D. Boral Acquisition I Corp.

Overview

D. Boral Acquisition I Corp. is a blank-check company organized as a British Virgin Islands business company. Its purpose is to complete an initial business combination through a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar transaction with one or more target businesses.

IPO and funding

• IPO issued 28,750,000 units, including 3,750,000 units from the underwriters’ over-allotment option.
• Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
• Unit price: $10.00; gross proceeds from the IPO: $287,500,000.
• Private placement: 200,000 private placement units sold to the Sponsor at $10.00 per unit. Each private placement unit contains one Class A ordinary share and one-half of one redeemable warrant, consistent with the IPO warrants except as disclosed.
• Proceeds from the IPO and private placement were placed in a trust account to be invested in U.S. Treasury obligations with maturities of 185 days or less, eligible money market funds, or held in cash/cash items.
• As of March 30, 2026, trust funds totaled approximately $288 million.

Post-IPO trading

• As of February 19, 2026, ordinary shares and warrants trade separately:
  • Ordinary shares: DBCA
  • Warrants: DBCAW
• Units (if not separated) trade under DBCAU.

Business strategy and target identification

• The company seeks to identify and acquire a business that aligns with the management team’s expertise, using the sponsor network and SPAC advisory and investment banking capabilities to generate deal flow.
• Management and affiliates (including D. Boral Capital and related entities) have experience with SPAC transactions and cross-border, growth-oriented opportunities.
• Target criteria include:
  • Attractive competitive position
  • Experienced, capable management
  • Potential for high revenue growth and profitability/free cash flow
  • Scalability across geographies
  • Benefits from being a public company
• Target sources include unaffiliated intermediaries (investment banks, private equity firms, funds), management and affiliates, and proprietary deal flow.

Evaluation, structuring, and costs

• The company conducts due diligence and structures proposed transactions. Costs of identifying and evaluating potential targets that do not result in an initial business combination are borne by the company and reduce funds available for other transactions.

Ownership and post-transaction structure

• The company intends to structure the initial business combination so that the post-transaction public company will own 100% of the target’s equity interests or assets where appropriate. Structures allowing less than 100% ownership may be used to meet strategic objectives or to avoid treatment as an investment company.
• If less than 100% is acquired, the acquired portion is used to determine the 80% net assets test for the trust.
• For multi-entity targets, the 80% net assets test is based on the aggregate value of all target businesses.

Competitive landscape and limitations

• The company faces competition from other SPACs, private equity groups, and strategic buyers.
• Competitive position can be affected by cash constraints from public shareholder redemptions and potential dilution from warrants.

Governance, conflicts of interest, and related-party matters

• The sponsor, officers and directors may sponsor other SPACs or pursue other ventures, which could create conflicts of interest when evaluating targets.
• Pursuit of an affiliated target may require an independent valuation opinion to assess financial fairness.
• Founders’ and affiliates’ founder shares and private units may create incentives that differ from those of public shareholders.

Redemptions, extensions, and liquidity mechanics

• Public shareholders may redeem all or a portion of their Class A ordinary shares upon completion of the initial business combination.
• Redemption price equals the per-share trust account value (plus interest earned, less taxes) divided by the number of outstanding public shares, calculated two business days prior to consummation.
• The initial anticipated trust value per public share was approximately $10.00.
• Founders’ and certain insiders’ redemption rights are waived for founder/private shares and comparable shares; representative shares’ redemption rights are waived in connection with the initial business combination.
• The company has 18 months from the IPO closing to complete an initial business combination, with a possible three-month extension subject to sponsor support and potential shareholder approval to amend governing documents.
• If an extension is not approved or the company fails to complete a business combination, public shares may be redeemed at the then-available trust value. The company does not expect to extend beyond 36 months from the IPO closing, though extensions may be sought if needed.

Officers, employees, and operations

• Current management consists of two executive officers.
• Officers are not contractually obligated to devote a specific number of hours, but intend to devote the time necessary until the initial business combination is completed.
• No full-time employees are expected prior to the completion of the initial business combination.

Principal office and costs

• Principal office: 590 Madison Ave., New York, NY 10022
• Phone: (212) 970-5150
• Office space and related services are funded by the Sponsor at a monthly rate of $20,000.

Risk considerations

• The company identifies risks related to timing, transaction costs, competition, and the risks inherent in pursuing a single-target strategy prior to completing a business combination.