Piermont Valley Acquisition Corp (CMCAF) is a blank-check special purpose acquisition company (SPAC) incorporated to identify and complete a business combination with an unspecified target. The company generates no operating revenue. It was capitalized through an IPO and holds proceeds in a Trust Account pending a qualifying business combination. As of March 31, 2025, cash held outside the Trust Account was $1,611, with the company dependent on sponsor loans to fund operations. The company faces a dissolution deadline of March 3, 2026 if no business combination is completed. Shares are not listed on a national exchange as of the 10-K filed February 5, 2026 (accession 000147793226000659). The sponsor as of filing is Vikasati Partners, which acquired its interest from CEMAC Sponsor LP via a securities purchase agreement dated April 19, 2024. The company reported unremediated material weaknesses in internal controls over financial reporting as of March 31, 2025, including deficiencies related to complex financial instrument accounting and journal entry review and approval.

Revenue model

No operating revenue. The company earns interest income on assets held in the Trust Account while searching for a business combination target. For the fiscal year ended March 31, 2024, interest income on Trust Account investments was $3,400,607. Operations are funded by sponsor loans and promissory notes.

Products and services

Blank-check SPAC structure. Capital instruments include Class A Ordinary Shares, Class B Ordinary Shares (Founder Shares), Public Warrants, Private Placement Warrants, and a Forward Purchase Agreement. As of July 14, 2023, following the Founder Conversion, 9,998,396 Class A Ordinary Shares and one Class B Ordinary Share were issued and outstanding.

Customers and end markets

No customers. End market is determined by the eventual business combination target, which had not been identified as of the 10-K filed February 5, 2026.

Value-chain role

Acquisition vehicle. The company's sole function is to source, negotiate, and complete a merger or acquisition with an operating business. It holds IPO proceeds in a Trust Account and cannot deploy capital into operations until a business combination is consummated.

Geographic exposure

Incorporated outside the United States. Audited by Aloba, Awomolo and Partners (PCAOB ID 7275), based in Ibadan, Nigeria. No operating geographic footprint disclosed in the filing.

Source: SEC 10-K, filed 2026-02-05

Industry: Blank Checks