Patriot Acquisition Corp. completed its initial public offering in mid-2026, issuing 16 million units at $10 each, generating gross proceeds of $160 million, supplemented by a partial over-allotment exercise that increased trust account holdings to about $176 million. The SPAC structure includes one Class A ordinary share and half a redeemable warrant per unit, with warrants exercisable at $11.50. As of the first quarter of 2026, the company reported a net loss of $64,436 and exhibited extremely low liquidity ratios, with current assets of only around $26,000 versus liabilities exceeding $578,000, reflecting tight financial positioning before any business combination is completed. The company's success hinges on sourcing and closing an acquisition within the required timeframe while managing shareholder redemptions and dilution pressures typical to SPAC vehicles.