Daedalus Special Acquisition Corp. - Class A Ordinary Shares (DSAC)

On our desk, DSAC is currently tracking right along its typical SPAC floor structure around the $10.17 mark. With a market cap hovering near $346M and minimal short interest standing at just 0.1% of the float, the sentiment is overwhelmingly quiet and range-bound. There is virtually no aggressive bearish positioning right now, as market participants treat it as a standard cash-equivalent holding parked in a trust account while waiting for the sponsor, led by CEO Orkun Kilic, to announce a viable business combination target.

Reviewing the latest Q2 2026 10-Q filing details, the company reported a net income of $2.13M, which was fundamentally driven by the interest income accumulated on its trust assets rather than operational revenue. As a shell company with only 3 employees based in London, the primary structural feature to monitor is how the Class A ordinary shares are categorized as temporary equity outside shareholders' deficit, entirely dependent on eventual redemption values or a successful merger transaction.

From a quantitative structuring perspective, analysts evaluating DSAC must factor in the precise capital structure layout outlined in their annual and quarterly reports: 25,685,000 Class A ordinary shares and 8,333,333 Class B founder shares issued and outstanding as of mid-2026. Because the underwriters allowed the remainder of their overallotment option to expire back in January 2026—resulting in the sponsor forfeiting 291,667 founder shares—any analytical model needs to accurately reflect this exact diluted share count when pricing trust value accretion over time.