Cartica's Merger Delay Puts Yotta's High-Stakes AI Ambitions on Hold

NEW YORK, NY – November 25, 2025

A critical shareholder vote for Cartica Acquisition Corp (OTCQB: CRTAF), a special purpose acquisition company, has been abruptly postponed, sending a ripple of inquiry through the investment community. The extraordinary general meeting, originally set for November 28, was intended to secure shareholder approval for a complex business combination with Nidar Infrastructure Limited and its ambitious subsidiary, Yotta Data and Cloud Limited. The meeting is now rescheduled for December 4, 2025.

While delays in the world of SPAC mergers are not uncommon, this particular pause draws attention due to the nature of the target. Yotta, a key player in India's burgeoning data and AI infrastructure landscape, is pursuing a capital-intensive growth strategy that hinges on a successful public market debut. The postponement, officially to allow for “supplemental disclosure,” opens a window for scrutiny into the deal's stability and the high-stakes vision it aims to fund.

A Calculated Pause, Not a Red Flag

The reason cited for the delay is the need to provide shareholders with new information that has emerged since the original proxy statement was mailed. According to SEC filings, this supplemental disclosure is tied to recent events detailed in Form 8-K reports filed by Cartica. Importantly, the fundamental structure of the two-step merger—which will ultimately see Nidar emerge as the surviving public entity—remains unchanged.

This distinction is crucial. Rather than signaling a breakdown in negotiations or a change in the deal's valuation, the move appears to be a procedural necessity. One analyst covering the transaction characterized it as primarily a “timing and disclosure update rather than a change in transaction economics,” suggesting that the core financial and strategic logic of the merger remains intact. The goal is to ensure shareholders are voting with the most current information available, a standard practice to maintain transparency and adhere to regulatory requirements.

Despite the procedural nature, the delay underscores the inherent complexities and sensitivities of finalizing multi-billion-dollar SPAC transactions. For Cartica and Nidar, ensuring a smooth and fully transparent process is paramount to building investor confidence ahead of the final vote.

The Shareholder's Gambit: Redemption in the Spotlight

One of the most immediate consequences of the postponement is the extension of the redemption deadline for Cartica’s shareholders to December 2. This gives investors who may be on the fence additional time to digest the new disclosures and decide whether to redeem their shares for a pro-rata portion of the cash held in Cartica's trust account.

In any SPAC deal, the redemption rate is a critical variable. A high rate can deplete the cash available to the post-merger company, potentially jeopardizing its growth plans or even the deal itself. This extended window introduces a new layer of uncertainty. However, the deal includes an innovative mechanism designed to mitigate this very risk.

A “Forward Purchase Agreement” is in place, wherein a seller has agreed to purchase up to 900,000 shares on the open market from shareholders who might otherwise have chosen to redeem. These “Recycled Shares” will have their redemption rights waived, effectively creating a backstop that helps preserve capital within the trust. This piece of financial engineering demonstrates a proactive strategy to navigate the volatile sentiment that can accompany SPAC mergers and ensure the combined company, which plans to trade on Nasdaq under the ticker “YTTA,” is adequately capitalized.

Beyond the Delay: A Multi-Billion Dollar AI Vision

Looking past the procedural delay, the strategic rationale for the merger is rooted in the immense growth potential of Yotta Data Services. Backed by India’s prominent Hiranandani Group, Yotta is not merely a data center operator; it is architecting a comprehensive “concrete-to-cloud” digital ecosystem. The company’s offerings span hyperscale data centers, sovereign cloud platforms, and, most critically, high-performance AI compute services.

This focus on AI infrastructure has positioned Yotta as a pivotal player in India’s technological ambitions. The company has forged powerful alliances with global tech giants like NVIDIA and Microsoft and is a key supplier of advanced chips for the Indian government's national AI Mission. Its client roster already includes central government institutions, major banks, and large enterprises, underscoring its role as a trusted digital backbone.

The merger is designed to inject significant capital—initially estimated around $463 million—to fuel this vision. With a pre-merger valuation of $4.2 billion, Yotta represents exactly the kind of high-growth, disruptive company that SPACs were designed to bring to public markets.

The High Stakes of Hyperscale Growth

Executing such an ambitious strategy requires staggering levels of investment. Yotta's financial projections paint a picture of explosive growth tempered by massive capital expenditures. While revenue is forecast to surge from $44.6 million in fiscal 2024 to a projected $143.3 million in 2025, the costs are equally steep.

The company is pouring capital into real estate, power and cooling infrastructure, and a formidable arsenal of NVIDIA GPUs. It has already deployed 4,000 advanced GPUs and is in the process of activating another 2,000, a clear indicator of its commitment to leading the AI compute market. This aggressive expansion is projected to result in a net loss of $113 million for fiscal 2025.

Furthermore, Yotta carries significant debt, which stood at $1.1 billion and could climb to $1.4 billion by fiscal 2026 as it continues its build-out. This financial landscape highlights why the cash from Cartica’s trust is not just helpful but essential. The success of the merger directly impacts Yotta’s ability to manage its debt, fund its operations, and maintain its competitive pace in the race for AI dominance. The vote on December 4 will not just be a procedural step; it will be a crucial verdict on whether Yotta’s capital-intensive, high-growth strategy is ready for the scrutiny of the public markets.