Miluna Acquisition Corp is no longer hunting. In April 2026 the Cayman blank-check vehicle signed a definitive combination with Kukugan Invest and its Polish operating subsidiary CADV Ventures, the Warsaw software shop that markets itself as CADV.AI. Search risk is gone. What replaced it is a valuation and control problem: public holders are being asked to absorb an early-stage IT-support platform at a mid-hundreds-of-millions headline value while handing nearly all of the votes to a single controller. The ordinary shares still trade as if they were a Treasury stub, which is the honest market read until the registration statement clears and redemptions are counted.
The cash box is small and the operating story is thinner than the branding. Gross IPO proceeds of $69 million sit in a trust that had grown to about $71 million by mid-year, a bit above the original offering price on each public share. Outside that lockbox the shell had only a thin cash balance and a working-capital hole large enough that the mid-year accounts raised substantial doubt about going concern. CADV itself told the registration statement that work on its proprietary enterprise platform is paused for lack of funding. A $7 million revenue earnout tied to fiscal 2027 is the only commercial yardstick the deal papers put on the table. That bar is modest against a $250 million stock consideration.
The live debate is no longer whether a target exists. It is whether public holders should stay for a minority, economically diluted stub in a controlled company whose product still needs to be rebuilt, or take the trust. The registration statement filed in late summer and amended in September is the next mechanical step. The vote, the redemption tally, and any committed private placement or equity line decide how much cash actually reaches the operating company. Until those three prints land, the ordinary shares are a cash claim with a cheap attached option, not a software multiple.