Cambridge Acquisition Corp. has completed its initial public offering, selling 23 million units at $10 apiece and raising gross proceeds of $230 million.
The newly public special purpose acquisition company began trading on the NASDAQ exchange on February 6, 2026, using the consolidated unit ticker CAQUU.
Included in the offering were 3 million units issued through the full exercise of the underwriters' over-allotment option. Each unit is structured to include one Class A ordinary share and one-third of a redeemable warrant. Each whole warrant carries the right to purchase one Class A ordinary share at an exercise price of $11.50.
Once separate trading of the company's securities begins, the ordinary shares and the warrants are expected to trade under the symbols CAQ and CAQUW, respectively.
BTIG, LLC served as the sole book-running manager for the offering.
The company is organized as a Cayman Islands exempted company and is led by Chairman Michael Cam-Phung, Chief Executive Officer Brent Michael Cox, and Chief Financial Officer Anthony Michael Naimo. Its stated corporate purpose is to pursue mergers, acquisitions, or similar business combinations with one or more businesses.
The Securities and Exchange Commission declared the registration statement for the securities effective on January 30, 2026.
Clear summary
In total, Cambridge Acquisition sold 23 million units at $10 per unit for aggregate gross proceeds of $230 million. Trading of consolidated units began on NASDAQ under CAQUU on February 6, 2026. The deal included the full 3 million-unit over-allotment. Unit composition and warrant exercise terms remain as announced: one Class A share plus one-third of a redeemable warrant per unit, with full warrants exercisable at $11.50. Separate trading of shares and warrants is expected under CAQ and CAQUW. BTIG, LLC acted as sole book-runner and the SEC declared the registration effective January 30, 2026.
Key points
- Offering size and structure - 23 million units sold at $10 for $230 million in gross proceeds; 3 million additional units came from the over-allotment option.
- Trading and future ticker structure - Units began trading as CAQUU on February 6, 2026; ordinary shares and warrants are expected to trade separately as CAQ and CAQUW.
- Company purpose and leadership - The Cayman Islands exempted company is formed to pursue mergers or acquisitions and is led by Michael Cam-Phung, Brent Michael Cox, and Anthony Michael Naimo; BTIG, LLC was the sole book-running manager.
Risks and uncertainties
- Timing of separate trading - The article indicates that ordinary shares and warrants are expected to trade separately, but it does not specify when that separate trading will begin.
- Execution risk for business combinations - As a SPAC formed to pursue mergers or acquisitions, the company faces the standard uncertainty inherent in identifying, negotiating and completing suitable business combinations.
- Regulatory milestones - While the SEC declared the registration statement effective on January 30, 2026, additional regulatory or procedural steps could be required before the company completes any proposed transactions.
Context note
The article presents the offering terms, trading schedule, management team and registration status as reported. Specific next steps for the company beyond securing capital and listing its securities were not detailed in the information provided.