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1. "Carvana for company IPOs."
2. "Shopify for IPOs."

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• Acquisition of a Target Company: DSAC's primary objective is to identify, acquire, and merge with a private operating company, thereby facilitating its public listing.
• Investment Vehicle for Acquisitions: DSAC serves as a financial vehicle for public market investors to participate in the acquisition of a private business and its subsequent transition to a publicly traded entity.

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Daedalus Special Acquisition Corp. (DSAC) was a Special Purpose Acquisition Company (SPAC). SPACs do not have traditional customers as they are shell companies formed to raise capital through an initial public offering (IPO) with the sole purpose of acquiring an existing private company, thereby taking it public.

DSAC completed its acquisition of **Luminar Technologies** in December 2020. Following the merger, DSAC ceased to exist as an independent entity, and the combined company now trades under the symbol LAZR. Therefore, the customers are those of Luminar Technologies.

Luminar Technologies (LAZR) develops and sells LiDAR technology for autonomous vehicles and advanced driver-assistance systems (ADAS). Its major customers are primarily other companies, specifically automotive manufacturers and technology developers in the autonomous driving sector.

Major Customers of Luminar Technologies (formerly DSAC's merger target):

• Mercedes-Benz Group AG (Symbol: DDAIF on OTC, MBG.DE on Xetra)
• Nissan Motor Co., Ltd. (Symbol: NSANY on OTC)
• Polestar Automotive Holding UK PLC (Symbol: PSNY)

Other notable partners and customers include Volvo Cars (private, owned by Geely), SAIC Motor Corporation (private), and various commercial vehicle and robotaxi developers.

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• Morgan Stanley & Co. LLC (MS)
• Cantor Fitzgerald & Co.
• WithumSmith+Brown, PC
• White & Case LLP

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Husnu Akin Babayigit Co-Chief Executive Officer

Husnu Akin Babayigit is a serial entrepreneur and active investor. He serves as the Managing Director of Arcadia Interactive Partners, a prominent investment firm in gaming, and is a co-founder, President, and board director of Tripledot Studios, which grew to $2 billion in revenues and acquired AppLovin's games portfolio for approximately $800 million in 2025. Earlier in his career, he co-founded Luna Labs, a B2B SaaS business that was acquired by IronSource in 2021 for a nine-figure sum. He has also invested in and advised around 50 companies, including successful gaming ventures such as Dream Games ($5 billion valuation), Peak Games (sold to Zynga for $1.8 billion), Gram Games (sold to Zynga for approximately $500 million), and Masomo (sold to Miniclip).

Orkun Kilic Co-Chief Executive Officer

Orkun Kilic is the founder and Chief Investment Officer of Berry Street Capital, an event-driven hedge fund. Prior to this, he was the sole Portfolio Manager of the Paulson European Opportunities Fund and later became the Head of Paulson's European investments in 2015, followed by Managing Partner of Paulson Europe LLP in 2017. His experience also includes working at Morgan Stanley, where he focused on mergers and acquisitions, and at FIBA Holdings, a large investment firm.

Nimika Karadia Chief Financial Officer

Nimika Karadia has served as the Chief Financial Officer of Daedalus Special Acquisition Corp. since September 2025. She also holds the positions of Chief Operating Officer and Chief Financial Officer at Berry Street Capital Management LLP since February 2025. Her previous roles include COO of Kanou Capital LLP from July 2024 to December 2024, and CFO and COO of Andromeda Capital Management (UK) LLP from September 2022 to April 2024, where she was responsible for coordinating fund launches and managing non-investment aspects of the business. From November 2010 to August 2022, Ms. Karadia was the COO and CFO of Numen Capital LLP. With over 19 years of financial experience, she has held key roles such as CFO, CRO, CCO, and MLRO, overseeing business accounting and audit processes, and is an active CIMA-registered fund director serving on several private company boards.

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The public company Daedalus Special Acquisition (DSAC) faces several key risks inherent to its nature as a Special Purpose Acquisition Company (SPAC):

1. Inability to Complete a Business Combination: The most significant risk for DSAC is its ability to successfully identify and complete a business combination (such as a merger or acquisition) within the mandated timeframe, typically 24 months from its Initial Public Offering (IPO). Failure to do so would result in the company's liquidation and the redemption of its public shares.
2. Risks Related to the Target Company: The ultimate success of DSAC hinges on the quality and performance of the business it eventually acquires. There is a risk that the company may make a rushed decision or overpay for an acquisition due to time constraints, potentially leading to a merger with a company lacking strong fundamentals or promising growth prospects.
3. Geopolitical Instability and Market Disruptions: Daedalus Special Acquisition acknowledges that geopolitical instability, including ongoing conflicts such as the Russia-Ukraine conflict and the Israel-Hamas conflict, poses potential risks. These global events can lead to significant volatility in commodity prices, disrupt credit and capital markets, cause supply chain interruptions, and increase the risk of cyber-attacks, all of which could adversely affect the company's search for and ability to consummate an initial business combination.

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As a Special Purpose Acquisition Company (SPAC), Daedalus Special Acquisition (symbol: DSAC) currently has no significant operations or revenue-generating activities. Its primary objective is to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Therefore, the expected drivers of DSAC's future revenue growth over the next 2-3 years are entirely contingent upon the successful completion of a business combination and the subsequent performance of the acquired operating company.

The key drivers for future revenue growth will stem directly from the business activities of the company DSAC ultimately acquires. These potential drivers include:

1. Successful Completion of a Business Combination: The foremost driver of future revenue growth for DSAC is its ability to successfully identify and merge with a private operating company. Until such an acquisition is finalized, DSAC itself will not generate meaningful revenue.
2. Growth in the Acquired Company's Customer Base: Once a business combination is complete, a primary driver of revenue growth will be an increase in the number of customers purchasing the products or services offered by the acquired entity.
3. Expansion of the Acquired Company into New Markets: The combined entity may drive revenue growth by expanding its operations into new domestic or international geographical markets, thereby reaching a broader customer demographic.
4. Launch of New Products or Services by the Acquired Company: Innovation and the introduction of new products, services, or enhanced offerings by the acquired company can significantly contribute to increased revenue.
5. Strategic Pricing Initiatives by the Acquired Company: Effective pricing strategies, including potential price increases for existing products or services, could lead to higher revenue generation for the combined company.

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Share Issuance

• Daedalus Special Acquisition Corp. completed an initial public offering (IPO) on December 10, 2025, raising gross proceeds of $250 million through the sale of 25,000,000 units at $10.00 per unit.
• Each unit in the IPO comprised one Class A ordinary share and one-fourth of one redeemable warrant.
• Beginning January 29, 2026, holders of the units can elect to separately trade the Class A ordinary shares and warrants.

Inbound Investments

• Concurrently with the IPO, Daedalus Special Acquisition Corp. completed a private placement of 685,000 units at $10.00 per unit, generating an additional $6.85 million in proceeds.
• These private units were purchased by Daedalus Special Acquisition LLC, the company's sponsor, and BTIG, LLC.