New York, May 25, 2026, 13:05 EDT
- D. Boral Acquisition I Corp. ended the session at $9.925, little changed, ahead of the U.S. market close for Memorial Day.
- The blank-check company had $288.9 million in its trust account as of March 31. The company reported no operating revenue.
- $10 SPACs like Columbus Circle Capital Corp II and Proem Acquisition Corp I have slipped below their offer prices too.
D. Boral Acquisition I Corp. is trading close to its $10 listing price ahead of the holiday-shortened week. The Nasdaq will be shut for Memorial Day on Monday, with normal trading back on Tuesday.
DBCA traded in a tight band between $9.92 and $9.93, last quoted at $9.925. Volume was 137,720 shares. That isn’t much action. For a newly listed SPAC—these are shell companies that go public first, and hunt for a private business to acquire—the quiet trading stands out.
Why it matters now: DBCA doesn’t have an operating business. Its stock is mainly a bet on trust value, liquidity, and investors waiting for a deal. D. Boral said in the quarterly report it hadn’t started operating as of March 31 and won’t bring in operating revenue until after a business combination, if it happens.
First-quarter net income was $1.25 million for the company, coming from $1.37 million in interest on cash held in trust. Operating and formation costs were $126,327. This is accounting profit, not from operations. The trust account ended the quarter at $288.87 million, meant for a deal or redemptions.
D. Boral Acquisition brought in $287.5 million in its February IPO, selling 28.75 million units to the public at $10 apiece. Underwriters exercised their full over-allotment. The sponsor bought 200,000 private units for $2 million.
The company later let holders split IPO units into Class A shares and warrants. Separated shares trade under DBCA, warrants under DBCAW. Unsplit units are still listed as DBCAU. Each whole warrant allows holders to buy a share at $11.50.
DBCA traded at $9.93 last week, staying near its $10 offer price, StockAnalysis data showed. The same held for other SPACs from February, with Columbus Circle Capital Corp II at $9.90 and Proem Acquisition Corp I at $9.91. All three were below their $10 launches. This thin group tells the same story: investors are sticking close to the offer, and not adding a premium ahead of a target announcement.
Stocks moved up last week. The S&P 500 rose 0.9%, the Dow was up 2.1%, the Nasdaq gained 0.5%, and the Russell 2000 jumped 2.7%, AP data in the Washington Post showed. DBCA barely moved with the rest.
Filings are in focus this week as investors watch for any word on a target. The company said it’s considering technology, healthcare and logistics deals, and could look at businesses with enterprise values starting at $700 million. Shares probably won’t move far from trust value unless a merger shifts the risk.
IPO demand is staying selective, according to Lukas Muehlbauer, a research associate at IPOX. He told Reuters IPO appetite “is still concentrated” on AI infrastructure, defense, energy, and some areas in biotech. That could be an issue for SPACs looking to draw more investor attention. Reuters
Downside risk here isn’t only about the stock staying flat. D. Boral has 18 months from the IPO closing, or up to 21 months if extended, to lock in a deal. If it doesn’t, public shares get redeemed and warrants go to zero. The filing also warns third-party claims might cut the cash left in the trust below $10 per public share.
DBCA is in the same spot as a lot of younger SPACs—shares trade, some protection from trust cash is there, but it’s still waiting on a deal to break out of the almost $10 range.
