Illustrious Acquisition Corp (ILLU) is a blank-check special purpose acquisition company formed to identify and complete a business combination with one or more target businesses. It generates no operating revenue. The company raised $230,000,000 in gross proceeds through an initial public offering of 23,000,000 Units at $10.00 per Unit, which closed on March 2, 2026, with the full over-allotment option exercised by underwriters. Simultaneously, the Sponsor and underwriter representative purchased 625,000 Private Placement Units at $10.00 per unit, generating $6,250,000 in additional gross proceeds. The full $230,000,000 from the IPO was placed in a Trust Account as of March 2, 2026. Total transaction costs were $13,260,344, including $4,600,000 in cash underwriting fees, $8,050,000 in deferred underwriting fees, and $610,344 in other offering costs. As of February 28, 2026, the company held $3,741,247 in cash equivalents and carried a working capital deficit of $319,434. No target business combination had been announced as of the 10-Q filing date of April 14, 2026.

Revenue model

No operating revenue. The company is a SPAC funded by IPO proceeds ($230,000,000) and private placement proceeds ($6,250,000), with IPO funds held in a Trust Account pending a business combination.

Products and services

Blank-check acquisition vehicle. Units consisting of Class A ordinary shares offered at $10.00 per Unit in the IPO. Private Placement Units sold to the Sponsor and underwriter representative at $10.00 per unit.

Customers and end markets

Public equity investors who purchased Units in the IPO. No commercial customers or end markets disclosed in the filing.

Value-chain role

SPAC sponsor and acquisition vehicle. Raises capital from public markets, holds proceeds in a Trust Account, and seeks to complete a merger or acquisition with an unidentified target business.

Geographic exposure

Not disclosed in the filing excerpts.

Source: SEC 10-Q, filed 2026-04-14

Industry: Blank Checks