Liquid Mercury announced on September 4, 2026, that its subsidiary ACQUA1, LLC completed the initial closing of a MERC exchange offering on September 1, 2026. The transaction involved verified accredited investors exchanging MERC tokens for non-voting Class B units in the subsidiary.

ACQUA1 operates Liquid Mercury’s Lab Company program. Under this structure, the subsidiary licenses Liquid Mercury technology to companies that primarily tokenize real-world assets. In return, ACQUA1 receives fees along with a minority equity stake in those companies. Liquid Mercury holds the majority interest and serves as Manager of ACQUA1.

Investors subscribed at an initial conversion rate of 10 MERC per unit. The offering was conducted under Rule 506(c) of Regulation D and limited to verified accredited investors. The units are evidenced on-chain by ACQUA1-C tokens, which convert one-for-one into ACQUA1 tokens upon issuance.

Under the operating agreement, ACQUA1 is required to burn 100 percent of the MERC it receives at each closing within five business days. The subsidiary is prohibited from transferring, trading, lending, staking, pledging, or otherwise deploying those tokens. On September 2, 2026, the full amount of 563,230,000 MERC received in the initial closing was transferred to the dead address, permanently removing the tokens from circulation. The MERC contract itself contains no built-in burn function; removal occurs solely through transfer to the dead address.

Additional closings are scheduled for on or about October 30 and December 31, 2026. ACQUA1 retains the discretion to skip or terminate any remaining closings. The conversion rate for subsequent closings may differ from the initial rate.

As of the announcement date, the supply of MERC outstanding, excluding tokens held at the dead address, stood at 5,436,770,000.

Liquid Mercury provides infrastructure for professional crypto trading and digital asset marketplaces. The company offers institutional-grade systems, liquidity access, and trading tools across its Pro, OTC, and RWA platforms. Through Mercury RWA, it extends this infrastructure to tokenized real-world assets, with MERC functioning as the access and platform-layer token.

The Class B units of ACQUA1 and the related ACQUA1 tokens are restricted securities offered solely to verified accredited investors under the applicable private placement exemption. They remain subject to transfer restrictions under the operating agreement and may stay illiquid for an extended period. The announcement does not constitute an offer to sell or a solicitation to buy any securities.