Miluna Acquisition Corp

Miluna Acquisition Corp is a special purpose acquisition company (SPAC) formed to complete a merger, share exchange, asset acquisition, or similar business combination with an operating business. It has no commercial operations or revenue yet and is focused on sourcing and evaluating a target, with a stated exclusion for PRC-based businesses or businesses with most operations in the PRC.

14.82

14.82

— Miluna Acquisition Corp
%
Capital formation100% IPO proceeds and private placement capital held in trust for a future acquisition.
Target sourcing and evaluation0% Screening and diligence of potential merger or acquisition targets.
Business combination execution0% Structuring and closing the initial de-SPAC transaction.

Miluna does not sell products or services to operating customers today; its counterparties are investors, sponsors,...

  • Public SPAC investorsprimary

    Buy units, shares, and warrants for exposure to a future acquisition and optionality on the post-combination company.

  • Sponsor and insidersprimary

    Provide founder shares and support the SPAC structure while helping source and evaluate targets.

  • Potential acquisition target companiesprimary

    Enter into a business combination to access public capital and a Nasdaq listing.

  • Underwriters and service providerssecondary

    Support the IPO, listing, and administrative setup in exchange for fees and commissions.

Miluna is incorporated in the Cayman Islands but operates from a corporate office in Taipei, Taiwan, and is listed on...

  • •Incorporated in the Cayman Islands
  • •Corporate office in Taipei, Taiwan
  • •Listed on Nasdaq in the United States
  • •Can pursue targets globally except PRC-based businesses
  • •Geography matters mainly through target screening and regulatory risk

The company’s strategy is to identify and complete an initial business combination using IPO proceeds, private...

01
Complete an initial business combinationshort-term

The SPAC has no operating business until a transaction closes, so execution is the core value-creation event.

02
Source and diligence targetsshort-term

Target quality determines whether the post-combination company can create value for public shareholders.

03
Preserve transaction flexibilitymedium-term

The company may use cash, private placement units, shares, or debt to structure the deal.

Miluna’s main risk is transaction failure: if it cannot identify, negotiate, and close a suitable business combination,...

critical

Failure to complete an initial business combination

The company has no operating business and exists solely to close a transaction.

Scope
All shareholder value depends on deal completion.
Materiality
high
high

Shareholder redemptions

High redemptions can shrink trust cash and make financing the acquisition harder.

Scope
Deal size and post-close capitalization.
Materiality
high
high

Dilution from founder shares and warrants

Insider shares and warrants can reduce per-share economics for public investors.

Scope
Post-combination equity ownership and EPS.
Materiality
high
high

Target selection and valuation risk

Poor diligence or an expensive acquisition can impair post-close performance.

Scope
Quality of the eventual operating business.
Materiality
high
medium

Geopolitical and regulatory exposure to China-related targets

The company excludes PRC-based businesses, limiting the target pool and reducing flexibility.

Scope
Target sourcing and cross-border execution.
Materiality
medium
Warrant classification
Fair value remeasurement may create non-cash gains or losses
Redeemable shares and trust account accounting
Impacts shareholders' equity and cash available for a deal
Deferred underwriting commission
Affects transaction costs and closing economics
No critical accounting estimates yet
Limited operating judgment today, but this will change after a combination

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: 28/04/2026