Suma (NASDAQ: SUMA) is a blank-check company formed as a special purpose acquisition company (SPAC) organized to identify and complete a business combination with one or more target businesses. It generates no operating revenue. The company raised $172,500,000 through its Initial Public Offering, which closed on March 12, 2026, with proceeds held in a Trust Account invested in U.S. government securities or qualifying money market funds until a business combination is completed. The company has until March 12, 2028 (24 months from the IPO closing) to consummate an initial business combination, or it must cease operations and distribute the Trust Account to shareholders. A deferred underwriting fee of $6,900,000 is payable to underwriters only upon completion of the business combination. As of the 10-Q filed May 14, 2026, no business combination had been completed. Suma is listed on Nasdaq as a smaller reporting company and emerging growth company.

Revenue model

No operating revenue. Income, if any, derives from interest or returns on Trust Account assets (U.S. government securities or money market funds) held pending a business combination. The deferred underwriting fee of $6,900,000 is a cost, not revenue, payable upon deal close.

Products and services

Public Units, each consisting of one Class A Ordinary Share and one-fifth of one Public Right. Public Rights entitle holders to receive one-fifth of one Class A Ordinary Share upon consummation of a business combination. Private Placement Units sold to sponsors. Founder Shares (Class B Ordinary Shares) held by initial shareholders, converting to Class A Ordinary Shares at business combination.

Customers and end markets

Public shareholders who purchased units in the March 12, 2026 IPO. Sponsors include a U.S. Sponsor, a Canada Sponsor, and Canada II Sponsor. Seaport participated in Private Placement Units purchase agreements dated March 10, 2026.

Value-chain role

SPAC shell company acting as acquisition vehicle. Holds IPO proceeds in Trust Account via Continental as trustee. Seeks a target business to acquire or merge with within the 24-month combination period ending March 12, 2028.

Geographic exposure

Incorporated in a non-U.S. jurisdiction (issues Class A Ordinary Shares, indicating Cayman Islands or similar structure). Trust Account located in the United States. Listed on Nasdaq.

Source: SEC 10-Q, filed 2026-05-14

Industry: Blank Checks