Amanat Acquisition (AMAN)
Market Price (9/9/2026): $10.77 | Market Cap: $58.0 MilSector: Financials | Industry: Multi-Sector Holdings
Amanat Acquisition (AMAN)
Market Price (9/9/2026): $10.77Market Cap: $58.0 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 7.6% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -63% | Key risksAMAN key risks include [1] the failure to complete a business combination, Show more. |
| Low stock price volatilityVol 12M is 7.6% |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -63% |
| Key risksAMAN key risks include [1] the failure to complete a business combination, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Amanat Acquisition (AMAN) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Accrual of Interest Income in Trust Account.
As a Special Purpose Acquisition Company (SPAC), Amanat Acquisition's core asset is the capital held in its trust account, which earns interest. For fiscal Q2 2026, which ended on June 30, 2026, the company reported a net income of $31,732, primarily driven by $290,024 of interest income generated from these trust investments. This steady accrual of interest incrementally increases the per-share value of the trust, contributing to the stock's appreciation from its initial IPO price of $10.00 per share. The trust value per share was $10.04 as of June 30, 2026.
2. Stability Derived from IPO Pricing and Anticipation of a Business Combination.
Amanat Acquisition completed its Initial Public Offering (IPO) on May 20, 2026, with 7.5 million Class A ordinary shares priced at $10.00 each, raising $75 million. As a "blank check" company formed to seek a business combination within the healthcare or healthcare-related industries, its stock price tends to trade near its trust value in the absence of a definitive deal. The observed gain of approximately 5% since May 31, 2026, reflects market confidence in the stability of the trust's value and ongoing anticipation of a potential future acquisition, rather than immediate operational performance.
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Amanat Acquisition (AMAN) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Accrual of Interest Income in Trust Account.
As a Special Purpose Acquisition Company (SPAC), Amanat Acquisition's core asset is the capital held in its trust account, which earns interest. For fiscal Q2 2026, which ended on June 30, 2026, the company reported a net income of $31,732, primarily driven by $290,024 of interest income generated from these trust investments. This steady accrual of interest incrementally increases the per-share value of the trust, contributing to the stock's appreciation from its initial IPO price of $10.00 per share. The trust value per share was $10.04 as of June 30, 2026.
2. Stability Derived from IPO Pricing and Anticipation of a Business Combination.
Amanat Acquisition completed its Initial Public Offering (IPO) on May 20, 2026, with 7.5 million Class A ordinary shares priced at $10.00 each, raising $75 million. As a "blank check" company formed to seek a business combination within the healthcare or healthcare-related industries, its stock price tends to trade near its trust value in the absence of a definitive deal. The observed gain of approximately 5% since May 31, 2026, reflects market confidence in the stability of the trust's value and ongoing anticipation of a potential future acquisition, rather than immediate operational performance.
3. Growing Institutional Investor Interest.
The period saw increased institutional ownership in Amanat Acquisition, signaling confidence from sophisticated investors. Around August 14, 2026, several Schedule 13G/A filings indicated significant stakes. For example, ADAR1 Capital disclosed a 9.6% ownership, Sculptor reported a 9.40% stake, and the Braidwell group disclosed a 9.3% position. This influx of institutional capital and endorsement can contribute positively to investor sentiment and stock performance.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| AMAN | 6.3% | |
| Market (SPY) | 1.3% | 13.2% |
| Sector (XLF) | 11.1% | 8.9% |
Fundamental Drivers
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Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| AMAN | ||
| Market (SPY) | 12.0% | 14.1% |
| Sector (XLF) | 12.0% | 11.6% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| AMAN | ||
| Market (SPY) | 19.8% | 14.1% |
| Sector (XLF) | 7.4% | 11.6% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| AMAN | ||
| Market (SPY) | 76.1% | 14.1% |
| Sector (XLF) | 74.1% | 11.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMAN Return | - | - | - | - | - | 7% | 7% |
| Peers Return | -43% | -43% | |||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| AMAN Win Rate | - | - | - | - | - | 100% | |
| Peers Win Rate | 30% | ||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| AMAN Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | |||||||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RACC, BIOT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/8/2026 (YTD)
How Low Can It Go
AMAN has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
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Asset Allocation
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AMAN has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Amanat Acquisition (AMAN)
Amanat Acquisition (AMAN) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its core business involves identifying and completing a significant transaction such as a merger, share exchange, asset acquisition, or reorganization with one or more existing businesses. The company currently operates without any specific business operations or products, as its sole purpose is to acquire or combine with an operating company.
The company has not yet selected a specific target for its initial business combination, nor has it engaged in substantive discussions with any potential candidates. However, Amanat Acquisition intends to focus its search on businesses within the healthcare or healthcare-related industries, aiming to leverage the management team's expertise to create long-term shareholder value. The company's sponsor, Amanat Sponsor Holdings LLC, plays a key role in its formation and investment strategy.
For investors, Amanat Acquisition offers an opportunity to invest in a company that will eventually merge with or acquire a privately held business, primarily within the healthcare sector. The "product" it offers is the future combined entity resulting from its acquisition strategy, which is designed to bring a private company public or create a larger, more integrated enterprise. Its primary "market" consists of private companies in the healthcare domain seeking a public listing or strategic partnership.
AI Analysis | Feedback
Here are a few analogies to describe Amanat Acquisition (AMAN):
- A publicly traded private equity firm focused on acquiring a single healthcare company.
AI Analysis | Feedback
- Initial Business Combination Facilitation: Amanat Acquisition is a Special Purpose Acquisition Company (SPAC) formed to identify and complete a merger or acquisition with a private operating business, primarily in healthcare or healthcare-related industries.
AI Analysis | Feedback
Amanat Acquisition (AMAN) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its sole purpose is to raise capital through an Initial Public Offering (IPO) to acquire or merge with one or more businesses. As of the provided description, it has not yet selected any specific business combination target and has not engaged in any substantive discussions with potential targets.
Therefore, Amanat Acquisition does not currently have major customers in the traditional sense of selling products or services. A SPAC's "business" is to identify and execute a business combination. It does not sell goods or services to other companies or individuals.
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Dr. Sandeep C. Kulkarni, Chairman of the Board
Dr. Sandeep Kulkarni is an experienced biotech executive who currently serves as CEO of Zura Bio (Nasdaq: ZURA). He was previously the co-founder and CEO of Tourmaline Bio, which was acquired by Novartis in 2025. Dr. Kulkarni is also the sole member of Amanat Sponsor Holdings LLC, the sponsor of Amanat Acquisition.
Dr. Pavan Cheruvu, Chief Executive Officer and Director
Dr. Pavan Cheruvu previously served as CEO of Bitterroot Bio and Sio Gene Therapies. He has been the Chairman of the Board of Imbria Pharmaceuticals, Inc. since September 2025.
Nicholas Fernandez, Chief Financial Officer and Principal Accounting Officer
Nicholas Fernandez serves as the Chief Financial Officer and Principal Accounting Officer for Amanat Acquisition Corp.
AI Analysis | Feedback
The key risks to Amanat Acquisition (AMAN) are:
- Inability to complete an initial business combination: As a blank check company, Amanat Acquisition's sole purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company has not yet selected any specific business combination target. If it fails to complete an initial business combination within the timeframe required by its organizational documents, it may be forced to liquidate and return the funds held in its trust account to its public shareholders, potentially at a price per share less than the initial offering price.
- Failure to identify a suitable business combination target or complete an acquisition on favorable terms: Even if Amanat Acquisition identifies potential targets, there is no guarantee that it will be able to successfully negotiate and complete a business combination with a suitable entity. It may also pursue an acquisition that is not well-received by investors or does not ultimately create long-term shareholder value.
- Risk of significant shareholder redemptions: Public shareholders of Amanat Acquisition may choose to redeem their shares in connection with a proposed business combination. High redemption rates could significantly reduce the amount of capital available to the combined company, potentially making the business combination less attractive or even preventing its completion.
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Share Issuance
- Amanat Acquisition completed its Initial Public Offering (IPO) by issuing 7,500,000 Class A ordinary shares at an offering price of $10.00 per share, raising $75 million. The IPO was priced on May 19, 2026, and closed on May 20, 2026.
- The company granted the underwriters a 45-day option to purchase up to 1,125,000 additional Class A ordinary shares to cover over-allotments. This could potentially increase the total offering size to $86.25 million if fully exercised.
Inbound Investments
- Amanat Acquisition closed a $3 million private placement through the sale of shares to its sponsor, Amanat Sponsor Holdings.
Peer Outperformance in Multi-Sector Holdings
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 7.7% | 133.2% | 144.2% | IBKR 492% · SNEX 244% · GS 189% |
| Reinsurance | 6 | 18.8% | 75.0% | 124.6% | SPNT 167% · RGA 134% · MTG 126% |
| Diversified Banks | 12 | 38.0% | 136.2% | 118.7% | CM 156% · JPM 152% · RY 144% |
| Life & Health Insurance | 20 | 14.7% | 55.5% | 96.7% | JXN 510% · UNM 316% · FG 218% |
| Multi-Sector Holdings ← | 5 | 4.3% | 55.1% | 81.6% | JONE 361% · JEF 86% · BRK-B 82% |
| Regional Banks | 265 | 25.4% | 85.8% | 68.6% | GCBC 361% · ESQ 353% · VBNK 321% |
| Property & Casualty Insurance | 42 | 8.9% | 73.2% | 64.8% | ASIC 2652900% · HRTG 439% · UVE 300% |
| Multi-line Insurance | 9 | 12.0% | 87.8% | 56.7% | GNW 189% · L 102% · SLF 90% |
| Consumer Finance | 30 | 9.2% | 86.6% | 34.4% | ENVA 593% · EZPW 398% · FCFS 173% |
| Financial Exchanges & Data | 15 | -4.4% | 18.5% | 26.7% | VIRT 214% · CBOE 152% · CME 77% |
| Insurance Brokers | 16 | -13.9% | -1.2% | 20.9% | LIFE 657% · ARX 89% · AJG 82% |
| Commercial & Residential Mortgage Finance | 13 | -42.7% | 35.2% | 19.9% | FNMA 505% · FMCC 490% · ESNT 65% |
| Diversified Financial Services | 4 | 0.5% | 9.3% | 17.3% | FRHC 161% · EQH 94% · TMS -59% |
| Asset Management & Custody Banks | 83 | -10.9% | 17.0% | 14.6% | WT 334% · VCTR 291% · SII 289% |
| Specialized Finance | 3 | 15.7% | 47.8% | -3.0% | EFC 35% · CACC -3% · HASI -13% |
| Mortgage REITs | 33 | -11.7% | 10.8% | -12.5% | NREF 57% · RITM 51% · DX 41% |
| Diversified Capital Markets | 21 | -21.0% | -4.5% | -38.8% | BTCS 614% · OPY 209% · LPLA 145% |
| Transaction & Payment Processing Services | 15 | -0.2% | -3.6% | -45.2% | V 68% · MA 67% · CPAY 54% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.77 |
| Mkt Cap | 0.1 |
| Rev LTM | - |
| Op Inc LTM | - |
| FCF LTM | - |
| FCF 3Y Avg | - |
| CFO LTM | - |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.07 | 0.10 | 0.07 | 0.12 | 0.06 | -0.05 |
| Up Beta | 0.31 | 0.29 | 0.19 | -0.03 | -0.07 | -0.07 |
| Down Beta | -1.23 | -0.16 | -0.09 | -0.24 | 0.04 | 0.15 |
| Up Capture | 41% | 27% | 19% | 9% | 4% | 0% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 22 | 30 | 34 | 34 | 34 |
| Down Capture | -54% | -16% | -5% | -4% | -2% | -1% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 6 | 15 | 24 | 27 | 27 | 27 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMAN | |
|---|---|---|---|---|
| AMAN | 7.1% | 7.7% | 2.48 | - |
| Sector ETF (XLF) | 9.3% | 14.6% | 0.39 | 12.3% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 13.5% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 7.8% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -34.5% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | 15.5% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMAN | |
|---|---|---|---|---|
| AMAN | 1.4% | 7.7% | 2.48 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 12.3% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 13.5% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 7.8% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | -34.5% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 15.5% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMAN | |
|---|---|---|---|---|
| AMAN | 0.7% | 7.7% | 2.48 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 12.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 13.5% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 7.8% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | -34.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 15.5% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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