$WLAC (now $BRUN) was at the same pre-S-4 stage $BCAR is at today. $BRUN (commons) have since run ~75%, and $BRUNW (warrants) have run 200%+. $BCAR at $10.70 has ~4% downside to its $10.30 trust floor. If the setup plays out the same way, the math is asymmetric. Here's what you should know: ↓

$BCAR raised $280M when it IPO'd back on July 31, 2025 and has been quietly trading near trust value ever since. Today it sits at ~$10.70, just above the $10.17 trust floor reported at 12/31/2025. That trust has been earning T-bill interest since, so the actual redemption value today is closer to ~$10.30. The target it's merging with is Exascale Labs, a private AI infrastructure operator. The deal was signed on January 11, 2026: → Pre-money equity: $500M → Pro forma EV: $632M → Post-close ticker: $XLAB

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