Apogee Acquisition Corp (AACP)

Price$10.06Cached quoteAs of 2026-09-05 04:02 UTC

AI: Undervalued

Trades below trust-backed redemption valueThe last reliable AACP quote located was $10.07 on September 16, 2026, versus an official June 30 redemption carrying value of about $10.13 per public share and a current third-party trust estimate near $10.22.

Apogee reported $174.799 million of cash held in trust at June 30 for 17.25 million redeemable public shares, or approximately $10.133 per share. SpacBrain's September 16 live tracker estimates trust at about $10.22 and shows AACP at $10.07, roughly a 1.4% discount. Public shares may be redeemed for their pro-rata trust amount in connection with a business combination; if no deal is completed by the deadline, 100% of public shares are to be redeemed and the company liquidated. Taxes, permitted withdrawals, up to $100,000 of dissolution interest and creditor claims can reduce proceeds, so trust is not an absolute guarantee.

Heavy SPAC dilution sits above the trust floorThe $10 IPO units contained one Class A share, one $11.50 warrant and one right for 0.2 of a Class A share; sponsor securities create substantial post-merger dilution.

The IPO closed with 17.25 million public units after full exercise of the over-allotment. The sponsor also purchased 470,000 private units and holds 5.75 million founder Class B shares, equal to 25% of the pre-combination ordinary-share base excluding private-placement shares. Public rights can create 3.45 million additional shares at a completed combination, while the private rights add another 94,000; the stated warrants potentially represent 17.72 million additional shares if ultimately exercised. Founder shares convert into Class A shares and have anti-dilution provisions. AACP itself is only the separated Class A share; AACPW warrants and AACPR rights trade separately.

Still searching, with a July 2027 hard deadlineNo merger target or definitive business combination was disclosed in the latest company filing located through September 17, 2026.

The August 20 Form 10-Q states that Apogee had not commenced operating activities and had generated no operating revenue; post-IPO activity was principally identifying a target. The company has until July 8, 2027 to complete a business combination and disclosed no approved plan to extend that date. Without a completed deal or shareholder-approved extension, mandatory redemption, liquidation and dissolution follow. Warrants and rights would expire worthless in a liquidation.

Narrow arbitrage value, but liquidity and execution risks are realThe valuation case is a modest discount-to-trust trade rather than an operating-company investment thesis.

At $10.07, AACP is below both the last official $10.13 redemption carrying value and the approximately $10.22 current trust estimate, supporting an Undervalued label on a SPAC trust-value basis. The margin is small enough that bid-ask spreads, settlement, opportunity cost and redemption mechanics matter. Trading is thin and can be discontinuous. Deal completion would replace the relatively predictable redemption framework with target-specific valuation risk and dilution from founder shares, rights, warrants, financing and transaction consideration. The August filing also disclosed material weaknesses involving review of accrued liabilities and related-party transactions.

AI: News

August 20 quarterly report confirms search-stage status and control weaknessesApogee remained a non-operating blank-check company with no announced target, while trust assets had grown to $174.799 million.

The June 30 Form 10-Q, filed August 20, reported $390,951 of cash outside the trust, $174.799 million in trust and 17.25 million public shares carried at approximately $10.13 redemption value. Management reiterated the July 8, 2027 combination deadline and mandatory-liquidation consequence. It also concluded disclosure controls were ineffective because of material weaknesses involving accrued liabilities and related-party transaction review. No later target or merger announcement was located in the live search through September 17.

AACP shares began separate trading from warrants and rightsThe company announced that holders could separate the IPO units beginning May 28, creating the standalone AACP, AACPW and AACPR securities.

Unseparated units continue under AACPU. Separated Class A ordinary shares trade as AACP, warrants as AACPW and rights as AACPR. Each original unit contained one Class A share, one redeemable warrant exercisable at $11.50 and one right to receive one-fifth of a Class A share upon completion of a business combination. This distinction matters because buying AACP alone does not include the separately traded warrant or right.

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Revenue

No reported data

Net income

No reported data

Free cash flow

No reported data

Total cash / debt

CashTotal debt

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Financial statements

No annual filing data is available.

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 20 reported holders of AACP
Holder	Shares held
Karpus Management, Inc.	2.65M
HIGHBRIDGE CAPITAL MANAGEMENT LLC	1.64M
Polar Asset Management Partners Inc.	1.28M
ARISTEIA CAPITAL, L.L.C.	1.25M
Magnetar Financial LLC	1.25M
GLAZER CAPITAL, LLC	965.7K
D. E. Shaw & Co., Inc.	511.55K
RIVERNORTH CAPITAL MANAGEMENT, LLC	490K
First Trust Capital Management L.P.	475K
BOOTHBAY FUND MANAGEMENT, LLC	416.16K
WHITEBOX ADVISORS LLC	400K
MILLENNIUM MANAGEMENT LLC	400K
WOLVERINE ASSET MANAGEMENT LLC	330.74K
AQR Arbitrage LLC	291.15K
Shaolin Capital Management LLC	272.17K
TWO SIGMA INVESTMENTS, LP	271.88K
HEIGHTS CAPITAL MANAGEMENT, INC	250K
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS	250K
Westchester Capital Management, LLC	250K
Clear Street Group Inc.	214.1K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Apogee Acquisition Corp (AACP)

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