Calisa Acquisition Corp (NASDAQ: ALIS) is a blank check company incorporated in the Cayman Islands that was formed for the purpose of completing a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company generates no operating revenue. Its capital base derives from an initial public offering of 6,000,000 units at $10.00 per unit, raising gross proceeds of $60,000,000, completed on October 23, 2025, plus a concurrent private placement of 252,500 units at $10.00 per unit, raising $2,525,000. Proceeds are held in a trust account pending completion of a business combination. The filing, dated March 25, 2026, discloses substantial doubt about the company's ability to continue as a going concern, as its business plan is dependent on completing a business combination within a prescribed period, after which the company will cease operations and liquidate if no combination is completed. No target has been identified as of the filing date.

Revenue model

No operating revenue. The company is a special purpose acquisition company (SPAC) that holds IPO proceeds in a trust account. Income, if any, consists of interest earned on trust assets. The company is financed by its October 2025 IPO ($60,000,000 gross proceeds) and private placement ($2,525,000).

Products and services

Units consisting of one ordinary share and one right per unit (each right entitling the holder to one-tenth of one ordinary share upon completion of a business combination). Ordinary shares, rights, and units listed on Nasdaq under symbols disclosed in the 10-K filed 2026-03-25.

Customers and end markets

Public shareholders who purchased units in the October 2025 IPO. No operating customers or end markets, as the company has no operating business as of the 10-K filed 2026-03-25.

Value-chain role

SPAC vehicle seeking an acquisition target. EarlyBirdCapital served as sole book-running manager of the IPO and also purchased private placement units. The company is incorporated in the Cayman Islands and considers targets that may be located outside the United States, including potentially in China.

Geographic exposure

Incorporated in the Cayman Islands. Listed on Nasdaq. No operating business in any geography as of the 10-K filed 2026-03-25. The company has disclosed it may pursue targets outside the United States, including targets based in China, and has addressed PRC regulatory considerations in its risk disclosures.

Source: SEC 10-K, filed 2026-03-25

Industry: Services-Computer Processing & Data Preparation