Aequi Acquisition Corp.
ARBG · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The cash went back to shareholders and the company wound up. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
In plain terms
- What it is
- A SPAC from Aequi Sponsor LLC, listed on Nasdaq in November 2020.
- What it's doing now
- It never completed a purchase. The company wound up and the cash in the account went back to shareholders — the ordinary ending when a SPAC runs out of time. No agreed deal for it is on file with us, so we cannot say whether one was ever announced and later fell through.
- What you should know
- About 84% of the shares sold at listing have already been cashed in, leaving 3.6M. This SPAC has finished. The cash was paid back to shareholders and the company wound up, so there is nothing left to claim — the money went where the charter said it would.
At a glance
- Where it stands
- Liquidated
- Deal
- none — it wound up and returned the cash instead
- Industry
- no filing we hold states a sector this SPAC restricted its search to
- Deal value
- no deal to value — it wound up instead
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 23 November 2020
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 500 WEST PUTNAM AVENUE, SUITE 400, GREENWICH, CT, 06830
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Hassan Susan (Chief Operating Officer) · Woods Emil K. (Director) · Taitz Hope S (Chief Executive Officer)
- Listed securities
- ARBG common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 15 November 2022 event. Almost the entire public float took the cash; what is left is a thin float carrying the whole deal.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
- 84.4% of the public shares were handed back at the 15 November vote — the holders who wanted cash rather than shares in the new company took it then.
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 23 November 2020IPOpassed
IPO size not on file
84.4% of the public float took the cash
Who has already taken their money back
1 filed eventEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
84.4%
of the public float walked at a single vote
Shares redeemed, all events
19.41M
≈84% of the earliest known float
Every figure below is stated in the linked filing; nothing here is estimated.
- Nov 15, 2022Extension84.4%
The score
deterministic, from filed fieldsARBG is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Aequi Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker ARBG. The company priced its initial public offering on November 23, 2020, as reflected in a 424B prospectus filed with the SEC under CIK 0001823826 and classified under SIC industry code 6770 for blank checks. It subsequently liquidated, winding up its affairs and returning trust cash to shareholders. A Form 25 filed on August 3, 2023 documented the redemption and retirement of the company's Class A Common Stock, Warrant, and Unit.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Three cents in favour of redeeming over selling, with settlement certainty the thin market does not offer. Two years after its IPO with no target disclosed in the notice, ARBG is asking holders to fund more searching while the sponsor's 5,750,000 founder shares retain option value at nominal cost. Aequi ultimately liquidated, so tendering by November 10, 2022 was the way to realize the trust value on the holder's own timing.
The comparative balance sheet already carries a warrant liability at 31 December 2020, so this registrant's December figures had been restated before the quarter closed - unlike Landcadia Holdings IV in the same slice, which restated in this report. One caption defect: the temporary-equity line reads 'Class A common stock subject to possible redemption, excluding 20,698,442 and 20,487,656 shares ... 206,984,420'. The word 'excluding' belongs on the permanent-equity line below; as printed the line excludes the very shares whose value it states.
A well-funded shell with roughly $1.66 million of positive working capital, no sponsor debt outstanding and a deadline of November 24, 2022, so no near-term pressure and no going-concern language. Trust is a bare $10.00 per public share with only $19,245 of accretion, meaning redemption offers no premium. 4,400,000 private placement warrants sold at $1.50 for $6,600,000 sit alongside the public warrants as future dilution if a deal closes.
Nothing in these statements describes the listed company. The IPO of 20,000,000 units closed on November 24, 2020 at $10.00 per unit, and a December 2, 2020 over-allotment of 3,000,000 units plus 400,000 private warrants added $30,000,000, bringing trust to $230,000,000. Offering costs of $13,092,230 were charged to equity on completion. Treat every figure here as formation-stage; the first meaningful trust balance, redeemable-share count and working-capital position will appear in the 10-K.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
- What changed vs 2022-11-08trust $231.4M → $230.0M -1%shares 23.0M → 3.59M -84%
trust account, redeemable shares, combination deadline +12 moved · 2 with no prior record of ours
- Trust account
- $231.4M$230.0M
- Redeemable shares
- 23.0M3.59M
- Combination deadline
- 2023-08-24 · unchanged
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $1,430,817 left the trust between the two filings.
The clause …“was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $ 230,000,000 . Transaction costs amounted to $ 13,092,230 , consisting of $ 4,600,000 in cash underwriting fees, $ 8,050,000 of”…
SpacBrain reads this as 19,410,956 shares are no longer redeemable.
The clause …“as of March 31, 2023 and December 31, 2022, respectively (excluding 3,589,044 shares subject to possible redemption as of March 31, 2023 and December 31, 2022) — — Class B common stock, $ 0.0001 par value; 10,000,000 shares”…
The clause …“to continue as a going concern. Management intends to consummate an initial Business Combination prior to August 24, 2023. No adjustments have been made to the carrying amounts of assets or liabilities should we be required to”…
The clause …“a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. Management intends to complete a Business Combination prior to the end of the”…
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.
Show the other 10 filings
- What changed vs 2022-03-25trust $230.2M → $230.0M -0%deadline 2022-11-24 → 2023-08-24shares 23.0M → 3.59M -84%
trust account, combination deadline, redeemable shares +33 moved · 3 with no prior record of ours
- Trust account
- $230.2M$230.0M
- Combination deadline
- 2022-11-242023-08-24
- Redeemable shares
- 23.0M3.59M
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $104K · unchanged
- Mandate language
- we are focusing our efforts on a target in an industry where… · unchanged
SpacBrain reads this as $154,089 left the trust between the two filings.
The clause …“was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $ 230,000,000 . Transaction costs amounted to $ 13,092,230 , consisting of $ 4,600,000 in cash underwriting fees, $ 8,050,000 of”…
SpacBrain reads this as 273 days later than the previous record.
The clause …“timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100 % of its Public Shares if the Company does not complete a Business Combination by August 24, 2023 (or such earlier date”…
SpacBrain reads this as 19,410,956 shares are no longer redeemable.
The clause …“and outstanding as of December 31, 2022 and 2021, respectively (excluding 3,589,044 and 23,000,000 shares subject to possible redemption as of December 31, 2022 and 2021, respectively) — — Class B common stock, $ 0.0001 par value;”…
The clause …“accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a going concern, since we will cease all operations except for the purpose of liquidating if we are unable”…
The clause …“of our initial public offering. As of November 24, 2020, there was $104,208 outstanding under the Promissory Note which was re-paid in full on December 29, 2020 and canceled. In order to finance transaction costs in”…
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 vs 2022-08-05trust $230.6M → $231.4M +0%deadline 2022-11-24 → 2023-08-24
trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $230.6M$231.4M
- Combination deadline
- 2022-11-242023-08-24
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 23.0M · unchanged
SpacBrain reads this as $846,280 was added to the trust between the two filings.
The clause …“expenses 54,125 215,875 Total Current Assets 243,085 961,602 Investments held in Trust Account 231,430,817 230,154,089 TOTAL ASSETS $ 231,673,902 $ 231,115,691 LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND”…
SpacBrain reads this as 273 days later than the previous record.
The clause …“to extend the last day of Combination Period from November 24, 2022 to August 24, 2023 (or such earlier date as determined by the Board of Directors). Off-Balance Sheet Arrangements We did not have any off-balance sheet”…
The clause …“a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. Management intends to complete a Business Combination prior to the end of the”…
The clause …“value; 100,000,000 shares authorized; none issued and outstanding (excluding 23,000,000 shares subject to possible redemption) as of September 30, 2022 and December 31, 2021 — — Class B common stock, $ 0.0001 par value; 10,000,000”…
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: Aequi Acquisition Corp. called a special meeting in lieu of an annual meeting for November 15, 2022 at 10:00 a.m. Eastern Time, virtual, on an Extension Amendment. The Company anticipates a redemption price of approximately $10.05 per share at the time of the Meeting, against a Nasdaq Capital Market closing price of $10.02 on October 20, 2022. Shares must be tendered to the transfer agent by November 10, 2022 to redeem. Sponsor Aequi Sponsor LLC owns 5,750,000 Founder Shares issued before the IPO, which closed November 24, 2020. Why it matters: Three cents in favour of redeeming over selling, with settlement certainty the thin market does not offer. Two years after its IPO with no target disclosed in the notice, ARBG is asking holders to fund more searching while the sponsor's 5,750,000 founder shares retain option value at nominal cost. Aequi ultimately liquidated, so tendering by November 10, 2022 was the way to realize the trust value on the holder's own timing.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Aequi Sponsor LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1282 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B4 0001213900-20-038742
Trading & liquidity
Company profile
Directors & officers
- Hassan SusanChief Operating Officer
- Woods Emil K.Director
- Taitz Hope SChief Executive Officer
- Swan RoyDirector
- Seppala JoyChief Financial Officer
- Scheir JasonDirector
- Saintil MerlineDirector
- Sagnang FatouDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
3 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Aequi Sponsor LLCwith 1 other reporting person on the same schedule20.0% · SC 13GFeb 16, 2021 stale
- Apollo Management Holdings GP, LLCwith 12 other reporting persons on the same schedule9.7% · SC 13GApr 12, 2023 stale
- GUGGENHEIM CAPITAL LLCwith 5 other reporting persons on the same schedule0.0% · SC 13G/AAug 9, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
40 full SEC filing texts archived — searchable, never lost.
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail2 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-20-038742 priced 2020-11-23; common ticker ARBG off 8-K 0001213900-23-058928 (2023-07-24); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per Form 25 0001354457-23-000562 (2023-08-03) — Form 25 filed under 17 CFR 240.12d2-2(a)(1) — the rule for a class "called for redemption" or "redeemed or paid at maturity/retirement". For a SPAC that class is the public shares and that redemption is the trust going back (class: Class A Common Stock, Warrant, Unit). No wind-up press release was readable on the registrant's own file, so the per-share figure is not stored.. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Aequi Sponsor LLC" (SEC CIK 0001824146) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-038328.