Illumination Acquisition Corp I announced the pricing of its initial public offering of 20 million units at $10.00 per unit, resulting in $200 million of capital raised before expenses. The units are scheduled to trade on the Nasdaq Global Market under the ticker symbol "ILLUU" beginning on February 27, 2026, according to the company's filing.
Each unit is composed of one Class A ordinary share and one-third of a redeemable warrant. Three units together provide one whole warrant; each full warrant grants the holder the right to purchase one Class A ordinary share at a strike price of $11.50 per share. The company expects that, once the securities commence separate trading, the Class A ordinary shares and the redeemable warrants will be listed on Nasdaq under the symbols "ILLU" and "ILLUW," respectively.
The offering is expected to close on March 2, 2026, subject to customary closing conditions. BTIG, LLC is acting as the sole book-running manager for the transaction. In addition, the underwriters have been granted a 45-day option to acquire up to an additional 3 million units at the IPO price to cover potential over-allotments.
Illumination Acquisition Corp I is organized in the Cayman Islands and was formed for the purpose of pursuing a merger, acquisition or similar business combination with one or more businesses. The company noted that it may pursue transactions in any industry or geographic region, but it anticipates a focus on growth-stage companies in areas where its management team has expertise. Those sectors explicitly identified include nuclear, artificial intelligence, high performance computing, technology, industrial growth and financial services.
The registration statement related to the securities was declared effective by the Securities and Exchange Commission on February 26, 2026. Beyond the closing and listing timeline and the structural details of the units and warrants, the filing provides the framework for the company's intended corporate purpose and the financial mechanics of the offering.
Offering details at a glance
- 20 million units priced at $10.00 per unit, raising $200 million.
- Trading of units expected to begin on Nasdaq under "ILLUU" on February 27, 2026.
- Each unit contains one Class A share and one-third of a redeemable warrant; full warrant exercise price is $11.50.
- Separate listings anticipated for Class A shares ("ILLU") and redeemable warrants ("ILLUW").
- Expected closing date of the offering: March 2, 2026, subject to customary closing conditions.
The documentation filed with regulators and the underwriters' arrangement outline the capital structure being delivered to public investors and the company's latitude in pursuing target businesses. Investors assessing the securities will see a familiar two-part structure: shares bundled with fractional warrants, and an over-allotment option to stabilize aftermarket supply.