EQV Ventures merges with Prometheus/PIH in SPAC deal; $87.5M PIPE and $125M preferred

EQV Ventures Acquisition Corp.

Business Combination Agreement signed for EQV (SPAC) to merge with Prometheus/PIH; combined entity renamed Presidio Production Company.
PIPE financing of 8,750,000 shares at $10.00/share ($87.5M) from PIPE Investors; anti-dilution adjustment via sponsor share surrender.
Preferred Investment of $125M from 125,000 Series A Perpetual Preferred Shares at $1,000 stated value plus 937,500 warrants (exercise $0.01).
Minimum cash condition at closing: aggregate available cash of at least $140,197,687; deal must close by Feb 5, 2026 (extendable to Apr 6, 2026).
Sponsor earnout: 1,904,891 shares vest upon $12.50 and $15.00 price targets over 5 years; time vesting of 3,809,783 shares over 3 years.

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