Globalink Investment Inc. (GLLI): Business Model Canvas [Dec-2025 Updated]

You're digging into Globalink Investment Inc. (GLLI) right now, and frankly, you're looking at a classic SPAC fighting for its life after a Nasdaq delisting. The core tension here is massive: a potential $1.6 billion merger with Alps Global Holding Berhad balanced against the high execution risk of relying on sponsor notes and the remaining $3.73 million in the Trust Account as of June 2025. I've mapped out the nine building blocks for you, showing exactly how they are funding those monthly extensions and what the path looks like from the OTC Pink market to a potential closing; you need to see the cost structure and the slim revenue streams to truly grasp the near-term pressure on this deal.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that made the Alps Global Holding Berhad transaction happen for Globalink Investment Inc. (GLLI). These aren't just names on a page; these are the entities that provided the structure, the cash, and the administrative backbone for the business combination that closed in late October 2025.

The most significant partner here is Alps Global Holding Berhad, the target company in the reverse merger. The transaction, which successfully closed on October 28, 2025, pegged the enterprise value of the combined entity, now Alps Group Inc., at approximately US$1.6 billion. The final structure involved a Redomestication Merger and an Acquisition Merger, formalized by agreements amended as recently as September 27, 2025.

Here's a quick look at the key players involved in funding and administration:

• Alps Global Holding Berhad: Target for the $1.6 billion enterprise value merger, completed October 28, 2025.
• GL Sponsor LLC: Provided administrative support and potential working capital loans.
• Continental Stock Transfer and Trust Company: Trustee for the critical Trust Account funds.
• PIPE Investors: Committed capital for the post-merger entity's operations.

The role of GL Sponsor LLC, acting as the Parent Representative in the final merger agreements, involved crucial support leading up to the closing. Under the Administrative Services Agreement dated December 6, 2021, GL Sponsor LLC made office space and administrative services available, for which Globalink was to pay a sum not to exceed $10,000 per month until the business combination or liquidation. It's important to note that GL Sponsor LLC explicitly waived any claim on the Trust Account funds, which is standard but critical for public stockholders.

Continental Stock Transfer and Trust Company served as the trustee for the funds meant for the business combination. You saw Globalink use this mechanism repeatedly to buy time. For instance, to extend the deadline to November 9, 2025, Globalink deposited $10,890.15 on October 4, 2025, which represented $0.15 per public share. This was one of many such deposits, though the total cash held in the Trust Account as of December 31, 2024, stood at $3,349,591.

The Private Investment in Public Equity (PIPE) investors were essential for bolstering the post-merger balance sheet. The total commitment for the PIPE Investment, agreed upon in June 2024, was an aggregate purchase price of $40,000,000, with shares priced at $10.00 per share. By the time of the March 25, 2025, filing, the company confirmed that $879,911 of that committed capital had already been received into escrow.

This table summarizes the financial aspects of these key relationships as they stood near the transaction's close:

The earn-out provision tied to the Alps shareholders is another structural element involving the primary partner. This provision permits Alps shareholders to receive up to an aggregate maximum of 48 million additional shares if the combined business meets certain incremental revenue milestones over five fiscal years following the merger consummation.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Key Activities

You're managing a Special Purpose Acquisition Company (SPAC) in the final stretch before a business combination closes, so the key activities are entirely focused on execution and compliance. For Globalink Investment Inc. (GLLI) as of late 2025, the focus was on finalizing the deal structure and managing the regulatory fallout from the previous year.

The primary activity was Executing and amending the business combination agreement with Alps Global Holding. This involved securing stockholder approval, which occurred at a special meeting on October 7, 2025. The transaction was structured as a two-step merger: a Redomestication Merger where Globalink merged into Alps Global Holding Pubco, followed by an Acquisition Merger. The definitive merger agreement, originally dated January 30, 2024, saw several amendments, with the latest being on September 27, 2025. Upon consummation, the combined entity was expected to have an enterprise value of approximately US$1.6 billion and planned to list on Nasdaq under the ticker "ALPS" on October 31, 2025. Stockholders also approved an amendment to eliminate the net tangible asset requirement to facilitate closing.

A recurring, critical activity was Securing and funding repeated deadline extensions. This was necessary to provide time for the merger to close, given the initial IPO date of December 9, 2021. The activity involved depositing funds into the trust account with Continental Stock Transfer and Trust Company. Here's a look at some of those recent extension payments:

As of December 31, 2024, the company had issued promissory notes totaling approximately $4.2 million to Public Gold Marketing Sdn Bhd, which covered working capital and some of these extension fees. This specific November 2025 extension was the twenty-eighth extension since the IPO.

You were also actively Managing the delisted stock on the OTC Pink market. Globalink Investment Inc.'s securities were delisted from Nasdaq on December 17, 2024, with the delisting effective May 19, 2025, forcing a trade on OTC Pink. This move reduced market liquidity. Data from early October 2025 showed specific ownership structures:

• Market Cap: $66.14M as of October 1, 2025.
• Float: 82.60k shares as of October 1, 2025.
• Insider Ownership: 97.65% as of October 1, 2025.
• Institutions Ownership: 2.13% as of October 1, 2025.
• Public and Other Held Shares: 3.52M out of 10.55M Total shares outstanding as of October 28, 2025.

Finally, keeping up with Regulatory compliance and filing with the SEC was non-negotiable. The company had to manage filings related to the ongoing merger process while operating as a public entity on the OTC market. Key filings around this period included:

• Form 10-K for the fiscal year ended December 31, 2024, filed on March 25, 2025.
• Form 8-K reports filed on October 10, 2025, October 7, 2025, and October 1, 2025, reporting material events.
• A DEFM14A (Additional Proxy Soliciting Materials) filed on September 17, 2025.

Management also noted a material weakness in internal controls related to timely tax return filings in the March 25, 2025, 10-K.

Finance: review the final cash balance in the Trust Account relative to the expected redemptions by Friday.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Key Resources

You're looking at the core assets Globalink Investment Inc. (GLLI) relied upon to execute its mandate as a Special Purpose Acquisition Company (SPAC). These resources define its capacity to source and close a business combination.

• Cash held in the Trust Account, totaling approximately $3.73 million as of June 30, 2025.
• Sponsor-provided capital via promissory and convertible notes (approx. $4.63 million current liability).
• Management team led by CEO Say Leong Lim for deal sourcing and structuring.
• The SPAC shell structure itself, offering a public listing vehicle.

The financial backbone of the SPAC structure is the Trust Account, which holds the proceeds from the initial public offering, less any redemptions. The management team, headed by CEO Say Leong Lim, was tasked with identifying a target. As of October 7, 2025, Globalink was actively pursuing targets in the medical technology and green energy industries across North America, Europe, Southeast Asia, and Asia (excluding China, Hong Kong, and Macau).

The capital structure, even as the company neared its final extension deadline, relied on both the trust funds and sponsor support. The sponsor-provided capital, often in the form of promissory notes, is crucial for covering administrative costs and extension fees when the trust balance alone is insufficient or needs to be preserved. For instance, an extension payment on October 4, 2025, required a deposit of $10,890.15, calculated at $0.15 per public share, to push the deadline to November 9, 2025.

Here's a look at some of the financial metrics available around the time of the final extension, noting that the company was acquired on October 28, 2025.

The SPAC structure itself is a key intangible resource. It provided Globalink Investment Inc. with a public listing vehicle, albeit trading on OTC Pink after a Nasdaq delisting. This structure was intended to facilitate a merger with a target company, which ultimately materialized with ALPS Global Holding Berhad. The management team's experience, including Say Leong Lim's background with G3 Global, was positioned as a resource to source and structure deals in the technology space, later pivoting to medical technology and green energy.

You should note the difference between the mandated figures and the last reported figures before the merger. The reported cash in trust at the end of 2024 was $3,349,591. The total debt figure of $5.14M reported as of October 28, 2025, likely includes the outstanding promissory notes.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Value Propositions

You're looking at the value GLLI offered its partners as it navigated its path to a public listing through a reverse merger, which is a different game than a traditional Initial Public Offering (IPO). The value proposition hinges on speed and sector focus, even with the operational delays experienced.

For the private company, which became ALPS Global Holding Berhad as of October 28, 2025, the primary draw was bypassing the lengthy traditional IPO process. While GLLI itself has faced significant timeline extensions, the SPAC structure is inherently designed to be a faster route to becoming a US-listed entity, even if the final venue is now OTC Pink following a delisting from Nasdaq on December 17, 2024.

The value proposition for the target company was anchored to the size and focus of GLLI's mandate, which was to acquire businesses in the medical technology and green energy sectors.

For Public Shareholders, the value proposition was the potential for significant upside participation in a de-SPAC transaction involving a target in the high-interest Healthcare & Life Sciences industry, which accounted for 14.2% of global M&A deal volume since 1985. The deal structure itself implied a significant valuation jump, as typical targets are sized 3-5x the SPAC's initial capital to offset dilution from the sponsor promote and expenses.

The Sponsor's value proposition is the acquisition of founder shares, or the promote, for minimal cost upon deal completion. This is the core incentive for the sponsor to execute the transaction. The structure requires the target to be valued at no less than 80% of the trust account value to proceed. The sponsor's promote is a percentage of the initial equity, often 20% of the founder shares, which is acquired for nominal cost, typically around $25,000 for the initial underwriting and administrative fees, before any extension payments.

Here's the quick math on the structure's inherent value transfer:

• - Target consideration of $1.6 billion versus GLLI's trust cash of approximately $3.35 million as of year-end 2024.
• - The sponsor's promote is designed to represent a significant equity stake in the combined entity, often valued at $2.00 per share initially, which translates to a substantial notional value based on the post-merger public float.
• - The company's total debt stood at $5.14M against a market capitalization of $40.45M as of October 28, 2025.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Customer Relationships

You're looking at Globalink Investment Inc. (GLLI) right at the tail end of its SPAC life, which means the customer relationships are heavily weighted toward the transactional end, especially with the recent acquisition by ALPS Global Holding Berhad finalized around October 28, 2025. The relationship with the public shareholders, for instance, was almost entirely defined by the need for their vote to complete this final business combination.

The transactional relationship with public shareholders was primarily managed through formal disclosures and proxy mechanics. For the Special Meeting held on October 7, 2025, to approve the Redomestication Merger, the quorum was established with 3,445,007 shares present in person or by proxy. This was out of a total of 3,517,601 shares outstanding as of the September 16, 2025, record date. Honestly, that level of participation shows a very engaged, albeit small, shareholder base for a de-listed entity trading on OTC Pink since December 17, 2024. To be fair, the ownership structure as of October 1, 2025, reflects this tight control, with Insider Ownership at 97.65% and Institutional Ownership only at 2.13%.

The relationship with the target company's management team, which culminated in the merger with Alps Life Sciences Inc., was definitely high-touch and involved direct negotiation. This wasn't a casual chat; it was a formal process governed by agreements like the Third Amendment to the Merger Agreement dated September 27, 2025. The core of that relationship was the valuation set for the deal. The aggregate consideration for the merger was set at $1.6 billion, payable in newly issued ordinary shares of PubCo at a fixed price of $10.00 per share. That price point was key to structuring the deal for both sides.

Then there's the formal, contractual relationship with the sponsor, GL Sponsor LLC. This relationship predates the final merger and is typical for a Special Purpose Acquisition Company (SPAC). The initial agreement provided Globalink Investment Inc. with necessary office space and utilities, with the fee structure stated as being at least as favorable as one could get from an unaffiliated party. Furthermore, the financial ties are clear; the company had issued promissory notes totaling approximately $4.2 million to Public Gold Marketing Sdn Bhd, which covered working capital and, importantly, extension fees related to keeping the SPAC alive. The monthly extension mechanism itself required a $60,000 deposit into the trust account for each extension period, which they utilized up to the final extension deadline of November 9, 2025.

Here's a quick view of the key figures defining these relationships leading up to the final transaction:

You can see the relationship with the sponsor was solidified by financial obligations, like the promissory notes, which helped bridge the gap while they sought a deal. The final transaction itself was structured around a fixed share price for the target, which is a concrete term in that high-touch negotiation.

The transactional nature with the public shareholders is also evident in the cash held in trust, which is the ultimate protection for those who choose to redeem their shares rather than vote for the merger. As of December 31, 2024, the Trust Account held $3,349,591 in cash.

• Transactional focus on proxy approval for the Alps Global Holding Berhad reverse merger.
• Shareholder base heavily concentrated, with 97.65% insider ownership as of late 2025.
• Direct negotiation terms set the merger consideration at $1.6 billion.
• Contractual support from GL Sponsor LLC covered operational needs via fee-based services.
• SPAC extensions were financed partly through approximately $4.2 million in promissory notes.

Finance: draft the final redemption liability reconciliation based on the October 7, 2025, meeting results by Monday.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Channels

You're looking at how Globalink Investment Inc. (GLLI) communicates with the market and executes its primary function-the business combination-as of late 2025. The channels reflect a company in transition, moving from a SPAC structure to a de-SPAC entity.

The primary public trading channel shifted following the Nasdaq delisting on December 17, 2024. As of October 2025, Globalink Investment Inc. trades on the OTC Pink market under the symbols OTC Pink: GLLI, GLLIW, GLLIR, and GLLIU. This venue is the current access point for public security transactions, though the focus has been on the closing of the business combination.

Investor communication relies heavily on mandatory regulatory filings. You can track the company's status through these documents, which are critical for understanding near-term risks and progress toward the merger. Here's a look at the recent filing cadence and key financial markers related to these channels:

Deal execution, which is the core purpose of this Special Purpose Acquisition Company (SPAC), channels through formal legal agreements and the eventual listing of the combined entity. The primary channel for the business combination was the Amended and Restated Merger Agreement with Alps Life Sciences Inc. (which became ALPS Group Inc.).

The finalization of this channel involved significant financial figures:

• Aggregate consideration for the merger: $1.6 billion.
• Issuance price per share for PubCo ordinary shares: $10.00.
• The business combination closed on October 30, 2025.
• The combined company is set to list on the Nasdaq Global Market under the symbol ALPS effective October 31, 2025.

While specific investment banks and legal counsel names aren't always public in every filing, their role is channeled through the execution of the merger agreement, involving parties like GL Sponsor LLC (Parent Representative) and Dr. Tham Seng Kong (Seller Representative). The transition from OTC Pink back to Nasdaq represents the final, critical channel for liquidity and market perception post-merger.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Globalink Investment Inc. (GLLI) right after its business combination closed in late October 2025. Honestly, for a SPAC (Special Purpose Acquisition Company) like GLLI, the 'customers' are really the capital providers and the target itself, which is now the core business.

The primary entity that GLLI was formed to combine with is Alps Global Holding Berhad, which, upon closing, is operating as Alps Group Inc. This target company, a fully-integrated biotechnology research, medical, and wellness services company, represents the main value proposition recipient and the entity whose equity holders become the largest shareholder base of the post-merger public company. The expected enterprise value upon this combination was approximately US$1.6 billion.

The original capital providers, the SPAC Investors, are the public shareholders who held the units from the initial public offering in December 2021. You mentioned they hold 3.45 million shares remaining. These investors had the option to redeem their shares for the pro-rata amount in the trust account if they didn't approve the deal. As of the final extension in October 2025, the company deposited $0.15 per public share, totaling $10,890.15, to push the deadline to November 9, 2025. Their segment is defined by their right to the cash in trust if they choose not to remain invested in the combined entity.

The Sponsor, GL Sponsor LLC, is the entity that founded and managed the SPAC structure. They are a critical segment because they provided the initial risk capital and management expertise to source the deal. Their segment is tied to the founder shares and warrants, which are distinct from the public shares. The merger agreement, amended as recently as September 27, 2025, involved GL Sponsor LLC as the Parent Representative.

Finally, the PIPE Investors (Private Investment in Public Equity) are the institutional and accredited investors who committed fresh capital directly into the post-merger entity, Alps Group Inc., to support its growth strategy. These agreements were consummated substantially concurrently with the Closing. The aggregate subscription amount for this latest tranche was approximately US$3,107,875, which bought about 310,788 ordinary shares of Alps Group. This capital is crucial working capital for the newly public biotech firm.

Here's a quick look at the capital structure elements related to these segments around the closing date:

The key groups defining the capital base of the new Alps Group Inc. are:

• Alps Global Holding Berhad shareholders rolling over equity.
• SPAC Investors who elected not to redeem their shares.
• The GL Sponsor LLC entity holding sponsor shares/warrants.
• PIPE Investors providing essential growth capital.

What this estimate hides is the exact breakdown of the 3.45 million public shares that actually voted for or against the deal versus those that redeemed, which impacts the final cash balance available to the combined entity. Finance: draft post-closing capital structure reconciliation by Monday.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Globalink Investment Inc. (GLLI) structure as of late 2025, right around the time the reverse merger with ALPS Global Holding Berhad closed on October 28, 2025. For a Special Purpose Acquisition Company (SPAC) like GLLI, the costs are heavily weighted toward administrative overhead and the transaction itself, not cost of goods sold, since operations were minimal.

Here's a breakdown of the key cost components that were driving the burn rate leading up to the finalization of the business combination:

• - General and administrative expenses, totaling $\text{604,083}$ for the first half of 2025.
• - Interest expense on notes, including amortization, at $\text{736,826}$ for the first half of 2025.
• - Extension payments deposited into the Trust Account (e.g., $\text{60,000}$ per monthly extension earlier in 2025).
• - Legal, accounting, and due diligence fees related to the merger process.

To give you a clearer picture of the financial impact of these costs, especially considering the ongoing need to fund extensions, here is a look at the reported expenses and losses for the first half of fiscal year 2025. Honestly, you can see the cash burn was significant even before the final transaction costs hit.

The extension payments are a unique, recurring cost for a SPAC nearing its deadline. While the prompt notes an example of $\text{60,000}$ per monthly extension earlier in 2025, the actual payment to extend the deadline to November 9, 2025, was $\text{10,890.15}$ on October 4, 2025, based on $\text{0.15}$ per public share. This shows how the cost structure adapts based on the number of shares remaining in the Trust Account. Also, remember the existing debt load related to these activities; as of December 31, 2024, promissory notes for working capital and extension fees already totaled approximately $\text{4.2 million}$.

The legal, accounting, and due diligence fees are harder to pin down to a single number without the final proxy or 10-K for the period, but these are classic transaction costs. For context, in 2025 M\&A, total external due diligence costs often range from $\text{0.5\%}$ to $\text{2\%}$ of the deal value, depending on complexity. Given the $\text{1.6 billion}$ aggregate consideration mentioned for the Alps Life Sciences Inc. merger agreement, even the lower end of that percentage represents substantial professional service fees that hit the cost structure.

The overall cash drain is evident when you look at the trailing twelve months (TTM) cash flow from operations, which stood at $-\text{2.17M}$. That's the real-life number you need to watch. Finance: draft the final transaction expense accrual schedule by next Tuesday.

Globalink Investment Inc. (GLLI) - Canvas Business Model: Revenue Streams

You're looking at how Globalink Investment Inc. (GLLI) generates cash, which for a Special Purpose Acquisition Company (SPAC) like GLLI, is heavily weighted toward non-operating income until a business combination closes. Honestly, the revenue picture is dominated by the trust account mechanics and the pending merger.

The primary, recurring income stream comes from the interest generated by the cash held in the trust account, which is set aside for the eventual business combination. You must use the specific figure provided for the first half of 2025, even if other reports show zero operating revenue.

• Interest income earned on the Trust Account assets, totaling $66,336 for the first half of 2025.
• Sponsor contributions in the form of promissory notes used to fund working capital and extension fees.
• Potential future revenue realized upon the successful closing of the merger, converting the sponsor's promote into equity value.

The mechanics of extending the deadline to complete the business combination directly impact the cash flow through sponsor funding. For instance, the company caused to be deposited $10,890.15 on October 4, 2025, to extend the deadline to November 9, 2025. This is a direct use of sponsor funds, often covered by promissory notes.

Here's a look at the key financial figures related to the cash position and financing that underpins these revenue-adjacent activities as of late 2024 and late 2025:

The most significant potential revenue stream is tied to the reverse merger with ALPS Global Holding Berhad, which was reported as acquired as of October 28, 2025. The structure of this deal dictates the future value derived from the sponsor's promote (the founder's share of the SPAC equity).

• The aggregate consideration for the merger was set at $1.6 billion.
• This consideration is payable in newly issued ordinary shares of PubCo at $10.00 per share.
• The sponsor's promote, once converted to equity upon closing, represents the ultimate realization of value from these initial financing activities.

It's important to note that for the first half of fiscal year 2025, the reported operating revenue was zero, with Q1 revenue at USD 0. The negative operational cash flow for the Trailing Twelve Months (TTM) was -$2.17M. So, the interest income of $66,336 is a critical, albeit small, component offsetting the general administrative burn rate until the business combination closes.