White Pearl Acquisition Corp.WPAC
Cash in trust
$117M
$116,650,698
Trust per share
$10.14
Redemption value
IPO
Jan 2026
$115M raised
Combination deadline
Aug 3, 2027
288 days remaining
Filings on record
31
Latest Aug 14, 2026
Overview
White Pearl Acquisition Corp. is a special purpose acquisition company incorporated in Virgin Islands, British and registered with the SEC under CIK 0002081536. It completed its initial public offering in Jan 2026, raising $115M in gross proceeds and listing on NYSE. Class A shares trade under the ticker WPAC, units under WPAC-UN on NYSE. The vehicle is sponsored by White Pearl through White Pearl Group Limited. The mandate targets technology, financial services, business services. IPO closed, trust funded, no definitive agreement announced.
“we intend to focus on businesses in the financial technology (FinTech), information technology (InfoTech) and business services sectors, which we believe have an optimistic growth trajectory for the coming years.”
Reading the filings
Arithmetic on what White Pearl Acquisition Corp. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trading at a discount to trust
At $10.09 the shares change hands 0.53% below the $10.14 they can be redeemed for. A holder buying here is paid that spread to carry deadline and redemption risk until the vote, and the trust keeps accreting underneath it.
Trust versus the $10 unit
The trust holds $10.14 per public share, 1.4% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
288 days to the Aug 3, 2027 deadline. The vehicle is early in its search window, and the deadline is not yet the binding constraint.
Sponsor promote
The sponsor's founder block is 3,333,333 shares against 11,500,000 public shares, or 22.5% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Rights, not warrants
Each unit carried one right per unit, convertible into one-fifth (1/5) of a share. A right converts automatically on closing rather than needing to be exercised at a strike, so it is dilution that arrives whatever the share price does — unlike a warrant, which only bites if the stock works. For a holder redeeming at the trust it is worth nothing either way; for one staying in, it is a certain claim rather than an option.
Underwriting
D. Boral Capital led the offering. It has been named on 31 SPAC IPOs, book-running 29 of them. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date White Pearl Acquisition Corp. must close a deal, extend again, or return the trust. The marker is today.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
31 filings in all. 3 in the last three months, against a busiest month of 9.
Scores
Recomputed 8m agoThree readings of White Pearl Acquisition Corp., each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ModerateHow much does the structure protect a holder right now?
49/100
- Discount to trust58
0.43%
- Trust accretion33
$10.14 per share
- Runway55
288 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
LowHow much attention is this vehicle attracting right now?
14/100
- Filing activity0
0 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust43
-0.43%
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ModerateHow likely is this vehicle to complete a combination, and at what scale?
33/100
- Bank franchise22
31 SPAC mandates
- Trust scale36
$117M
- Stage40
searching
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on White Pearl Acquisition Corp.
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001140361-26-033026
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000886982-26-000480
- 10-Q
Quarterly report
Accession 0001213900-26-088399
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001193125-26-224448
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001072613-26-000437
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001172661-26-001867
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001213900-26-056180
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000886982-26-000257
- 10-Q
Quarterly report
Accession 0001213900-26-054486
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001193125-26-080137
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001376474-26-000210
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-26-018436
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-26-013656
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001376474-26-000129
- 4
Statement of changes in beneficial ownership
Accession 0001213900-26-011638
- 8-K
Entry into a material definitive agreement; Other events
Items 1.01, 3.02, 5.03, 8.01, 9.01 · Accession 0001213900-26-011634
- EFFECT
Notice of effectiveness
Accession 9999999995-26-000378
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-010372
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-010371
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-010370
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-010369
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-010366
- 424B4
Final IPO prospectus
Accession 0001213900-26-010324
- CERT
Exchange listing certification
Accession 0000876661-26-000069
- 8-A12B
Registration of securities on an exchange
Accession 0001213900-26-009791
- S-1/A
Amended IPO registration statement
Accession 0001213900-26-005187
- S-1/A
Amended IPO registration statement
Accession 0001213900-25-118098
- S-1/A
Amended IPO registration statement
Accession 0001213900-25-116428
- S-1
Registration statement for the initial public offering
Accession 0001213900-25-099307
- DRS/A
Amended draft registration statement
Accession 0001213900-25-090063
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White Pearl Acquisition Corp.: questions answered
What is White Pearl Acquisition Corp. (WPAC)?
White Pearl Acquisition Corp. is a special purpose acquisition company incorporated in Virgin Islands, British and registered with the SEC under CIK 0002081536. It completed its initial public offering in Jan 2026, raising $115M in gross proceeds and listing on NYSE. Class A shares trade under the ticker WPAC, units under WPAC-UN on NYSE. The vehicle is sponsored by White Pearl through White Pearl Group Limited. The mandate targets technology, financial services, business services. IPO closed, trust funded, no definitive agreement announced.
How much does White Pearl Acquisition Corp. hold in trust?
Approximately $116,650,698, or about $10.14 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must White Pearl Acquisition Corp. complete a merger?
By Aug 3, 2027. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if White Pearl Acquisition Corp. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in White Pearl Acquisition Corp., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.14 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does White Pearl Acquisition Corp. trade under?
Class A shares trade as WPAC on NYSE, the units as WPAC-UN. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for White Pearl Acquisition Corp.?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.14, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $10.09, a discount of 0.53% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do White Pearl Acquisition Corp.'s founder shares and warrants create?
The founder block is 3,333,333 shares against 11,500,000 public shares, so roughly 22.5% of the combined count sits with the sponsor at nominal cost. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors White Pearl Acquisition Corp., and what is their track record?
White Pearl Group Limited is the sponsor entity, part of the White Pearl franchise. This is the only vehicle we have attributed to that sponsor.
Which banks underwrote the White Pearl Acquisition Corp. IPO?
D. Boral Capital, Webull Financial. D. Boral Capital was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is White Pearl Acquisition Corp. tradeable, and where?
Yes. WPAC returned a live quote of $10.09 on NYSE. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is White Pearl Acquisition Corp. a good investment?
That is not a question this site answers. White Pearl Acquisition Corp. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this White Pearl Acquisition Corp. data come from?
Filings White Pearl Acquisition Corp. submitted to the SEC under CIK 0002081536: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 19, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
White Pearl: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
D. Boral Capital in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs searching for a target
IPO closed, trust funded, no definitive agreement announced.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.