Catenaa, Sunday, September 13, 2026-ACQUA1 LLC completed its initial closing Sept. 1, issuing 56.323 million tokenized nonvoting membership units to verified accredited investors for 563.23 million MERC tokens.
Investors received one Class B unit for every 10 MERC exchanged. Liquid Mercury did not disclose the number of investors or a cash valuation.
ACQUA1 said it transferred all received MERC to a dead address Sept. 2, as required by its operating agreement.
The MERC contract has no native burn function. Sending tokens to an inaccessible address removes them from circulation without erasing the blockchain record.
MERC supply outside the dead address then stood at 5.43677 billion tokens, according to the company.
The Class B interests are represented onchain by ACQUA1-C tokens. Contract data show a supply of 56.323 million, matching the units reported at closing.
Those certificates are intended to convert one-for-one into ACQUA1 tokens upon issuance.
ACQUA1 operates Liquid Mercury’s Lab Company program. It licenses trading and tokenization systems to businesses developing markets for real-world assets.
In exchange, ACQUA1 says it receives service fees and minority ownership stakes in participating companies.
Liquid Mercury remains ACQUA1’s majority Class A holder and sole manager. Class B investors can share eligible distributions but receive no voting rights.
The securities were offered under Rule 506(c) of Regulation D. That exemption permits general solicitation but limits sales to investors whose accredited status is verified.
The units are restricted securities and carry a one-year transfer lockup. Offering materials warn that they may remain illiquid indefinitely.
ACQUA1 has listed possible additional closings around Oct. 30 and Dec. 31. It may change the conversion rate, skip a closing or end the offering.
Because investors paid in MERC rather than cash, the announcement does not establish the dollar value of the initial closing.
