Fifth Era Acquisition Corp I
feac1.comFifth Era Acquisition Corp (NASDAQ: FERA) is a blank-check special purpose acquisition company (SPAC) formed for the purpose of completing a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more target businesses. It generates no operating revenue. The company raised capital through an IPO and concurrent private placement of units, with substantially all proceeds held in a Trust Account invested in U.S. government treasury obligations with maturities of 185 days or less, money market funds investing solely in U.S. government treasuries, or interest-bearing cash accounts. FERA was incorporated on May 22, 2024, and its management team, led by CEO Mitchell Mechigian and board chair Matthew C. Le Merle, has a background in internet, fintech, and blockchain investing through Fifth Era and Blockchain Coinvestors. The auditor's report as of December 31, 2025 included a going concern qualification, noting the company lacks sufficient capital to fund operations for one year from the financial statement issuance date.
Products & Services
Blank-check SPAC vehicle seeking a business combination target with a fair market value equal to at least 80% of the Trust Account value (excluding deferred underwriting costs and taxes) at the time a definitive agreement is signed. The post-combination company must own or acquire 50% or more of the outstanding voting securities of the target, or otherwise obtain a controlling interest.
Revenue Model
No operating revenue. The company earns interest on Trust Account assets held in U.S. government treasury obligations and money market funds pending completion of a business combination. Income from the Trust Account is the only economic activity prior to a deal close.
Customers & Markets
No customers or end markets in the conventional sense. The company's counterparties are IPO investors, private placement unit purchasers, and the eventual merger target. The sponsor, Fifth Era Acquisition Sponsor I LLC, held 87.97% of Class B ordinary shares as of the filing date (March 31, 2026). MMCAP International Inc. SPC held approximately 8.1% of Class A ordinary shares, and AQR Capital Management LLC held approximately 5% of Class A ordinary shares.
Geographic Exposure
Incorporated and listed in the United States. Trust Account assets held in U.S. government treasury obligations. No disclosed geographic preference for acquisition targets as of the 10-K filed March 31, 2026.
Source: SEC 10-K, filed 2026-03-31
Financial Snapshot
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