Praetorian Acquisition Corp (NASDAQ: PTOR) is a blank-check special purpose acquisition company incorporated in the Cayman Islands that was formed to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company generates no operating revenue. It funds operations and the eventual business combination through proceeds held in a Trust Account, seeded by its IPO and private placement warrants sold to its Sponsor. PTOR completed its IPO on January 26, 2026, raising gross proceeds from 22,000,000 Public Shares at $10.00 per unit, and on March 16, 2026, closed its full over-allotment exercise of 3,300,000 additional units at $10.00 per unit for $33,000,000 in additional gross proceeds. The Sponsor invested $4,695,000 total, comprising $25,000 for Founder Shares and $4,670,000 for 4,670,000 Private Placement Warrants. The company intends to focus on targets in traditional sectors where automation and artificial intelligence can be applied, though no target has been selected as of the filing date (10-K filed March 27, 2026).

Revenue model

No operating revenue. Capital is sourced from IPO proceeds and private placements held in a Trust Account. Returns to the sponsor and founders depend on completing a business combination within the Combination Period, subject to Nasdaq's 36-month requirement.

Products and services

Blank-check SPAC structure offering Public Shares, Public Warrants, and Founder Shares (Class B Ordinary Shares convertible to Class A at approximately 24.9% of post-combination shares outstanding). Units were issued at $10.00 each.

Customers and end markets

Public shareholders who participated in the IPO. Target acquisition sectors described as traditional industries where automation and artificial intelligence can be applied, though no specific target or end market has been identified as of the 10-K filing date.

Value-chain role

SPAC sponsor vehicle. Acts as acquisition intermediary, sourcing and evaluating private business combination targets and providing a public-market listing pathway for the acquired entity.

Geographic exposure

Incorporated in the Cayman Islands. Listed on Nasdaq. No operating geography disclosed; acquisition targets may be in any geographical location per the 10-K filed March 27, 2026.

Source: SEC 10-K, filed 2026-03-27

Industry: Blank Checks