Recent developments focus on the progress and support for the Business Combination with Cartiga, including evaluation of private investment to support the transaction and prior announcements of agreements and trading activities.

• On March 24, 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].
• On August 25, 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].
• On May 12, 2025, Alchemy Investments Acquisition Corp 1 signed a non-binding letter of intent with Cartiga, LLC, a leading litigation finance asset management platform [N3].
• On June 26, 2023, Alchemy Investments Acquisition Corp 1 announced the separate trading of its Class A ordinary shares and warrants and addition of an advisor to its team [N4].

The Business Combination with Cartiga positions the combined company to operate as a leading litigation finance asset management platform, potentially capitalizing on growth opportunities in this niche financial services sector. The Up-C structure may provide tax efficiencies and alignment of interests among stakeholders. The company has secured necessary approvals and agreements to proceed with the merger, indicating progress toward operationalizing the combined business.

The Business Combination is subject to multiple closing conditions and risks including shareholder approvals, regulatory clearances, and minimum cash requirements. The company reported a net loss and has low liquidity ratios, which may constrain operational flexibility. Risks include potential failure of financial institutions holding company deposits, disruption from the Business Combination process, competition in litigation finance, and uncertainties in realizing anticipated benefits from the merger. Delays or failure to complete the Business Combination could adversely affect the company's prospects.

As a SPAC, Alchemy Investments Acquisition Corp 1's moat is primarily tied to its ability to successfully complete the Business Combination with Cartiga and facilitate the transition to a publicly traded company focused on litigation finance asset management. The moat depends on the combined entity's ability to leverage Cartiga's platform and market position in litigation finance. The SPAC structure itself does not confer a competitive moat; rather, the moat will be derived from Cartiga's business fundamentals post-merger, including its market niche, client relationships, and operational capabilities.

• Liquidity Risk: The company maintains the majority of its cash and cash equivalents in accounts with major financial institutions, with deposits exceeding insured limits, exposing it to potential loss or delayed access to funds in the event of institutional failure [S2].
• Business Combination Completion Risk: The closing of the Business Combination is subject to customary conditions including shareholder and regulatory approvals, minimum cash requirements, and absence of material adverse effects. Failure to meet these conditions could result in termination of the agreement [S1].
• Operational and Market Risks: The combined company may face challenges related to competition, growth management, retention of key employees, and changes in applicable laws or regulations that could impact business performance [S1].
• Financial Performance Risk: The company reported a net loss for the fiscal year ended December 31, 2025, and has low liquidity ratios, which may limit financial flexibility [S1].

• Alchemy Investments Acquisition Corp 1 (ALCY) is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands.
• ALCY has entered into a Business Combination Agreement to merge with Cartiga, LLC, a litigation finance asset management platform.
• The Business Combination involves a domestication and merger process resulting in a publicly traded company named Cartiga Holdings, Inc.
• The combined company will operate through Cartiga and its subsidiaries in an Up-C structure.
• The Business Combination Agreement was unanimously approved by ALCY's disinterested directors on August 19, 2025.
• The closing of the Business Combination is subject to customary conditions including shareholder approvals, regulatory approvals, and minimum cash requirements.
• ALCY shareholders approved an extension to complete the business combination until September 9, 2026, with provisions for monthly payments into a trust account.
• ALCY maintains cash and cash equivalents of approximately $55.0 million as of December 31, 2025, with current assets of $78.9 million and current liabilities of $3.51 billion, resulting in a low current ratio of 0.02.
• ALCY reported a net loss of approximately $1.1 million for the fiscal year ended December 31, 2025.
• The company has disclosed risks related to dependence on financial institutions for banking services, with deposits exceeding insured limits, which could affect liquidity if institutions fail.
• ALCY has signed various agreements related to the Business Combination including Support and Non-Redemption Agreements, Lock-up Agreements, and Registration Rights Agreements.
• The Business Combination is expected to result in a publicly listed company on Nasdaq under the name Cartiga Holdings, Inc.
• Recent news includes announcements of the evaluation of a potential private investment in public equity to support the Business Combination transaction with Cartiga, and prior announcements of signing a non-binding letter of intent and plans for Cartiga to go public via the Business Combination.
• ALCY's Class A ordinary shares and warrants began separate trading on June 26, 2023.
• The company is classified as an emerging growth company.
• The Business Combination Agreement includes provisions for termination under various conditions including failure to obtain approvals or meet cash requirements.
• The combined company will focus on litigation finance asset management through Cartiga's business operations.