The SPAC has 24 months from the IPO closing to complete an initial business combination with a target valued at least 80% of net trust assets, or it must redeem all public shares and liquidate. In May 2026, the company extended its termination and trust liquidation dates from May 13, 2026 to November 13, 2026, signaling ongoing deal pursuit with extended runway.
Cyborg Score Rationale
As of March 26, 2026, the company is classified as a shell with no operating revenues. The firm retains substantial capital and experienced sponsors but faces liquidity pressure with an extended deadline and redemption risk common to SPACs.
Top Insights
The company raised gross proceeds of $287,500,000 from its May 2024 IPO, plus $7,000,000 from private placement warrants, providing substantial capital for acquisition.
The company entered non-redemption agreements with shareholders to extend its deadline by six months to November 13, 2026, demonstrating active deal pursuit.
The company intends to focus its search on high potential businesses based in the United States across sectors where sponsors have investing experience.
As of June 2026, the SPAC remains in pre-acquisition status with no announced merger target or business combination.
Named Competitors
Blank-check companies — Alternative acquisition and capital deployment vehicles
Recent Developments
(May 2026) Extended deadline to November 13, 2026 via non-redemption agreements with shareholders
(May 2024) Completed $250M IPO with 25M units at $10/unit and $7M private placement
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