Maha Capital-SPAC LOI terminated-05/18/2026

Research evidence excerpt

Maha Capital-SPAC LOI terminated-05/18/2026

Maha Capital

SPONSORED RESEARCH NEWSFLASH | 18 MAY 2026

SPAC LOI terminated

Maha and BWIV (Blue Water Acquisition Corp. IV.) have mutually terminated the non-binding LOI regarding the proposed

SPAC transaction announced on 28 April. The contemplated structure would have seen BWIV acquire Maha’s subsidiaries,

including their assets and contracts, to form a NYSE-listed combined company, with BWIV’s trust of ~USD 130m, subject to

redemptions, expected to provide capital. The termination carries no further obligations for either party. Maha reiterates

that its ambition to access U.S. capital markets remains intact. Management is now focused on executing KEO’s growth plan,

pursuing the planned U.S. dual listing, and evaluating a potential separation and listing of its oil and gas business. The

potential SPAC transaction was not included in our valuation, and we currently have a valuation range of SEK 13.0-19.1 per

share.

Pareto Securities AB has been paid by the issuer to produce this research report. This material is considered by Pareto Securities to qualify as an acceptable minor

nonmonetary benefit according to the EU MIFID 2 directive.

Filip Henriksson

+46 8 402 5284, filip.henriksson@paretosec.com

non-monetary benefit according to the EU MIFID 2 directive.

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