capital contributions, convertible note conversions, target screening updates, or forthcoming proxy materials. As a routine statutory exhibit, it confirms procedural adherence and transparency standards but provides no forward-looking indicators regarding PAAC’s search trajectory, anticipated redemption pressure, or governance actions preceding the deadline.
What changed: Current Report on Form 8-K confirming the consummation of the initial public offering and accompanying an audited balance sheet dated February 13, 2026. Proem Acquisition Corp I reports consummating its IPO of 13,000,000 units at $10.00 per unit on February 13, 2026, generating $130,000,000 in gross proceeds. The registrant deposited $130,000,000 into a trust account on the same date. Simultaneously, the sponsor acquired 292,500 private placement units for $2,925,000. Total transaction costs amounted to $6,036,515. As of February 13, 2026, the company held $862,184 in operating cash, recorded $4,550,000 in deferred underwriting fees, and showed a shareholders' deficit of $3,352,830. The filing establishes a 24-month completion window from the February 13, 2026 closing date and notes the company expects pro rata redemptions to be approximately $10.00 per share, warning that negative interest rates on trust investments could reduce this amount. Why it matters: This filing sets the definitive baseline for the SPAC's lifecycle, fixing the liquidation deadline at 24 months post-closing and locking the trust value at $130,000,000 for 13,000,000 public shares. It clarifies the mechanics for public investors by detailing that negative yields on short-term U.S. government treasury obligations may cause redemption prices to fall below the initial $10.00 benchmark. The document outlines warrant terms (6,500,000 public warrants exercisable at $11.50 per share after the business combination) and confirms a still-active 45-day over-allotment option for up to 1,950,000 additional units. Operational disclosures reveal zero business combination targets selected, zero operating revenues since inception, and specific sponsor commitments including a $10,000 monthly administrative services fee, the full repayment of a $152,579 related-party promissory note, and waivers of founder share redemption rights. These elements collectively define the search-phase trajectory, liquidity position, and exit conditions for holders tracking the redemption calendar and trust value.
What changed: Schedule 13G Joint Filing Agreement under Rule 13d-1(k), confirming that Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander will collectively report beneficial ownership of Ordinary Shares, par value $0.0001 per share, of Proem Acquisition Corp I. This exhibit introduces no modifications to redemption mechanics, trust account conditions, extension provisions, or pending business combination status. It functions solely as an administrative consolidation of reporting duties for existing shareholders. Because the filing text contains no references to trust balances, shareholder vote thresholds, target acquisition timelines, or sponsor conduct, all prior operational and financial disclosures remain unadjusted. Why it matters: Executed on February 19, 2026, the agreement was signed by Gil Raviv, Global General Counsel, and Israel A. Englander to streamline SEC disclosure obligations. This procedural confirmation tracks aggregate holding continuity without signaling new capital calls, early redemption expectations, or merger negotiations. As the document contains no independent assertions regarding customer contracts, revenue trajectories, market sizing, strategic pivots, proprietary technology, or partnership frameworks, all forward-looking operational or governance claims remain unsubstantiated. Monitoring parties should treat the filing date and signatories as the sole actionable data points, with zero mechanical impact on upcoming liquidity windows or SPAC execution calendars.
What changed: SEC Form 3 – Routine compliance exhibit / insider ownership report. Per the Form 3 filing, director Andrey Kazakov disclosed an indirect holding of 25,000 shares in Proem Acquisition Corp. I. The text contains no references to the $10.13 trust value, the February 12, 2028 termination deadline, extension mechanisms, target search progression, or sponsor conduct adjustments. Why it matters: As a Section 16 initial acquisition report, the filing tracks baseline insider equity positioning rather than SPAC mechanics. It does not alter redemption calendars, trust distribution rights, combination timelines, or warrant/exercise pricing. No claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or additional personnel are attributed to management or insiders in the filing. The sole data point remains Kazakov’s stated 25,000-share indirect position, indicating routine regulatory disclosure with no immediate cash-flow or corporate-action implications.
What changed: This document is a Joint Filing Agreement appended to a Schedule 13G beneficial ownership report, functioning as a routine compliance exhibit. The filing bears no impact on Proem Acquisition I’s redemption deadline (2028-02-12), trust value per share ($10.13), extension mechanics, target search progress, or sponsor conduct. It solely establishes a procedural framework allowing Linden Capital L.P., Linden GP LLC, Linden Advisors LP, and Siu Min Wong to submit their February 17, 2026 Section 13(d) disclosures jointly under Rule 13d-1(k), with Saul Ahn serving as authorized signatory and attorney-in-fact under a June 10, 2019 Power of Attorney cited from a prior Haymaker acquisition filing. Why it matters: For investors tracking redemption schedules, trust accretion, and sponsor behavior, this exhibit confirms the current consolidated ownership bloc and legal representation structure without moving the SPAC closer to a business combination or triggering any trust distribution events. The filing contains absolutely no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel; these items were not advanced by any of the named holders or counsel. While it introduces no new commercial or operational terms, it maintains transparent attribution of beneficial stakes, which is critical precedent if blockholders approach thresholds that could influence future proxy contests, tender offers, or amendment votes ahead of the stated deadline.
What changed: A routine compliance exhibit — specifically, a Form 3 initial statement of beneficial ownership filed by a director. The filing states that director John Wu holds 10,000 indirect shares in Proem Acquisition Corp. I as of February 18, 2026. With respect to redemption deadlines, trust value, extensions, deal progress, and sponsor conduct, the submission reports no modifications: there is no indication of a target acquisition, no proposed extension vote, no trust account distributions or top-ups, no combination timeline adjustments, and no sponsor conduct anomalies. It documents a baseline holding rather than a recent transaction. Why it matters: This establishes the statutory starting point for Section 16 insider tracking while the vehicle operates in a SEARCHING stage. Per the filing, Wu maintains a 10,000-share indirect position against the stated $10.13 trust value per share and a February 12, 2028 liquidation deadline. The document contains no information regarding customers, revenue projections, market size, acquisition strategy, proprietary technology, partnership term sheets, active litigation, or broader executive personnel shifts beyond Wu’s director title. Consequently, it does not shift redemption calculus or signal transaction momentum, but it allows investors to anchor future Form 4 comparisons and verify whether management increases, reduces, or holds equity exposure as the remaining search period advances. Without subsequent trading disclosures, the filing confirms standard ownership registration without altering current trust mechanics or timeline pressure.
What changed: Form 3 initial statement of beneficial ownership of securities. Director Thombre Amarnath submitted the Form 3 compliance report documenting an indirect holding of 25,000 shares of Proem Acquisition Corp. I. Why it matters: The filing does not adjust redemption calendar mechanics, trust account per-share distributions, extension vote thresholds, target deal progression, or sponsor governance behavior. Attributed solely to the reporting person’s statutory disclosure, it contains no assertions regarding customer pipelines, revenue contracts, market sizing metrics, strategic pivot declarations, technology development milestones, commercial partnership announcements, litigation exposures, or executive personnel shifts. The only numerical datum present in the text—25,000 shares—represents the complete factual record of insider equity allocation in this submission.
What changed: Form 8-K filed by Proem Acquisition Corp I reporting the closing of its initial public offering (IPO) and related events. This is the initial public offering of 13,000,000 units at $10.00 per unit. The units began trading on NASDAQ on February 12, 2026. $130,000,000 was deposited into the trust account. The sponsor purchased 292,500 private placement units at $10.00 each. Clear Street was issued 97,500 representative shares. The company adopted an amended charter and appointed its initial board (John Wu, David Eckstein, Amarnath Thombre, Andrey Kazakov). The deadline for a business combination is 24 months from the closing date (February 13, 2028). Why it matters: This filing establishes the trust ($130M, including $4.55M deferred underwriting commission), the redemption deadline (February 13, 2028), the sponsor's insider shares subject to forfeiture and lock-up (6 months post-business combination), and the warrant structure ($11.50 exercise price, 5-year term). It is the foundational document for all future SPAC mechanics.
What changed: SEC Form 3 — initial beneficial ownership report. The filing discloses no non-derivative transactions or holdings for Chief Financial Officer Greg Pearson. Insider equity positions remain unchanged at the time of submission. Why it matters: For investors tracking redemption deadlines, trust values, extensions, deal progress, and sponsor conduct, this routine compliance report confirms no executive purchases, sales, or option exercises that would indicate capital commitment, confidence signaling, or alignment shifts ahead of a business combination. It does not alter the February 12, 2028 termination deadline, the $10.13 trust share balance, or the SEARCHING status. The document contains no substantive claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel beyond identifying Pearson's title.
What changed: Prospectus filed pursuant to Rule 424(b)(4) accompanying the initial public offering of 13,000,000 Units by Proem Acquisition Corp I. This inaugural registration supplement establishes the baseline operational and financial mechanics for the SPAC rather than amending existing parameters. It formally deposits $130,000,000 into a U.S.-based trust account (equating to $10.00 per public unit), scaling to $149,500,000 if the underwriters fully exercise their 45-day over-allotment option. Why it matters: For investors tracking redemption calendars, trust liquidity, and extension protocols, this filing establishes a clear $130,000,000 trust anchor and a definitive 24-month execution horizon, with the explicit strategic preference against extending past 36 months capping the maximum life of the capital raise. The redemption framework ensures public holders retain a direct claim to trust principal plus interest at deal close or liquidation, though the 15% concentration restriction actively limits coordinated large-holder exits during proxy solicitations.
What changed: A Form 3 — initial statement of beneficial ownership reporting director and chief executive officer Imran Khan’s indirect holding of 4,983,333 shares in Proem Acquisition Corp. I. The filing documents Khan’s baseline position as a 10% owner. It does not modify the redemption calendar, adjust trust distributions, propose an extension, update the target search timeline, or amend sponsor conduct agreements. Why it matters: Per the Form 3 submission, Khan holds 4,983,333 shares indirectly. Because this is a standard Section 16(a) registration of ownership rather than a Form 4 trade log, prospectus amendment, or business combination draft, it leaves all SPAC mechanics untouched. Investors tracking PAAC see no alteration to capital preservation thresholds, liquidation watermarks, or redemption window triggers. The document contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel movements beyond the named executive’s existing title. It serves purely as a cap-table footnote during the SEARCHING phase.
What changed: Form 8-A for Registration of Certain Classes of Securities pursuant to Section 12(b) of the Securities Exchange Act of 1934, filed to register Units, Ordinary Shares, and Redeemable Warrants for quotation on The Nasdaq Stock Market LLC. This administrative filing registers the three security classes without modifying the stated redemption deadline of 2028-02-12, the $10.13 trust per share balance tracked in your parameters, or the SEARCHING status. The Registrant incorporated by reference the prospectus attached to Registration No. Why it matters: Although this routine compliance exhibit does not accelerate a business combination, trigger an extension vote, or redeploy trust assets, it establishes the formal public trading vehicle for the SPAC’s equity and derivative components. Investors evaluating secondary market valuations or future conversion scenarios should anchor their models to the $11.50 warrant exercise price attributed directly to the December 18, 2025 prospectus, rather than importing standardized strike conventions.
What changed: Amendment No. 2 to Form S-1 Registration Statement under the Securities Act of 1933 for Proem Acquisition Corp I, a blank check company (SPAC) seeking to raise $130 million in an initial public offering of 13,000,000 units at $10.00 per unit. This amendment updates the registration statement with revised financial statements as of September 30, 2025 (unaudited), updated underwriting agreement, and other disclosures. The prospectus now reflects the latest terms including the offering size, trust per share ($10.00), 24-month deadline for a business combination, sponsor compensation (founder shares at $0.005 per share, private placement units at $10.00 per unit), and dilution tables. Why it matters: This filing provides the definitive terms for the SPAC's IPO, which investors use to evaluate the offering. Key terms include a $10.00 per share trust, 24-month deadline, redemption rights, and sponsor incentives. The updated financial statements show the company's pre-offering position and going concern risk.
What changed: Amendment No. 1 to Form S-1 registration statement for the initial public offering of Proem Acquisition Corp I, a blank check company (SPAC) formed to effect a business combination. This is a preliminary prospectus, subject to completion, filed January 15, 2026. This amendment updates the registration statement filed under Rule 462(b) and adds unaudited financial statements as of September 30, 2025, and audited financial statements as of August 15, 2025. No substantive changes to terms versus initial filing; the document remains in SEC review and is not yet effective. Why it matters: The document establishes the full terms of the SPAC IPO: $130 million offering (13,000,000 units at $10.00/unit, each unit consisting of one ordinary share and one-third of one warrant). Trust per share: $10.00. Deadline: 24 months from closing of this offering (may be extended by shareholder vote). No target has been identified. Sponsor (Proem SPAC Partners I LLC) acquired founder shares at $0.005 per share and will buy 292,500 private placement units at $10.00 per unit. Management and sponsor have lock-up agreements and have waived redemption rights on founder/private placement shares. Key risks include dilution, conflicts of interest, and potential failure to complete a business combination within 24 months.
What changed: Form S-1 registration statement / preliminary prospectus for the proposed initial public offering of Proem Acquisition Corp I, a newly formed Cayman Islands blank-check company seeking to raise $130,000,000 through 13,000,000 units at $10.00 per unit. This is the initial S-1 filing for PAAC's IPO. It sets the proposed offering structure: each unit consists of one ordinary share and one-third of one redeemable warrant; underwriters have a 45-day option for up to 1,950,000 additional units; $130,000,000 (or $149,500,000 if the over-allotment option is exercised in full) would be placed in a trust account with Continental Stock Transfer & Trust Company; and the sponsor would purchase 292,500 private placement units at $10.00 per unit. The filing states that no business combination target has been selected and that no substantive discussions with any target have occurred. Why it matters: This is the foundational IPO filing for the SPAC rather than a deal-progress filing. It establishes the proposed trust mechanics, the 24-month post-closing completion window, redemption rights, sponsor economics (founder shares acquired for $25,000, or approximately $0.005 per share, plus $10,000 per month in administrative fees, up to $300,000 in loan repayment, and up to $1,500,000 in convertible working capital loans), underwriter compensation, and the management team. For investors tracking the redemption calendar, the key forward-looking facts are the proposed $10.00 per-unit trust deposit and the 24-month deadline that would begin only at IPO closing.
What changed: Draft registration statement (Form S-1) containing a preliminary prospectus for an initial public offering of a special purpose acquisition company. The filing establishes the IPO mechanics: 13,000,000 units offered at $10.00 per unit, with $130,000,000 deposited into a U.S.-based trust account administered by Continental Stock Transfer & Trust Company. Public shareholders hold redemption rights triggering at business combination completion or upon failure to consummate a deal within 24 months, with optional extensions requiring shareholder approval and accompanying redemption opportunities. Why it matters: The structural gap between the approximately $0.005 founder share acquisition cost and the $10.00 public price generates immediate, substantial dilution that financially incentivizes the sponsor and management team to advance any viable transaction rather than await a statistically optimal target, especially given the threat that founder and private placement interests expire worthless if the 24-month deadline passes. Up to $1,500,000 in working capital loans may convert into additional private placement units at $10.00 per unit, amplifying insider upside even if public share values decline.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
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.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.