Arisz Acquisition Corp.
ARIZ · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. 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 deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Arisz Investment LLC, listed on Nasdaq in November 2021.
- What it's doing now
- It agreed in February 2024 to buy Finfront Holding Company (operating as BitFuFu), a digital asset mining and cloud-mining services company. The deal valued that business at about $1.50B. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Finfront Holding Company (operating as BitFuFu)
- Industry
- Information Technology — digital asset mining and cloud-mining services
- Deal value
- $1.5B
- announced 8 February 2024
- 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
- 19 November 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 199 WATER STREET, NEW YORK, NY, 10038
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Hindle-Yang Fang (Chief Executive Officer) · Trivedi Rushi (Director) · He Yu (Director)
- Listed securities
- ARIZ 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.
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 deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
3 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.
- 19 November 2021IPOpassed
IPO size not on file
- 8 February 2024Deal announcedpassed
Combination with Finfront Holding Company (operating as BitFuFu)
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Finfront Holding Company (operating as BitFuFu)$1.5B · announced 8 February 2024closedInformation Technologypost-close FUFUSEC primary
The score
deterministic, from filed fieldsARIZ 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
Arisz Acquisition Corp. (Nasdaq: ARIZ) was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker ARIZ. The company priced its initial public offering on November 19, 2021, as reflected in its 424B prospectus. Its lifecycle is closed: it completed a business combination and the vehicle no longer files. The closing is established by a Form 25 filed on February 29, 2024, under 17 CFR 240.12d2-2(a)(3), indicating that the shares came to evidence other securities in substitution therefor. The ticker ARIZ also appears on the cover page of an 8-K filed on February 28, 2024.
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.
This is a firm date, unlike the preliminary filings around it: an Arisz holder must act by the February 28, 2024 meeting. The consideration is 150,000,000 PubCo ordinary shares at a deemed price of $10.00 each — 15,000,000 Class A and 135,000,000 Class B — and a separate Nasdaq Proposal asks holders to approve issuing up to 160,000,000 PubCo ordinary shares in the combination and related financings. The Class A/Class B split means the target's holders take the overwhelming majority of a share class Arisz's own public holders do not receive.
A $120,000 monthly deposit is a substantial extension payment and does meaningfully accrete to the trust for holders who stay, rather than the token per-share amounts common in this market. Set against that, the BitFuFu agreement has been amended four times since April 2022 — nearly two years of renegotiation — and nine more months of extension authority is being requested in a single vote, which removes the recurring redemption windows. Redeeming at each vote remains the reliable exit.
A flat $120,000 monthly deposit regardless of the remaining share count means the per-share accretion rises as redemptions rise, so holders who stay after a heavy exodus are better compensated than in per-share structures. Nine months of extensions take the vehicle nearly three years past its IPO on a bitcoin mining transaction signed in 2021 and twice amended without closing. Redemption at pro rata trust value remains the certain alternative, and the two amendments to the merger agreement are the clearest signal of how difficult the deal has been to complete.
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.
Show the other 10 filings
- What changed vs 2023-08-16trust $69.0M → $34.9M -49%deadline 2024-02-22 → 2024-03-22
trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $69.0M$34.9M
- Combination deadline
- 2024-02-222024-03-22
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 3.15M · unchanged
SpacBrain reads this as $34,114,445 left the trust between the two filings.
The clause “9 $ 215,059 Prepaid expenses — 21,896 Total Current Assets 230,789 236,955 Cash held in Trust Account 34,885,555 34,107,463 Total Assets $ 35,116,344 $ 34,344,418 Liabilities, Temporary Equity, and Stockholders’ Deficit Current”…
SpacBrain reads this as 29 days later than the previous record.
The clause …“order to extend the time for Arisz to complete the Business Combination until March 22, 2024. As of the date of this report, this payment has not been made. We expect to continue to incur significant costs in the pursuit of our”…
The clause …“liquidation and subsequent dissolution as well as liquidity concerns raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities”…
The clause …“$ 0.0001 par value; 15,000,000 shares authorized; 2,001,389 shares (excluding 3,154,365 shares subject to possible redemption at December 31, 2023 and September 30, 2023) issued and outstanding 200 200 Accumulated deficit ( 6,371,247 )”…
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.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Arisz Investment 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 1283 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
Unit: U = S + W · 100.0% of the $10 unit
from 424B4 0001213900-21-060888
Trading & liquidity
Company profile
Directors & officers
- Hindle-Yang FangChief Executive Officer
- Trivedi RushiDirector
- He YuDirector
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
12 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.
- Arisz Investment LLCwith 1 other reporting person on the same schedule21.5% · SC 13DDec 15, 2021 stale
- Westchester Capital Management, LLCwith 3 other reporting persons on the same schedule8.1% · SC 13GFeb 14, 2024 stale
- Polar Asset Management Partners Inc.7.1% · SC 13GFeb 9, 2023 stale
- Weiss Asset Management LPwith 3 other reporting persons on the same schedule5.9% · SC 13G/AFeb 9, 2024 stale
- MIZUHO FINANCIAL GROUP INC5.7% · SC 13GFeb 14, 2022 stale
- MMCAP International Inc. SPCwith 1 other reporting person on the same schedule3.7% · SC 13G/AFeb 7, 2022 stale
- Shaolin Capital Management LLC2.9% · SC 13G/AFeb 22, 2024 stale
- Lighthouse Investment Partners, LLCwith 2 other reporting persons on the same schedule1.0% · SC 13G/AFeb 14, 2024 stale
- FIR TREE CAPITAL MANAGEMENT LP0.0% · SC 13G/ANov 14, 2024 stale
- WOLVERINE ASSET MANAGEMENT LLCwith 4 other reporting persons on the same schedule0.0% · SC 13G/AMar 5, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 7, 2024 stale
- Space Summit Capital LLCnot stated · SC 13G/AFeb 3, 2022 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
38 full SEC filing texts archived — searchable, never lost.
- Vault note — ARIZ (Arisz Acquisition Corp.)
vault-note · /vault/tickers/ARIZ
- Vault deal note — Finfront Holding Company (operating as BitFuFu) (ARIZ)
vault-note · /vault/deals/finfront-holding-company-operating-as-bitfufu
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 trail6 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 0001213900-21-060888 priced 2021-11-19; common ticker ARIZ off 8-K 0001213900-24-018093 (2024-02-28); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000121 (2024-02-29) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Common Stock, right, unit, warrant). 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 "Arisz Investment LLC" (SEC CIK 0001894920) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-061327.
AI-extracted target (z-ai/glm-5.2, conf 0.98)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> CRYPTO, on DEFM14A 0001213900-24-011305: "BitFuFu is a fast -growing digital asset mining service and world -leading cloud -mining service provider, dedicated to fostering a secure, compliant, and trans"