INAC

INAC is a blank-check shell, not an operating company. The 10-K is explicit: 'We have neither engaged in any operations nor generated any revenues to date,' and the only activity since the June 2024 inception has been the IPO and hunting for a merger target. So the entire fundamentals table is noise — the 5,217,927% jump in total assets and the -24,190% swing in equity are just the July 2025 IPO landing on a formerly empty balance sheet, and the $1.82M 'net income' is almost entirely $2.30M of Treasury-bill interest earned in the trust, offset by $368K of formation costs. Negative stockholders' equity of -$3.32M is normal SPAC optics (public shares are classed as redeemable outside equity), not distress.

What actually matters is the trust. The company raised $100M in its July 2, 2025 IPO (10.0M units at $10), plus a $15M over-allotment and $3.8M of private placement units, placing $115M in trust; as of 12/31/2025 that trust held $117.3M in ≤185-day T-bills including ~$2.3M interest. Against ~11.5M public units, that's roughly $10.20/share of redemption backing, accreting as interest compounds. At $10.25 the stock sits a hair — about a quarter — above that floor. That premium is the market pricing modest deal optionality: shareholders can redeem at trust value (~$10+) if they dislike whatever target is announced, so downside is largely capped near cash while upside depends entirely on the sponsor sourcing an accretive combination.