MRDNMeridian Capital AcquisitionLOI/RumouredMedium
Last
$10.61
Change
▲ 1.24%
NAV Prem/Disc
2.41%
Trust
$320.4M
Deadline
2026-03-21 (-125d)
Sponsor: Meridian Capital Group · Sector: Industrial · IPO: 2023-09-21
Redemption Score
Model demo · not investment advice50%
Estimated % of public shares tendered at vote
- NAV vs trust valueNeutralw0
- Sector sentimentIndustrialw14
- Sponsor track recordMixed (demo)w18
- Time to deadline0dw12
Completion Probability
Model demo · not investment advice37%
Model probability deal closes as announced
- PIPE coverage vs min. cash1.4x (demo)w22
- SEC review postureAmendment #2 clearedw16
- Sponsor concessionsFounder-share forfeiture addedw18
- Regulatory / HSRPendingw10
Deal Health Scorecard
Composite model · demo55
Adequate
- Sponsor66AdequatePrior completion 60%, no material litigation
- Financing52WeakPIPE $140M vs min. cash $220M — 1.4x coverage
- Fundamentals60AdequateFY27 revenue ramp requires interconnect timing
- Terms54Weak8% cash consideration lowers post-close liquidity
- Regulatory68AdequateHSR no early termination; expected in ordinary course
- Forecast credibility46WeakComparable Northwind revised FY27 -8%
- Dilution42WeakMax dilution 37.9% incl. warrants + earnout
Score History & Events
Completion probability Redemption score Event markers (0)
Why did the score change?
Each event corresponds to a filing, market move, or model retrain. Deltas are fictional demonstration weights.
Lifecycle Progress
IPO
Searching
LOI
Definitive
Vote
Close
Trust Interest YTD$3.4M
Redemption est.42–58%
Min. Cash Condition$220M
Founder Promote20% (as-converted)
Sponsor ExtensionAvailable (+3m)
Geographic FocusNorth America
Deadline Countdown
-125
Days to liquidation deadline
Sponsor may seek one extension of up to 3 months per charter.
Price History with Events
Event markers: LOI · Definitive Agreement · S-4 Filed
Recent Developments
- Jan 22, 2026FilingFiled DEFM14A. Merger consideration adjusted to 92% stock / 8% cash.
- Jan 14, 2026FilingAmendment No. 2 to S-4 responds to SEC comments on target revenue assumptions.
- Dec 19, 2025DealAnnounced business combination with Voltara Grid Systems at $1.25B EV.
- Dec 02, 2025DealSigned LOI with Voltara following six-week diligence.