Perimeter Acquisition Corp. I Reports Financial Results and Completes IPO Raising $241.5 Million

Perimeter Acquisition Corp. I, a blank check company incorporated in the Cayman Islands, reported its financial results for the period from March 6, 2025, its inception, through March 31, 2025. The company recorded a net loss of $46,095, primarily attributed to formation and general administrative expenses. As of March 31, 2025, Perimeter had no cash on hand and a working capital deficit of $423,652. The company has not yet commenced operations and does not expect to generate revenue until after completing a business combination.

In a significant development, Perimeter Acquisition Corp. I successfully completed its Initial Public Offering (IPO) on May 14, 2025, raising gross proceeds of $241.5 million from the sale of 24,150,000 units, which included the full exercise of the underwriters' over-allotment option. Each unit consists of one Class A ordinary share and one-half of a redeemable warrant. Additionally, the company raised $6.38 million through the sale of 638,000 private placement units to its sponsor, Perimeter Acquisition Sponsor LLC. The total transaction costs associated with the IPO amounted to $13,995,620.

As of the end of the reporting period, Perimeter Acquisition Corp. I had issued 6,037,500 Class B ordinary shares, with the potential for up to 787,500 shares to be forfeited if the underwriters did not fully exercise their over-allotment option. The company has not yet identified a target for its business combination and has not engaged in substantive discussions regarding potential targets. The management team has broad discretion in applying the net proceeds from the IPO, primarily aimed at facilitating a business combination.

Looking ahead, Perimeter Acquisition Corp. I plans to utilize the funds held in its trust account, which are primarily invested in U.S. government securities, to complete its business combination. The company has indicated that it may need to secure additional financing to cover costs associated with identifying and evaluating potential target businesses. The management team remains optimistic about the prospects of completing a successful business combination, although there are inherent risks associated with the current geopolitical climate and market conditions that could impact the company's operations and strategic objectives.