$BCAR / Exascale Labs S-4 Filed sec.gov/Archives/edgar/data/… Re: options, waiting for exchanges to process current number of shareholders. That's the gating item for most of these SPAC option requests

$BCAR options are being reviewed for the shareholder requirement nest week Assuming it meets the 2,000 shareholder requirement potential to see listing the following week

$BCAR - listed options have been requested, following the same playbook as $WLAC Hopefully a public S4 in a few weeks

$BCAR wild that this is under 50 bps from NAV... Perhaps people got bored, people got annoyed that there was no investor deck (yet), people moved on to next shiny object - but it's resting and will be back

SPAC IPO $CAIIU $10.05/18m/0.5W traded down on its IPO today There are 6 SPAC IPOs trying to price tonight: $FTHAU - BTIG $RREVU - Cohen $WENC/U - EBC $MCAHU - D. Boral $GCGRU - Citi $ARCLU - ARC We continue to focus on the cadence of new issuance (72) vs. transaction announcements (25) YTD and reiterate the importance of selectivity.

SPAC Q1 26 - Quick Thoughts 60 IPOs raising >$12bn — the most active quarter since Q4 ’21 But that’s not the interesting part Historically, SPAC IPOs have been consistently profitable. In Q1, that dynamic broke — the majority of SPAC IPOs traded lower Adjusting for financing costs - only 15% of Q1 SPAC IPOs were profitable for investors if held from IPO through quarter end What changed: – Heavy supply of new issuance – Increased market volatility – Lack of transaction announcements Result: a broad repricing across the SPAC complex — yields have widened (~5% in many cases), while warrants and rights have come under pressure. This environment has reinforced the importance of selectivity in IPO participation, particularly given the current supply/demand imbalance. From here, the setup looks compelling: – Attractive yield if held to maturity – Upside if deal activity accelerates and perception of upside optionality improves