History
A blank-check shell that raised $200 million in 2021 spent nearly three years searching for a deal, then became Italian gas producer AleAnna in December 2024.
2021-2023: A blank-check company without a target
The company began life as Swiftmerge Acquisition Corp., a blank-check company, meaning a shell that raises money from investors to buy a business it has not yet chosen. In December 2021 its securities were cleared for listing, and on 23 December it completed a $200 million IPO on Nasdaq. The proceeds were held in trust to fund a future acquisition.
The search was slow. By June 2023, more than 18 months after the IPO, Swiftmerge had no target and asked shareholders to push its deadline from June 2023 to March 2024. Ahead of that vote, holders of over 20.5 million Class A shares, roughly the entire public float, asked to redeem at about $10.39 a share. Redeeming meant taking their money back out of the trust. Swiftmerge tried to soften the exodus by giving investors until 19 June to reverse their requests. The context records that the trust was clearly at risk of emptying out. The extension was approved.
In August 2023 Swiftmerge announced a $400 million cash-and-stock merger with HDL Therapeutics, a Delaware healthcare company. The context also notes that it restated its FY2022 and Q1 2023 financials over a misclassified deferred underwriting fee, and that it had earlier fallen out of Nasdaq compliance for a late 10-K.
2024: A new target and the AleAnna merger
The HDL deal did not last. In February 2024 the two sides mutually terminated it, with no termination fee owed either way, leaving Swiftmerge without a deal. In March 2024 it won another shareholder extension of its deadline, backed by more non-redemption agreements, which were deals to keep shareholders from pulling cash out.
In June 2024 Swiftmerge signed a new merger agreement with AleAnna Energy, LLC, an Italian natural gas business. The terms were to domesticate as a Delaware company, rename itself AleAnna, Inc., and issue about 65.1 million shares to AleAnna's owners. The agreement was amended in October 2024.
The merger closed in December 2024. Swiftmerge became AleAnna, Inc. and began trading on Nasdaq as ANNA and ANNAW. Only 1.16 million shares were redeemed this time, a fraction of the 20-plus million that had threatened to leave in 2023. A new leadership team took over, led by CEO Marco Brun, with Tristan Yopp as CFO.
2025-2026: From shell to gas operator
After the merger the company reported real operating revenue as a gas business, operating in Italy through AleAnna Energy, LLC. Revenue rose from $648,000 in the third quarter of 2024 to $11.2 million in the third quarter of 2025. Ivan Ronald became CFO in September 2025. As of the latest report in August 2026, the second quarter showed revenue of $10.2 million and net income of $2.4 million.
Written from the 11 story beats below (2021 to 19 Dec 2024), which come from the company's own announcements and filings.