Mehta Sumit 4

What Happened
Sumit Mehta, identified as CEO and who controls the issuer's sponsor, is reporting sponsor-level activity on Feb 4, 2026. The sponsor purchased 251,000 private units at $10.00 per unit for an aggregate $2,510,000. Each private unit consists of one Class A ordinary share and one-half of one warrant (so the 251,000 units include 251,000 Class A shares and 125,500 warrants). The filing also shows a forfeiture/disposition of 133,333 Class B ordinary shares of the sponsor (a reduction in sponsor-held Class B shares) tied to the underwriters’ partial exercise of the IPO over‑allotment option. Mehta reports voting/dispositive power over the sponsor-held securities but disclaims beneficial ownership of sponsor‑held shares except for any pecuniary interest.

Key Details

• Transaction date: February 4, 2026; Form 4 filed Feb 5, 2026 (timely).
• Purchase: 251,000 private units at $10.00/unit = $2,510,000 aggregate.
• Derivative reported: 125,500 warrants (one-half warrant per unit). Warrants reported as derivative acquisitions.
• Disposition: 133,333 Class B ordinary shares of the sponsor were forfeited (no cash price reported for forfeiture).
• Warrant terms (per footnote): warrants become exercisable 30 days after completion of the issuer’s initial business combination and expire five years after that completion (exercise price $11.50, subject to adjustment).
• Shares owned after transaction: not specified in the excerpt; filing notes Mehta has control over sponsor record holdings but disclaims beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: filing appears timely (one day after transaction date).

Context
The purchased private units are a sponsor-level private placement common in SPAC IPOs (one Class A share + 0.5 warrant per unit). The 125,500 derivative units reported reflect the warrant half‑units from the private purchase. The forfeited 133,333 Class B shares arose because the underwriters’ over‑allotment option was partially exercised; Class B shares are convertible into Class A shares on or after a business combination. These entries reflect sponsor structuring and adjustments around the IPO process rather than a straightforward personal buy/sell by Mehta — note his disclosure of control and disclaimer of beneficial ownership for sponsor‑held securities.