Papaya Growth Opportunity Corp. I is a Delaware-incorporated blank check company (SPAC) aiming to merge with private companies to take them public and facilitate growth and capital access.

# Company Summary

## Overview
Papaya Growth Opportunity Corp. I is a Delaware-incorporated blank check company (SPAC) formed to effectuate a business combination with one or more operating businesses. The company was established with the purpose of merging, sharing exchange, asset acquisition, share purchase, reorganization, or similar transactions to acquire a private company, primarily to take it public and facilitate growth and access to capital.

## Business Model & Strategy
- Focus on partnering with high-quality management teams and large-growth businesses in large markets.
- Invest in growth-oriented companies with sustainable business models, deep moats, and secular tailwinds.
- Emphasize environmental, social, and governance (ESG) considerations in investment decisions.
- Seek target businesses that will benefit from being public for access to capital, branding, visibility, and employee incentives.

## Financial Position (as of the latest data)
- No revenue or operational history; identified as an early-stage blank check company.
- As of April 14, 2025:
  - Outstanding shares of Class A common stock: 8,239,404
  - No shares of Class B common stock are issued or outstanding.
  - Market value of voting securities held by non-affiliates: approximately $8.3 million (as of June 28, 2024).
  - Trust account balance: approximately $1.0 million (as of February 28, 2025).

## Operations & History
- Initial public offering held on January 19, 2022:
  - Sold 28,750,000 units at $10.00 per unit (gross proceeds: $287.5 million).
  - Private placement of 1,365,000 units (private placement units) at $10.00 per unit (gross: approximately $13.65 million).
  - Trust account initially funded with ~$293.25 million.
- Management has extended deadline for completing a business combination multiple times (last extension through December 19, 2025).
- As of December 31, 2024:
  - Cash outside trust: approximately $5,576.
- No revenue, no income reported.
- Focus on sourcing, evaluating, and executing a business combination with a private company, particularly in sectors that align with their investment criteria.

## Key Points
- The company has no operations or revenues prior to the initial business combination.
- It is targeted at acquiring or merging with a large-growth, growth-stage business in a large market.
- The company has behaviorally extensive private market experience from previous SPACs and private investments.
- The company’s objective is long-term value creation via strategic mergers and acquisitions while adhering to a disciplined investment process.

The company is an early-stage SPAC aiming to merge with high-quality businesses while managing significant ongoing costs and trust fund reserves from its IPO.

# Company Overview

### Business Model
The company is an early-stage blank check company, also known as a Special Purpose Acquisition Company (SPAC), incorporated in Delaware. Its primary purpose is to search for and effectuate a merger, share exchange, asset acquisition, or similar business combination with one or more businesses or entities, referred to as "initial business combinations."

### Key Attributes
- **Formation**: Founded to capitalize on market opportunities by merging with existing businesses.
- **Initial Public Offering (IPO)**: The company raised $287,500,000 through its initial public offering on January 19, 2022, selling 28,750,000 units at $10 each. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.
- **Private Placement**: Concurrently with the IPO, the company completed a private sale of 1,365,000 private placement units for $10.00 each, totaling $13,655,000 in gross proceeds.
- **Team Experience**: The management team has extensive experience, having raised $2.2 billion across seven SPACs and having invested in notable companies such as Square, Eventbrite, DigitalOcean, Calm, and GitLab.

### Business Strategy
The company's strategy focuses on:
- **Identifying High-Quality Partners**: Aiming to merge with companies that possess exceptional leadership, growth potential, and sustainable business models.
- **Investment Criteria**:
  - Backing high-quality leaders with a track record of execution.
  - Targeting growth-oriented businesses in sizable markets.
  - Seeking firms with substantial competitive advantages.
  - Evaluating companies at reasonable valuations.
  - Considering Environmental, Social, and Governance (ESG) criteria in investment decisions.

### Financial Standing
- **Funds in Trust Account**: Approximately $293,250,000 was placed in a trust account as security for public shareholders during the IPO process.
- **Available Cash**: As of December 31, 2023, only about $2,013 remains available outside the trust account for operations until an initial business combination is consummated.
- **Operating Costs**: The company pays $33,333 per month to its sponsor for office space and administrative support.
  
### Current Status and Metrics
- **Shareholder Redemptions**: Significant shareholder redemptions occurred at recent special meetings, reducing public shares outstanding.
- **Remaining Shares**: Following redemptions, as of the latest special meeting on February 16, 2024, only 710,529 public shares remain outstanding.

### Employees and Customers
- **Employees**: The company currently has three officers; it does not have any full-time employees.
- **Customers**: As a SPAC, the company does not have any direct customers, as its business model is focused on acquisition rather than selling products or services.

### Revenue and Income
- **Revenue**: The company has no revenue, as it is focused on finding and acquiring a target business.
- **Income**: The financial position suggests an absence of income with substantial ongoing expenses related to IPO costs and future operations.

### Summary
As an early-stage SPAC, the company aims to leverage its management's experience to identify and acquire promising target businesses, ultimately creating value for its public shareholders. It faces challenges typical of SPACs, including external market conditions and the pressure to complete an acquisition within a stipulated time frame.

Papaya Growth Opportunity Corp. I

10-K / April 15, 2025

10-K / June 26, 2024

10-K / April 15, 2025

Company Summary

Overview

Business Model & Strategy

Financial Position (as of the latest data)

Operations & History

Key Points