On December 23, 2024, Investcorp Europe Acquisition Corp I completed the Sponsor Handover, transferring ownership of key securities and control of the company to Samara Special Opportunities. This transition included the sale of Class B and Class A ordinary shares and private placement warrants for a nominal price, contingent on shareholder approval of the Extension Amendment Proposal to extend the company's deadline for completing a business combination to December 2025. The transaction also resulted in significant management changes, including the resignation of former executives and directors and the appointment of Vikas Mittal as the new CEO, CFO, and Chairman of the Board. Mittal, with extensive investment and SPAC experience, is now the beneficial owner of a significant majority of the company’s shares and warrants.

Following the delisting notice from Nasdaq due to the company’s failure to complete its business combination within the required timeframe, Investcorp intends to trade its securities on the OTCQB Market or the OTC Pink Market. The company remains focused on pursuing a business combination and regaining Nasdaq listing. Shareholders approved the extension proposal with a substantial majority, though many chose to redeem their shares for cash, reducing the company’s available Class A shares. The company’s future hinges on its ability to achieve these business objectives amidst ongoing market challenges.