# Dynamix Corp (ETHMW) — spac/trust_liquidation [announced]
Source: SEC API (secapi.ai) · situation sit_e03452088deff02fa93b · retrieved 2026-08-12T21:23:23.302Z

## Overview
Dynamix Corp is a blank-check company (SPAC) that completed an initial public offering of units (one Class A share and one-half warrant per unit at $10 per unit) and received a $50 million breakup fee upon termination of a business combination agreement with The Ether Machine, Inc.

Bulldog Investors, LLP, which beneficially owns 3.03% of Dynamix Corp (DYNC), filed a Schedule 13D on July 24, 2026, disclosing an activist campaign regarding the company's anticipated liquidation. On July 14, 2026, Bulldog Investors sent a letter to Dynamix's Board demanding that if the company fails to complete a business combination by November 22, 2026 (the deadline stated in the April 8, 2026 Form 8-K), the Board should distribute substantially all net cash outside the trust account—estimated at approximately $45 million (derived from a $50 million breakup fee received from The Ether Machine, Inc. on April 10, 2026, plus modest net assets)—to all stockholders at approximately $2 per share before redeeming Class A shares. Bulldog Investors characterized the alternative (refusing distribution and allowing Class B shareholders to retain all net cash) as a breach of fiduciary duty under Cayman Islands law and the company's Code of Business Conduct and Ethics. The letter proposed discussions to resolve the issue without litigation by July 24, 2026.

## Terms
- Counterparty: Dynamix Corp · Deal value: $45.0M · Consideration: cash · Stake: 3.03% · Price/share: $2

## Key dates
- Announced 2026-07-28 · Expected close 2026-11-22

## Timeline
- 2026-07-28 · SCHEDULE 13D (0001398344-26-012888): SCHEDULE 13D - Dynamix Corp — *Dynamix Corp is a blank-check company (SPAC) that completed an initial public offering of units (one Class A share and one-half warrant per unit at $10 per unit) and received a $50 million breakup fee upon termination of a business combination agreement with The Ether Machine, Inc.* Bulldog Investors, LLP, which beneficially owns 3.03% of Dynamix Corp (DYNC), filed a Schedule 13D on July 24, 2026, disclosing an activist campaign regarding the company's anticipated liquidation. On July 14, 2026, Bulldog Investors sent a letter to Dynamix's Board demanding that if the company fails to complete a business combination by November 22, 2026 (the deadline stated in the April 8, 2026 Form 8-K), the Board should distribute substantially all net cash outside the trust account—estimated at approximately $45 million (derived from a $50 million breakup fee received from The Ether Machine, Inc. on April 10, 2026, plus modest net assets)—to all stockholders at approximately $2 per share before redeeming Class A shares. Bulldog Investors characterized the alternative (refusing distribution and allowing Class B shareholders to retain all net cash) as a breach of fiduciary duty under Cayman Islands law and the company's Code of Business Conduct and Ethics. The letter proposed discussions to resolve the issue without litigation by July 24, 2026.
  https://www.sec.gov/Archives/edgar/data/2028699/0001398344-26-012888.txt

## Citations
- 0001398344-26-012888 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000139834426012888