SPAC Extends Deadline
Inception Growth Acquisition Limited Contributes to Trust Account to Extend Business Combination Period
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Inception Growth Acquisition Limited (IGTA), a blank-check company trading on OTC Markets, deposited $12,203.33 into its trust account on June 11, 2026, to buy itself one more month to close its long-delayed merger with AgileAlgo Holdings Ltd. GlobeNewswire reported the move extends the deadline from June 13 to July 13, 2026.
The deposit is small — just over $12,000 — but it keeps alive a deal that has been in the works since 2023. The combined company would be called Prodigy, Inc. and would focus on AI-powered software tools designed to automate coding for data scientists.
A SPAC Deal That Has Dragged On for Years
IGTA raised roughly $90 million to $103.5 million in its December 2021 IPO, according to SPAC Research. The company signed a letter of intent with AgileAlgo in June 2023 and announced a definitive merger agreement in September 2023. The deal was valued at about $160 million.
But the deal has not closed. SPACs — companies formed solely to acquire another business — typically have a strict deadline to complete a merger. IGTA missed Nasdaq's three-year window. In December 2024, Nasdaq delisted the stock, according to Simply Wall St. IGTA has since traded on the lower-tier OTC Markets at around $9.72 per share.
Monthly Extensions Signal a Deal Under Pressure
The June 11 deposit is one of several monthly contributions IGTA has made to keep the deal alive. Each deposit extends the deadline by one month. Capital markets analysts described the latest move as a "modest cash contribution" that is "administrative rather than transformative," according to Stock Titan.
The trust account held roughly $2,129,824.68 as of late April 2026, TipRanks reported. That is a fraction of the $90 million-plus raised at the IPO. The shrinking balance reflects years of redemptions by shareholders who chose to exit rather than wait for the merger to close.
Nasdaq Listing Withdrawn, Raising Liquidity Questions
In April 2026, IGTA and AgileAlgo withdrew their application to list the combined company, Prodigy, Inc., on Nasdaq. The companies cited consultations with the exchange, TipRanks reported. The withdrawal means the merged entity may not trade on a major exchange after the deal closes.
Some investors see this as a red flag. Without a Nasdaq listing, shares of Prodigy, Inc. could be harder to buy and sell, which may push the stock's value lower. The company has not said where it plans to list instead.
AgileAlgo's AI Focus Is the Core Pitch
AgileAlgo is based in the British Virgin Islands and operates out of Singapore. It builds AI tools that generate code automatically, targeting companies that need machine learning and data management software. IGTA CEO Cheuk Hang Chow called it a "rare opportunity" to acquire a "top-notch management team" and core AI technology, according to GlobeNewswire.
AgileAlgo founder Tony Tay said the deal would let the company "access the capital market to speed up our growth" and "leverage the power of AI to disrupt the way the software industry works," GlobeNewswire reported. If the merger closes by July 13, the combined company would address what both sides call a global shortage of data scientists.
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