QADR is a blank check company structured as a special purpose acquisition company (SPAC) that completed its Initial Public Offering on March 30, 2026, raising gross proceeds of $200,000,000 from the sale of 20,000,000 units at $10.00 per unit. It generates no operating revenue. The sole purpose of the entity is to identify and consummate a Business Combination with one or more target businesses. As of March 31, 2026, $200,019,532 (including approximately $19,532 of interest earned) was held in a Trust Account invested in money market funds, with substantially all Trust funds earmarked for the eventual Business Combination. The company also raised $6,000,000 through the concurrent sale of 6,000,000 Private Placement Warrants at $1.00 each. Management has disclosed substantial doubt about the company's ability to continue as a going concern absent completion of a Business Combination, as noted in the 10-Q filed April 30, 2026.

Revenue model

No operating revenue. Interest earned on Trust Account investments (approximately $19,532 for the period ended March 31, 2026) is the only income, and it is held in trust for the Business Combination. The company is funded by IPO proceeds and Private Placement Warrant proceeds.

Products and services

Units consisting of Class A ordinary shares and warrants, sold at $10.00 per unit in the March 30, 2026 IPO. Private Placement Warrants sold at $1.00 each to the Sponsor. Trust Account invested in money market funds as of March 31, 2026.

Customers and end markets

Public shareholders who purchased units in the IPO. No commercial customers or end markets, as the company has no operating business as of March 31, 2026.

Value-chain role

SPAC vehicle seeking a merger or acquisition target. Capital is held in trust pending a Business Combination. The Sponsor provides office space, utilities, and administrative support at $20,000 per month beginning March 26, 2026.

Source: SEC 10-Q, filed 2026-04-30

Industry: Blank Checks