IPOD: 8-K · offering registration
On August 13, 2026, Collective Acquisition Corp., a Nasdaq-listed Cayman Islands SPAC trading as CCAQ, CCAQU and CCAQW, issued an aggregate of 3,500,000 Class A ordinary shares to its sponsor, Collective Acquisition Sponsor LLC, upon conversion of an equal number of Class B ordinary shares. No consideration was paid, and the shares were issued unregistered in reliance on the Section 3(a)(9) exemption. The converted Class A shares carry the same restrictions that applied to the Class B shares, including transfer restrictions, waiver of redemption rights, and an obligation to vote in favor of a business combination, as set in the company's May 8, 2025 IPO prospectus. Following the conversion, the company has 5,119,501 Class A shares and 2,250,000 Class B shares outstanding. Sponsor conversions of founder shares like this are commonly done while structuring a business combination, and the cover page notes the company was formerly named Dune Acquisition Corporation II.
IPOD: 8-K · amendment
Collective Acquisition Corp. shareholders approved a charter amendment at the August 4, 2026 extraordinary general meeting extending the deadline to consummate an initial business combination from August 8, 2026 to August 8, 2027, a twelve-month extension that averted near-term liquidation. In connection with the vote, holders of 12,863,312 Class A ordinary shares elected redemption, removing an estimated $135,190,109.16 (approximately $10.51 per share) from the trust account and leaving an estimated $15,887,453.01 — roughly 89% of the trust gone for deal purposes. The Articles Amendment Proposal passed 15,841,860 FOR to 1,719,170 AGAINST, and the Adjournment Proposal passed 16,779,914 FOR to 781,116 AGAINST. The amended articles also cut the cap on trust interest usable for dissolution expenses from $100,000 to $50,000. The overwhelming redemption rate signals most public holders saw little value in waiting another year, and with only about $15.9 million left in trust, the SPAC's capacity to fund a meaningful business combination is severely constrained.
IPOD: 10-Q · periodic report
Collective Acquisition Corp. (formerly Dune Acquisition Corporation II), a pre-deal SPAC, reported Q2 2026 net income of $359,974 and first-half net income of $1,074,568, driven by trust interest of $1,320,733 for the quarter against general and administrative costs of $960,759. The company disclosed substantial-doubt going-concern language, holding only $43,642 of operating cash with a $137,626 working capital deficit, and now relies on a sponsor promissory note of up to $500,000 — of which $200,000 has already been drawn — to fund deal-related costs. On August 4, 2026, shareholders approved extending the business-combination deadline from August 8, 2026 to August 8, 2027, a full 12-month extension that reduces near-term liquidation risk while the trust account held $150,532,077 for 14,375,000 redeemable Class A shares. The filing also confirms sweeping turnover following the February 2026 sponsor handover: the entire original board resigned on April 6, 2026, the company was renamed Collective Acquisition Corp., and Maximilian Staedtler replaced Elliot Richmond as CFO on July 17, 2026.
IPOD: 8-K · debt financing
Collective Acquisition Corp. issued an unsecured promissory note to its sponsor, Collective Acquisition Sponsor LLC, for a principal amount of up to $500,000 to fund business combination costs. The note is interest-free and matures upon the completion of a business combination or the company's winding up, with provisions allowing the sponsor to convert the principal into private placement warrants at $1.00 per warrant. The company also underwent executive management changes, appointing Maximilian Staedtler as Chief Financial Officer effective July 17, 2026. Elliot Richmond resigned as CFO but retains his roles as Chairman and Chief Executive Officer, with Staedtler bringing prior experience from Goldman Sachs and 10X Capital.
