Alpex Acquisition Corporation Reports Financial Results Following IPO, Faces Challenges in Business Combination

Alpex Acquisition Corporation, a blank check company incorporated in January 2026, has reported its financial results for the period ending June 30, 2026, following its Initial Public Offering (IPO) on June 26, 2026. The company generated gross proceeds of $115 million from the sale of 11.5 million units, each priced at $10.00. The IPO included the full exercise of the underwriters' over-allotment option, and the proceeds were primarily deposited into a trust account for future business combinations. As of June 30, 2026, Alpex reported total assets of approximately $115.9 million, with $115 million held in the trust account and $754,952 in cash and cash equivalents.

In terms of financial performance, Alpex recorded a net loss of $123,388 for the three months ended June 30, 2026, and a cumulative net loss of $183,244 since its inception. The losses were primarily attributed to formation and operating costs totaling $157,028 for the quarter, which included expenses related to the IPO and other preparatory activities. The company earned $33,640 in interest income from cash and marketable securities held in the trust account, which partially offset the operating losses. The basic and diluted net loss per share for Class A ordinary shares was $(0.04) for the quarter.

Alpex has not yet identified a specific target for its business combination, which is a requirement for the company to generate operating revenues. The company is focused on potential acquisitions in the technology sector, including areas such as artificial intelligence and digital commerce. As of the reporting date, Alpex had not initiated substantive discussions with any prospective targets. The company’s management has indicated that it expects to incur significant costs in pursuing a business combination, and there is substantial doubt about its ability to continue as a going concern if a business combination is not completed within the required timeframe.

Operationally, Alpex has reported a working capital of $636,965 as of June 30, 2026, and an outstanding balance of $219,028 under a promissory note with its sponsor, Hugreat Ltd. The company has also established a framework for potential working capital loans from its sponsor or affiliates to cover transaction costs related to a business combination. However, the company cautions that if it does not complete a business combination within the specified period, it will be required to liquidate and redeem public shares, which could impact its financial position significantly.

Looking ahead, Alpex is actively seeking opportunities for a business combination and plans to utilize the funds in its trust account for this purpose. The company has expressed its commitment to identifying suitable targets and executing a successful merger or acquisition, while also managing its operational costs effectively.