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Abri SPAC I, Inc.

ASPA · Nasdaq

Trust settledCollective Audience, Inc. · Finished

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.

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 Abri Ventures I, LLC, listed on Nasdaq in August 2021.
What it's doing now
It agreed to buy Collective Audience, Inc., an audience-based performance advertising and media company. 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
Collective Audience, Inc. — Audience Collective Audience provides an innovative audience-based performance advertising and media platform for brands, agencies and publishers.
Industry
Communication Services — audience-based performance advertising and media
Deal value
not stated in the filings we hold
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
11 August 2021
size not on file
Headquarters
85 BROAD STREET 16-079, NEW YORK, NY, 10004
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Tirman Jeffrey (CEO and CFO) · BORDES PETER A JR (Chief Executive Officer) · Duncan Denis J. (Director)
Listed securities
ASPA common
Cash held per sharenot filed for this window

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.

Shares already handed backthe filing does not state a pre-event share count

At the 23 October 2023 event.

0001213900-23-087017opens on sec.gov in a new tab

Next date that mattersno dated event on file

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.

  1. 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

4 dated milestones

Every 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.

  1. 9 December 2022Shares handed backpassed0001213900-23-087017opens on sec.gov in a new tab

    redemption rate not stated in the filing

  2. 7 August 2023Shares handed backpassed0001213900-23-087017opens on sec.gov in a new tab

    redemption rate not stated in the filing

  3. 23 October 2023Shares handed backpassed0001213900-23-087017opens on sec.gov in a new tab

    redemption rate not stated in the filing

Show the earlier 1 milestone
  1. 11 August 2021IPOpassed

    IPO size not on file


The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • closedCommunication Services

    What Collective Audience, Inc. does — read from collectiveaudience.co on 26 August 2026

    Collective Audience builds the cloud infrastructure for advertising on the open web through its OpenCloud platform. The company creates interactive experiences that engage audiences, generate actionable intelligence, and drive measurable results across marketing, media, and monetization strategies. It serves publishers and advertisers by offering privacy-safe data, real-time intent signals, and immersive advertising formats.

    85 Broad Street, NY, NY 10004; 33 rue La Fayette, 75009 Paris, FranceadvertisingmediadataAI
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $5M · unsourced
    Min-cash condition
    $30M

    PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.


Who has already taken their money back

3 filed events

Each 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

no filing states a pre-event share count

Shares redeemed, all events

5.67M

across every filed redemption event

Every figure below is stated in the linked filing; nothing here is estimated.

Show the other 2 cash-out events

The score

deterministic, from filed fields

ASPA 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.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 295 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.

See the names that are scored, and how


The company

from SEC filings
Read the full profile

Abri SPAC I, Inc. was a Delaware-incorporated blank check company formed on March 18, 2021, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses. The company's stated target focus centered on businesses that power transformation and provide disruptive technological innovation in traditionally managed industries, with particular emphasis on the financial services (FinTech) sector and, within it, the insurance technology (InsurTech) subsector, though it retained the flexibility to pursue a combination in any region or industry. Abri SPAC I, Inc. completed its initial public offering on August 11, 2021, pricing 5,000,000 units at $10.00 per unit for gross proceeds of $50,000,000, with each unit consisting of one share of common stock and one redeemable warrant entitling the holder to purchase one share at $11.50. The units were listed on the Nasdaq Capital Market under the symbol ASPAU, with the common stock and warrants trading separately under the symbols ASPA and ASPAW, respectively. Chardan Capital Markets, LLC served as sole book-running manager, and the underwriters held a 45-day over-allotment option for up to 750,000 additional units. The sponsor, Abri Ventures I, LLC, purchased 276,250 private units at $10.00 each in a concurrent private placement, and $10.00 per public unit sold was deposited into a trust account at JP Morgan Chase Bank, NA, with Continental Stock Transfer & Trust Company as trustee.

The management team was led by Jeffrey Tirman as Chairman and Chief Executive Officer, bringing over 29 years of international investment and corporate management experience, including leadership roles at KJK Sports S.A. and Elan d.o.o., and founder of Abri Advisors Ltd. Nima Montazeri served as Executive Vice President and Chief Financial Officer, with more than 21 years in corporate finance and a background as general partner at Brown Stone Capital, LP, while Peter Bakker held the role of Vice President of Business Analytics, drawing on over 30 years in high-yield debt finance and distressed investing. The company had 12 months from the closing of the offering to consummate an initial business combination, extendable up to 18 months. Abri SPAC I, Inc. ultimately completed a business combination and changed its shell company status, as reported in a Form 8-K filed November 8, 2023, after which the registrant adopted the name Collective Audience, Inc. and ceased filing as a blank check company.


Material findings

from the full read of every filing

Every 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.

  • Selling a subsidiary is how a company with 200 million shares outstanding and an existing Nasdaq delisting determination raises cash when equity markets are closed to it - the asset base shrinks to fund operations. A note conversion producing 136,553,351 shares and an 87.41% stake means control has already passed to the note holder, so the vote formalises decisions made by a new owner. Legacy SPAC holders retain no trust or floor.

  • This is a disposal rather than an acquisition — the company is selling its operating subsidiaries and taking payment in the buyer's parent's stock rather than in cash, so a holder's interest shifts to a company whose assets include NYIAX shares. The number of Consideration Shares is not stated in the notice of meeting. Every date in this preliminary version is blank: the meeting date and time, the record date, the virtual meeting address and the mailing date, so no deadline of any kind can be read from this filing.

  • The arithmetic ties out: the Per Share Merger Consideration is $114,000,000 divided by DLQ's Fully Diluted Company Shares and the Conversion Ratio is that figure divided by $10.00, which is the same as the 11,400,000 shares registered. Fully Diluted Company Shares counts everything issuable on conversion, exercise or exchange of DLQ's in-the-money securities, so the per-share figure falls as those are included. Nasdaq listing under CAUD and CAUDW is applied for and is a condition to closing; the filing says it cannot assure approval, without which the combination could not be consummated.

  • The merger needs three separate approvals — Abri's stockholders, DLQ's, and those of DLQ Parent, Logiq, whose own common stock is quoted on the OTCQX Market rather than on an exchange. A Nasdaq Global Market listing for the combined company is a condition to closing, and the filing states it cannot assure holders the shares and warrants will be approved, in which case the business combination could not be consummated. The $114,000,000 valuation is divided by a fully diluted count that includes shares issuable on conversion or exercise of DLQ's in-the-money securities.

  • The target is a carve-out from a company quoted on OTCQX: DLQ is a wholly owned subsidiary of Logiq, Inc., and the merger requires approval by the stockholders of Abri, DLQ and DLQ Parent — three separate approvals rather than two. Nasdaq listing of the combined company's shares and warrants is a condition to closing, and the filing says outright that without it the business combination could not be consummated. The denominator of the per-share figure includes every share issuable on conversion or exercise of DLQ's in-the-money securities, not just those outstanding.

  • Three sets of stockholders must approve the merger — Abri's, DLQ's, and those of DLQ Parent, Logiq, whose common stock is quoted on the OTCQX Market rather than on an exchange. Admission of the combined company's shares and warrants to the Nasdaq Global Market as CAUD and CAUDW is a closing condition the filing says it cannot assure, in which case the combination could not be consummated. Abri's units, common stock and warrants have traded separately on Nasdaq since September 3, 2021, and no meeting date is fixed at this version.

Show 8 more material filings
  • The merger agreement being voted on was signed on September 9, 2022, so by this amendment the terms are nearly a year old while the meeting still has no date. Three sets of stockholders must approve — Abri's, DLQ's and those of DLQ Parent, Logiq, whose stock is quoted on the OTCQX Market rather than an exchange. A Nasdaq Global Market listing as CAUD and CAUDW is a closing condition the filing says it cannot assure, in which case the combination could not be consummated. Abri's units, common stock and warrants have traded separately on Nasdaq since September 3, 2021.

  • The merger needs three separate approvals — Abri's stockholders, DLQ's and DLQ Parent's — so an Abri holder's vote is one gate of three rather than the decisive one. A Nasdaq listing of the combined company's shares and warrants under CAUD and CAUDW is a condition to consummating the business combination, and the filing says it cannot assure that listing will be approved, in which case the combination would not close. A fixed $114,000,000 divided by DLQ's fully diluted share count means the ratio moves with DLQ's own capital structure at the effective time.

  • The name of the company a holder would end up owning changed between amendments of the same registration statement, which says something about how settled the transaction was at this stage. The economics did not change with it: three sets of stockholders must approve — Abri's, DLQ's and those of DLQ Parent, Logiq, whose stock is quoted on the OTCQX Market rather than an exchange — and a Nasdaq Global Market listing as CAUD and CAUDW is a closing condition the filing says it cannot assure. The meeting date, time and virtual address are all blank.

  • The merger needs three separate approvals — Abri's stockholders, DLQ's and those of its parent Logiq, Inc., whose stock is quoted on OTCQX — so a SPAC holder's vote is one of three gates. Part of the consideration is routed through the parent as Dividend Shares that Logiq issues to its own stockholders. The filing names the post-closing company DataLogiq, Inc. while the Nasdaq listing application it describes is under the symbols CAUD and CAUDW, and it states there is no assurance the shares and warrants will be approved for listing.

  • The target is a carve-out from a listed parent rather than a private company: DLQ is a wholly owned subsidiary of Logiq, Inc., whose common stock is quoted on the OTCQX Market under the ticker LGIQ, so the seller is itself a public company and its own shareholders sit behind the transaction. 11,400,000 shares is the whole registered issuance and therefore the ceiling on dilution for an Abri holder who does not redeem. The merger agreement dates from September 9, 2022.

  • The consideration is defined off a fixed dollar figure: Per Share Merger Consideration is $114,000,000 divided by the Fully Diluted Company Shares, and the Conversion Ratio is that amount divided by $10.00, so the share count DLQ holders receive moves only with DLQ's own diluted count. Approximately 25% of the aggregate Merger Consideration Shares are issued by DLQ Parent to its own stockholders as Dividend Shares concurrently with Closing, and the remainder held by DLQ Parent is locked up under the Lock-Up Agreement.

  • The Merger Agreement names two representatives with continuing roles after closing: Erez Simha as representative, agent and attorney-in-fact of the Apifiny securityholders, and Abri Ventures I, LLC, the Sponsor, in the same capacity for the Indemnified Party. An indemnity structure of that kind implies escrowed or clawback-eligible consideration. The cover carries no Calculation of Registration Fee table, so no share count, price or fee appears on the face of the filing.

  • The consideration is not uniform across the target's stock. Holders of Apifiny Series F Common Stock receive both Abri common stock and an equal number of shares of newly created Abri preferred stock at the Merger Exchange Ratio, while holders of Apifiny Class A common stock receive common stock alone at the same ratio; each class also takes a pro rata share of Earnout Consideration set by a Closing Consideration Spreadsheet rather than by any formula printed here. The meeting is undetermined here: hour, meridiem, date and webcast address are all left as [ ], so no meeting date is recorded.


Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

  • What changed: Collective Audience, Inc., the successor to Abri SPAC I, called a special meeting for July 17, 2025 at 1:00 p.m. Eastern time in virtual format, record date June 11, 2025, at which there were 200,000,000 shares of common stock outstanding. The sole substantive item is Proposal No. 1, approval of a Subsidiary Sale under an Equity Purchase Agreement attached as Annex A. Why it matters: Selling a subsidiary is how a company with 200 million shares outstanding and an existing Nasdaq delisting determination raises cash when equity markets are closed to it - the asset base shrinks to fund operations. A note conversion producing 136,553,351 shares and an 87.41% stake means control has already passed to the note holder, so the vote formalises decisions made by a new owner. Legacy SPAC holders retain no trust or floor.

    outside datenothing moved · 1 with no prior record of ours
    Outside date
    not previously extracted2025-08-14

    SpacBrain reads this as the agreement may be terminated from 2025-08-14.

    The clause …“the written notice described in Section 9.1.3 on July 15, 2025, then the Outside Date shall be computed by adding thirty (30) days following such notice, taking the Outside Date to August 14, 2025. If Purchaser or Parent, on 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: Collective Audience, Inc. filed a preliminary proxy statement for a special meeting on two proposals: approval of the sale to NYIAX Marketing and Advertising Solutions, Inc., a wholly owned subsidiary of NYIAX, Inc., of all the issued and outstanding capital stock of The Odyssey S.A.S. (d/b/a BeOp) and all of Collective Audience's 51% equity interest in DSL Digital LLC, under an equity purchase agreement dated June 6, 2025; and an adjournment proposal. The consideration is shares of NYIAX common stock issued to Collective Audience. Why it matters: This is a disposal rather than an acquisition — the company is selling its operating subsidiaries and taking payment in the buyer's parent's stock rather than in cash, so a holder's interest shifts to a company whose assets include NYIAX shares. The number of Consideration Shares is not stated in the notice of meeting. Every date in this preliminary version is blank: the meeting date and time, the record date, the virtual meeting address and the mailing date, so no deadline of any kind can be read from this filing.

  • trust account, combination deadline, going-concern doubtnothing moved · 3 with no prior record of ours
    Trust account
    $6.8Mnot matched in this filing
    Combination deadline
    2024-02-12 · unchanged

    The clause …“we must complete our Initial Business Combination from August 12, 2023 to February 12, 2024 with no additional payment to the Trust Account. In connection with the special meeting, 570,224 shares were tendered for redemption. As a”…

    Going-concern doubt
    stated · unchanged

    The clause …“nine months ended September 30, 2024, of $ 12,460,498 . These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statement was”…

    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 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

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001477932-24-002636

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Services-Management Consulting Services (8742)
Registered inDelaware
Exchange · CIKNasdaq · 0001854583

All filings on EDGARopens on sec.gov in a new tab

Directors & officers


Institutional holders

from SC 13G/13D

Funds 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

13 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.

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.


News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.


Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

In plain English

tap a term to open it

Every 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 filings
Data provenance & audit trail7 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.

ASPA — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 8742 (Services-Management Consulting Services). The screen found it by filing SHAPE instead — S-1 2021-07-15 → 8-A12B 2021-08-09 → 424B4 2021-08-11 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 8742 + self-described blank check in 424B4 0001213900-21-041691; 424B 0001213900-21-041691 priced 2021-08-11 under S-1 0001213900-21-037054 (file 333-257916, an offering for cash); common ticker ASPA off 10-K 0001213900-22-005550 (2022-02-04); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-257916, which belongs to S-1 0001213900-21-037054 (2021-07-15) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-08-11). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-23-084420 (2023-11-08) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.03,5.01,5.02,5.03,5.05,5.06,7.01,8.01,9.01). 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.

SECURITY-TERMS-MINED2026-08-19

warrantStrike=11.5 from the definitive prospectus (0001213900-24-003459). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate; unitSeparationDays — no stated candidate

SPONSOR-ID2026-08-14

sponsor "Abri Ventures I, LLC" (SEC CIK 0001876697) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-041658.

NAME-REPAIR2026-08-31

"Collective Audience, Inc." is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "Abri SPAC I, Inc." per the COMPANY CONFORMED NAME in 424B4 0001213900-21-041691 filed 2021-08-11. §98

Deal — Collective Audience, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001854583 records "Abri SPAC I, Inc." ending 2023-11-03; the registrant continues as "Collective Audience, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2023-11-03. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=4.555231, minCashM=30 from primary filings (0001213900-23-050143, 0001213900-23-059585).

PIPE2026-08-29

pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow

SEGMENT-FROM-FILING2025-07-07

OTHER -> MEDIA_CONSUMER, on DEFM14A 0001683168-25-004959: "Collective Audience is a leading innovator of audience-based performance advertising and media for the open web"