Chain Bridge I

What they do

Chain Bridge I is a Cayman Islands exempted company formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. It held an IPO in November 2021, generating gross proceeds of $230 million, and has since been engaged in organizational activities and discussions with potential targets. The company has generated no operating revenues to date and does not expect to until a business combination is consummated.

Revenue drivers

• No operating revenues — The company has generated no operating revenues and does not expect to until consummation of an initial business combination.

Recent performance

As of March 31, 2026, the company had cash of $136,637, total assets of $941,330, total liabilities of $4.5 million, and shareholders' equity of negative $4.3 million. Net income was -$1.3 million for 2025, following -$1.4 million in 2024. Operating cash flow was -$763,581 in 2025. The company has a working capital deficit of $1,060,576.

Strategy

The company seeks to advance the innovation economy by offering an alternate path to the public markets and partnering with founders, operators, and entrepreneurs. Management has identified several potential target companies and is in ongoing discussions, directly and through intermediaries. The company entered into a forward purchase agreement with Franklin for the sale of 4,000,000 Class A shares and 2,000,000 warrants for $40 million, contingent on closing a business combination. It has also issued various promissory notes to fund operations and working capital needs.

Risks

• No business combination completed — The company has not selected a target and may be unable to complete a business combination, which would mean it never generates operating revenues.
• Liquidity and going concern — As of March 31, 2026, the company had only $136,637 in cash and a working capital deficit of $1,060,576, raising substantial doubt about its ability to continue as a going concern.
• Shareholder redemptions — At the May 2023 special meeting, holders of 18,848,866 Class A shares exercised redemption rights for approximately $197.9 million, significantly reducing trust funds.
• Regulatory and listing risks — The company received a delisting notice in February 2026 and may face Nasdaq listing rule failures, and has changed accountants in 2025.

Outlook

Management states the company is in ongoing discussions with several potential target companies but has not selected a target. The company's liquidity is dependent on completing a business combination or obtaining additional financing. The company has outstanding notes, including a C/M Note due June 30, 2026, which may need to be repaid or refinanced.