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Alchemy Investments Acquisition Corp 1 Signs Non-Binding LOI with Cartiga, LLC

May 12, 2025

Alchemy Investments Acquisition Corp 1 Signs Non-Binding LOI with Cartiga, LLC

Alchemy Investments Acquisition Corp 1 (“Alchemy”( (Nasdaq: ALCY), a publicly traded special purpose acquisition company (“SPAC”), has entered into a non-binding letter of intent with Cartiga, LLC, a Delaware limited liability company (“Cartiga” and together with Alchemy, the “Parties”), in connection with a potential business combination (“Business Combination”).

Cartiga is a specialized alternative investment firm using advanced data analytics to drive investments in litigation finance. By integrating legal and financial data, Cartiga leverages proprietary information and deep domain expertise to predict litigation outcomes, optimize asset allocation and investment performance, and deliver case and business management insights to law firms.

Its analytics-driven strategy enables claim valuation, tech-enabled case monitoring, and dynamic risk adjustment. Cartiga streamlines the origination and investment process in a manner designed to mitigate risk and maximize returns. By investing in legal claims and legal services businesses, Cartiga continually improves its data advantage and value proposition to customers while delivering attractive non-correlated risk-adjusted returns(i). Cartiga believes that it is optimally positioned to drive growth by leveraging direct distribution and machine learning tools to both accelerate originations and deploy business optimization tools for law firms.

As a public company, the pro forma business plans to opportunistically consolidate the fragmented litigation finance market through the intended acquisition and integration of complementary companies and assets. This strategy is designed to enhance scale, operational efficiency and market presence, driving long-term growth for shareholders. 

Investment Highlights of Cartiga

  • Proven Track Record: More than $1.6 billion in lifetime originations and $1.6 billion in cash realizations since inception in 2000, demonstrating strong performance and profitability across market cycles.
  • Comprehensive Platform: A multi-product alternative asset management and direct origination platform investing in the U.S. litigation and legal services market.
  • Data-Driven Success: Advanced data analytics and bespoke technology enhance underwriting, risk assessment and portfolio management.
  • Large Addressable Market: Large $300 billion+ addressable market representing approximately 1.4% of US GDP with a limited number of scaled competitors and meaningfully underpenetrated by traditional capital providers.(ii)
  • Strategic Relationships: Longstanding partnerships with lawyers supported by 20-person in-house sales and business development team.
  • Robust Data Moat: Proprietary claims and outcomes database provides durable competitive differentiator.
  • Experienced Leadership: Led by seasoned, long-tenured professionals with domain expertise in the legal, finance and asset management industries.
  • Financial Strength: Profitable, well-capitalized, scalable business with diversified portfolio of non-correlated assets generating predictable shorter duration cash flows.
  • Institutional Backing: Supported by over $250 million in committed equity capital from blue chip investor base.

Other Key Metrics

  • Proprietary Database: Contains over 250,000 individual litigation-linked asset fundings diversified across 8,000+ unique lawyers and law firms
  • Investment Track Record: 20+ year track-record originating assets exhibiting non-correlated risk(iii) and outsized risk-adjusted returns versus traditional private credit(iv)
  • IT and Product Development Investment: Over $20 million invested since 2020
  • Team Size: Approximately 95 employees
  • Structured Finance Expertise: Four rated securitization transactions completed – three have been fully realized.

Leadership Commentary

“We view Cartiga’s platform as an attractive alternative investment, offering a return profile that is uncorrelated with other asset classes. This sector is massive and rapidly expanding,” said Mr. Vittorio Savoia, Co-CEO of Alchemy.

Mr. Mattia Tomba, Co-CEO of Alchemy, added, “We believe Cartiga and Alchemy make a compelling partnership. As funding, disclosure, and regulatory standards evolve, we expect the interest for publicly traded litigation finance asset management companies to grow. We believe a Nasdaq listing will put Cartiga in a leadership position in the industry by enhancing transparency, reducing the cost of capital, and expanding access to flexible funding. “

Cartiga’s CEO, Mr. Sam Wathen, remarked, “Combining with Alchemy aligns perfectly with our goals. Leveraging a Nasdaq listing would enable Cartiga to establish new industry guidelines with full transparency and utilize its public currency to drive growth and acquire complementary businesses. Enhanced transparency would ultimately lower funding costs, benefiting companies like ours.”

About Cartiga, LLC

Cartiga is a specialized alternative investment firm that leverages advanced data analytics to drive decision-making in the litigation finance sector. Cartiga combines capital with proprietary technology to help law firms and their clients achieve better litigation outcomes. The company applies a data-driven approach to underwriting, risk assessment and portfolio management, utilizing proprietary data, structured and unstructured legal and financial information, and continuously updated datasets from ongoing capital deployment. This iterative process enhances Cartiga’s predictive capabilities and strengthens its competitive edge.

Advisor to Cartiga, LLC

B. Riley Securities is acting as exclusive financial advisor to Cartiga, LLC. 

About Alchemy Investments Acquisition Corp 1

Alchemy is a “special purpose acquisition company” or “SPAC,” commonly known as a blank-check company, incorporated under the laws of the Cayman Islands as an exempted company for the purpose of completing a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, with a focus on companies acquiring, processing, analyzing, and utilizing data acquired from a variety of systems and sources.

Advisor to Alchemy Investments Acquisition Corp 1

Keefe, Bruyette and Woods, A Stifel Company, is acting as exclusive financial advisor to Alchemy Investments Acquisition Corp 1. 

Important Information and Where To Find It

This press release is provided for information purposes only and contains information with respect to a potential Business Combination described herein. If the Parties enter into definitive documentation regarding a Business Combination, a newly formed holding company intends to file relevant materials with the SEC, including a Registration Statement on Form S-4, that includes a preliminary proxy statement/prospectus, and when available, a definitive proxy statement and final prospectus. Promptly after filing any definitive proxy statement with the SEC, Alchemy will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the Extraordinary Meeting relating to the transaction. INVESTORS AND SHAREHOLDERS OF ALCHEMY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT ALCHEMY FILES WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ALCHEMY, CARTIGA AND THE BUSINESS COMBINATION. Any definitive proxy statement, preliminary proxy statement and other relevant materials in connection with the transaction (if and when they become available), and any other documents filed by Alchemy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov).

Participants in the Solicitation

Alchemy and its directors and executive officers may be deemed participants in the solicitation of proxies from Alchemy’s shareholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Alchemy will be included in any proxy statement for the Business Combination and be available at www.sec.gov. Information about Alchemy’s directors and executive officers and their ownership of ordinary shares is set forth in Alchemy’s final prospectus, dated as of May 4, 2023, and filed with the SEC (File No. 333-68659) on May 5, 2023, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing (the “Prospectus”). Additional information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement pertaining to the proposed Business Combination when it becomes available. These documents can be obtained free of charge at the SEC’s website (www.sec.gov).

Cartiga and its managers and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Alchemy in connection with the proposed Business Combination. A list of the names of such managers and executive officers and information regarding their interests in the proposed Business Combination will be included in any proxy statement for the proposed Business Combination when it becomes available. 

Sources

i Source: As measured vs. US GDP published by the US Bureau of Economic Analysis, S&P 500 and the Merrill Lynch High Yield Bond Index performance 

ii Source: GDP Figure based on the legal services market size as per the Beaureau of Economic Analysis. Underprenetration as measured based on the ratio of GDP contribution to US banking sector assets; US banking sector data as per the US Federal Reserve. 

iii Source: As measured vs. US GDP published by the US Bureau of Economic Analysis, S&P 500 and the Merrill Lynch High Yield Bond Index performance 

iv Based on asset performance measured versus the Cliffwater Direct Lending Index (CDLI) for 12/31/2019 through 12/31/2024

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Announcements Commercial

ILFA Welcomes Commissioner McGrath’s Rejection of EU Regulation for Third-Party Litigation Funding

By John Freund |

On 18 November 2025, European Commissioner for Justice Michael McGrath closed the final meeting of the EU’s High-Level Forum on Justice for Growth with a clear statement that the Commission does not plan new legislation on Third Party Litigation Funding (TPLF). 

He added that Forum participants also indicated that there is no need to further regulate third-party litigation funding.

Instead, Commissioner McGrath said the Commission will prioritise monitoring the implementation of the Representative Actions Directive (RAD) over any new legislative proposals. 

(video from 2.32 here). 

Paul Kong, Executive Director of the International Legal Finance Association (ILFA), said:  “We’re delighted to see Commissioner McGrath’s clear statement that EU regulation for third-party litigation funding is not planned. This appears to close any talk of the need for new regulation, which was completely without evidence and created considerable uncertainty for the sector.

Over several years, ILFA has consistently made the case that litigation funding plays a critical role in ensuring European businesses and consumers can access justice without financial limitations and are not disadvantaged against larger and financially stronger defendants. New legislation would have choked off the availability of financial support to level the playing field for claimants. 

We will continue to work closely with the Commission to share the experiences of our members on the implementation of the RAD across the EU, ensuring it also works for claimants in consumer group actions facing defendants with deep pockets.”

About ILFA

The International Legal Finance Association (ILFA) represents the global commercial legal finance community, and its mission is to engage, educate and influence legislative, regulatory and judicial landscapes as the global voice of the commercial legal finance industry. It is the only global association of commercial legal finance companies and is an independent, non-profit trade association promoting the highest standards of operation and service for the commercial legal finance sector. ILFA has local chapter representation around the world. For more information, visit www.ilfa.com or @ILFA_Official. 

About the High-Level Forum on Justice for Growth

European Commissioner for Justice Michael McGrath launched the High-Level Forum on Justice for Growth in March 2025 to bring together legal industry experts to “focus on and discuss together how justice policies can contribute to – and further support – European competitiveness and growth”. The final meeting of the Forum took place on 18 November 2025, in Brussels. 

Announcements Commercial

Pogust Goodhead Appoints Jonathan Edward Wheeler as Partner and Head of Mariana Litigation

By John Freund |

Pogust Goodhead law firm has appointed Jonathan Edward Wheeler as a partner and Head of Mariana Litigation, adding heavyweight firepower to the team driving one of the largest group claims in English legal history following the firm’s landmark liability win against BHP in the English courts.

Jonathan joins Pogust Goodhead from Morrison Foerster in London, where he was a leading commercial litigation partner, having served for seven years as office co-managing partner and for 15 years as Head of Litigation. A specialist in complex, cross-border disputes, Jonathan has extensive experience acting in high-value commercial litigation, civil fraud and asset tracing, international trust disputes, contentious insolvency and investigations across multiple jurisdictions.

In his new role, Jonathan will assume strategic leadership of the proceedings arising from the Mariana dam disaster against mining giant BHP, overseeing the continued development of the case into the damages phase and working closely with colleagues in Brazil, the UK, the Netherlands and beyond.

Howard Morris, Chairman at Pogust Goodhead said: “Jonathan is a heavyweight addition to Pogust Goodhead and to our Mariana team. His track record in running some of the most complex cross-border disputes in the English courts, together with his leadership experience, make him exactly the kind of senior figure we need after our historic liability victory. Our clients will benefit enormously from his expertise and judgment.”

Jonathan Wheeler said: “It is a privilege to join Pogust Goodhead at such a pivotal moment in the Mariana case. The recent liability judgment is a watershed for access to justice and corporate accountability. I am honoured to help lead the next phase of this extraordinary litigation and to work alongside a team that has shown such determination in seeking justice for hundreds of thousands of victims.”

Alicia Alinia, CEO at Pogust Goodhead said: “Bringing in lawyers of Jonathan’s calibre is a strategic choice. As we expand the depth and breadth of our disputes practice globally, we are investing in senior talent who can help us deliver justice at scale for our clients and build an even more resilient firm.”

The Mariana proceedings in England involve over 600,000 of Brazilian individuals, businesses, municipalities, religious institutions and Indigenous communities affected by the 2015 Fundão dam collapse in Minas Gerais, Brazil. Following the English court’s decision on liability on the 14th of November 2025, the case will now move into the next stage focused on damages and the quantification of losses on an unprecedented scale.

Announcements Regulatory Issues

Pravati Capital Establishes Coalition to Advance Responsible Litigation Funding Regulation Across U.S. Following Arizona Law’s Passage

By John Freund |

Arizona’s Senate Bill 1215 (SB1215) will become law on Jan. 1, 2026, marking a significant milestone in the state’s role as a national leader in advancing access to justice through litigation funding, positioning Arizona as a model for other states considering similar measures. Arizona’s legislation reflects a broader movement in states such as California and Georgia, where lawmakers are weighing the benefits of litigation finance as a way to level the playing field for plaintiffs facing deep-pocketed adversaries.

To help advance these efforts, Scottsdale, Ariz.-based Pravati Capital, one of the oldest litigation finance firms in the U.S. and supporter of the bill alongside the Arizona Chamber of Commerce and Industry and the broader legal community, has formed a coalition of litigation funders, attorneys and policy advocates committed to ensuring that states pass responsible regulation that protects plaintiffs. 

The bill’s final passage underscores a consensus reached after months of negotiations and reflects bipartisan compromise, according to Alexander Chucri, founder and CEO of Pravati Capital. SB1215 ensures funding remains a viable option for plaintiffs seeking to stand on equal footing with well-capitalized corporate opponents; it requires greater transparency of legal proceedings and prohibits funding and influence by foreign countries or entities of concern as defined in the legislation. 

“Arizona’s leadership in the area of litigation funding sends a powerful signal nationally,” said Senate Majority Whip Frank Carroll, a key supporter of the legislation. “This legislation is the product of constructive negotiation that demonstrates what’s possible when all sides work toward the shared goal of preserving access to justice.”

“It closes the door on bad actors while ensuring responsible litigation finance firms can continue to help plaintiffs pursue meritorious claims,” said Chucri. “At Pravati, we welcome this as part of an ongoing dialogue.”

SB1215 took effect on September 26, 90 days after the close of the legislative session, and, with a delayed effective date, will become law on January 1. Among key provisions, SB1215:

·       Protects the integrity of cases by restricting involvement by foreign countries or entities of concern as defined in the legislation, ensuring litigation funding remains aligned with U.S. legal and ethical standards.

·       Preserves innovation in legal services, reaffirming Arizona’s pioneering role in allowing alternative business structures (ABS), law firms that permit non-lawyers decision-making authority, to expand access to legal services by partnering with litigation funding firms.   

·       Balances regulation, affirming safeguards such as prohibitions on funders controlling litigation, while maintaining transparency. 

Chucri added, “Pravati has always believed our mission — ‘to befriend, help and protect’ — is best achieved through cooperation and a willingness to educate stakeholders. We will continue to engage constructively in conversations to advance fair, responsible access to justice.” 

About Pravati Capital

Established in 2013, Pravati Capital, LLC is among the oldest litigation finance firms in the U.S., delivering a proven track record as an equalizing force in court and a unique and uncorrelated asset class to investors. Founded by Alexander Chucri, a visionary in developing the industry's first pioneering model of litigation finance in 2003, Pravati Capital brings together a seasoned team with deep experience across law, finance and successful entrepreneurial ventures. The Scottsdale, Ariz.-based firm delivers strategic capital solutions for attorneys and law firms, helps plaintiffs gain access to justice through financial support, and offers accredited investors an attractive asset class designed to perform independently of traditional markets. Pravati’s mission is its namesake: to befriend, help and protect. For more information, visit PravatiCapital.com.