GDSTOTCElectrical Industrial ApparatusUS GAAP · USD

Chi Special Acquisition Corp.

Chi Special Acquisition Corp. is a U.S.-based special purpose acquisition company formed to complete a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination. As a blank check company, it does not operate an operating business of its own and instead exists to identify and combine with a private target company.

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Operating profit (EBIT)-0.9m USD
+4.6 %y/y
Net income-0.4m USD
−479.2 %y/y

Fiscal year 2026 · change from previous year

Development 2022–2026

-1.25-1.00-0.75-0.50-0.250.00m USD2022: EBIT -0.06 m USD20222023: EBIT -1.0 m USD20232024: EBIT -0.85 m USD20242025: EBIT -0.93 m USD20252026: EBIT -0.89 m USD2026-0.89
RevenueOperating profit (EBIT)
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Business

Share of revenue
SPAC vehicle100 %

A publicly listed shell company formed to acquire or merge with a private business.

Customers

The company does not sell products or services to end customers in the ordinary course. Its counterparties are prospective merger targets, target company securityholders, and public market investors who provide the capital used in the trust account and any transaction financing.

Private acquisition targets

Private operating businesses that may combine with the SPAC to become public.

Target securityholders

Owners of the acquired company who receive stock or cash consideration in the transaction.

Public shareholders and warrant holders

Investors in the listed SPAC structure who provide capital and optionality around a future deal.

Working capital lenders

Insiders or affiliates that fund extension and operating needs through loans.

Strategy

The company’s core strategy is to identify and complete an initial business combination within its permitted time window. It has pursued a specific merger agreement with Infintium and related filing work to advance that transaction, while also using extension mechanics to preserve time for completion.

Close the announced business combinationShort term

A completed merger is the company’s only path to becoming an operating business.

Extend the deadline for deal completionShort term

Additional time increases the chance of finishing the transaction before liquidation.

Preserve transaction optionalityMedium term

The SPAC structure depends on maintaining flexibility until a qualifying target is approved.

Geography

Chi Special Acquisition Corp. is incorporated and listed in the United States, and its securities have traded on U.S. markets. The company’s target search can extend beyond the U.S., and its filings note that officers and directors have significant ties to China, which can affect the pool of potential acquisition targets and regulatory exposure.

Risks

The company faces the standard SPAC risk that it may fail to complete a business combination before its deadline and be forced into liquidation. It also has China-related regulatory and ownership exposure, which can limit target selection, complicate approvals, and affect the post-combination business if the target or control group has PRC ties.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Failure to complete an initial business combination1China-related regulatory and ownership constraints2Public market liquidity and listing risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Failure to complete an initial business combinationImpact: CriticalLikelihood: Medium

    The company has no operating business and must close a transaction before its deadline.

    Exposure: Liquidation risk if no deal is completed

  2. China-related regulatory and ownership constraintsImpact: HighLikelihood: Medium

    Officers, directors, or sponsor ties to China may attract PRC oversight and narrow target options.

    ExposurePotential approval delaysSanctionsOr reduced target universe
  3. Stockholder redemptionsImpact: High

    Redemptions reduce trust capital available to fund the transaction and post-close operations.

    Exposure: Lower cash available for the merger and working capital

  4. Public market liquidity and listing riskImpact: MediumLikelihood: Low

    The securities moved from Nasdaq to OTC quotation, which can reduce trading liquidity and investor access.

    Exposure: Higher volatility and weaker market support

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Accounting

Judgemental items
Trust account and redemption accounting

Public stockholder redemptions reduce trust assets and create amounts payable to redeeming holders.

Impact: Affects balance sheet classification and equity available for the transaction

Working capital and extension loans

Loans fund operating and extension needs and must be recorded as borrowings.

Impact: Affects liabilities, interest expense, and liquidity presentation

Going-concern assessment

The company has a finite deadline to complete a combination and limited operating cash.

Impact: Drives disclosure about liquidation risk and financial statement uncertainty

Business combination transaction costs

Deal-related legal, advisory, and filing costs are incurred before any operating business exists.

Impact: Can materially affect reported results before closing

Income tax disclosure changes

ASU 2023-09 changes required tax rate reconciliation and jurisdictional tax payment disclosures.

Impact: Expands tax footnote detail without changing core operations

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Last updated: 24/09/2026