Mercator Acquisition Corp. (MRCOW) Warrant
Each MRCOW warrant gives the holder the right to buy 1 share of Mercator Acquisition Corp. at $11.50 per share, for five years after the company completes its merger. The stock last closed at $9.86, below the strike, so the warrant is out of the money. Mercator Acquisition Corp. has a market value of about $226.78M. Mercator Acquisition Corp. is a SPAC (no deal announced yet). It must complete a deal by January 10, 2028 or the warrants expire worthless. There are 8.62M listed warrants; exercising all of them would add 37.5% to the 23.00M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- no
- Break-even stock price
- $11.80
From the issuer's S-1/A (2026-07-02).
Company and stock
- Company
- Mercator Acquisition Corp.
- Underlying stock
- MRCO
- Share price
- $9.86
- Market cap
- $226.78M
- Shares outstanding
- 23.00M
- Range since Aug 2026
- $9.85 – $9.90
- Change since Aug 2026
- -0%
- Value of all listed warrants
- $2.59M (1.1% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- Stamford, CT
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.3000
- Price / model
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Dilution
- Shares outstanding
- 23.00M
- Listed warrants
- 8.62M
- Dilution if all exercised
- 37.5%
Warrant count from filing notes, read by hand (high): Public Warrants (one-half warrant per IPO unit).
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-01-10
- Latest possible deadline
- —
- Trust per share
- $10.20
- Sponsor
- Mercator Investor Holdings LLC
- Sponsor's earlier SPACs
- 4 (2 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about MRCOW
When does the MRCOW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of MRCOW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many MRCOW warrants are outstanding?
8.62M listed warrants, equal to 37.5% dilution if all are exercised.
Related warrants
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