Illumination Acquisition Corp I (ILLUW) Warrant
Each ILLUW warrant gives the holder the right to buy 1 share of Illumination Acquisition Corp I at $11.50 per share, for five years after the company completes its merger. The stock last closed at $9.98, below the strike, so the warrant is out of the money. Illumination Acquisition Corp I has a market value of about $312.29M. Illumination Acquisition Corp I is a SPAC (no deal announced yet). It must complete a deal by March 2, 2028 or the warrants expire worthless. There are 7.67M listed warrants; exercising all of them would add 24.5% to the 31.29M shares outstanding.
ILLU vs strike, last 12 months
No share-price history for ILLU yet.
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
- allowed
- Break-even stock price
- $11.87
From the issuer's S-1/A (2026-02-24).
Company and stock
- Company
- Illumination Acquisition Corp I
- Underlying stock
- ILLU
- Share price
- $9.98
- Market cap
- $312.29M
- Shares outstanding
- 31.29M
- Value of all listed warrants
- $2.84M (0.9% of market cap)
Market cap is the last share price times shares outstanding (as of 2026-04-14). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.3700
- Price / model
Get Pro to see whether ILLUW is cheap or rich against our model.
Dilution
- Shares outstanding
- 31.29M
- Listed warrants
- 7.67M
- Dilution if all exercised
- 24.5%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-03-02
- Latest possible deadline
- 2028-03-02
- Trust per share
- $10.09
- Sponsor
- Illumination Acquisition 1 Sponsor LLC
- Sponsor's earlier SPACs
- 0 (0 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 ILLUW
When does the ILLUW 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 ILLUW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many ILLUW warrants are outstanding?
7.67M listed warrants, equal to 24.5% dilution if all are exercised.