Thermopylae Capital

What Thermopylae Capital does

Thermopylae Capital Inc. (TSXV: THY.P) is a Capital Pool Company (CPC) incorporated under TSX Venture Exchange Policy 2.4 and headquartered in Toronto, Ontario, with a registered office in Vancouver, British Columbia. A CPC is a TSXV-listed shell vehicle designed to raise initial public capital, hold it in escrow, and subsequently identify and acquire a private operating company in a "Qualifying Transaction," at which point the combined entity becomes a fully listed public issuer. The company completed its IPO on March 20, 2026, raising gross proceeds of CAD $333,000 through the issuance of 3,330,000 common shares at $0.10 per share, with Leede Financial Inc. acting as agent. Post-IPO, 6,130,000 shares are issued and outstanding, and trading commenced on the TSXV under symbol THY.P on March 23, 2026.

Thermopylae Capital has no commercial operations, products, services, or proprietary technology. Its core "product" is the public listing shell itself, governed by the TSXV's CPC regulatory framework, which the company will use as a vehicle to consummate a future acquisition. Revenue mechanics are entirely contingent on the Qualifying Transaction: the entity currently generates no operating revenue, and any future revenue stream will be inherited from whatever private operating company is acquired. The board and management team (President Nicholas Demos, CEO Dr. Ken Matziorinis, CFO Véronique Laberge, and Directors Bill Mavridis and Edward Ierfino) bring cross-border M&A, capital markets, accounting, and investor relations experience and will direct the search for a target.

The business model is effectively a sponsor-driven search fund executed through the Canadian public markets rather than private capital. Use of IPO proceeds is restricted under TSXV Policy 2.4 to identifying, evaluating, and acquiring an operating business, with the timing and structure of the Qualifying Transaction subject to regulatory approval. There are no disclosed customers, segments, pricing models, or marketing channels, as the company holds cash and a listing rather than any operating assets.

Name

Thermopylae Capital

Legal name

Thermopylae Capital Inc.

Website

https://thermopylaecapital.com

Company type

Public

Founded year

2025

Operating status

Ipo

Headcount range

1–10 employees

Short description

Thermopylae Capital Inc. (TSXV: THY.P) is a Toronto-headquartered Capital Pool Company that raised CAD $333,000 in its March 2026 IPO to identify and acquire a private operating company via a TSXV Qualifying Transaction.

Ownership category

akta.pro rank

Product category

Capital Pool Company / Special Purpose Listing Vehicle

NAICS

Other Financial Vehicles (525990)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSAEALAL

Public & PIPE Capital Raising Intermediation (IPO Follow-ons/Convertibles/PIPES)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Placement Agents & Capital Raising Intermediation

SECONDARYBPAHADAG

Capital Raising Advisory (Debt/Equity/Private Capital)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/Strategy & Corporate Finance Advisory

Keywords

• Capital pool company
• Venture capital markets
• Initial public offering
• Qualifying transaction
• Public listing services

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Others, Operations, Personnel

Revenue model

1. Capital Pool Operations: As a newly listed Capital Pool Company (CPC), Thermopylae Capital has no current revenue-generating operations. The company raised $333,000 in gross proceeds through its IPO. Future revenue will depend on the Qualifying Transaction completed - upon acquiring a private operating company, the combined entity will generate revenue from that company's business operations.

Core offering

Thermopylae Capital Inc. is a Capital Pool Company (CPC) operating under TSX Venture Exchange Policy 2.4. It is a publicly traded shell company with no commercial operations, formed to raise initial capital through an IPO and subsequently identify, evaluate, and acquire a private operating company in a Qualifying Transaction that will result in a fully listed public entity on the TSXV.

Product overview

Thermopylae Capital Inc. is a Capital Pool Company (CPC) operating under TSX Venture Exchange Policy 2.4. A CPC is a unique Canadian investment vehicle that raises initial capital through an IPO while holding no commercial operations, with the sole purpose of identifying and completing a Qualifying Transaction — acquiring a private operating company to take public. The company completed its IPO on March 20, 2026, raising $333,000 gross proceeds through 3,330,000 common shares at $0.10 per share. The company does not offer technology products or services; its business model is focused on the acquisition of private businesses through the TSXV CPC program.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Pool Company (CPC) shell vehicle — TSXV: THY.P A publicly listed Capital Pool Company vehicle under TSX Venture Exchange Policy 2.4, formed to identify and complete a Qualifying Transaction — the acquisition of a private operating company that will become a fully listed public entity on the TSXV.

Quantifiable outcome

• The CPC program has facilitated over 2,800 companies in going public, raising more than $83 billion in equity

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• CC Neuberger Principal Holdings II: Cantor Fitzgerald-affiliated SPAC. Comparable blank-check structure designed to acquire and take public a private operating company through a single business combination, analogous in structure to a TSXV Capital Pool Company awaiting a Qualifying Transaction.
• Churchill Capital Corp IV: Michael Klein's SPAC that merged with Lucid Motors in 2021. Comparable blank-check structure with the express purpose of acquiring a private operating company and taking it public through a single business combination transaction.
• Gores Holdings IV: Alec Gores' SPAC vehicle. Comparable as a publicly listed blank-check company formed to identify and complete a business combination with a private operating company, similar in form and purpose to a Canadian Capital Pool Company.
• Pershing Square Tontine Holdings: Bill Ackman's 2020 SPAC that raised approximately $4 billion to identify and acquire a private operating company. Directly comparable as a blank-check vehicle designed to complete a business combination with a private target, although structured under US rather than Canadian regulatory framework.
• Social Capital Hedosophia: Chamath Palihapitiya's SPAC that completed a merger with Virgin Galactic in 2019. Comparable as a blank-check acquisition vehicle that took a private operating company public, with similar purpose of identifying and closing a Qualifying Transaction-equivalent.

Broad incumbents

• Haywood Securities: Canadian investment bank focused on small-cap and emerging company capital markets. Comparable as a broader incumbent in the Canadian small-cap capital markets space that regularly supports CPC issuers and post-QT financings.
• Canaccord Genuity Group: Canadian investment bank with active involvement in TSXV CPC offerings, Qualifying Transactions, and small-cap capital markets. Comparable as a broader incumbent operating in the same Canadian small-cap public markets ecosystem.
• Leede Financial Inc. Canadian capital markets firm that acted as agent for Thermopylae Capital's IPO, receiving a 10% commission, corporate finance fee, and warrants. Comparable as a broader Canadian small-cap capital markets participant that supports CPC issuers and their Qualifying Transactions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/thermopylaecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thermopylae Capital