Mercator (MRCO) Director Stephen M. Schwartz Receives 25,000 Shares

What Happened

• Stephen M. Schwartz, a director of Mercator Acquisition Corp. (MRCO), was assigned 25,000 Class B ordinary shares on July 8, 2026. The Form 4 reports the shares as acquired at $0.00 per share with an aggregate reported value of $75 and classifies the transaction as a derivative (code J — other acquisition/disposition).

Key Details

• Transaction date: 2026-07-08; Form 4 filed: 2026-07-16 (filed after the 2-business-day window required for Form 4s).
• Reported terms: 25,000 Class B ordinary shares, $0.00 per share, aggregate reported value $75.
• Shares owned after transaction: Not disclosed in the filing.
• Notable footnotes:
  • F1: Class B shares automatically convert one-for-one into Class A ordinary shares upon the issuer’s initial business combination, have no expiration date, and are subject to forfeiture under certain circumstances tied to Mr. Schwartz’s Board service.
  • F2: The shares were assigned by the Sponsor (Mercator Investor Holdings, LLC) to Mr. Schwartz under a securities purchase agreement dated July 8, 2026 in connection with his board appointment.

Context

• This was an assignment of Class B founder-style shares (a derivative interest) rather than an open-market purchase or sale. Such assignments are commonly part of SPAC sponsor arrangements or director compensation and can carry conversion and forfeiture conditions; they do not by themselves indicate a buy/sell signal on the market. The later filing date suggests a late Form 4 submission relative to the standard reporting window.