Alpex Acquisition Corporation

What they do

Alpex Acquisition Corp is a Cayman Islands blank check company incorporated on January 5, 2026, with no substantive operations. It was formed to pursue a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. As of June 30, 2026, it has not selected any target and has not initiated substantive discussions with any prospective target. Its activities are limited to formation, IPO preparation, and evaluating potential targets.

Revenue drivers

• Interest income on Trust Account — Generates non-operating income from interest earned on marketable securities held in the Trust Account; recognized $32,370 of interest income for the period ended June 30, 2026.
• Interest income on cash and cash equivalents — Earns interest on cash balances outside the Trust Account; recognized $1,270 for the period ended June 30, 2026.

Recent performance

For the three months ended June 30, 2026, Alpex reported a net loss of $123,388, with formation and operating costs of $157,028 partially offset by other income of $33,640. For the period from inception (January 5, 2026) through June 30, 2026, the net loss was $183,244, consisting of $216,884 in costs and $33,640 in other income. The IPO closed on June 26, 2026, raising $115 million in gross proceeds, with $115 million deposited into the Trust Account. As of June 30, 2026, the Trust Account held $115,032,370 in a money market fund investing in U.S. Treasury obligations. Total assets were $115.9 million, liabilities $1.0 million, and shareholder equity was negative $168,035.

Strategy

The Company intends to use substantially all of the funds in the Trust Account to complete a Business Combination. It may pursue targets in the broader technology sector, including artificial intelligence, interactive gaming, consumer internet, and digital commerce, or in any other industry or geographic region. Management has not yet identified a target or initiated substantive discussions. Any remaining funds after a combination would be used as working capital for the post-combination business.

Risks

• No target identified — As of June 30, 2026, the Company has not selected any specific Business Combination target and has not initiated substantive discussions with any prospective target.
• Limited operating history — The Company was incorporated on January 5, 2026, and has not commenced substantive operations, making its future success uncertain.
• Dependence on completing a Business Combination — The Company will not generate operating revenues until a Business Combination is completed, and failure to do so may result in liquidation.
• Early-stage and emerging growth company risks — As an early-stage and emerging growth company, Alpex is subject to risks associated with limited resources and the need for additional capital.

Outlook

Management expects to incur additional expenses for public company compliance and due diligence as it searches for a target. The Company will continue to evaluate prospective Business Combinations and may rely on interest income from the Trust Account to fund certain expenses. There is no assurance a combination will be completed, and the Company may need to seek additional financing if costs exceed available working capital.