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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\nWashington, D.C. 20549\n\n \n\n**FORM 10-K**\n\n \n\n☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\n**For the fiscal year ended December 31, 2025**\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nCommission File Number 001-41383\n\n \n\n**LIBITY (formerly INVESTCORP AI ACQUISITION CORP.)**\n\n*(Exact name of registrant as specified in its charter)*\n\n \n\n**Cayman Islands**\n** **\n**N/A**00-0000000\n\n*(State or Other Jurisdiction of Incorporation)*\n \n*(I.R.S. EmployerIdentification No.)*\n\n \n\nCentury Yard, Cricket Square, Elgin Avenue\n\nPO Box 1111, George Town, Grand Cayman, Cayman Islands KY1-1102\n\n*(Address of principal executive offices) (zip code)*\n\n \n\n(302) 738-7210\n\n*(Registrant’s Telephone Number, Including Area Code)*\n\n \n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n \n\n**Title of Each Class**\n \n**Trading Symbols**\n \n**Name of Each Exchange on Which Registered**\n\nUnits, each consisting of one Class A ordinary share and one-half of one redeemable warrant\n \nIVAUF\n \nOTC Markets (Pink)\n\nClass A ordinary shares, par value $0.0001 per share\n \nIVCAF\n \nOTC Markets (Pink)\n\nRedeemable warrants, each exercisable for one Class A ordinary share at an exercise price of $11.50 per share\n \nIVAWF\n \nOTC Markets (Pink)\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No\n☒\n\n \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐\nNo ☒\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes ☐   No ☒\n\n \n\n \n\n \n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☐   No ☒\n\n \n\nLarge accelerated filer ☐   Accelerated filer ☐   Non-accelerated filer ☒   Smaller reporting company ☒   Emerging growth company ☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ \n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation\nreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒   No ☐\n\n \n\nAs the registrant’s securities were delisted from Nasdaq effective July 14, 2025, no market quotation on a national securities exchange is available for computing the aggregate market value of voting and non-voting ordinary equity held by non-affiliates as of June 30, 2025.0\n\n \n\nAs of June 18, 2026, there were 6,482,874 Class A ordinary shares, par value $0.0001, and 1 Class B ordinary share, par value $0.0001, issued and outstanding.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Annual Report on Form 10-K (this “Form 10-K”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements can be identified by words such as “believes,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” or their negatives. Forward-looking statements in this Form 10-K include, without limitation, statements regarding: (i) our ability to complete the business combination with Blue Finance Technology Holding Limited described herein or any other Initial Business Combination; (ii) our new sponsor’s ability to fund our operations; (iii) our ability to maintain continued reporting under the Exchange Act following the delisting of our securities from Nasdaq; and (iv) our ability to operate as a going concern.\n\n \n\nThese statements involve risks and uncertainties, many of which are beyond our control, and actual results may differ materially. Factors that could cause such differences are described in “Item 1A. Risk Factors.” We undertake no obligation to update any forward-looking statement except as required by law.\n\n \n\ni\n\n \n\n \n\n**TABLE OF CONTENTS**\n\n \n\n[**PART I**](#a_001)\n \n1\n\n[Item 1. Business](#a_002)\n \n1\n\n[Item 1A. Risk Factors](#a_003)\n \n3\n\n[Item 1B. Unresolved Staff Comments](#a_004)\n \n6\n\n[Item 1C. Cybersecurity](#a_005)\n \n6\n\n[Item 2. Properties](#a_006)\n \n6\n\n[Item 3. Legal Proceedings](#a_007)\n \n6\n\n[Item 4. Mine Safety Disclosures](#a_008)\n \n6\n\n \n \n \n\n[**PART II**](#a_009)\n \n7\n\n[Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](#a_010)\n \n7\n\n[Item 6. [Reserved]](#a_011)\n \n7\n\n[Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_012)\n \n8\n\n[Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#a_013)\n \n11\n\n[Item 8. Financial Statements and Supplementary Data](#a_014)\n \n11\n\n[Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_015)\n \n11\n\n[Item 9A. Controls and Procedures](#a_016)\n \n11\n\n[Item 9B. Other Information](#a_017)\n \n12\n\n[Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#a_018)\n \n12\n\n \n \n \n\n[**PART III**](#a_019)\n \n13\n\n[Item 10. Directors, Executive Officers and Corporate Governance](#a_020)\n \n13\n\n[Item 11. Executive Compensation](#a_021)\n \n14\n\n[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#a_022)\n \n14\n\n[Item 13. Certain Relationships and Related Transactions, and Director Independence](#a_023)\n \n14\n\n[Item 14. Principal Accountant Fees and Services](#a_024)\n \n16\n\n \n \n \n\n**PART IV**\n \n17\n\n[Item 15. Exhibits, Financial Statement Schedules](#a_026)\n \n17\n\n[Item 16. Form 10-K Summary](#a_027)\n \n17\n\n \n \n \n\n[**SIGNATURES**](#a_028)\n \n18\n\n \n\nii\n\n \n\n \n\n**PART I**"}