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• The company completed its initial public offering on March 2, 2026, raising gross proceeds of $230 million through the sale of 23 million units, including full exercise of the underwriters' over-allotment option, with proceeds held in a Trust Account pending a business combination.[S1]
• Simultaneously with the IPO, the company sold 625,000 private placement units to the Sponsor and BTIG, LLC, generating gross proceeds of $6.25 million.[S1]
• As of February 28, 2026, the company had cash and cash equivalents of $3,741,247, primarily held in money market funds invested in U.S. Treasury securities.[S1]
• The company reported a net loss of $87,593 for the three months ended February 28, 2026, related to formation, general and administrative costs.[S1]
• The company has a working capital deficit of $319,434 as of February 28, 2026, with advances from related parties and a promissory note repaid after the IPO.[S1]
• The company has an administrative services agreement with the Sponsor for $20,000 per month for office space and administrative support, which will cease upon completion of the business combination or liquidation.[S1]

The company has successfully completed its IPO and private placement, securing substantial capital in a Trust Account to pursue a business combination. The Sponsor and underwriters have aligned incentives through warrants and private placement units. The company’s emerging growth status provides certain regulatory flexibilities. The administrative services agreement ensures operational support during the search for a target. These factors provide a foundation for executing a business combination.

The company has no operating revenues or business operations and depends entirely on completing a business combination to generate value. There is uncertainty regarding the timing and success of identifying a suitable target. The Sponsor’s indemnity obligations may pose financial risks if claims arise. The company has a working capital deficit and has incurred net losses related to formation costs. Market volatility and geopolitical risks could impact the environment for completing a business combination.

As a blank check company, Illumination Acquisition Corp. I does not currently have a business moat. Its value proposition depends on successfully identifying and completing a business combination with a target company. The company’s competitive position and differentiation will be determined post-business combination, based on the acquired business’s characteristics.

• Business Combination Uncertainty: The company has not commenced operations and depends on identifying and completing a business combination, which may not occur within the required timeframe.
• Financial Risks: The company has a working capital deficit and has incurred net losses related to formation and administrative costs. Insufficient funds could impact operations prior to a business combination.
• Sponsor Indemnity Obligations: The Sponsor is liable for certain claims that could reduce the Trust Account below $10.00 per public share, but the company has not verified the Sponsor's ability to satisfy these obligations.
• Market and Geopolitical Volatility: Ongoing geopolitical conflicts and market volatility could affect the company’s ability to complete a business combination and impact investor sentiment.

• Illumination Acquisition Corp. I is a blank check company incorporated in the Cayman Islands on November 18, 2025.
• The company was formed to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the Business Combination).
• As of February 28, 2026, the company had not commenced any operations and had no operating revenues.
• All activity from inception through February 28, 2026 relates to company formation and the initial public offering (IPO).
• The IPO was consummated on March 2, 2026, with 23,000,000 units sold at $10.00 per unit, including full exercise of the underwriters' over-allotment option, generating gross proceeds of $230 million.
• Each unit consists of one Class A ordinary share and one-third of one redeemable warrant.
• Simultaneously with the IPO, the company sold 625,000 private placement units to the Sponsor and BTIG, LLC, generating gross proceeds of $6.25 million.
• The proceeds from the IPO and private placement were held in a Trust Account, with a portion released for general corporate purposes after funding offering costs.
• The company had cash and cash equivalents of $3,741,247 as of February 28, 2026, held primarily in money market funds invested in U.S. Treasury securities.
• The company had a net loss of $87,593 for the three months ended February 28, 2026, related to formation, general and administrative costs.
• The company had advances from related parties totaling $3,776,471 and a promissory note related party balance of $173,808 as of February 28, 2026, both repaid after the IPO.
• The company has a working capital deficit of $319,434 as of February 28, 2026.
• The company has a single reportable segment and the Chief Executive Officer is the chief operating decision maker.
• The company has an administrative services agreement with the Sponsor for $20,000 per month for office space and administrative support, which will cease upon completion of the Business Combination or liquidation.
• The company is an emerging growth company and has elected to use the extended transition period for complying with new or revised financial accounting standards.
• The company has no disclosed customers, products, or revenues as it is a blank check company awaiting a business combination.
• The company’s warrants entitle holders to purchase Class A ordinary shares at $11.50 per share, exercisable after 12 months from IPO closing and 30 days after the Business Combination.
• The Sponsor has indemnity obligations related to claims that could reduce the Trust Account below $10.00 per public share, but the company has not verified the Sponsor's ability to satisfy these obligations.