Real Asset Acquisition Corp.
RAAQ · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Real Asset / Space Asset (Ort · Tuder), listed on Nasdaq in April 2025.
- What it's doing now
- It agreed in June 2026 to buy IQM Finland Oy, a superconducting quantum computing systems company. The deal valued that business at about $2.30B. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- IQM Finland Oy
- Industry
- Information Technology — superconducting quantum computing systems
- Deal value
- $2.3B
- announced 5 June 2026
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 30 April 2025
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 174 NASSAU STREET, PRINCETON, NJ, 08542
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Ort Peter (Director) · TUDER JEFFREY (Chief Financial Officer) · Smith Mark A. (Director)
- Listed securities
- RAAQ common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 30 April 2025IPOpassed
IPO size not on file
- 5 June 2026Deal announcedpassed
Combination with IQM Finland Oy
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- IQM Finland Oy$2.3B · announced 5 June 2026closedInformation Technologypost-close IQMXSEC primary
The score
deterministic, from filed fieldsRAAQ is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Real Asset Acquisition Corp. was a blank-check company whose common stock traded on Nasdaq under the ticker RAAQ. It priced its initial public offering on April 30, 2025, under SEC form 424B (accession 0001213900-25-037749), with units offering a trust value of $10 per unit and an 18-month deadline. The company was classified under SEC SIC code 6770 (Blank Checks) and assigned SEC CIK 0002052161. On June 5, 2026, the successor registrant I-ON Digital Corp. (ticker IONI, CIK 0001580490) filed an 8-K (accession 0001493152-26-027501) carrying item 2.01, Completion of Acquisition, naming Real Asset Acquisition Corp., confirming that the SPAC had completed its business combination and closed.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Assigning the warrant agreement to IQM Quantum Computers is a pre-closing step in a business combination, and the numbers show the dilution that travels with it: 14,075,000 warrants in total, of which 5,450,000 sit with the sponsor and the underwriters rather than public holders. A public shareholder deciding whether to redeem should count those warrants as claims on the post-combination equity alongside whatever shares the merger issues, since they survive the assignment unchanged.
The PIPE is approximately 14.6 million ordinary shares, including in ADS form, at $10.00 per ADS — about $146 million — signed at execution of the agreement and supplemented by a further commitment in June 2026, with certain RAAQ insiders among the investors. Redemption would have been approximately $10.41 per public share as of the record date. Sponsor economics: 5,750,000 founder shares bought for $25,000, about $0.004 each, of which 75,000 went to three independent directors and 60,000 to six advisors at the same price, leaving the Sponsor 5,615,000.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
What changed: Real Asset Acquisition Corp. filed a Warrant Assignment, Assumption and Amendment Agreement dated July 1, 2026 among IQM Quantum Computers Oy of Finland, the SPAC, Lucky Lucko, Inc. trading as Efficiency, and Computershare with Computershare Trust Company as warrant agent. It records that under the April 28, 2025 warrant agreement the SPAC has issued 8,625,000 public warrants as part of its IPO units, 3,725,000 private placement warrants to RAAQ Sponsor LLC, and 1,725,000 private placement warrants to underwriters Cohen & Company Capital Markets and Clear Street LLC. Why it matters: Assigning the warrant agreement to IQM Quantum Computers is a pre-closing step in a business combination, and the numbers show the dilution that travels with it: 14,075,000 warrants in total, of which 5,450,000 sit with the sponsor and the underwriters rather than public holders. A public shareholder deciding whether to redeem should count those warrants as claims on the post-combination equity alongside whatever shares the merger issues, since they survive the assignment unchanged.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Live fleet vs trust: 1/1 live vehicle trading at or above the trust value it filed.
Mixed record · medium confidence
- Real Asset Acquisition Corp. · 2025→ IQM Quantum Computers OyjIQMXCompleted
- Concord Acquisition Corp · 2020Terminated
Digital Asset Acquisition (DAAQ) is sponsored by RAAQ Sponsor LLC — the same sponsor LLC that carries Real Asset Acquisition Corp.'s initials — and Space Asset Acquisition (SAAQ) by Space Asset Acquisition Sponsor LLC. Ort Peter (principal executive officer) and TUDER JEFFREY (chief financial officer) file Section 16 forms as officers at both, and both also appear on Real Asset Acquisition Corp.
Full sponsor record →The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B4 0001213900-25-037749
Trading & liquidity
Company profile
Directors & officers
- Ort PeterDirector
- TUDER JEFFREYChief Financial Officer
- Smith Mark A.Director
- NEAL ROBERTDirector
- Munemori EduardoDirector
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — RAAQ (Real Asset Acquisition Corp.)
vault-note · /vault/tickers/RAAQ
- Vault deal note — IQM Finland Oy (RAAQ)
vault-note · /vault/deals/iqm-finland-oy
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
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.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
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.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
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.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
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.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
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.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail7 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-25-037749 priced 2025-04-30; common ticker RAAQ off 8-K 0001213900-26-064156 (2026-06-02); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per 8-K 0001493152-26-027501 (2026-06-05) — the successor registrant I-ON Digital Corp. (IONI) (CIK 0001580490) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Real Asset Acquisition Corp." — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "RAAQ Sponsor LLC" (SEC CIK 0002064734) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-25-036312.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> QUANTUM, on 425 0001213900-26-073128: "IQM Quantum Computers is a global leader in superconducting quantum computing, delivering full-stack quantum systems and cloud platform access to enterprises, r"