Fifth Era Acquisition Corp I is a blank check company, or special purpose acquisition company (SPAC), incorporated in the Cayman Islands in 2024. The company completed its initial public offering in March 2025, raising approximately $230 million to pursue a business combination. Although its initial search criteria focused on technology-enabled businesses across internet, enterprise software, artificial intelligence, fintech, and blockchain sectors, the company ultimately targeted the strategic materials sector.
In April 2026, Fifth Era Acquisition Corp I entered into a definitive business combination agreement with SMT Holdings Limited, operating under the name Miotal. Miotal is a sovereign-scale strategic metals platform focused on the acquisition, holding, and monetization of high-purity, technology-grade materials. The target company controls a substantial, independently verified inventory of strategic metals—including ultrafine copper powder, ultrafine nickel wire, and rare earth metals—stored in Switzerland. These materials are critical inputs for the defense, semiconductor, energy, and healthcare industries. By holding fully processed and certified inventory, Miotal's business model eliminates the extraction and operational risks typically associated with traditional mining and refining operations. The company generates revenue through structured transactions and long-term supply arrangements with institutional and sovereign counterparties across Asia, the Middle East, and North America. Upon the closing of the transaction, the combined entity is expected to operate under the Miotal name and remain publicly listed on the Nasdaq.
