DealsMay 7, 2026, 04:23 PM
Andretti Acquisition II Terminates StoreDot Business Combination
AI Summary
Andretti Acquisition Corp. II announced the termination of its Business Combination Agreement with StoreDot Ltd. on February 17, 2026. For the first quarter of 2026, the company reported a decrease in net income to $1.84 million from $2.26 million in the prior year, alongside increased general and administrative costs. The company also noted substantial doubt about its ability to continue as a going concern, given its mandatory liquidation date of September 9, 2026, if a business combination is not completed.
Key Highlights
- Andretti Acquisition Corp. II terminated its Business Combination Agreement with StoreDot Ltd. on February 17, 2026.
- Net income for Q1 2026 decreased to $1.84 million from $2.26 million in Q1 2025.
- General and administrative costs increased to $306,630 in Q1 2026 from $192,199 in Q1 2025.
- Interest earned on marketable securities in the Trust Account decreased to $2.15 million in Q1 2026 from $2.46 million in Q1 2025.
- Cash at the end of Q1 2026 was $150,516, a decrease from $612,692 at the end of Q1 2025.
- Convertible note from a related party increased to $1.06 million as of March 31, 2026.
- The company faces substantial doubt about its ability to continue as a going concern due to mandatory liquidation by September 9, 2026, if no business combination is completed.