New York, May 26, 2026, 05:04 (EDT)
Alchemy Investments Acquisition Corp 1 shares opened at $11.65 on the OTC market Tuesday, mostly flat following the U.S. market holiday. The stock’s moves are seen as more about the company’s planned Cartiga merger than current earnings. Investing.com put ALCYF’s market cap near $49 million and tracked a 52-week range between $10.25 and $15.90.
The timing is key. U.S. stock markets were shut on Monday for Memorial Day and trading was set to reopen Tuesday. Alchemy started trading again as an over-the-counter stock following its suspension from Nasdaq earlier this month. Nasdaq’s 2026 holiday calendar lists Memorial Day, May 25, as a market holiday.
Alchemy disclosed in a filing that Nasdaq told the company it faces delisting because it didn’t finish a business combination within 36 months of its IPO registration going effective. Alchemy said it won’t appeal the decision. Its securities stopped trading on Nasdaq when the market opened on May 14.
For investors, that shifts the focus. Alchemy is a special purpose acquisition company, or SPAC — basically a shell firm raising money to merge with another business. The shares trade on what’s in the trust, redemption options, and whether a deal gets done, not top-line growth. In its May 21 quarterly filing, Alchemy said it hadn’t begun operations and won’t have operating revenue unless it completes a combination.
The filing also showed a net loss of $331,900 for the first quarter, compared to a loss of $301,497 in the prior year. The company reported $8.96 million in trust investments, $86,243 in cash and cash equivalents outside the trust, and 737,543 Class A shares that could be redeemed at $12.01 each.
Alchemy plans to merge with Cartiga in a deal valued at $540 million. The 10-Q lists closing conditions like shareholder and member sign-offs, a $40 million minimum cash requirement unless waived, and Nasdaq listing approval for the combined company.
Alchemy co-CEO Mattia Tomba, at the time of the announcement, said the company is focused on “under-explored private-credit opportunities.” Cartiga CEO Sam Wathen said going public would help Cartiga “leverage our data platform and market distribution.” PR Newswire
Cartiga and Alchemy said they were looking at a possible PIPE—private investment in public equity—a common way to bring in more cash for a SPAC deal. The company said in March there was no final PIPE agreement. Wathen mentioned “organic growth and consolidation opportunities” in litigation finance and legal services. PR Newswire
If the deal goes through, Cartiga would join a group of small public legal-finance firms like Burford Capital, which says it is listed on the NYSE and LSE, and Omni Bridgeway, which says it has been on the Australian Securities Exchange since 2001. The mention is just for sector comparison; Alchemy remains a shell at this point.
But risks are clear. Alchemy reported its cash outside the trust won’t cover a year of operations, raising “substantial doubt” about staying afloat as a going concern. The company also has to finish a business combination by Sept. 9, 2026, or shut down and liquidate. SEC
Financing, shareholder votes and listing clearance for the merged company are the next hurdles. Until then, ALCYF sits quietly on the OTC, but the stock is moving with a deadline in play.
