ACQUA1, LLC, a Liquid Mercury subsidiary operating its Lab Company program, completed the initial closing of its MERC exchange offering on September 1, 2026. Verified accredited investors exchanged MERC for 56,323,000 non-voting Class B units at a rate of 10 MERC per unit. ACQUA1 burned all 563,230,000 MERC received at the closing on September 2 by transferring the tokens to a dead address (an address used to remove tokens from circulation). The units were issued under Rule 506(c) of Regulation D and evidenced on-chain by ACQUA1-C tokens, which convert one-for-one into ACQUA1 tokens upon issuance. Further closings are planned for about October 30 and December 31, 2026, although ACQUA1 may skip or terminate them and may use different conversion rates. Liquid Mercury licenses technology through its Lab Company program to companies primarily tokenizing real-world assets, receiving fees and minority equity stakes, while retaining majority ownership and serving as Manager of ACQUA1. The offering is limited to verified accredited investors, and the securities are restricted and may remain illiquid indefinitely.