Alchemy Investments Acquisition Corp 1

What they do

Alchemy Investments Acquisition Corp 1 is a Cayman Islands blank check company formed in October 2021 to effectuate a merger, share exchange, asset acquisition, or other business combination. It has not generated any operating revenues, and its activities have been limited to financing, organizational, IPO preparation, and search for a target. On August 22, 2025, it entered into a business combination agreement to acquire Cartiga, LLC, but the deal has not yet closed.

Revenue drivers

• No operating revenue — The company has not generated any revenues and expects none until completion of a business combination.
• Investment income on Trust Account — Income from investments held in the Trust Account, used to pay operating expenses.
• Not applicable — No other revenue streams exist as of the latest report.

Recent performance

For Q1 2026 (three months ended March 31, 2026), the company reported a net loss of $331,900, with operating costs of $362,994, partially offset by $77,816 gain on trust investments and $731 dividend income. This compares to a net loss of $301,497 in Q1 2025, which had operating costs of $401,439, a gain of $124,408, and dividend income of $3,784. Cash used in operations was $192,399 in Q1 2026 versus $369,175 in Q1 2025. As of March 31, 2026, total assets were $9.1 million, total liabilities were $9.3 million, and shareholders' equity was negative $9.0 million. Cash and equivalents stood at just $86,243, with only $66,378 deposited into the trust for an extension.

Strategy

The company plans to effectuate its initial business combination using proceeds from its IPO and private placement shares, along with shares issued to target owners or debt. Its primary strategic focus is closing the proposed acquisition of Cartiga, LLC, a Delaware limited liability company, under the August 2025 business combination agreement. Management has not selected any other target, and expects no operating revenues until after a business combination closes. Given the negative equity and cash position, the company may be dependent on completing the Cartiga deal or obtaining additional financing.

Risks

• Going concern risk — Negative shareholders' equity of $9.0 million and cash of only $86,243 as of March 31, 2026 raise substantial doubt about the ability to continue as a going concern.
• Delisting risk — An 8-K filed on May 8, 2026 indicates a delisting notice or listing-rule failure, which could affect trading of its securities.
• Business combination may not close — The Cartiga acquisition has not yet closed, and there is no guarantee that it will, which would deprive the company of its intended purpose.
• No revenue and high burn — The company has no operating revenue and continues to incur net losses, with operating cash flow negative in every year since inception.

Outlook

Management has not provided forward-looking guidance but has stated that it expects no operating revenues until after business combination completion. The proposed acquisition of Cartiga is the company's key near-term milestone. Continued reliance on trust account income and related-party interest is insufficient to cover operating costs, highlighting a liquidity constraint. The company faces potential delisting and a going-concern issue that could threaten its ability to operate.