Origin Investment Corp I

What they do

Origin Investment Corp I is a Cayman Islands exempted company incorporated on September 25, 2024. It completed an initial public offering (IPO) on July 3, 2025, selling 6,000,000 units at $10.00 per unit, and the underwriters fully exercised their over-allotment option on July 18, 2025, for 900,000 additional units. The company raised gross proceeds of $60,000,000 from the IPO and $9,000,000 from the over-allotment, plus $3,550,000 and $180,000 from private placement units sold to its sponsor, Origin Equity LLC. Net proceeds of $69,690,000 ($10.10 per unit) were placed in a trust account. The company has no operations and has not generated any revenues to date.

Revenue drivers

• Interest income on trust account — The company earns non-operating income from interest on marketable securities held in its trust account. For the quarter ended March 31, 2026, this interest income totaled $631,264.
• No operating revenues — The company has not generated any operating revenues since inception; its only activities are organizational and those necessary to identify a target for a business combination.

Recent performance

For the quarter ended March 31, 2026, the company reported net income of $390,562, resulting from interest income of $631,264 on trust account securities offset by general and administrative expenses of $240,702. For the quarter ended March 31, 2025, the company recorded a net loss of $4,593, entirely from general and administrative expenses. Annual net income for 2025 was $683,099, while operating cash flow was negative at $-694,714. As of March 31, 2026, total assets were $72.6M, total liabilities were $108,771, and shareholder equity was $844,327. Cash and equivalents were reported as $834.1M as of March 31, 2026, a figure that appears inconsistent with the trust account balance and may warrant clarification.

Strategy

The company intends to identify and complete an initial business combination with one or more businesses, focusing on opportunities in Asia, though there is no geographic restriction. Management highlights its experienced team, led by CEO Yung-Hsi ('Edward') Chang, and its established deal sourcing network as competitive advantages. The company plans to use cash from the IPO and private placement, its shares, debt, or a combination to effectuate the business combination. It expects to offer target businesses an alternative to a traditional IPO, with greater certainty of execution and access to U.S. capital markets. There is no assurance that any business combination will be completed.

Risks

• No business combination completed — The company has not identified a target and may fail to complete an initial business combination within the required timeframe.
• Nasdaq 36-month requirement — The company must complete its initial business combination within 36 months per Nasdaq rules; otherwise, its securities may be suspended and delisted.
• Redemption risk — If the company seeks to extend the combination period, public shareholders may redeem their shares, reducing trust account funds and potentially affecting Nasdaq listing.
• Operational losses — The company has limited cash outside the trust account and expects to incur significant costs in pursuing acquisition plans, with operating cash flow negative for 2025.

Outlook

Management expects to continue incurring significant costs in the pursuit of acquisition plans and does not expect to generate operating revenues until after the completion of a business combination. The company may seek to extend the Combination Period by amending its charter, subject to shareholder approval and potential redemptions. Management acknowledges that economic conditions, market volatility, and geopolitical events could adversely affect its results and ability to complete a business combination.