Apogee Acquisition Corp

What they do

The company is a blank check company incorporated in the Cayman Islands on November 11, 2025, formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses. It has neither engaged in operations nor generated any revenues to date; activities since inception have been organizational, preparation for its initial public offering, and, after the IPO, identifying a target company. Post-IPO, it generates non-operating income in the form of interest income on marketable securities held in its trust account.

Revenue drivers

• Trust account investment income — The company's only reported income source is investment income on marketable securities held in the trust account, which was $1,436,079 for both the three and six months ended June 30, 2026.
• Future business combination — The company expects to generate operating revenues only after completing a business combination; no target has been identified and no such revenues exist today.

Recent performance

For the three months ended June 30, 2026, the company reported net income of $1,133,066, consisting of $1,436,079 of investment income on trust investments partially offset by $303,013 of formation and operating expenses. For the six months ended June 30, 2026, net income was $1,078,066, consisting of the same $1,436,079 of investment income partially offset by $358,013 of formation and operating expenses. As of June 30, 2026, total assets were $175.4 million, total liabilities were $6.1 million, shareholders' equity was negative $5.5 million, and cash and equivalents were $390,951. For the six months ended June 30, 2026, cash used in operating activities was $470,520.

Strategy

The company intends to effect its initial business combination using cash from the IPO proceeds, the private placement unit sale, its shares, debt, or a combination of cash, shares and debt. It completed its IPO of 17,250,000 units at $10.00 per unit on April 8, 2026, including full exercise of the underwriters' over-allotment option, generating gross proceeds of $172,500,000. Simultaneously, it sold 470,000 private placement units at $10.00 per unit to Apogee Acquisition Sponsor LLC for $4,700,000. Transaction costs totaled $8,972,198, including a $2,387,500 cash underwriting fee, a $6,000,000 deferred underwriter fee, and $584,698 of other offering costs.

Risks

• No operating business or revenues — The company has neither engaged in any operations nor generated any revenues to date, and it does not expect operating revenues until after completing a business combination.
• Unidentified combination target — The company has not yet identified a target company for a business combination and cannot assure that its plans to complete one will be successful.
• Negative shareholders' equity — As of June 30, 2026, shareholders' equity was negative $5.5 million and cash and equivalents were $390,951.
• Deferred underwriter fee obligation — Transaction costs included a $6,000,000 deferred underwriter fee, which the company will owe upon completion of a business combination.

Outlook

Management states that it expects to continue to incur significant costs in the pursuit of its acquisition plans. It does not expect to generate any operating revenues until after the completion of a business combination. It can give no assurance that its plans to complete a business combination will be successful. Subsequent to the IPO, it incurs expenses as a public company for legal, financial reporting, accounting and auditing compliance, as well as due diligence expenses.