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• Business Combination: AEAQ's sole purpose is to identify and complete a merger, amalgamation, or other form of acquisition with one or more private businesses, with an intended focus on the oil and gas industry.

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Based on the provided description, Activate Energy Acquisition (symbol: AEAQ) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its purpose is to effect a business combination with one or more target businesses. As a SPAC that has not yet completed its initial business combination, AEAQ does not have major customers in the traditional sense, as it is not currently selling products or services.

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Thomas Fontaine, Chief Executive Officer and Chairman

Mr. Fontaine is an engineer and energy entrepreneur holding board roles in both the energy and technology sectors. He is a director at Halocell Energy Pty Ltd since August 2019, focused on commercializing printed Perovskite Solar Cell technology. He also serves as Chairman of Chameleon Innovations Australia (CIA) Pty Ltd since January 2017, overseeing global product marking and authentication solutions, and is a director of Homerun Resources Inc.

David Wood, Chief Financial Officer and Director

Mr. Wood has over 35 years of experience in corporate finance, encompassing investment banking, management consulting, and executive leadership in public and private companies within the energy, mining, technology, and financial sectors. He has provided fractional CFO and consulting services, guiding clients through financial processes including S-1 preparation, budgeting, and M&A modeling.

Keith Byer, Independent Director

Mr. Byer is a financial and risk expert with more than four decades of business experience, having retired as Senior Managing Director at Deloitte Touche Tohmatsu Limited in September 2024. From June 2009 to September 2024, he served as Global Senior Managing Director for Reputation and Risk at Deloitte, assisting member firms in nearly 100 countries with crisis recovery and prevention. As Deputy Managing Partner for Deloitte CIS, he managed risk, contributed to growth strategies that expanded the practice 12 times, and oversaw headcount growth from 150 to over 4,000, growing the practice from $12 million to $350 million.

Paul Moore, Independent Director

Mr. Moore is an executive with extensive experience in upstream oil and gas development. From September 2014 to September 2022, he held multiple executive roles at Todd Corporation, including CEO of Todd Energy International, where he led significant upstream developments in British Columbia and advanced a $2.5 billion methanol project in the United States. He also served as CEO and Managing Director of Otto Energy Limited from July 2009 to July 2011 and began his career with Shell International.

Jason Spittlehouse, Independent Director

Mr. Spittlehouse is an MSc-qualified geoscientist and energy entrepreneur with over 30 years of experience in developing and monetizing oil and gas ventures. He is the Founder and Managing Partner of Radian Partnership, LP, where since August 2014, he successfully developed and, in 2017, sold various producing interests in the Illinois Basin. He later became involved in numerous recompletions, stimulations, and new drilling activities across several field areas in the northern Williston Basin.

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Key Risks to Activate Energy Acquisition (AEAQ):

1. Failure to complete an initial business combination: Activate Energy Acquisition is a blank check company with no operating business. Its sole purpose is to identify and complete a business combination with one or more businesses. If the company fails to complete an initial business combination within the prescribed timeframe, it will be forced to liquidate, and shareholders may only receive a pro rata portion of their investment, potentially without any return on their capital.
2. Risk of acquiring an unsuitable target or one that fails to perform as expected: The company has not yet identified a specific business combination target. While it intends to focus on the oil and gas industry, it may pursue an acquisition opportunity in any business, industry, sector, or geographical location. There is a significant risk that even if a business combination is completed, the acquired business may not perform as anticipated, may face unforeseen challenges, or may not generate the expected value for shareholders.
3. Competition for acquisition targets: Activate Energy Acquisition will be competing with other blank check companies, private equity firms, and other entities for attractive acquisition targets. This competition could make it difficult to identify and secure a desirable business combination on favorable terms, potentially leading to the acquisition of a less suitable target or an inability to complete an acquisition at all.

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One clear emerging threat to Activate Energy Acquisition (AEAQ), as a blank check company (SPAC), is the increasing preference among private companies for alternative paths to liquidity and public market access. These alternatives include direct listings, traditional initial public offerings (IPOs), and continued private funding through robust venture capital and private equity markets. Such options offer potential target companies ways to go public or raise capital that may be perceived as having fewer complexities, less dilution, or lower costs compared to a SPAC merger. This trend reduces the pool of attractive targets available for AEAQ to acquire, making the SPAC vehicle a less desirable option for companies seeking to enter public markets or raise significant capital.

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Share Issuance

• Activate Energy Acquisition completed its initial public offering (IPO) and a concurrent private placement, raising aggregate proceeds of approximately $236.45 million.
• The IPO, which closed on December 5, 2025, involved the sale of 23 million units at $10.00 per unit, generating gross proceeds of $230 million.
• Approximately $230.56 million of the IPO proceeds were placed in a trust account, primarily invested in U.S. government securities or money market funds, to be used for a future business combination.