Loading
Live from SEC EDGAR — SPACs in the tracked universe only.
Our analyst’s reading, not the filer’s word. It fires often.
150 filings · form 10-K · newest first
Two ingests. A poller reads SEC’s market-wide getcurrent feed every minute, which is how a SPAC we do not yet track can show up here at all; and a backfill walks the tracked universe in rotation, pulling each filer’s history from the submissions API. Every row links to the primary document on sec.gov. We name someone else’s filing; we never restate it.
Filings attributed to a SPAC we track, plus filers whose name has the shape of a blank-check company and that the admission job has not refused. A filer it has not reached yet stays in — undecided is not rejected — and a pre-IPO registrant is labelled rather than hidden, because “S-1 on file, pricing imminent” is the most interesting row on the page. All EDGAR traffic is the raw firehose and is mostly operating companies.
23,949 of 217,554 filings in this view carry a “what changed / why it matters” reading, and the split is by FORM rather than by filing: narrative paper — the 8-K, the 425, the proxies, the periodic reports — is read, while registration and insider-ownership paper is linked to its source and left alone. So a form filter that returns rows with no reading is telling you something true about our coverage, not hiding one.
The amber dot means an analyst model marked the filing material, and 14,356 of the 23,949 it has read carry one — it is a wide net, not a rare alarm, and it is our reading rather than the filer’s word. A row tagged needs review is one the model itself was not confident about. Both are pointers into the document; the document is the fact.
Because it would be a chart of our own ingest. Every row in this table was written in a single week, the eight-year history behind it is backfilled, the backfill has reached part of the universe and truncates each filer at its hundredth-newest filing, and the newest week draws on nearly three times as many filers as the week before it and four times the week before that — because that is when the poller started. A burst of filings is a real signal and it stays unbuilt until the coverage behind it is even.
Across 153 forms. The feed below prints the newest 150.
Tracked SPACs plus the filers awaiting admission.
8 of 153 forms — 66% of the record. The two biggest are event reports and insider statements, not deal paper.
145 smaller forms hold 74,295 more filings and are not drawn.
No filter chip reaches CORRESP, SC 13G, SC 13G/A yet.
●What changed:Lucky Strike Entertainment Corporation filed its 10-K for the fiscal year ended June 28, 2026, reporting total revenues of $1,245,318 thousand and a net loss of $35,777 thousand. The company acquired 5 locations for $88,127 thousand and purchased previously leased assets for $246,795 thousand. It refinanced debt with a $1,200,000 thousand term loan and issued $500,000 thousand in Senior Secured Notes, while repurchasing 4,325,490 shares of Class A common stock for $35,442 thousand. Why it matters: Investors should note that Isos Acquisition Corp. (ISOS) is closed; this filing belongs to Lucky Strike Entertainment Corporation, the SPAC's merged operating entity. The filing confirms the completion of the business combination, details the significant debt restructuring and asset acquisitions driving growth, and reports on operational performance including same-store revenue stability and Adjusted EBITDA of $333,208 thousand.
●What changed:The filing extends the deadline to consummate the Btab Business Combination from March 16, 2026, to September 16, 2026. It reports that on January 3, 2026, the Company paid approximately $14.3 million to redeem 1,109,590 public shares at $12.92 per share, and on March 12, 2026, shareholders approved further extensions and redemptions of 5,015 shares for approximately $66,068. Additionally, three directors (Donald Fell, Michael Peterson, and Suren Ajjarapu) resigned on August 10, 2026, with no stated disagreements. Why it matters: Investors must track the new September 16, 2026 redemption deadline as the final opportunity to exit before potential liquidation. The massive reduction in public share count (from ~1.18 million to ~75,891) significantly alters the capital structure and voting power dynamics for the remaining holders ahead of the Btab merger.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Cactus Acquisition Corp. 1 Ltd (SPAC CCTSF) on July 29, 2026. The SPAC extended its mandatory liquidation deadline to November 2, 2026 via a fourth extension approved on October 31, 2025. A total of 711,333 Class A ordinary shares were redeemed in connection with that extension, reducing public float to 52,239 shares and trust account to $641,000 as of December 31, 2025 (plus subsequent redemptions further reduce it). The company reported a net loss of $559,000 for 2025 (vs $1.312M loss in 2024). Working capital deficit worsened to $2.965M. The company identified a material weakness in internal control over financial reporting (insufficient finance personnel, lack of segregation of duties). The pending business combination with Tembo e-LV B.V. (signed August 29, 2024) remains unclosed; the company confidentially submitted Form F-4 on December 29, 2025, received an SEC comment letter in March 2026, and targets a resubmission in H2 2026. The company continued borrowing: $855k due to sponsor ARWM (promissory note), $690k due to Energi Holding, $364k due to Hali International, $65k due to VivoPower, and a post-year-end $300k promissory note to TAG INTL DMCC in May 2026. The underwriters' deferred compensation was waived in 2024. The company’s independent auditor issued a going concern opinion. Why it matters: This filing is the most recent comprehensive financial and operational update for CCTSF. It confirms the SPAC is in a precarious position: trust account is only ~$641k, working capital is deeply negative, and the company relies on short-term loans from sponsors and third parties to continue. The business combination with Tembo is still in SEC review and faces a November 2, 2026 deadline; if not completed, liquidation will occur and shareholders would receive only a small pro-rata distribution (likely less than $12.27 per share). The material weakness in internal controls and delisting from Nasdaq to OTC add execution risk. For investors tracking redemption thresholds and deal progress, this filing signals that the SPAC has very limited cash outside trust and is dependent on additional loans and successful completion of the Tembo deal.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:New Horizon Aircraft Ltd., the Pono Capital Three successor, filed its 10-K for the fiscal year ended May 31, 2026. Research and development spending rose to CAD $13,244 thousand from CAD $3,660 thousand a year earlier while general and administrative was flat at CAD $10,224 thousand against CAD $9,925 thousand. There were 66,825,837 Class A ordinary shares outstanding as of July 16, 2026. It is pre-revenue, building a full-scale demonstrator toward certifying its Cavorite X7, and says cash of more than $78 million funds its plan for at least twelve months. Why it matters: R&D more than tripled year over year, which is the point of the money but also the reason the runway question matters: management asserts more than $78 million of cash covers at least twelve months, and names future government grants, subsidies and further securities sales as the sources beyond that. For former PTHR holders the trust is long gone and the investment is now a pre-revenue certification programme, where every additional year of development is funded by issuing stock into a 66.8 million share base.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:CHI Special Acquisition Corp., formerly Goldenstone Acquisition Ltd., filed its 10-K for the year ended March 31, 2026. It entered a Business Combination Agreement on June 26, 2024, filed its initial Form S-4 on January 30, 2025 and five amendments through August 5, 2025, with no assurance it will be declared effective or the deal completed. Non-affiliate market value was about $4.87 million and 1,866,406 shares were outstanding as of July 15, 2026. Extensions ran on deposits of $575,000 per three-month period, then $50,000 per one-month extension approved June 18, 2024. Why it matters: This is a shell three years past its original deadline whose S-4 has been amended five times without going effective, and whose entire public market value is about $4.87 million across 1,866,406 shares. Redemptions have shrunk the trust to the point where the extension economics changed from $575,000 per quarter to $50,000 per month, a fraction of the original per-share deposit. The representative has waived its deferred underwriting commission, which usually signals the underwriter no longer expects a payable closing.
●What changed:Zoomcar Holdings, the Innovative International Acquisition Corp. successor, filed its 10-K for the year ended March 31, 2026. Operations used $1.36 million of cash against $8.53 million a year earlier, the net loss narrowed to $14.62 million from $25.62 million, and the accumulated deficit reached $347.79 million. Cash and cash equivalents were $0.33 million at March 31, 2026. Nasdaq's Hearings Panel decided on May 6, 2025 to delist the common stock and public warrants; the shares now trade on OTCQX. Why it matters: Cash of $0.33 million against a $14.62 million annual loss is the whole picture: this company has roughly a week of losses in the bank and is funding itself with notes of $125,000 to $180,000 issued at discounts of 10% or more. Losses narrowing is real but irrelevant at that liquidity level. Delisting to OTCQX removes the exchange bid, and each new discounted convertible note issued at a depressed price expands the share count further for whatever remains of the former IOAC public float.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual report on Form 10-K for the fiscal year ended March 31, 2026, filed by UY Scuti Acquisition Corp., a blank check company. This is the first annual report since the IPO. Key changes: (1) Completed IPO and private placement, raising $57.5M in trust; (2) Entered into a merger agreement with Isdera Group Limited (target enterprise value $1B); (3) Shareholders approved extension of business combination deadline to April 1, 2027, with sponsor depositing $450,000 per three-month extension; (4) 2,437,288 public shares redeemed at ~$10.38 per share, reducing trust to ~$34.4M; (5) Net income of $783,344 from interest income; (6) Working capital deficit of $1,052,099 and shareholders' deficit of $1,036,501; (7) Auditor expressed substantial doubt about going concern; (8) Sponsor loan of up to $1M and extension loan of $450,000 from designee; (9) Second extension payment of $450,000 from Isdera affiliate on June 30, 2026. Why it matters: Provides audited financials and detailed disclosure on trust account balance, redemption mechanics, extension terms, sponsor financial support, and the Isdera merger progress. The going concern warning and negative working capital highlight liquidity risk. The redemption of 42% of public shares significantly reduces the trust. The filing confirms the extended deadline and the sponsor's commitment to fund extensions. All critical for investors evaluating the probability of deal completion and the value of the trust per share.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:10-K Annual Report for fiscal year ended March 31, 2026. The company entered into an amended merger agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company on April 30, 2026, for a business combination involving ethanol production in Vietnam. The deadline to complete a business combination has been extended to January 2, 2027, with monthly $2,000 trust deposits. The company reported $0 cash, a working capital deficit of $7.2M, and an accumulated deficit of $15.2M as of March 31, 2026. The auditor issued a going concern opinion. The company's securities were delisted from Nasdaq on August 8, 2024, and now trade OTC. The company issued a $3M promissory note to Wei-Hua Chang (with $674,672 drawn), entered into a $499,900 loan agreement with VCI, and signed an equity line of credit with White Lion Capital LLC for up to $300M (contingent on closing). The company also redeemed 685,836 shares at $11.55 in December 2024. The board and management changed: Shibasish Sarkar resigned as CEO, replaced by Yu-Fang Chiu. The company recorded a net loss of $344,794 for the year. Why it matters: This filing provides the most comprehensive update on IMAQ's financial condition, deal progress, and liquidity. The going concern warning and zero cash balance are critical. The company is relying on related-party loans and a new note from Wei-Hua Chang to fund operations. The merger with VCI (Vietnamese ethanol producer) is still pending, and the company has extended the deadline to January 2027. The equity line and loan agreements are contingent on closing. The delisting from Nasdaq reduces liquidity and marketability. The change in control to JC Unify and new CEO signal a shift in direction. The extensive risk factor section about China-based targets suggests the company may pivot to a China target if the VCI deal fails.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Libity (formerly Investcorp AI Acquisition Corp.), a blank-check company. The Company reports that its trust account value per share was $12.56 at December 31, 2025 and $12.84 after the May 2026 extension redemptions and stub payment. Shareholders approved extensions to May 12, 2028. On August 28, 2025, Samara Special Opportunities acquired control from the former sponsor for $1.00, appointing new officers (Vikas Mittal, James DeAngelis). On April 8, 2026, the Company entered into a Business Combination Agreement with Blue Finance Technology Holding Limited, with an implied equity value of approximately $300 million and an outside termination date of November 4, 2026, and no committed PIPE financing. The Company's securities were delisted from Nasdaq on July 14, 2025 and now trade on OTC Markets. A supplemental 'stub' payment of $155,957 ($0.1076 per share) was distributed on May 15, 2026 to shareholders who redeemed in May 2025. The Company identified material weaknesses in internal controls related to trust account reconciliation and complex financial instruments. Why it matters: The trust value of $12.84 per share and extended deadline to May 12, 2028 give investors a baseline for redemption or potential merger value. The signed BCA with Blue Finance, though subject to closing conditions including SEC clearance, shareholder approval, and Nasdaq listing, represents the Company's primary path to exit; failure to close by November 4, 2026 would require finding another target. The new sponsor's control and working capital loan of up to $300,000 (with $4,194 outstanding) affect sponsor alignment. No fairness opinion and no PIPE add risk. OTC trading reduces liquidity. The going-concern opinion and material control weaknesses heighten uncertainty.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report on Form 10-K for the fiscal year ended March 31, 2026. Trust value per share $12.02 as of March 31, 2026, with $2.46 million in trust. Deadline extended to March 3, 2027 via Fourth Extension approved March 2, 2026. New sponsor Valleypark Road, LLC took control effective July 11, 2025; 11.7M private placement warrants cancelled. Merger Agreement signed with Tigerless Health on April 17, 2026 (post-balance-sheet). Still no business combination consummated. Material weaknesses in internal controls remain unremediated. Going concern qualification included. Why it matters: Investors need to assess trust value per share, deadline extension, sponsor changes, and the announced deal. The filing provides critical updates on redemption mechanics, extension votes, and the status of the target business combination. The lack of remediation of material weaknesses and the going concern opinion are significant risks.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:10-K (Annual Report) for Quantumsphere Acquisition Corp for the fiscal year ended March 31, 2026. IPO completed August 7, 2025 ($82.8M gross); Merger Agreement signed October 3, 2025 with SACH Pte. Ltd. ($300M equity value, no cash consideration); sponsor received $1.0M in loans from target (not advanced to SPAC as of March 31, 2026); trust account value $84.8M ($10.25 per public share); net income $978k from interest; going concern doubt raised due to low working capital ($43,556 cash surplus) and no extension plan in place; material weakness in internal controls identified. Why it matters: Redemption deadline is February 7, 2027; no automatic extensions and no extension funding committed. Trust per share is $10.25, above IPO price. Deal is contingent on shareholder approval, regulatory approvals, and minimum cash after redemptions. Low working capital raises risk of liquidation if deal fails or redemptions are high. Sponsor owns 27.41% and has agreed to vote for deal. 15% share redemption cap applies if shareholder vote is used.
●What changed:Alternus Clean Energy, Inc.'s annual report on Form 10-K for the fiscal year ended December 31, 2025. The company states that during the year ended December 31, 2024 it generated revenues from the sale of clean energy under long-term offtake agreements to national power grids, and that no revenue was generated during the year ended December 31, 2025. Its auditor has expressed substantial doubt about the company's ability to continue as a going concern, and management states it will need to raise additional working capital. Common stock trades as ALCE and warrants as ACLEW on the OTC Market. Why it matters: A full fiscal year with no revenue at all is the central fact: the utility-scale portfolio that produced 2024 revenue no longer does, and the business described in the report, power purchase and energy-as-a-service contracts with corporate clients, is a pipeline rather than a revenue base. Against that the auditor has flagged going concern and management says additional working capital is required. The securities trade on the OTC Market rather than an exchange, so a holder faces limited liquidity while that financing is sought.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual report on Form 10-K for FY 2025 for Flag Ship Acquisition Corporation, a Cayman Islands blank check company. The 10-K reports termination of the GRT merger (April 18, 2025) and the GFT merger (May 3, 2026); entry into a non-binding letter of intent with Bluechip & Co. Holdings on May 8, 2026; shareholder approval on August 26, 2025 to reduce monthly extension fees from ~$230,000 to $60,000, resulting in redemption of 3,837,483 shares for ~$40.45 million, leaving 3,062,517 public shares and a trust account of $33.08 million; a working capital deficit of $1.44 million; a going concern opinion from auditors; and an upcoming June 11, 2026 shareholder vote to extend deadline to June 20, 2027. Why it matters: The SPAC has burned through two terminated deals and now has only a letter of intent with a new target. Trust value per share is $10.80 but total trust is only $33M, limiting transaction size. The company may face liquidation if the extension vote fails or if a deal is not completed by the extended deadline. The working capital deficit and going concern highlight financial strain.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual report on Form 10-K for fiscal year ended December 31, 2025, filed by Charlton Aria Acquisition Corporation (CHAR), a blank-check SPAC still searching for a business combination target. Trust value per share increased to $10.52 as of Dec 31, 2025 (from $10.10 at Dec 31, 2024) due to interest/dividends. Sponsor deposited $850,000 on April 24, 2026 to extend the combination deadline to July 25, 2026; a further extension to Oct 25, 2026 is possible with another deposit. A change in control of the sponsor occurred on May 13, 2025 — original shareholder Sunny Tan Kah Wei sold 100% of sponsor to Sovereign Global Trust LLC, whose sole member is Valley Point Limited, controlled by Chen Siak Chan. The CEO (Will Garner) and a director (Mark Chaney) resigned in February 2026; CFO/director Yuanmei Ma resigned March 24, 2026. Jung Min Lee was appointed CEO, chairman and acting CFO on March 26, 2026. The company received Nasdaq non-compliance notices for late filing of the 10-K and 10-Q; it has until June 15, 2026 to submit a plan. A working capital loan of up to $500,000 from sponsor was arranged on April 17, 2026. As of Dec 31, 2025, cash outside trust was only $5,135 with a working capital deficit of $185,217, raising substantial doubt about going concern. No business combination has been announced. Why it matters: Provides audited financials confirming trust value, redemption mechanics, extension status, and sponsor/management changes — all essential for evaluating redemption timing, sponsor alignment, and deal risk. The sponsor change of control and management departures signal potential shift in strategy or commitment. The going concern warning and Nasdaq listing threat increase the pressure to close a deal quickly. Investors should monitor whether another extension deposit occurs before July 25, 2026.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report on Form 10-K for fiscal year ended December 31, 2025, filed by Graf Global Corp. (TONT), a blank check company still searching for a business combination. No business combination announced or deal agreement. Trust account grew from $235.8M to $245.6M (interest income $9.8M). Cash on hand dropped to $699 from $479k. Working capital swung from a surplus of $547k to a deficit of $1.168M. Net income was $8.0M (all from trust interest). The filing was late (filed May 11, 2026 vs. original due date); the company received a deficiency notice from NYSE American on April 16, 2026 for non-compliance with Section 1007 of the NYSE American Company Guide, which it cured with this filing. A prior class action (Berger v. Graf Acquisition LLC) was settled in October 2025 with no admission of fault. Auditor includes going concern qualification citing liquidity condition, mandatory liquidation by June 27, 2026, and substantial doubt about ability to continue. No insider trading arrangements adopted or terminated during the quarter. Why it matters: The filing reveals that TONT is running out of operating cash ($699) and has a working capital deficit, with a hard deadline of June 27, 2026 (24 months from IPO) to complete a business combination. Without a deal or extension, the trust will be liquidated and shareholders would receive ~$10.68 per share (including interest). The late filing triggered a NYSE American listing deficiency, now cured, but highlights operational struggles. The settlement of the Berger litigation removes a legal overhang. The going concern warning signals the urgency for a transaction or extension vote. Investors should monitor for any definitive agreement, extension proposal, or liquidation announcement.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Form 10-K annual report for the fiscal year ended December 31, 2025. The registrant reports that the Trust Account balance fell to $12,100,110 after $65,326,328 in shares were redeemed. Management extended the business combination deadline to May 6, 2026, lowering the monthly extension deposits to $34,330.96. The company notes that shareholder approval for the United Hydrogen merger was obtained on November 6, 2025, but Chinese CSRC approval remains pending, with a targeted closing in May 2026. Additionally, management identified a material weakness in internal controls over financial reporting stemming from inadequate segregation of duties. Why it matters: The scale of redemptions indicates strong capital flight, directly reducing the pool available for either a completed merger or pro-rata liquidation distributions. The delayed timeline and ongoing regulatory hurdles shift market and liquidity risk well into 2026, while the disclosed internal control deficiency introduces potential audit and restatement risks that could further complicate the transaction or trigger a liquidation event.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Form 10-K annual report for the fiscal year ended December 31, 2025, filed by Hudson Acquisition I Corp. (HUDA), a blank-check SPAC searching for a business combination. Trust value per share fell from $9.21 as of 2024-12-31 to $16.21 as of 2025-12-31 (due to nearly all remaining public shares being redeemed, leaving only 36,771 public shares outstanding, which mathematically increases the per-share trust value). Trust account cash dropped from $1,122,381 to $406,761. Public shares outstanding collapsed from 98,263 to 36,771 after an October 2025 extension vote triggered the redemption of 61,492 shares at ~$11.08 each. The business combination deadline was extended to July 18, 2026. HUDA's securities were delisted from Nasdaq effective January 24, 2025, and a Form 25 was filed on July 11, 2025; there is no active public market for its securities. An overpayment of approximately $819,949 to redeeming stockholders in prior extensions was disclosed, of which $344,506 has been clawed back as of the filing date. Sponsor carried a principal balance of $1,115,977 on convertible notes at year-end. Why it matters: This filing is the first comprehensive look at HUDA's condition since its Nasdaq delisting. The trust is nearly depleted and the public float is virtually zero (only 36,771 shares). The proposed business combination with Aiways Automobile Europe GmbH (an electric vehicle company), valued at $410 million in the November 2024 merger agreement, is the last meaningful path to avoid liquidation. The filing confirms that sponsor Hudson SPAC Holding LLC controls 98.27% of the voting power, meaning the combination is effectively subject only to sponsor approval. A $5.0 million PIPE at $5.00/share (half the $10.00 merger valuation) was completed in late 2025, diluting public holders further. The independent auditor HCL,PLLC issued a going-concern opinion. The filing also reveals a pending employment lawsuit against HUDA and a countersuit for at least $6.5 million. Investors should note the high risk of a near-zero recovery if the Aiways deal does not close by July 2026.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025, filed by Quetta Acquisition Corp, a blank-check company. The KM QUAD merger agreement was terminated on January 15, 2026. A new Business Combination Agreement was entered into on March 6, 2026 with Smart Kreate Group Limited at an enterprise value of US$200 million. Former CEO Hui Chen was replaced by Zihan Chen on February 11, 2026. The trust account balance fell from $73.1 million to $19.2 million after redemptions of 5,199,297 shares for approximately $55.2 million at the January 10, 2025 special meeting. The redemption value per share was $11.34 at year-end 2025 vs $10.60 at year-end 2024. The company recorded a $551,522 excise tax liability. It had a working capital deficit of $2.6 million and only $1,195 cash. Why it matters: The filing is extremely material because the SPAC abandoned its prior target, has a new deal with Smart Kreate Group, replaced its CEO, burned through most of its cash, has a negative working capital position, faces a May 10, 2026 deadline for the new deal, and carries a going concern qualification from its auditor. The trust value per share is $11.34. At least $1.04 million in promissory notes from the failed KM QUAD deal became due upon that deal's termination. The company is at high risk of failing to close the new deal and liquidating.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025. The filing reports extensive governance turmoil and a new deal pipeline. CEO Lynn Stockwell was removed on February 28, 2026, after an affiliate sponsor withdrew $1.3 million from an affiliated SPAC's working capital and could not repay it; the sponsor is now under a standstill and acknowledged it cannot provide working capital. Roger Bendelac was appointed CEO. The original sponsor has defaulted on a $1.1 million subscription note, leaving 45,092 shares subject to cancellation. A new investor, BV Advisory Partners, provided a $100,000 interim convertible note toward a $500,000 facility and introduced a target — Power Analytics Global Corp. — for which a non-binding LOI was signed on April 7, 2026, with an anticipated valuation of approximately $1.0 billion. The redemption deadline has been extended by proxy to April 29, 2027, with per-month deposits of $0.04 per unredeemed public share. Why it matters: This filing signals a near-complete collapse of the original sponsor structure and a rushed pivot to a new deal. The trust per-share value as of December 31, 2025, was $10.43. Shareholders must watch the April 27, 2026 vote on the extension and any redemption deadline closely, as the SPAC has negligible cash outside trust ($6,137 cash, $363,981 working capital deficit) and is dependent on BV Advisory's funding. The Power Analytics LOI at a $1 billion valuation is preliminary and may change materially.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Form 10-K annual report. The document reports the Company's first full fiscal year of operations following its April 2025 IPO. Key events include the September 2025 sponsor change (TV Partners III, LLC sold its founder shares and private placement warrants to Yorkville Acquisition Sponsor II, LLC), the December 2025 amendment to the warrant agreement to reclassify NMSI Private Placement Warrants from liability to equity, and the public announcement in February 2026 of ongoing discussions with Trump Media & Technology Group Corp. regarding a potential business combination with a SpinCo entity containing Truth Social. The trust account held $232,460,533 at year-end, representing $10.33 per share. Why it matters: The document confirms the trust value is above the $10.05 floor at $10.33 per share; the deadline for a business combination is October 25, 2026 (18 months from the IPO). The sponsor change introduces new management and directors, and a potential de-SPAC target has been publicly identified, but no definitive agreement has been signed. The document also includes risk factors discussing geopolitical tensions and tariffs.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Hall Chadwick Acquisition Corp., a newly-public SPAC. The filing is the first 10-K since the SPAC's November 2025 IPO. Key developments: (1) On April 1, 2026, the Company announced a non-binding letter of intent with REEcycle Holdings, Inc. for a proposed de-SPAC business combination. (2) The filing states the trust was funded with $207 million ($10.00 per unit) at IPO close on November 24, 2025. (3) The Company had working capital of $652,229 as of December 31, 2025, and its auditor's report includes a going concern explanatory paragraph. (4) The auditor valued the public rights using a probability-weighted binomial model (base case 17% probability of De-SPAC). (5) The filing provides a liquidation deadline of November 24, 2027, and states the Company 'does not expect to extend' beyond 36 months. (6) The filing discloses that CEO Alex Bono's prior SPAC, FAT Projects Acquisition Corp., liquidated in February 2024 after failing to complete a business combination. Why it matters:
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Horizon Space Acquisition I Corp. (HSPO), a blank-check SPAC searching for a business combination. The Business Combination Agreement with Squirrel Enlivened was terminated effective October 3, 2025, with no termination fee. The company voluntarily delisted from Nasdaq on December 12, 2025, and now trades on the OTC market. Through four shareholder meetings, the deadline to complete a business combination was extended to April 27, 2026 (no further extension fee required). Massive redemptions reduced public shares subject to redemption from 1,857,989 at year-end 2024 to just 93,484 at year-end 2025. Trust account assets fell from $21.3 million to $1.18 million. The company has a working capital deficit of $3.63 million and only $35,894 cash on hand. A new auditor (TAAD LLP) was appointed in January 2026. Material weaknesses in internal control over financial reporting were identified. Why it matters: The SPAC has essentially depleted its trust and faces a hard deadline of April 27, 2026, with no announced target. The low trust value ($12.622 per share as of December 31, 2025) reflects heavy redemptions, and the company’s ability to continue as a going concern is in substantial doubt. Without a new business combination, shareholders face liquidation with likely minimal proceeds after expenses. The delisting to OTC reduces liquidity. Sponsor and related-party loans (total $1.8 million working capital loans, $2.16 million extension notes) indicate reliance on sponsor support, but conversion features could dilute further. Investors should monitor for any new deal announcement or liquidation timeline.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025, filed by Inception Growth Acquisition Ltd. The company extended its business combination deadline to May 13, 2026 (with further extensions possible to August 13, 2026), entered six amendments to the AgileAlgo Business Combination Agreement (extending the outside closing date to October 14, 2025 and adjusting the earnout period), reported a trust account balance of $2,247,283 ($12.73 per public share) as of December 31, 2025, incurred a net loss of $1,007,157 for FY2025, and recorded additional sponsor loans of $1,540,000. The company’s securities were delisted from Nasdaq and now trade on OTC Markets. Why it matters: This filing provides the current trust account value, per-share redemption price, and deadline status, which are critical for investors assessing redemption opportunities and deal progress. It details the extension mechanics, sponsor financial support, and the status of the AgileAlgo merger, including earnout provisions and closing conditions.
●What changed:10-K Annual Report for the fiscal year ended December 31, 2025. Trust account holds $504,933,800 ($10.10 per public share, up from $10.00 IPO price). Sponsor withdrew $1,345,844 from working capital, leaving $812,113 unrecoverable due from sponsor; full reserve taken. CEO Lynn Stockwell removed on Feb 28, 2026 after sponsor unable to repay; Roger Bendelac appointed CEO. Sponsor entered standstill agreement. Bridge financing of $150,000 (Mar 11) and $300,000 (Mar 30) from Alpha Multi Family Office secured; total planned $1.4M. No business combination target selected. Working capital deficit of $274,827; going concern substantial doubt. Why it matters: Sponsor misconduct (unauthorized withdrawal, inability to repay) signals severe governance failure and cash crisis. With only $223 cash and minimal working capital, the SPAC may struggle to fund operations and due diligence before the 24-month deadline (Sept 2027). Trust value per share is $10.10, but the sponsor's indemnification capacity is in doubt. New CEO and financing provide some hope, but no target or definitive agreement exists.
●What changed:Form 10-K annual report for Constellation Acquisition Corp I for the fiscal year ended December 31, 2025, a blank-check SPAC that has announced a business combination with HiTech Minerals Inc. Trust per share as of Dec 31, 2025 was $13.37, with only $859,443 remaining in trust after heavy redemptions. The company had a working capital deficit of $6,702,247 and only $4,966 in operating cash. In the MD&A the company states its deadline to close a deal is April 29, 2026 (or no later than Jan 29, 2027). The report confirms that on Jan 27, 2026, public holders of 17,773 shares redeemed at ~$13.39, reducing public float to just 46,529 shares. On April 9, 2026 (subsequent event), the company entered a Business Combination Agreement with HiTech valued at $500mm equity. Sponsor loans are being converted into PubCo Loan Warrants and a $1.55M convertible preferred was bought by an Antarctica affiliate with a $2.5M PIPE commitment. The auditor's opinion includes a going-concern paragraph. Why it matters: This filing provides the definitive mechanics for the long-awaited HiTech deal: trust value, sponsor loan treatment, convertible preferred terms, and deadline risk. The trust is nearly empty (~$628k after the Jan 27, 2026 redemption), making the $2.5M PIPE commitment critical for the Minimum Cash Condition. The sponsor has waived anti-dilution and agreed to a lock-up. The filing also discloses the extension to Jan 29, 2027 and the redemption history, which shows just 46,529 public shares remain — giving public holders almost no vote but a meaningful redemption right at a high trust value.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report (Form 10-K) for Blue Water Acquisition Corp. III for the fiscal year ended December 31, 2025. Trust value increased to $258,796,563 ($10.23 per Public Share) from $0. On November 25, 2025, a new sponsor, Yorkville BW Acquisition Sponsor, LLC, replaced the prior sponsor, purchasing all 6,325,000 Founder Shares and 430,000 Private Placement Units for $7,200,000. The prior board and officers resigned; a new board (Mark Angelo, Kevin McGurn, Devin Nunes, Scott Glabe, Mark Hiltwein) and management (CEO Kevin McGurn, CFO Troy Rillo) were appointed. The prior sponsor received a distribution of $188,273. The administrative services agreement was terminated. On January 26, 2026, a $500,000 convertible working capital note was issued to the new sponsor. A material weakness in internal control over financial reporting was disclosed, along with a going concern qualification. The deadline to complete a business combination is June 11, 2027. Why it matters: The sponsor change represents a strategic shift. The new team, with ties to Yorkville Advisors and Trump Media & Technology Group Corp (TMTG) (CEO Devin Nunes, General Counsel Scott Glabe), suggests future deal focus may involve media, technology, or defense-adjacent sectors, deviating from the prior stated focus on biotech and healthcare. The trust, at $10.23 per share, is healthy and provides deal currency. However, the company is still searching for a target with limited operating cash and a going concern warning. Exercise of redemption rights by public shareholders could impair deal execution.
●What changed:Form 10-K annual report for the fiscal year ended December 31, 2025. The registrant filed this routine compliance exhibit reporting that it remains a pre-IPO blank check company with zero operating revenues, $0 cash, and a $342,760 working capital deficit. Regarding mechanics, management relies on a $550,000 Sponsor promissory note ($507,461.31 drawn as of April 8, 2026) and may access up to $1,500,000 in convertible working capital loans. The trust framework is established at an initial $10.00 per public unit, featuring a 15-month business combination period extendable by two three-month increments, public warrants exercisable at $11.50, and deferred underwriting fees set at 3.0%. Substance-wise, the filing discloses a March 26, 2026 Settlement Agreement resolving an arbitration with Chardan Capital Markets seeking $15,000,000 or more in capital-raising fees. The registrant states the agreement allocates underwriting compensation 50/50 between Chardan and D. Boral Capital LLC, contingent entirely on the IPO closing by a long-stop date of May 25, 2026; otherwise, proceedings resume and liability exceeds $15,000,000. Additionally, management identified material weaknesses in internal controls spanning segregation of duties, written documentation, and accounting staff resources.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by ChampionsGate Acquisition Corporation, a blank-check company still searching for a business combination. The company completed its IPO on May 29, 2025 (7,475,000 units at $10.00, gross $74.75 million; private placement $2.3 million). Trust account holds $76.9 million ($10.29 per share, up from $10.00 due to interest). Working capital deficit of $77,569; cash outside trust only $17,251. Going concern doubts raised. Former CEO resigned July 31, 2025; Timothy Lim appointed CEO/Chairman in October 2025. Sponsor's sole director/manager passed away in August 2025, creating control uncertainty. Material weaknesses in internal controls identified. Net income of $1.175 million solely from trust interest. Outstanding working capital loans of $151,671. No business combination announced; deadline November 29, 2026 (extendable to up to 27 months). Why it matters: Trust value per share of $10.29 provides a modest premium for redemptions. Extremely limited working capital raises risk of inability to operate until a deal closes. Sponsor control uncertainty after key person death may impair ability to fund extensions or close a transaction. Material weaknesses signal potential financial reporting risks. Investors must monitor for deal announcements, sponsor funding of extensions, and potential liquidation if no deal by deadline.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025. According to the filing, the trust account holds $8,813,038 as of December 31, 2025, with approximately $8,619,296 remaining after shareholder redemptions. The sponsor deposited $388,504 into the trust ($90,000 for a three-month extension ending February 9, 2025, and $298,504 through December 2025) to satisfy monthly continuation requirements, formally extending the mandatory liquidation deadline to September 9, 2026. Public share redemptions occurred on November 7, 2024 (10,438,037 shares tendered for $114,357,720 at $10.95 per share) and September 11, 2025 (324,420 shares tendered for $3,791,334 at approximately $11.68 per share), reducing the public float to 4,208,042 shares. On deal progress, the company states it entered a definitive business combination agreement on August 22, 2025 with Cartiga, LLC for an equity value of $540,000,000, targeting a first quarter 2026 closing contingent on securing an Available Closing Buyer Cash condition of at least $40,000,000. Sponsor conduct disclosures show the sponsor advanced loans bringing the related party promissory note balance to $1,710,000 as of year-end, followed by two subsequent notes of $40,000 in January 2026 and $250,000 in February 2026 to fund ongoing obligations. The filing also reports that the company has generated zero operating revenues, employs three executive officers and six directors focused on the deep technology and data analytics sector, and identifies a material weakness in internal controls regarding the timely accrual of vendor expenses alongside a working capital deficit of $3,434,050. Why it matters: The disclosures confirm the SPAC has secured a named acquisition target but faces a structural liquidity shortfall, as the remaining ~$8.6 million in the trust falls significantly short of the $40 million cash condition required for the Cartiga transaction. This dynamic forces public shareholders to choose between approving the merger without full redemption or facing potential cancellation risks if the cash threshold cannot be met before the September 9, 2026 deadline. The entity's reliance on sponsor debt ($1,710,000 pre-filing plus $290,000 drawn subsequently) and the explicit going concern warning highlight that the merger's consummation is now operationally mandatory rather than optional. Additionally, the newly disclosed material weakness in expense accrual controls introduces execution and compliance scrutiny ahead of the expected Q1 2026 regulatory filings.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Starry Sea Acquisition Corp.'s first annual report on Form 10-K for fiscal year ended December 31, 2025, filed April 2, 2026 — a blank-check/SPAC annual filing covering the IPO, trust account, business combination search, and the status of the proposed Forever Young transaction. No definitive business combination agreement has been signed. The September 29, 2025 letter of intent with Forever Young International Limited remains in an exclusivity period, with pre-money equity value of approximately $750 million to $900 million and consideration expected as rollover equity in the post-closing entity at $10 per share. The trust account held $58,363,263 at December 31, 2025, and the 5,750,000 public shares subject to possible redemption were carried at $10.12 per share. Cash outside the trust was $112,134 and working capital was $379,066. The 15-month combination period is measured from August 7, 2025 — the registration statement's effective date, also described in the filing as 15 months from closing — and no extension has been approved. The over-allotment was exercised in full, 201,250 representative shares were issued, and no founder shares were forfeited. Why it matters: For investors tracking redemption and liquidation mechanics, this filing establishes the year-end trust value and per-share redemption amount, confirms the company remains in search mode with only a non-binding LOI, and highlights limited cash outside trust ($112,134) against ongoing public-company costs and the risks of running to the deadline. If completed, the proposed Forever Young deal would be valued at roughly $750 million to $900 million pre-money, but the lack of a definitive agreement, potential public-share redemptions, and possible extension or liquidation remain the key open items.
●What changed:Annual Report on Form 10-K for fiscal year ended December 31, 2025 — the first such filing since NewHold III's IPO in March 2025. Initial 10-K filing. Trust account totals $209.22 million ($10.40 per public share). No business combination has been announced or completed. Auditor includes a going concern emphasis: if no deal by March 3, 2027, the SPAC will liquidate. NewHold II (prior SPAC) was dissolved and liquidated in May 2023 without a deal. $453k in deferred compensation accrued, payable only if a deal closes. No extension has been sought or approved. Why it matters: Provides the first audited look at trust value, operating burn, and sponsor track record. The going concern language is standard for early-stage SPACs but underscores the ticking clock. The disclosure that NHIC II liquidated without a deal is a negative signal for the sponsor's ability to execute. The 10-K confirms the redemption mechanics and the $10.40 per share trust value as of year-end.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed:Annual Report on Form 10-K for the period from inception (April 3, 2025) through December 31, 2025, filed pre-business combination. First 10-K since IPO; no business combination identified. Trust account ~$288M ($10.00 per share initially). Deadline 18 months from IPO (Feb 12, 2026) with one 3-month extension. Disclosure controls ineffective due to limited staffing. No changes to redemption, sponsor terms, or extension mechanics. Why it matters: Confirms trust value, deadline, and extension options. Discloses material weakness in internal controls. No new deal or target announced; searching status confirmed.
●What changed:Form 10-K annual report for fiscal year ended December 31, 2025. Trust value per share $12.37 (as of March 27, 2026); deadline extended to November 15, 2026; $100,000 dissolution expense reimbursement agreement; $1.25 million senior note issued (net $1.0 million); 393,146 shares redeemed for $4.76 million in October 2025; business combination with Phytanix Bio terminated April 7, 2025; securities moved from OTCQB to OTCID; material weakness in internal controls identified; net loss of $1.33 million for 2025; trust account decreased to $766,224 from $5.29 million due to redemptions; sponsor contributed monthly extension payments of ~$4,557 and later $626 per month Why it matters: Provides updated financial condition, trust value above redemption floor, extended deadline reduces immediate liquidation risk, but failed deal and OTC listing increase uncertainty; control weakness may concern investors; sponsor commitment to fund extensions provides some runway
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Cantor Equity Partners VI, Inc. (CEPS), a blank check SPAC that consummated its IPO on February 6, 2026. The filing covers the period immediately before and concurrent with the SPAC's IPO. It reports a pre-IPO working capital deficit of ~$201,000, $84,705 in related-party notes, and $138,857 in deferred offering costs. Subsequent to year-end, the IPO closed with 11,500,000 Class A shares at $10.00, generating $115 million in trust (plus $3 million from a private placement to the sponsor). The trust account holds $10.00 per public share. The company has a 24-month deadline (February 6, 2028) to complete a business combination, with no limit on extensions but a stated expectation of not exceeding 36 months. Sponsor founder shares were retroactively reduced via cancellations in August and December 2025. Why it matters: This is the SPAC's foundational annual report. It establishes the trust value ($10.05 per share as of filing date, though the trust initially held $10.00), the redemption mechanics, the business combination timeline, and the sponsor's financial interests (including the low-cost founder shares and a $1.75 million working capital loan commitment). It also details potential conflicts of interest with affiliates, the 15% redemption limit, and the absence of any current business combination target. For investors, this filing is critical for understanding the exact redemption price, the deadline for a deal, and the sponsor's incentives.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by ClearThink 1 Acquisition Corp., a blank check company that completed its initial public offering in February 2026 and is still searching for a business combination target. This is the first annual report after the IPO. It confirms the IPO raised $125,150,000 in gross proceeds, with $125,150,000 deposited in the trust account (approximately $10.00 per public share). The deadline to complete a business combination is November 25, 2027 (21 months from the IPO closing). The sponsor holds founder shares and private units; the founder shares were acquired for $25,000. The report details redemption rights, sponsor indemnification obligations, and conflicts of interest. The company had no operations and reported a net loss of $46,492 from inception through December 31, 2025. Why it matters: This filing provides the first audited financials and full disclosure post-IPO, confirming the trust account value per share, the redemption deadline, and the sponsor's low-cost stake. Investors can assess the timeline, dilution risk, and the terms under which they may redeem shares. The filing also highlights risks such as potential inability to complete a business combination within the deadline and sponsor conflicts.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by FG Imperii Acquisition Corp., a blank-check company that completed its IPO in January 2026. This is the company's first 10-K, covering its formation and pre-IPO period (September 16, 2025 through December 31, 2025). As a subsequent event, the filing reports the consummation of its initial public offering (20,000,000 units at $10.00/unit, $200M gross), simultaneous private placement (275,000 private units and 1,000,000 $15 warrants for $2.85M), and partial exercise of the over-allotment (2,750,000 additional units for $27.5M) in January 2026. The sponsor forfeited 62,500 founder shares due to the partial over-allotment. Trust proceeds are approximately $10.00 per public share. The company now has 24 months (to January 2028) to complete a business combination, with redemption and liquidation provisions described in detail. Why it matters: This filing provides the first audited financial statements and definitive terms of the SPAC's IPO, trust size, warrant structure, sponsor economics, and governance provisions. Investors tracking redemption deadlines, trust value, and sponsor conduct now have a baseline reference. The document confirms that the SPAC is actively searching for a target in the financial services industry and has a standard two-year completion window.
●What changed:Annual Report on Form 10-K for Cantor Equity Partners V, Inc. for the fiscal year ended December 31, 2025, filed March 31, 2026. This is the first annual report after the company's initial public offering on November 5, 2025. The company completed its IPO of 25,000,000 Class A ordinary shares at $10.00 per share, generating $250 million in gross proceeds, plus a $5.4 million private placement to the sponsor. The trust account held $251,587,731 as of December 31, 2025, equal to $10.06 per public share. The company has until November 5, 2027 to complete a business combination. No business combination has been announced or entered into. Operating expenses for 2025 were $187,125, interest income was $1,417,300, resulting in net income of $1,230,175. Cash outside trust was $169,132. The sponsor has committed up to $1.75 million in working capital loans, none drawn as of year-end. The company adopted an insider trading policy and a clawback policy. Why it matters: This 10-K provides the first audited financial statements since the IPO, confirming the trust account balance and per-share redemption value. It establishes the baseline for tracking cash burn, interest income, and progress toward a business combination. The filing also contains detailed disclosures on sponsor conflicts, redemption mechanics, and the terms of the business combination marketing agreement, which are critical for investors assessing the SPAC's governance and timeline.
●What changed:Annual Report on Form 10-K. First annual report since IPO in December 2025. Reports trust account of $345,917,508 as of Dec. 31, 2025, net income of $477,607, and working capital of $944,106 outside trust. Deadline: 18 months from IPO (June 2027) or 24 months if definitive agreement signed by June 2027. No business combination announced. Sponsor holds 12.5M founder shares (26.3%) and 600K private units. Advisory board includes Donald Trump Jr., Eric Trump, and Kyle Wool. Directors include Kevin McGurn (CEO), who also serves as CEO of Yorkville Acquisition Corp. (YORKU), which announced a merger with Trump Media & Crypto.com in August 2025. Director Luisa Ingargiola serves on the board of D. Boral ARC Acquisition I Corp. (BCARU), which announced a merger with Exascale Labs in January 2026. The filing discloses material weaknesses in internal controls due to limited personnel. The company is searching for a target. Why it matters: This is the first detailed look at the company's cash position, expenses, and timeline since its IPO. The $345M trust is intact with no redemptions reported. The presence of Trump family members on the advisory board and the company's focus on 'revitalizing domestic manufacturing' and 'critical supply chains' suggest a politically-connected deal flow. The CEO's dual role at Yorkville (which already has a deal) raises questions about deal allocation. The material weakness in internal controls is a red flag for governance. Trust per-share is $10.02 vs. $10.00 par, giving a small buffer.
●What changed:Annual report on Form 10-K for fiscal year ended December 31, 2025, filed by LightWave Acquisition Corp. (LWAC), a blank-check company still searching for a business combination. First annual report since inception and IPO. Trust account value grew from initial $215,625,000 to $220,079,851 (trust per share $10.21, up from $10.00). Cash outside trust is $808,775; working capital $763,437. Net income of $3,633,569 from trust interest and operating account income offset by expenses. Auditor added a going concern explanatory paragraph citing projected working capital deficit and significant future costs. No business combination announced; deadline remains June 26, 2027 (24 months from IPO). Sponsor and officers continue to waive redemption rights. No extension, no litigation, no material changes to sponsor conduct. Why it matters: Trust per share of $10.21 provides a slight buffer above redemption price, but the going concern warning highlights liquidity risk if a deal is not consummated soon. The working capital deficit ($763,437) may be insufficient to cover due diligence and transaction costs through the full 24-month period. The filing confirms no deal progress and no extension mechanism, reinforcing the redemption deadline.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025, filed by Silicon Valley Acquisition Corp., a recently-IPO'd blank check company (SPAC). No business combination has been announced; the Company states it has not selected any target (filing: Item 1. Business, 'we have not selected any specific target business'). The IPO closed December 24, 2025, with 20,000,000 units at $10.00/unit ($200 million gross); over-allotment option was exercised in full on January 7, 2026, adding 1,500,000 units ($15 million gross). After over-allotment, trust holds $221,550,000 ($10.00 per unit). The filing is the first 10-K since the IPO and contains standard pre-deal boilerplate. No extension or amendment activity is reported. Sponsor holds 7,165,950 founder shares (24.4%). Why it matters: This is the first annual filing revealing the SPAC's post-IPO financial condition and confirming it is still searching for a target with a December 24, 2027 deadline. Key mechanics for investors: trust per-share value is $10.00; no redemptions have occurred; no target or letter of intent is disclosed. The filing also discloses the forfeiture of 499,950 Class B founder shares following the partial over-allotment expiration, reducing total Class B shares outstanding to 7,165,950. The Company adopted an insider trading policy and a clawback policy, both filed as exhibits.
●What changed:Annual Report on Form 10-K for fiscal year ended December 31, 2025, filed by YHN Acquisition I Limited (YHNA), a blank check SPAC that has entered into a business combination agreement with Mingde Technology Limited. First annual report since IPO (Sept 2024). Key changes: (1) Entered binding business combination agreement with Mingde Technology Limited (online sports platform) in April 2025, amended multiple times to restructure consideration ($200M base plus up to $80M earnout). (2) At December 2025 shareholder meeting, 3,464,179 shares redeemed for $36.65M, reducing trust from $61.1M to $27.1M. Trust per-share value rose to $10.67 from $10.18 due to redemptions and interest. (3) Extension approved to September 19, 2026 (three possible 3-month extensions). Two extensions used so far, current deadline June 19, 2026. (4) Working capital deficit of $692,191; cash $140,550; sponsor advance $790,038. (5) Net income of $1.33M (2025) vs $0.50M (2024) from trust interest/dividends. (6) Going concern warning if business combination not completed by deadline. Why it matters:
●What changed:10-K (Annual Report) for fiscal year ended December 31, 2025. SPAC completed its $300.15M IPO on May 1, 2025, depositing $10.00 per share into trust. On Oct 24, 2025, it signed a non-binding LOI with OnMed LLC for a potential business combination, but the LOI expired on March 23, 2026 without a definitive agreement. Vikas Mittal was appointed CFO in June 2025. Trust account held $308.66M ($10.28 per share) as of Dec 31, 2025. Net income of $7.9M for FY2025 entirely from trust interest. No business combination yet; the company has until May 1, 2027 to complete a deal. Why it matters: The LOI expiration confirms the OnMed deal has failed, resetting the search. Trust value per share has grown to $10.28, above the $10.00 IPO price, providing some cushion. Management has changed with a new CFO. The company remains a shell with no operations and faces a May 2027 deadline; any future target announcement will be critical.
●What changed:Form 10-K (Annual Report) filed by Xsolla SPAC 1, a blank-check company, for the fiscal year ended December 31, 2025. This is the first annual report of the newly formed SPAC. The filing confirms the following mechanics: the trust held $204,193,850 as of February 2, 2026 following the IPO, partial over-allotment exercise and private placement. As of December 31, 2025, the SPAC had no cash and a working capital deficit of $270,009. The deadline to complete a business combination is 24 months from January 30, 2026 (i.e., January 30, 2028). No target has been selected, and no substantive discussions with any target have occurred per the company's own statement. A key post-balance-sheet event is the filing's disclosure that on March 11, 2026, the underwriters forfeited the remaining 2,580,615 over-allotment option Units, resulting in the Sponsor surrendering 860,205 founder shares to the company for no consideration. This reduced the class B share count and eliminated the related over-allotment liability of $160,600 against accumulated deficit. Why it matters:
●What changed:Annual report (Form 10-K) for the fiscal year ended December 31, 2025, filed by a blank-check company still searching for a business combination target. No business combination has been announced or agreed; no target has been selected. The trust account held $172,766,306 as of December 31, 2025, equal to approximately $10.01 per public share. The company has a deadline of December 15, 2027, to complete a deal. Cash outside the trust was $693,507, with a working capital surplus of $629,375. Management disclosed substantial doubt about going concern and noted it may seek additional financing or an extension. There were no changes to the redemption mechanics or sponsor conduct. Why it matters: This is the first full-year report since the IPO, establishing the baseline trust value per share ($10.01) and the 24-month deadline. The filing details management’s past SPAC track record (including liquidations and a target that later filed for bankruptcy), the strategy of focusing on non-U.S. targets in oil and gas, and the financial runway. It confirms the SPAC is still searching with no deal imminent, which is critical for redemption timing and risk assessment.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by FutureCrest Acquisition Corp. (FCRS), a blank check company (SPAC) in the searching stage. This is the first 10-K following the IPO. The trust account held $290,305,113 as of December 31, 2025, representing $10.10 per public share (28,750,000 shares). Net income of $2,404,209 was generated from interest on trust investments. Cash outside trust was $869,527. No business combination target has been selected; no extension or amendment to the deadline (24 months from IPO, i.e., September 29, 2027). Sponsor and officers waived redemption rights on founder shares. All material terms from the IPO are reaffirmed. Why it matters: This filing establishes the baseline financial condition and trust value for shareholders tracking redemption mechanics. It confirms the trust per-share value at $10.10 (not $10.28 as in the prompt), provides the deadline, and notes the SPAC remains in searching status with no deal announced. The disclosure also details executive compensation, conflicts of interest, and cybersecurity risks. It is a routine but informative annual report for a newly public SPAC.
●What changed:Annual report (10-K) filed by Titan Acquisition Corp., a blank-check SPAC, for the fiscal year ended December 31, 2025. It is the SPAC's first full-year filing (a pre-business-combination shell company). No business combination has been announced or consummated. The SPAC completed its IPO on April 10, 2025, raising gross proceeds of $276,000,000 from 27,600,000 units (including over-allotment). Simultaneously, it sold 8,110,056 private-placement warrants for $8,110,056. Total trust proceeds deposited were $277,380,000 ($10.05 per public share). As of December 31, 2025, the trust had grown to $285,607,085 due to unrealized gains of $8,227,085. The SPAC reports net income of $7,236,195 for 2025 versus a net loss of $253,240 for the prior stub period. No target has been selected; management states it has engaged in no substantive discussions. The mandatory deadline to complete a business combination is April 10, 2027 (24 months from IPO). Why it matters: Investors should monitor the ticking clock (deadline April 10, 2027) and the trust value ($10.53/share as of Dec 31, 2025). The filing confirms a 15% redemption cap without consent if a shareholder vote is sought, and a net-tangible-asset floor of $5,000,001. Sponsor and management have waived redemption rights on founder shares and have locked up founder shares for one year post-deal. The filing also notes that the SEC's 2024 SPAC Rules (effective July 1, 2024) may affect deal costs and timelines. No material litigation or disagreements with accountants are reported.
●What changed:Annual Report on Form 10-K for fiscal year ended December 31, 2025 (first 10-K post-IPO for a SPAC in searching status). Company transitioned from pre-IPO blank check to post-IPO public SPAC on December 3, 2025. Filing reports IPO gross proceeds of $220 million, trust account of $220,645,454 ($10.03 per share), and net income of $150,959 for the period from inception (June 9, 2025) through December 31, 2025. No business combination target has been identified. Post-balance-sheet event: on March 26, 2026, the Company entered into a Consulting Services Agreement with Samara Capital Advisors, LLC, a related party wholly owned by director Vikas Mittal, under which the Company will pay up to $50,000 per month for staffing costs to support transaction readiness and business combination activities. Why it matters: Trust value per share is $10.03, slightly above $10.00 due to interest. Deadline to complete a business combination is December 3, 2027 (24 months from IPO). The new consulting agreement indicates the Company is allocating working capital to personnel costs, potentially signaling active deal pursuit; the related-party nature and $50k/month cost warrant monitoring for sponsor compensation. No redemptions have occurred yet. The Company has $2.6 million in cash outside trust for operations.
●What changed:10-K annual report for fiscal year ended December 31, 2025, filed by Helix Acquisition Corp. III (HLXC), a blank check company. First annual report since IPO (January 26, 2026). Reports no operations, net loss of $51,482, IPO proceeds of $172.5 million placed in trust ($10.00 per share), private placement of $4.975 million, transaction costs of $7.5 million. Sponsor holds 4,312,500 Class B shares (21.5% of total) acquired for $25,000. Deadline to complete initial business combination is 24 months from IPO (January 26, 2028). No business combination target identified. Provides detailed risk factors and redemption mechanics. Why it matters: Establishes baseline trust value ($10.00 per share), deadline (Jan 2028), sponsor cost basis ($0.006 per founder share, significant dilution potential), and redemption procedures. Critical for investors monitoring timeline, sponsor incentives, and potential for value erosion.
●What changed:Infleqtion, Inc. — formerly Churchill Capital Corp X (Nasdaq: CCCX) — filed its 10-K for fiscal year ended December 31, 2025, its first annual report after the deSPAC. Timeline recited: CCX incorporated in the Cayman Islands January 4, 2024; IPO consummated May 15, 2025; Merger Agreement with ColdQuanta, Inc. (d/b/a Infleqtion) signed September 8, 2025; shareholders approved the business combination at a February 12, 2026 special meeting, on which date CCX deregistered from the Cayman Islands and domesticated in Delaware as Infleqtion, Inc., converting Class B into Class A and then into common stock one-for-one. The business combination closed February 13, 2026, and the listing moved from Nasdaq to the NYSE with tickers changing from CCCX/CCCXW to INFQ/INFQ WS. As of March 20, 2026 there were 216,471,927 shares of common stock outstanding; non-affiliate unit market value at June 30, 2025 was $426,448,980. Why it matters: Confirms the CCCX deSPAC is complete: the SPAC is now NYSE-listed quantum company Infleqtion (INFQ) with 216.5 million shares outstanding, so any SPAC-stage tracking of CCCX should be closed out as of February 13, 2026.
What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Per the filing, there are no changes to the trust mechanics or redemption deadline, as the initial public offering only recently closed on December 19, 2025. Management confirms the Trust Account holds $230,229,221 (approximately $10.01 per share). The liquidation window remains fixed at 24 months, expiring on December 19, 2027. No shareholders have exercised redemption rights to date, and the company continues its active search for a target business. Why it matters: Investors using this filing to track SPAC mechanics can verify the exact distributable trust value upfront and confirm that ongoing operational expenses ($134,521 in general and administrative costs) are funded exclusively from off-trust working capital ($1,414,047 in cash), preserving principal deposits. The document further establishes downstream financial obligations that will impact net proceeds: a $9,800,000 deferred underwriting commission payable solely upon business combination completion, and a continuing $10,000 monthly administrative fee payable to sponsor Petit Monts LLC. With no litigation, revenue, or acquisition strategy finalized, this serves as a baseline compliance snapshot rather than a catalyst for trust reallocation.
●What changed:Annual Report on Form 10-K for fiscal year ended December 31, 2025. First annual report since IPO. Reports trust account balance of $258.96M ($10.27 per share as of Dec 31, 2025), net income of $498k for 2025 (interest income of $7.03M offset by operating costs of $6.53M). Discloses ongoing business combination with Air Water (announced August 25, 2025) with expected closing in Q2 2026. Includes going concern disclosure due to limited liquidity outside trust, but management expects to complete the business combination before the April 28, 2027 deadline. Why it matters: Confirms trust value per share has increased from $10.00 to $10.27 due to interest. Provides audited financials and updates on the Air Water deal progress. The going concern note highlights risk if deal fails, but no change to redemption deadline or trust mechanics.
●What changed:10-K Annual Report for fiscal year ended December 31, 2025. First annual report after IPO. Reports no operating revenues, net income of $104,840 from trust interest, trust value of $172.8 million ($10.02 per share), $1.27 million cash outside trust. No business combination target selected. Deadline is May 25, 2027 (extendable to November 25, 2027). Sponsor controlled by Nukkleus Inc. (NASDAQ: NUKK). Why it matters: Establishes baseline financial position and trust value per share. Confirms no deal progress, sets redemption and extension timeline. Discloses sponsor structure and potential conflicts of interest with Nukkleus. Material for tracking deadline and trust mechanics.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025. First annual report since IPO; details IPO proceeds of $350M deposited into trust at $10.00 per share, sponsor compensation of $6.2M in membership interests granted to directors and officer, forfeiture of 1,312,500 Founder Shares upon over-allotment expiration, and ongoing search for a business combination target with focus on AI/LLM companies. Why it matters: Confirms initial trust value of $10.00 per share, provides transparency on sponsor conduct including significant non-cash compensation, establishes no deal yet with a deadline of February 2028, and outlines the company's target criteria and management team.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Cal Redwood Acquisition Corp., a Cayman Islands blank-check company (SPAC) searching for a target. This is the SPAC's first annual report since its IPO on May 27, 2025. Key mechanics: trust value was $10.24 per share at year-end, up from the initial $10.00 per share due to interest earned ($5,633,565). The trust held $235,633,565 at December 31, 2025. The deadline to close a business combination is May 27, 2027 (24 months from the IPO). No deal, letter of intent, or extension has been announced. Sponsor holds 25.6% of outstanding shares. A non-managing sponsor investor, Meteora Capital, owns 7.3% of shares. Net income was $5,054,949, entirely from trust interest. Why it matters: This filing confirms that CRA is an early-stage pre-deal SPAC with a strong trust balance ($10.24/share) and a standard two-year deadline. The primary material items for investors are the redemption mechanics and sponsor stake. No deal risk, no extension request yet. The filing details the sponsor’s strong control (25.6% ownership, controls board appointments pre-deal) and the detailed redemption/tender process. It also flags a going concern risk (if a deal fails), but management states it has sufficient working capital within one year. Founders' shares are locked up for one year post-deal or until share price hits $12.00 for 20 of 30 trading days after 150 days.
●What changed:Annual Report on Form 10-K for fiscal year 2025, including audited financial statements and management discussion, for a blank-check company that has announced a business combination. Filing discloses the Business Combination Agreement with DRC Medicine Inc. (signed June 30, 2025), a shareholder-approved extension of the combination deadline to January 16, 2027, and a subsequent redemption of 1,436,867 Class A shares (~$14.9 million at ~$10.40 per share) on January 9, 2026. The trust account balance fell accordingly. The report also notes a working capital deficit, a going concern qualification, and adoption of new segment reporting standard. Why it matters: Investors tracking redemption deadlines and trust value need to note the redemption event (30% of public shares redeemed) and the extended deadline. The trust per-share value after redemptions is approximately $10.40, but the trust balance is now reduced. The filing confirms the deal is progressing but includes risk factors about completing the business combination. The going concern warning indicates liquidity risk if the deal fails.
●What changed:Annual Report on Form 10-K for Yorkville Acquisition Corp. for the year ended December 31, 2025. This is the Company's first 10-K since its IPO (June 30, 2025). It is still searching for a business combination. On August 25, 2025, the Company signed a Business Combination Agreement to contribute 6,313,000,212 Cronos tokens (CRO) to a new entity, Trump Media Group CRO Strategy (TMGCS), with closing consideration including 100 million Class B shares to Crypto.com Sub, 10 million Class A shares and three earnout warrants to TMTG, a backstop to keep at least $200 million in trust, a $250,000 working capital note from the sponsor on February 11, 2026, and a separate voting agreement governing board composition. Why it matters: The 10-K details the definitive proposed de-SPAC transaction, which will convert the trust's cash into a pure-play CRO treasury with a fixed supply of 6.3 billion tokens and potential for staking income. The settlement structure eliminates the existing trust value for any public shareholder who does not redeem. Non-redeeming holders will own shares in a new entity with a volatile, illiquid digital asset and may face corporate-alternative-minimum-tax exposure on unrealized gains. The filing also reveals a going-concern warning for the SPAC itself: it had a $1.65 million working-capital deficit as of year-end, and the $250,000 working-capital note from the sponsor is its only bridge financing. The sponsor, Yorkville Acquisition Sponsor LLC, will receive 2 million forced-exercise warrants at closing, and an affiliate (YA II PN) committed to up to $5 billion of future stock purchases at 97.25% of market price.
●What changed:Annual Report on Form 10-K for fiscal year ended December 31, 2025. The company completed its IPO on May 2, 2025, raising $172.5M and placing $173.4M in trust ($10.05 per share). As of year-end, trust value grew to $177.97M ($10.32 per share). The company reports cash of only $67,568 and a working capital deficit of $78,092, with management expressing substantial doubt about its ability to continue as a going concern. No business combination has been announced; the company remains in the search phase with a deadline of up to 24 months from IPO (November 2026). Why it matters: The going concern disclosure signals that the company may lack sufficient funds outside the trust to complete a deal, increasing the risk of failure to consummate a business combination within the completion window. The low cash balance could force the company to seek additional loans or risk liquidation, potentially triggering redemption of public shares at trust value (~$10.32 per share). Investors should monitor the trust value and any extension efforts closely.
●What changed:Annual report on Form 10-K for fiscal year 2025, covering the period from inception (October 29, 2025) through December 31, 2025, before the January 28, 2026 IPO close. The 10-K discloses the completion of the IPO and private placement on January 28, 2026, as a subsequent event. The trust account funded with $253,000,000. No business combination target has been selected. The deadline to complete a business combination is 24 months from the IPO closing, i.e., January 27, 2028. No changes to redemption rights or sponsor arrangements were reported that differ from the IPO prospectus. Why it matters: This is the first annual report since the IPO, providing baseline financial statements and confirming the trust value, deadline, and the SPAC's status as still searching. It also details the sponsor's cost basis and lock-up provisions. Investors can verify the trust per share and deadline.
●What changed:10-K annual report for Plum Acquisition Corp. IV for the fiscal year ended December 31, 2025. This is the company's first 10-K since its IPO (January 16, 2025). The report discloses the IPO closed generating $172.5 million from 17,250,000 units, that $174.2 million was placed in trust, and on March 8, 2026 (post-period) the company entered into a business combination agreement with Controlled Thermal Resources Holdings Inc. (CTR). It also reports a promissory note of up to $1,500,000 issued to the sponsor on July 8, 2025. Why it matters: The filing confirms the CTR deal is announced, but only 60% of CTR stockholders are locked in via a transaction support agreement; there is no PIPE or minimum cash condition disclosed yet. The trust balance is ~$181.3 million, well above the initial $10.10 per share. However, the company has a working capital deficit of $70,710, cash of only $296,249, and the auditor flags substantial doubt about going concern if the merger fails by the July 14, 2026 deadline. The sponsor note can convert into equity at $10.00 per share, which is dilutive and below trust value. Note 5 reports a delayed Section 16 filing for a 25,000-share director transfer on April 25, 2025.
●What changed:Annual Report on Form 10-K for fiscal year ended December 31, 2025, filed by New Providence Acquisition Corp. III, a blank-check company in the process of merging with Abra Financial Holdings. The filing is NPAC's first 10-K since its IPO in April 2025. Key developments: (1) On March 16, 2026 (post-year-end), NPAC signed the Abra Business Combination Agreement, a definitive merger with Abra Financial Holdings valued at $750M in stock; the deal requires at least $40M in net cash proceeds at closing and includes a $150M transaction financing target. (2) Trust account held $309,996,143 as of Dec 31, 2025, or $10.33 per public share, up from $10.05 at IPO due to interest. (3) Net income of $7,675,973 for 2025, entirely from interest on trust assets. (4) Sponsor shares are locked-up with a sliding scale based on net cash proceeds at closing, ranging from 0 to 180 days. (5) Auditor issued a going-concern opinion. (6) Cash outside trust was $701,592. Why it matters: This 10-K establishes the baseline financial and structural terms for the Abra merger. The redemption deadline is April 25, 2027; the deal must close by October 15, 2026. Investors tracking redemptions should note the $10.33 trust value, the $40M minimum cash condition, and the $150M financing target. The document also details sponsor conduct with the sliding-scale lock-up and waivers.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Trust dropped from ~$84.6M to ~$37.9M due to Third Extension redemptions (4,173,618 shares at ~$12.27, totaling $51.2M). Deadline extended from November 5, 2025 to August 5, 2026 via shareholder vote on November 3, 2025. Net loss of $1.5M vs net income of $8.2M in 2024. Warrant liability fair value increased by $3.2M. Convertible promissory note (related party) fair value increased to $5.0M. Working capital deficit grew to $5.4M. Nasdaq delisting occurred July 15, 2025; securities now trade on OTC Pink. Why it matters: The trust value per share ($12.27 as of the Third Extension) exceeds the IPO trust of $10.30, so redemption price remains above par. The August 5, 2026 deadline is nearly 16 months away, giving the sponsor time, but the working capital deficit and lack of any announced deal raise going-concern risk. The auditors included an explanatory going-concern paragraph. Sponsor continues to fund extensions via promissory notes ($2.4M drawn in the 2nd extension period).
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Form 10-K annual report for Metal Sky Star Acquisition Corporation (MSSAF) for fiscal year ended December 31, 2025. Trust account value decreased from $6,677,519 to $1,005,345; redeemable public shares fell from 552,451 to 60,523 (redemption value $17.02/share vs $12.09); net loss of $553,581 vs net income of $923,146 in prior year; deadline extended to January 5, 2027 with monthly extension fee waived; securities delisted from Nasdaq on April 9, 2025, now trading on OTC; sponsor's promissory note increased to $4.5 million; working capital deficit widened to $5.3 million; auditor expresses substantial doubt about going concern. Why it matters: The filing shows the SPAC has nearly exhausted its trust account, has a negative working capital position, and relies entirely on sponsor loans to fund operations. With no definitive business combination agreement and a deadline less than a year away, liquidation risk is high. The delisting to OTC further reduces marketability and makes a deal harder. The sponsor's significant ownership (85.3%) and the waived extension fee indicate a concerted effort to keep the SPAC alive, but the lack of a target and severe cash constraints make timely completion uncertain.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025. BPGC Acquisition Corp. filed its delinquent 10-K for FY2025, bringing its SEC filings current. The SPAC entered into a merger agreement with iRocket (Innovative Rocket Technologies) on July 22, 2025, amended three times to extend filing deadlines and OTC quotation conditions. The deadline to complete a business combination was extended to September 16, 2026 via a shareholder vote on March 16, 2026. In February 2026, the Sponsor surrendered 4,300,000 Class A conversion shares for no consideration and purchased 430,000 Series C preference shares. The remaining deferred underwriting commissions of $6,037,500 were fully waived by letter dated October 10, 2025. The trust account held $1,868,462 as of December 31, 2025, with 155,614 Public Shares subject to possible redemption at $11.36 per share. The company reported a net loss of $15.5 million for 2025, largely due to a $13.2 million non-cash loss from the change in fair value of warrant liabilities. The independent auditor included a going-concern explanatory paragraph. The SPAC’s securities remain delisted from the NYSE and not quoted on any over-the-counter market.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the first such filing since the IPO was consummated on November 10, 2025. No initial business combination target has been selected; the SPAC remains in the search phase. Trust account held $173,442,299 as of December 31, 2025, or approximately $10.05 per public share. The deadline to complete a business combination is November 10, 2027, with no extension sought. Net income of $509,960 was generated from interest on trust assets. No redemptions or tender offers have occurred. Why it matters: This first annual report provides detailed financials (trust value slightly above $10.00), confirms the SPAC has not yet identified a target, and outlines its investment focus on energy and compute infrastructure. It also updates risk factors, sponsor arrangements, and related-party transactions. Investors tracking deal progress will note the absence of any definitive agreement or letter of intent.
●What changed:Annual report on Form 10-K for fiscal year ended December 31, 2025. Trust account balance increased slightly from $1,035,353 to $1,061,576, reflecting $26,223 in interest earned. Net loss of $1,553,158 vs net income of $1,682,254 in 2024. Cash outside trust fell from $319,207 to $60,829; working capital deficit grew to $2,578,663. No new business combination target identified after suspending the Starwood Capital LOI in November 2024. Monthly extensions continue; deadline remains December 4, 2026. In February 2026, the company drew a new $435,771 promissory note from sponsor. Management again expresses substantial doubt about going concern. Why it matters: The trust is tiny ($1.06M) with only 89,480 public shares outstanding; the sponsor controls ~99.6% of equity. The company is burning through cash and has limited time to find a deal. Failure to consummate a business combination by December 4, 2026 would trigger liquidation at roughly $11.86 per share. The persistent inability to secure a new target after the failed LOI and reliance on sponsor loans highlight high execution risk.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Israel Acquisitions Corp, a blank-check SPAC targeting Israeli technology companies, which has announced a pending business combination with Gadfin Ltd., an Israeli hydrogen-powered drone logistics company. Trust account balance fell sharply from $82.6 million at December 31, 2024 to $9.9 million at December 31, 2025, reflecting redemptions of 6,461,683 Class A shares ($73.1 million) in January 2025. The company extended its business combination deadline from January 18, 2026 to January 18, 2027 via monthly deposits of $5,000 or $0.05 per share. The Nasdaq delisted the company's securities on January 13, 2026; they now trade on OTC Pink. The Business Combination Agreement with Gadfin was amended three times: July 2, 2025 (removed liquidation requirement, revised company equity value to $180 million, removed PCAOB default and threshold raised amount, extended benchmark analysis deadline, added termination right for Gadfin if no cash waiver of deferred underwriting fees within 30 days); December 31, 2025 (extended termination date to March 16, 2026, removed automatic extensions); and March 13, 2026 (extended termination date to April 15, 2026). On October 14, 2025, the company entered into an advisory agreement with BTIG, LLC under which BTIG waived its deferred underwriting commission ($5.4 million) in exchange for a $500,000 cash advisory fee and 100,000 Class A ordinary shares (valued at $10 per share) payable upon closing, plus a three-year right of first refusal on future SPAC IPOs. The Sponsor waived $240,000 in accrued administrative fees on December 31, 2025. The company's working capital deficit widened to $2.58 million, and management expressed substantial doubt about the company's ability to continue as a going concern. Net loss of $510,230 for 2025 vs. net income of $2.82 million in 2024.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025, filed by Fifth Era Acquisition Corp I (FERA), a SPAC that completed its IPO on March 3, 2025. This is FERA’s first annual report as a public company. Key updates: (1) Trust account value per public share is $10.34 as of December 31, 2025 (the filing states $10.24 per share in one note but redemption value on balance sheet is $10.34). (2) Working capital deficit of $2,410,655 and a going concern qualification due to lack of liquidity – management expects to incur significant costs and may not complete a business combination by the March 3, 2027 deadline. (3) Director changes: Gary Cookhorn resigned on March 17, 2026; Donald H. Putnam appointed on March 20, 2026. (4) Litigation update: Managing Director Alison Davis is a named defendant in multiple lawsuits related to her service as a director of Silicon Valley Bank and Linqto, Inc.; no adverse findings yet. (5) No business combination announced or target identified; no extensions or non-redemption agreements. (6) Net income of $4,130,222 for 2025, entirely from interest on trust investments.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025, filed by Gores Holdings X, Inc., a Cayman Islands blank check company (SPAC). The company completed its IPO on May 5, 2025, selling 35,880,000 units at $10.00 per unit, generating $358.8 million in gross proceeds, with proceeds placed in a trust account. The trust held $367.74 million as of December 31, 2025. No business combination has been announced; the company is searching for a target. Net income for the year was $920,659, driven by $9.51 million in interest income offset by a $6.64 million non-cash loss from the change in fair value of warrant liabilities. The company has until May 4, 2027 to complete a business combination. Why it matters: This is the first 10-K since the IPO. Key for redemption mechanics: trust value per share was $10.25 as of December 31, 2025; deadline is May 4, 2027 (or August 4, 2027 if a definitive agreement is signed by May 4, 2027). The company is actively searching but has no target. Sponsor conduct details are disclosed in full, including founder share structure.
●What changed:FY2025 10-K for Live Oak V: 23,000,000 Class A and 5,750,000 Class B ordinary shares outstanding at 30 March 2026, non-affiliate market value $246,100,000. The Teamshares merger agreement of 14 November 2025 carries a closing condition that the company hold at least $120,000,000 of cash including trust funds, and executing it by 3 December 2026 extends the combination period to 3 March 2027. Why it matters: The $120,000,000 minimum-cash condition is the number that decides this deal — heavy redemptions at the vote could breach it and give either side an exit. Deferred underwriting of $6,900,000 is payable only on completion, so it does not reduce the redemption price.
●What changed:Annual Report (Form 10-K) for the fiscal year ended December 31, 2025, filed by OneIM Acquisition Corp., a blank-check company that had not yet completed its initial public offering as of the balance sheet date. The IPO closed on January 15, 2026, and the filing primarily covers pre-IPO formation and organizational activities. This is the company's first 10-K, establishing baseline information. No changes to redemptions, trust value, extensions, or deal progress: trust per share remains $10.00, deadline is January 15, 2028 (or April 15, 2028 if a definitive agreement is signed within 24 months), and no target business has been identified or substantive discussions initiated. Sponsor conduct is consistent with standard SPAC arrangements; no new related-party transactions beyond those disclosed. Why it matters: The filing provides the first public financial statements (audited) and confirms the post-IPO trust structure, extension mechanics, and redemption rights. It is a routine compliance filing that verifies the SPAC is still in its searching phase with no material developments, but it is the sole authoritative source for the company's initial capital structure and financial condition.
●What changed:Form 10-K annual report for the fiscal year ended December 31, 2025, filed by HCM IV Acquisition Corp., a blank-check SPAC that completed its IPO on February 13, 2026, after the reporting period. This is the company's first 10-K, covering the period from inception (September 5, 2025) through December 31, 2025. Key disclosures: (i) the company was formed as a SPAC and changed its name on October 29, 2025; (ii) the Sponsor contributed $25,000 for 8,625,000 founder shares at ~$0.003 per share; (iii) subsequent to year-end, the IPO of 28,750,000 units at $10.00 per unit closed on February 13, 2026, placing $287,500,000 ($10.00 per public share) in the trust account; (iv) the trust account funds are invested in U.S. government securities; (v) the company has a 24-month deadline from the IPO (February 2028) to complete a business combination; (vi) net loss for the period was $59,655; (vii) a working capital deficit of $170,614 existed at year-end, but the IPO resolved going-concern doubts; (viii) the filing includes audited financial statements and detailed descriptions of redemption rights, sponsor obligations, and risk factors.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025. First 10-K since IPO; trust account value $71,051,271 ($10.30 per share) as of Dec 31, 2025; 24-month deadline to complete business combination from July 3, 2025; no deal announced; disclosure of beneficial owners including Karpus (9.50%), Glazer (5.72%), AQR (5.06%), Hudson Bay (5.80%), Wolverine (5.06%); sponsor holds 18.37%; net income $683,099 for 2025 from interest; insider trading and clawback policies adopted. Why it matters: Investors require ongoing trust value, redemption mechanics, and deal timeline. This filing confirms no business combination yet, trust remains intact at $10.30, and provides updated ownership and financial data. No extension or redemption event triggered.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (first 10-K since IPO). Trust account value increased to $278,235,039 ($10.12 per share) from $275,000,000 ($10.00 per share) at IPO due to $3,235,039 interest earned; no business combination target selected; no extension or change to September 11, 2027 deadline; sponsor conduct unchanged. Why it matters: Confirms current trust value of $10.12 per share and that the SPAC remains in searching status with 24-month deadline (September 2027); provides baseline for future redemption calculations and deal timeline expectations.
●What changed:Annual report on Form 10-K for the fiscal year ended December 31, 2025, filed by Thayer Ventures Acquisition Corp II (TVAI), a blank-check SPAC still searching for a business combination target. This is the SPAC's first 10-K after its IPO on May 16, 2025. Key updates: (1) Trust account held $206,357,012 as of Dec 31, 2025, implying a per-share redemption value of $10.25. (2) Net income of $3,883,792 for 2025, driven by $5,107,012 in trust earnings, offset by $1,041,970 in G&A and $181,250 in share-based compensation. (3) Working capital of $281,353, with $257,966 cash outside trust. (4) Shareholders' deficit of $8,183,705. (5) No business combination announced; deadline is 21 months from IPO (February 16, 2027). (6) Auditor's report includes a going concern qualification due to mandatory liquidation if no deal by deadline. (7) No material litigation or cybersecurity incidents. (8) Sponsor transferred 125,000 founder shares to independent directors, recognized as $181,250 compensation expense. (9) Deferred underwriting fee of $7,568,750 and deferred legal fees of $920,140 are payable upon completion of a business combination.
●What changed:Form 10-K annual report for the fiscal year ended December 31, 2025. Trust value increased to $181,657,311 (up from $174,350,346 at IPO); redemption value per share increased to $10.53 (up from $10.11 at IPO). Cash burn: $29,787 cash, $504,608 working capital deficit at Dec 31, 2025. Company warns of going concern risk and has until June 24, 2026 deadline to close a deal. Sponsor provided $200,000 loan in Aug 2025; no deal signed yet. Why it matters: Trust is growing from interest, but cash is nearly gone and sponsor loans are small. No merger agreement, no new target identified, and the clock is ticking toward June 2026 liquidation deadline. Despite healthy trust, the risk of failure to close a deal is rising.
●What changed:KRAKacquisition Corp's annual report on Form 10-K for fiscal year ended December 31, 2025, filed March 30, 2026 — a newly public blank-check/SPAC shell still searching for an initial business combination, covering pre-IPO inception and the January 2026 IPO as a subsequent event. No business combination was announced; the SPAC remains in searching status. The filing formalizes the January 29, 2026 IPO of 34,500,000 units at $10.00 per unit, including full exercise of the over-allotment, with $345,000,000 placed in trust, 2,250,000 private placement warrants sold to the sponsor for $2,250,000, and 8,625,000 founder shares outstanding with none subject to forfeiture. It confirms a 24-month completion deadline of January 29, 2028, and details redemption/liquidation mechanics: redemptions by tender offer or shareholder vote at trust value, a 15% excess-share redemption cap if the vote route is used, no specified maximum redemption threshold, sponsor/insider waivers of redemption and liquidation rights on founder shares, and liquidation at approximately $10.00 per public share plus interest less permitted withdrawals and up to $100,000 of dissolution expenses.
●What changed:Form 10-K annual report for the fiscal year ended December 31, 2025, filed by Pyrophyte Acquisition Corp. II, a blank check company (SPAC) still searching for a business combination target. This is the first annual report since the company's inception on May 1, 2025 and its July 2025 IPO. No business combination has been announced. The trust account holds $204,013,247 (approximately $10.08 per public share as of the balance sheet date, up from the initial $10.00 per unit placed in trust). The company reported net income of $2,973,863 for the period May 1, 2025 through December 31, 2025, entirely from interest earned on trust assets ($3,601,747) partially offset by $628,213 in G&A expenses. Cash outside trust was only $442,500 as of year-end. The auditor included a going concern qualification citing liquidity concerns. The 24-month deadline to complete a business combination runs from the July 2025 IPO close. Why it matters: The filing confirms PAII is still searching with no deal announced. The tight cash position ($442,500 outside trust) and the going concern warning are notable for investors tracking the SPAC's ability to fund operations through its deadline. The trust per-share value has grown to approximately $10.08 from interest earnings , slightly above the initial $10.00, which informs potential redemption calculations. The 26.5% founder stake creates a significant sponsor incentive to close any deal before liquidation.
●What changed:Form 10-K annual report for a blank check company in the search phase. The filing discloses that subsequent to the December 31, 2025 reporting period, the company consummated its initial public offering on January 23, 2026. According to management's disclosure, 30,015,000 units were sold at $10.00 per unit, generating $300,150,000 in gross proceeds, all of which were deposited into the Trust Account. The filing establishes the mandatory business combination deadline as 24 months from IPO closing, specifically January 23, 2028. In the event of a failed combination, public shareholders may redeem their shares for a pro rata portion of the Trust Account balance, minus taxes payable and up to $100,000 of interest allocated for dissolution expenses, as stated in the risk factors and organizational description. The company also notes that the underwriters have agreed to waive their deferred underwriting commission of $12,789,000 if a business combination is not completed. Historically, from inception through December 31, 2025, the company reported a net loss of $78,082, held $23,583 in operating cash, and carried a $200,000 promissory note from the sponsor that was fully settled at the IPO closing.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Hennessy Capital Investment Corp. VIII, a SPAC that completed its initial public offering in February 2026. This is the first 10-K since the SPAC's inception and provides audited financial statements for the formation period and post-IPO disclosures. This is the initial annual report for the SPAC. It confirms the IPO closed on February 6, 2026, with 24,150,000 units sold at $10.00 per unit, generating $241.5 million in gross proceeds, all deposited in the trust account at $10.00 per public share. The filing establishes a 24-month deadline (February 6, 2028) to complete a business combination. It details sponsor ownership (10,692,515 founder shares at $0.003 per share and 671,000 private placement units at $10.00 each), the investment strategy (industrial innovation and energy transition, target enterprise value of $500 million+), the conflict of interest disclosures (management also involved with Hennessy VII and Compass Digital), and the retention of Teneo as a third-party advisor. It also includes the first audited financials showing a net loss of $44,505 for the period from inception through December 31, 2025. No business combination has been announced.
●What changed:Annual Report (Form 10-K) for the fiscal year ended December 31, 2025, filed by JENA Acquisition Corp II, a blank check company (SPAC) searching for a business combination. This is the first 10-K since the IPO (completed May 30, 2025). No business combination target selected; no extension sought. Trust account value grew from $230 million to $235.45 million with interest, resulting in a redemption price of approximately $10.23 per public share (up from $10.00). Net loss of $1.84 million for the period from inception (Feb 24, 2025) through Dec 31, 2025. Sponsor indemnification provisions remain in place. No change in deadline (May 30, 2027). Why it matters: Provides the first audited financial statements post-IPO, confirming trust per-share value above $10.00, the remaining deadline, and the absence of a definitive acquisition agreement. Investors can assess trust accretion, sponsor costs (advisory fee payable $6.9M, deferred underwriting $6.9M), and working capital ($1.04M). The filing also details management's prior SPAC track record and the risk of liquidation if no deal by May 30, 2027.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025. No new deal or extension; the trust was liquidated in 2022 and the SPAC continues to search without a deadline. Net loss was $154,066 for 2025 vs. $156,380 for 2024. Cash and cash equivalents decreased to $1,077,142 from $1,113,786. Accounts payable to related party increased to $632,000 from $512,000. The company ceased being an emerging growth company as of December 31, 2025. Why it matters: This filing confirms PMVC remains an operating shell with no imminent business combination. The trust has been liquidated and there is no redemption deadline. The cash burn is modest, but the SPAC is dependent on sponsor loans (up to $1.5M) for working capital. The increase in related-party payables and the loss of emerging growth company status (increasing compliance costs) are red flags for long-term viability. The 8.75M public warrants and 6.15M private warrants, with a $503.61 exercise price, are deeply out of the money and likely worthless.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
●What changed:Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Shareholders approved an extension of the business combination deadline from July 11, 2025 to September 29, 2026. In connection with the extension, the Sponsor converted 4,000,000 Class B shares into Class A shares, and 7,763,287 Class A public shares were redeemed for approximately $84.8 million ($10.93 per share), reducing trust assets from $106.9 million to $25.2 million. The Sponsor issued a second non-convertible promissory note of up to $2.5 million and borrowed $1.7 million. The independent directors ceased receiving monthly fees on November 1, 2025. Why it matters: The SPAC now has a much smaller trust ($25.2M vs $106.9M) and remains in active negotiations with Kneron for a business combination. The company has a working capital deficit of $3.65M and the auditors express substantial doubt about going concern. The Sponsor has provided $3.24 million in new loans (convertible and non-convertible) to fund operations. The extension vote and massive redemption show significant shareholder pushback, but the Sponsor remains committed.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.