Daedalus Special Acquisition Corp. Announces LOI to Take HubX Public

What Happened
Daedalus Special Acquisition Corp. (DSAC) announced on September 8, 2026 that it signed a non-binding Letter of Intent (LOI) with HUBX Yazılım Hizmetleri Anonim Şirketi (“HubX”) for a proposed business combination. HubX is a Turkiye-based consumer AI company that builds and scales AI-powered consumer applications. The parties intend to negotiate definitive agreements and HubX would become a Nasdaq-listed public company if the transaction completes.

Key Details

• LOI signed: September 8, 2026; filing reported on Form 8-K dated September 9, 2026.
• Target: HubX Yazılım Hizmetleri Anonim Şirketi — described as one of the largest consumer AI companies globally, based in Turkiye.
• Next steps: Parties intend to negotiate and enter definitive agreements, file a Form F-4 (proxy statement/prospectus), and send the definitive proxy/prospectus to DSAC shareholders after the registration statement is declared effective.
• Conditions: Transaction remains subject to due diligence, execution of definitive agreements, shareholder and regulatory approvals, meeting Nasdaq listing standards, and other customary closing conditions. The press release announcing the LOI is attached as Exhibit 99.1.

Why It Matters
This filing signals DSAC’s selection of HubX as a proposed merger partner and the start of a formal SPAC-style process to take HubX public. For DSAC shareholders, the filing means a potential vote and future proxy materials (Form F-4) will be provided; however, the LOI is non‑binding and the deal is not guaranteed until definitive agreements are signed and all approvals are obtained. The filing also highlights customary risks cited by the company, including the non-binding nature of the LOI, the need for approvals and listing eligibility, and potential failure to realize expected benefits. Investors should review the upcoming registration statement and proxy/prospectus when filed for full details.