Recent Updates — SVAQ
On September 28, 2026, Silicon Valley Acquisition Corp. and EigenQ, Inc. announced the filing of a Form S-4 registration statement with the SEC regarding their previously announced business combination. The transaction involves SVAQ domesticating as a Delaware corporation and renaming to EigenQ Holdings, Inc., while EigenQ becomes a wholly owned subsidiary. EigenQ recently secured approximately $45 million in convertible financing to support its quantum-safe security portfolio. The combined company expects to list on Nasdaq under the ticker EIGQ with a closing target of Q4 2026. Silicon Valley Acquisition Corp. operates as a special purpose acquisition company focused on effecting business combinations.
Silicon Valley Acquisition Corp. filed a Current Report on Form 8-K to disclose the execution of a third amendment to its Business Combination Agreement with EigenQ, Inc., dated September 26, 2026. The amendment modifies definitions and calculations within the agreement to exclude certain warrants issued by EigenQ, clarifying that each such warrant will be exchanged for one warrant of the post-combination company, PubCo, upon closing. This transaction involves SVAQ domesticating from the Cayman Islands to Delaware and merging with EigenQ, which will continue as a wholly owned subsidiary. The proposed business combination remains subject to shareholder approval and SEC effectiveness of the Registration Statement. Silicon Valley Acquisition Corp. operates in the special purpose acquisition company (SPAC) industry, facilitating mergers between private companies and public markets.
Silicon Valley Acquisition Corp. (SVAQ) filed a Current Report on Form 8-K announcing amendments to its business combination agreement with EigenQ, Inc., and the entry into a new securities purchase agreement for approximately $45 million in committed financing. The Second Amendment to the Business Combination Agreement extends the Outside Date from February 14, 2027, to June 30, 2027, subject to automatic monthly extensions, and clarifies registration rights and lock-up provisions. Simultaneously, SVAQ and EigenQ entered into a Purchase Agreement with an institutional investor for senior secured convertible notes totaling $44,450,000 in principal amount ($22,225,000 funded upfront and $22,225,000 at closing), bearing 8% cash or 10% PIK interest, with a 30% maturity premium. The transaction also includes warrants to purchase approximately 3.7 million shares of EigenQ common stock at an exercise price of $12.00 per share and the transfer of up to 1,000,000 founder shares from SVAQ's sponsor to the investor. This filing is material as it secures critical financing for the proposed merger and adjusts key transaction timelines. Silicon Valley Acquisition Corp. operates in the special purpose acquisition company (SPAC) sector, seeking to merge with private companies to take them public.
On June 17, 2026, Silicon Valley Acquisition Corp. (SVAQ) entered into a Business Combination Agreement with EigenQ, Inc. Under the terms, SVAQ will domesticate as a Delaware corporation before a merger where a subsidiary of SVAQ will merge into EigenQ, leaving EigenQ as a wholly-owned subsidiary of SVAQ. The exchange ratio is based on a valuation of $2.93 billion divided by $10.00 per share and the number of fully-diluted shares. The transaction is subject to shareholder approval and SEC effectiveness of a registration statement, with an outside closing date of February 14, 2027. SVAQ shareholders will have redemption rights for their Class A ordinary shares. SVAQ is a special purpose acquisition company (SPAC) designed to effect a business combination.
Silicon Valley Acquisition Corp. entered into a definitive business combination agreement with EigenQ Inc. to combine and make EigenQ a public company. The transaction is subject to shareholder approval and requires the filing of a Form S-4 registration statement. Silicon Valley Acquisition Corp. is a special purpose acquisition company operating in the financial services sector.