Recent developments focus on the company’s progress toward completing the business combination with Cartiga, including evaluation of potential PIPE financing and corporate governance actions.

• On March 24, 2026, Alchemy Investments Acquisition Corp 1 and Cartiga announced evaluation of a potential private investment in public equity (PIPE) to support the business combination transaction, with no definitive agreements entered as of that date [N8].
• The company announced the separate trading of its Class A ordinary shares and warrants commencing June 26, 2023, and addition of an advisor to its team [N8].

The company has secured a business combination agreement with Cartiga, a specialized litigation finance asset management platform, which could provide a differentiated market position post-combination. The Up-C structure may offer tax and operational efficiencies. The company has demonstrated governance discipline with shareholder approvals and is exploring PIPE financing to support the transaction, indicating active capital management. The trust account funds provide a financial base for the combination. These factors contribute to a clear path toward establishing a publicly traded operating company in a niche financial services sector.

The company faces risks typical of SPACs including the uncertainty of completing the business combination, potential shareholder redemptions, and regulatory approvals. The liquidity ratios as of March 31, 2026, indicate limited current asset coverage of liabilities, which may constrain operational flexibility. The disclosed material weakness in internal control over financial reporting poses risks to financial reporting reliability. Dependence on financial institutions with deposits exceeding insured limits introduces liquidity access risks. The business combination and PIPE financing remain subject to conditions and approvals, and failure to complete the transaction could adversely affect the company.

As a special purpose acquisition company, 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, LLC. The moat depends on the strategic value and market position of Cartiga as a litigation finance asset management platform post-combination. The Up-C structure and governance arrangements aim to provide operational control and alignment with shareholders. However, as a SPAC, the company does not have an operating business moat prior to the completion of the business combination.

• Business Combination Completion Risk: The company’s ability to complete the business combination with Cartiga is subject to shareholder approval, regulatory approvals, and satisfaction of other closing conditions. Failure to complete the combination could materially impact the company.
• Liquidity and Financial Risk: As of March 31, 2026, the company’s current ratio is low (0.04), indicating limited current asset coverage of current liabilities. The company depends on access to cash and trust account funds to support operations and the business combination.
• Internal Control Weakness: The company disclosed a material weakness in internal control over financial reporting as of March 31, 2026, which may affect the reliability of financial disclosures.
• Dependence on Financial Institutions: The company maintains cash and cash equivalents in accounts exceeding insured limits at major financial institutions, posing risks if these institutions fail or access to funds is delayed.
• Market and Regulatory Risks: Market conditions, shareholder redemptions, and regulatory changes could affect the company’s ability to consummate the business combination and operate post-combination.

• Alchemy Investments Acquisition Corp 1 is a Cayman Islands-incorporated special purpose acquisition company (SPAC) trading on Nasdaq under ticker ALCY with Class A ordinary shares, units, and redeemable warrants [S1][S3][S5].
• The company is engaged in a business combination agreement to merge with Cartiga, LLC, a Delaware limited liability company, which is a litigation finance asset management platform [S2][S5][S20].
• Post-business combination, the combined entity will be organized in an Up-C structure with Cartiga as a wholly owned subsidiary and Pubco renamed Cartiga Holdings, Inc. [S2].
• The business combination agreement was unanimously approved by ALCY's disinterested directors on August 19, 2025 [S2].
• The company has disclosed detailed governance and shareholder approval processes related to the business combination, including extraordinary meetings and proxy statements [S20].
• As of April 8, 2026, there were 4,208,042 Class A ordinary shares and 1 Class B ordinary share issued and outstanding [S8].
• The company is an emerging growth company as defined under SEC rules [S3][S5].
• Financial figures as of March 31, 2026, include cash and cash equivalents of $86,243, current assets of $174,673, and current liabilities of $4,084,816, resulting in a current ratio of 0.04 and a cash ratio of 0.02 [S2][sec_financial_snapshot].
• The company reported a net loss of $331,900 for the quarter ended March 31, 2026 [S2].
• For the fiscal year ended December 31, 2025, the company reported a net loss of $1,098,247 and operating and formation costs of $1,429,215 [S1][S7].
• The company holds funds in a trust account invested in U.S. government treasury obligations and money market funds, with approximately $8.6 million remaining after redemptions as of late 2025 [S8][S17].
• The company has a material weakness in internal control over financial reporting as of March 31, 2026 [S2][S18].
• The company depends on major U.S. and multinational financial institutions for banking services, with deposits exceeding insured limits, posing liquidity access risks in case of financial institution failure [S13][S14].
• Recent news includes announcements about evaluating a potential private investment in public equity (PIPE) to support the business combination transaction with Cartiga [N8][N1].
• The company announced the separate trading of its Class A ordinary shares and warrants commencing June 26, 2023, and addition of an advisor to its team [N8].