Spartacus Acquisition Corp. II

What they do

The company is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a Business Combination with one or more businesses or entities. It has generated no operating revenues and expects none until it consummates an initial Business Combination. Its efforts to date have been limited to organizational activities, its Initial Public Offering, and searching for a target. It is focusing its search on the telecommunications, media and technology (TMT) sector.

Revenue drivers

• Trust Account interest income — The $230,000,000 held in the Trust Account with Continental may be invested in U.S. government securities, qualifying money market funds, uninvested cash, or bank demand deposits, generating interest income available to the company.
• No operating revenue — The company has generated no operating revenues to date and does not expect to generate operating revenues until it consummates its initial Business Combination.

Recent performance

As of June 30, 2026, total assets were $234.1 million, total liabilities were $2.4 million, and shareholder equity was negative $1.1 million. Cash and equivalents stood at $1.1 million as of the same date. The company has no operating revenues, consistent with its status as a blank check company. Its IPO closed on February 12, 2026, raising $230,000,000 in gross proceeds, and $230,000,000 was initially placed in the Trust Account.

Strategy

Management's stated priority is to identify and complete an initial Business Combination, with a search focused on the TMT sector. The company must complete a Business Combination by February 12, 2028, the end of its 24-month Combination Period, absent an approved extension. It may seek to extend the Combination Period with shareholder approval, which would provide public shareholders a redemption opportunity. The Sponsor and Management Team, led by Chairman Peter D. Aquino and CEO Igor Volshteyn, are responsible for completing the transaction.

Risks

• No target selected — As of the 10-K, the company has not selected any specific Business Combination target, so there is no assurance a transaction will be identified or completed.
• Deadline risk — If the company does not complete a Business Combination by February 12, 2028, it will cease operations, redeem public shares, and dissolve and liquidate.
• Nasdaq listing requirement — Nasdaq rules require SPACs to complete an initial Business Combination within 36 months, and failure to meet this requirement would likely result in suspension of trading and delisting.
• Trust Account and third-party claims — The Trust Account may be subject to claims of third parties, which could reduce amounts available for redemption or liquidation.

Outlook

Management states it will continue searching for a Business Combination target, focusing on the TMT sector, and has until February 12, 2028 to complete a transaction. If no transaction is completed by then, the company will cease operations and liquidate, distributing Trust Account amounts to public shareholders. The company may seek a shareholder-approved extension of the Combination Period, though this would decrease Trust Account funds and capitalization if redemptions occur.