Charlton Aria Acquisition Corp (NASDAQ: CHAR) is a blank check company, incorporated March 22, 2024, that exists to identify and complete a merger or acquisition with one or more private operating businesses. The company raised $75,000,000 in gross proceeds from its IPO on October 25, 2024, selling 7,500,000 units at $10.00 each, with a total of $85,212,500 subsequently placed in a trust account following partial exercise of the over-allotment option on November 19, 2024. CHAR offers target businesses an alternative path to public markets without a traditional IPO. The company has no revenue-generating operations and faces mandatory liquidation if it fails to complete an initial business combination within its prescribed period. As of December 31, 2024, CHAR held $447,419 in cash outside the trust account and carried working capital of $407,150. Headquarters are at 221 W 9th St, Wilmington, Delaware. Robert (Will) W. Garner has served as CEO, Chairman, and Director since June 2024.

Revenue model

CHAR generates no operating revenue. Income consists solely of dividends earned on investments held in the trust account. The company is funded by IPO proceeds and private placement proceeds; operating costs are covered by cash held outside the trust account.

Products and services

Units sold in the IPO, each consisting of one Class A ordinary share ($0.0001 par value) and one right to receive one-eighth of one Class A ordinary share upon completion of an initial business combination. 7,500,000 units were sold at $10.00 per unit in the IPO (October 25, 2024). The company also issued 85,000 Representative Shares to underwriter Clear Street LLC as part of underwriting compensation.

Customers and end markets

Target customers are private operating businesses seeking an alternative to a traditional IPO. CHAR's public shareholders are the primary capital providers. No specific target industries or sectors are identified in the filing.

Value-chain role

SPAC sponsor and acquisition vehicle. CHAR sources, evaluates, and structures business combinations, providing target companies with access to public markets and capital. Nasdaq rules require the target's fair market value to equal at least 80% of trust account assets at the time of signing a definitive agreement.

Geographic exposure

Incorporated in the Cayman Islands; executive offices in Wilmington, Delaware. No geographic target restrictions disclosed in the filing.

Source: SEC 10-K, filed 2025-03-24

Industry: Blank Checks