ARC Group Acquisition I Corp (Nasdaq: ARCL) has entered into a definitive share purchase agreement with Firstborn Top Capital Sdn. Bhd., a licensed private financing company based in Malaysia. Under the agreement, ARC Group will acquire 100% of the issued and outstanding ordinary shares of Firstborn Top Capital, which will become a wholly-owned subsidiary of ARC Group.
Upon completion of the transaction, ARC Group Acquisition I Corp will change its name to BlueCrest Investment, Inc. The combined company is expected to be listed on the Nasdaq Global Market under the new ticker symbol BCIN. The transaction is anticipated to close during the first quarter of 2027.
Firstborn Top Capital was founded in 2019 and provides financing solutions to individuals and businesses in Malaysia. The company offers a one-working-day credit approval process and fixed monthly interest rates, with loan terms extending up to five years. Executive Director Ow Ruey Shen will continue to lead Firstborn Top Capital following the merger.
According to the transaction terms, the implied pro forma enterprise value at closing is approximately $1,091.2 million. This valuation assumes ARC Group raises $5 million in PIPE financing and that $120.8 million in ARC Group’s trust account is fully redeemed. Under this scenario, existing Firstborn Top Capital shareholders are expected to own approximately 82.39% of the combined company, while public investors will hold about 12.4%.
ARC Group Acquisition I Corp completed its initial public offering on May 1, 2026, generating total gross proceeds of $120.750 million through the sale of 12,075,000 units, including the full exercise of an over-allotment option of 1,575,000 units. The transaction is subject to customary closing conditions, including the approval of shareholders of both ARC Group and Firstborn Top Capital, and the receipt of necessary regulatory approvals.
