Activate Energy Acquisition Corp. closes SPAC IPO of 23M units at $10/unit, raising $230M gross

Activate Energy Acquisition Corp.

Sold 23M units, including 3M over-allotment, at $10 each, raising $230M gross proceeds.
Privately placed 645K units (415K to sponsor, 230K to underwriters) for $6.45M.
$230M placed in trust account; transaction costs total $13.24M (cash fees $4.6M, deferred $8.05M, other $0.59M).
Balance sheet as of Dec 5, 2025: $920,681 cash, $6.87M accumulated deficit, shareholders' deficit $6.87M.
Company has 24 months from IPO to complete an initial business combination, targeting oil & gas.

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