Recent developments focus on the company's progress toward completing the business combination with Cartiga, including evaluation of private investment, signing of agreements, and structural changes to the combined entity.

• In March 2026, Alchemy Investments Acquisition Corp 1 announced evaluation of a potential private investment in public equity to support the business combination transaction with Cartiga [N1].
• In August 2025, Cartiga announced plans to go public as a leading litigation finance asset management platform via business combination with Alchemy Investments Acquisition Corp 1 [N2].
• In May 2025, Alchemy Investments Acquisition Corp 1 signed a non-binding letter of intent with Cartiga, a leading litigation finance asset management platform [N3].
• In June 2023, the company announced the separate trading of its Class A ordinary shares and warrants commencing June 26, 2023, and the addition of an advisor to its growing team [N4].

The business combination with Cartiga positions the combined company as a leading player in the litigation finance asset management sector, potentially benefiting from Cartiga's established platform and market presence. The Up-C structure may provide tax and operational efficiencies. The company’s successful capital raise and execution of ancillary agreements demonstrate progress toward closing the transaction. The separation of trading of Class A shares and warrants and addition of advisory resources indicate active management and market engagement.

The company reported a net loss of $1.1 million in 2025 and has limited liquidity outside the trust account, with low current and cash ratios indicating potential liquidity constraints. The business combination closing is subject to multiple conditions, including shareholder and regulatory approvals, which may delay or prevent consummation. The company’s reliance on financial institutions with deposits exceeding insured limits poses risks to liquidity access. The SPAC structure entails execution risk until the business combination is completed and the combined entity establishes operational stability.

As a SPAC, Alchemy Investments Acquisition Corp 1's moat is primarily derived from its ability to identify and complete a business combination with a target company, in this case, Cartiga, a litigation finance asset management platform. The moat depends on the combined entity's competitive position post-merger, including Cartiga's market leadership in litigation finance asset management and the structural benefits of the Up-C organizational form. The SPAC structure itself offers limited moat until the business combination is consummated and the combined company establishes operational and market advantages.

• Liquidity Risk: The company has low liquidity ratios as of December 31, 2025, with a current ratio and cash ratio of 0.02, indicating limited liquid assets relative to current liabilities, which may constrain operational flexibility.
• Execution Risk of Business Combination: The closing of the business combination with Cartiga is subject to customary conditions including shareholder approvals, Nasdaq listing approval, and minimum cash requirements. Failure to meet these conditions could delay or prevent the transaction.
• Financial Institution Risk: The company maintains the majority of its cash and cash equivalents in accounts with major U.S. and multinational financial institutions, with deposits exceeding insured limits. Failure of these institutions could impair access to funds and adversely affect liquidity and financial condition.

• Alchemy Investments Acquisition Corp 1 is a Cayman Islands-incorporated SPAC listed on Nasdaq under ticker ALCY.
• The company completed an initial public offering on May 9, 2023, raising approximately $116.7 million placed in a trust account invested in U.S. government treasury obligations.
• The company is pursuing a business combination with Cartiga, LLC, a litigation finance asset management platform, through a merger and domestication process resulting in a new entity named Cartiga Holdings, Inc.
• The business combination agreement was unanimously approved by the company's disinterested directors on August 19, 2025.
• The combined company will operate under an Up-C structure, with Cartiga holding substantially all assets and business.
• The company has executed various ancillary agreements including support, non-redemption, lock-up, registration rights, and tax receivable agreements related to the business combination.
• As of December 31, 2025, the company held $55.0 thousand in cash and cash equivalents outside the trust account and $8.8 million in investments held in the trust account.
• The company reported a net loss of $1.1 million for the year ended December 31, 2025, compared to net income of $4.2 million in 2024.
• The company’s current liabilities as of December 31, 2025, were $3.5 million, with total liabilities of $8.7 million including deferred underwriting fees.
• The company’s liquidity ratios as of December 31, 2025, were low, with a current ratio of 0.02 and a cash ratio of 0.02, indicating limited liquid assets relative to current liabilities.
• The company’s Class A ordinary shares subject to possible redemption were 737,543 shares as of December 31, 2025, with a redemption value of $11.81 per share.
• The company’s shares outstanding as of April 8, 2026, included 4,208,042 Class A ordinary shares and 1 Class B ordinary share.
• The company’s business combination closing is subject to customary conditions including shareholder approvals, Nasdaq listing approval, and minimum cash requirements.
• The company announced evaluation of a potential private investment in public equity to support the business combination transaction with Cartiga in March 2026.
• The company signed a non-binding letter of intent with Cartiga in May 2025 and announced Cartiga’s planned public listing via the business combination in August 2025.
• The company separated trading of its Class A ordinary shares and warrants starting June 26, 2023, and added an advisor to its team.
• The company depends on multiple U.S. and multinational financial institutions for banking services, with deposits exceeding insured limits, posing liquidity access risks in case of financial institution failure.