SCHEDULE: Amanat Acquisition Corp: Shareholder Update on Option Expiry

Amanat Acquisition Corp reports the expiration of the underwriters' over-allotment option and the forfeiture of 281,250 Class B ordinary shares.

Summary

• This filing is an amendment to a previously filed Schedule 13D concerning Amanat Acquisition Corp.
• Amanat Holdings LLC and Sandeep Kulkarni are the reporting persons.
• As of May 20, 2026, there were 7,800,000 Class A ordinary shares outstanding.
• Amanat Holdings directly holds 300,000 Class A ordinary shares and 1,875,000 Class B ordinary shares.
• Class B shares are convertible to Class A shares on a one-for-one basis upon the company's initial business combination or earlier at the holder's option.
• Sandeep Kulkarni, as Managing Member of Amanat Holdings, has voting and dispositive control over these securities.
• On July 2, 2026, the underwriters' over-allotment option expired.
• Consequently, 281,250 Class B ordinary shares held by Amanat Holdings were forfeited without consideration.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral to slightly negative filing due to the expiration of an over-allotment option and subsequent forfeiture of shares, indicating a lack of full exercise by underwriters.

Positives

• The filing clarifies the beneficial ownership structure and control of Class A and Class B ordinary shares by Amanat Holdings LLC and Sandeep Kulkarni.
• The conversion mechanism for Class B shares into Class A shares is clearly defined.

Negatives

• The expiration of the underwriters' over-allotment option on July 2, 2026, suggests a lack of demand or confidence from underwriters to exercise their option to purchase additional shares.
• A significant number of Class B ordinary shares (281,250) were forfeited for no consideration due to the option's expiration, reducing the total potential share count.

Risks

• The forfeiture of Class B shares could indicate potential challenges in the company's ability to fully capitalize on its initial public offering or subsequent business combination.
• The expiration of the over-allotment option might signal underwriter concerns about the stock's future performance or market conditions.

Future Outlook

The filing does not contain specific forward-looking statements or guidance. The primary event discussed is the expiration of the underwriters' over-allotment option and the resulting forfeiture of shares.

Management Comments

• "Unless otherwise defined herein, capitalized terms used in this Amendment No. 1 shall have the meanings ascribed to them in the Statement. Unless amended or supplemented below, the information in the Statement remains unchanged."
• "On July 2, 2026 the underwriters' over-allotment option, as described in the Registration Statement, expired."
• "281,250 Class B ordinary shares directly held by Amanat Holdings were forfeit for no consideration."

Industry Context

StockSavvy.ai notes that the expiration of an over-allotment option and subsequent share forfeiture is not uncommon for SPACs (Special Purpose Acquisition Companies) or companies undergoing IPOs, especially in volatile market conditions or if the initial offering was not fully subscribed by investors. This event can sometimes be a precursor to further strategic actions or indicate a lack of immediate underwriter confidence.

Stakeholder Impact

• Shareholders: The forfeiture of Class B shares reduces the total number of shares that could potentially be converted into Class A shares, which may impact future dilution calculations.
• Underwriters: The expiration of the option indicates they did not find it beneficial to purchase additional shares, potentially reflecting their market outlook or the company's performance post-IPO.

Next Steps

• The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior thereto at the option of the holder thereof, on a one-for-one basis, subject to certain adjustments.

Key Dates

Keywords

Amanat Acquisition Corp, Schedule 13D, Class A Ordinary Shares, Class B Ordinary Shares, Beneficial Ownership, Over-allotment Option, Share Forfeiture, Sandeep Kulkarni