New York, May 26, 2026, 05:04 (EDT)
Alchemy Investments Acquisition Corp 1 traded at $11.65 at the open on OTC Tuesday, showing little change after the U.S. market holiday. Most trading is tied to talk around the Cartiga merger, not the company’s earnings. Investing.com listed ALCYF with a market cap close to $49 million and a 52-week range between $10.25 and $15.90.
U.S. markets were closed for Memorial Day on Monday and planned to open Tuesday. Alchemy returned to trading as an over-the-counter stock after being suspended by Nasdaq earlier this month. The 2026 Nasdaq holiday calendar includes Memorial Day, May 25, as a market holiday.
Alchemy said in a filing that Nasdaq plans to delist the company for missing a deadline to complete a business combination within 36 months of its IPO registration date. The company will not appeal, it said. Alchemy’s securities stopped trading on Nasdaq at the open on May 14.
Investors are watching something else here. Alchemy is a special purpose acquisition company, or SPAC. It’s a shell that raises cash to merge with another business. Shares are about what’s in the trust, the chance to redeem, and if a deal closes, not sales growth. In a May 21 quarterly filing, Alchemy said it hasn’t started operations and won’t get operating revenue unless it finishes a combination.
The company posted a net loss of $331,900 for the first quarter, up from $301,497 a year ago, according to the filing. It had $8.96 million in trust investments and $86,243 in cash and cash equivalents not in the trust. There are 737,543 Class A shares eligible for redemption at $12.01 apiece.
Alchemy said it will combine with Cartiga in a $540 million deal. According to the 10-Q, closing is subject to shareholder and member approvals, a $40 million cash minimum unless waived, and Nasdaq listing clearance for the merged company.
Alchemy co-CEO Mattia Tomba said at the time of the announcement that the firm is looking at “under-explored private-credit opportunities.” Cartiga CEO Sam Wathen said going public will let Cartiga “leverage our data platform and market distribution.” PR Newswire
Cartiga and Alchemy said they were weighing a possible PIPE, or private investment in public equity, to raise more capital for their SPAC deal. The company said in March a final PIPE deal wasn’t in place. Wathen also described “organic growth and consolidation opportunities” in litigation finance and legal services. PR Newswire
If completed, the deal would put Cartiga alongside small public legal-finance names such as Burford Capital, which states it is listed on both the NYSE and LSE, and Omni Bridgeway, on the Australian Securities Exchange since 2001. This is only a sector comparison. Alchemy is still a shell.
Risks stand out here. Alchemy said its cash outside the trust won’t last a year, putting “substantial doubt” on its ability to stay in business. The company has to close a business combination by Sept. 9, 2026, or it will have to shut down and liquidate. SEC
Next up for the merger is financing, shareholder approval and a listing green light. For now, ALCYF trades quietly on the OTC. The stock is still seeing some moves as a deadline approaches.
