IPV InterPrivate Investment Partners V, Inc.
Executive Summary
InterPrivate Investment Partners V (IPV) filed Amendment No. 2 to its S-1 for a $175 million SPAC IPO, offering 17.5 million units at $10.00 each. This is a standard blank-check company IPO with no target identified; proceeds will go into a trust account for a future business combination within 24 months. The filing is routine and administrative; no material new financial or strategic information was added.
Key Financial Metrics
Actionable Insight
Monitor for the IPO effective date and trading commencement (symbols IPVVU for units, IPVV for shares, IPVVW for warrants). Post-IPO, track for any 8-K announcing a target business combination or a deadline extension vote. The SPAC has a 24-month search window — no catalyst until a target is identified.
Key Facts
- Offering 17,500,000 units at $10.00 per unit ($175,000,000 gross proceeds).
- Each unit consists of one Class A ordinary share and one-third of one redeemable warrant ($11.50 exercise price).
- Underwriters have a 45-day option to purchase up to an additional 2,625,000 units.
- $175,000,000 of proceeds will be deposited into a trust account until a business combination or liquidation.
- Sponsor and underwriters committed to purchase 540,000 private placement units at $10.00 each ($5,400,000).
- 24-month period to complete an initial business combination (extendable by shareholder vote without additional deposit).
- No target selected and no substantive discussions initiated with any target.
- Auditor's report includes a going concern explanatory paragraph due to pre-offering working capital deficit.
Financial Impact
$175,000,000 gross IPO proceeds; $168,000,000 net trust proceeds after underwriting fees and expenses (assuming no over-allotment exercised); $5,400,000 gross private placement proceeds from sponsor and underwriters
Risk Factors
- No target selected; risk of failing to consummate a business combination within 24 months, leading to trust liquidation at ~$10.00/share.
- Founder shares purchased at $0.005/share create misaligned incentives — sponsor may pursue risky deals to avoid loss.
- Potential Investment Company Act risk if trust assets are held in treasury/money market funds for an extended period.
- 94% redemption rate on a prior InterPrivate SPAC (Getaround) and two liquidations from four prior SPACs signal execution risk.
- POST-IPO: Go-concern warning in auditor's report before offering highlights pre-offering capital constraints.
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001213900-26-061612 |
| Document: ea027420606ex1-1.htm | 0001213900-26-061612 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 4, 2026
1d ago
|
EFFECT
| — | awaiting T+20 | — | — |
|
Jun 3, 2026
2d ago
|
3
| — | awaiting T+20 | — | — |
|
Jun 3, 2026
2d ago
|
3
| — | awaiting T+20 | — | — |
|
May 27, 2026
9d ago
|
S-1/A
| — | awaiting T+20 | — | — |
US Market Status
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