Foley Trasimene Acquisition II
BFT · NYSE
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 Trasimene Capital Management, LLC, listed on NYSE in August 2020.
- What it's doing now
- It agreed in February 2021 to buy Paysafe Limited, a Specialized payments platform company. The deal valued that business at about $8.71B. 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
- Paysafe Limited
- Industry
- Specialized payments platform
- Deal value
- $8.7B
- announced 26 February 2021
- 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
- 20 August 2020
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 1701 VILLAGE CENTER CIRLCE, LAS VEGAS, NV, 89134
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Gravelle Michael L (GC and Corporate Secretary) · Meinhardt Erika (Director) · Linehan Mark David (Director)
- Listed securities
- BFT 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
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.
- 20 August 2020IPOpassed
IPO size not on file
- 26 February 2021Deal announcedpassed
Combination with Paysafe Limited
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Paysafe Limited$8.7B · announced 26 February 2021closedSpecialized payments platformpost-close PSFESEC primary
The score
deterministic, from filed fieldsBFT 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
Foley Trasimene Acquisition II was a blank-check company whose common ticker BFT was listed on the New York Stock Exchange. The company priced its IPO on August 20, 2020, as reflected in 424B prospectus 0001104659-20-097279. Its securities included Units, each consisting of one share of Class A common stock and one-third of one warrant; Class A common stock; and Warrants, each exercisable for one share of Class A common stock at a price of $11.50 per share. The ticker BFT appears on the cover page of an 8-K filed on March 30, 2021 (accession 0001193125-21-100484). The company's lifecycle is closed: on March 31, 2021, Form 25 (accession 0000876661-21-000476) was filed under 17 CFR 240.12d2-2(a)(3), the rule governing securities that have come to evidence other securities in substitution therefor, indicating the shares became the successor's and the vehicle no longer files.
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.
For a five-month-old shell, $7,302,194 of formation and operating costs is very large and points to live transaction expense rather than administration. The company is effectively insider-financed at the working capital line: a sponsor affiliate is paying bills directly and booking them as a related-party payable, and only $410,446 of unrestricted cash remains against roughly $6.3 million of accruals. Trust is a bare $10.00 per share with negligible interest, so redemption offers no premium, and forward purchase commitments from Cannae Holdings are unfunded and unreserved.
A separate item on the same ballot converts the sponsor's position rather than the public's: under Section 312.03(b) of the NYSE Listed Company Manual, FTAC would issue Class C common stock to Trasimene Capital FT, LP II in exchange for the private placement warrants that entity already holds, turning the founder's warrant exposure into stock. Class A and Class B holders alike receive one Paysafe share each, so the founder share class collapses into the same currency. Completion is conditioned on both the Business Combination Proposal and the Charter Amendment Proposal passing.
Completes the capitalisation begun at the August 21 IPO closing and gives the final trust figure. The filing states the $1,467,033,450 comprises approximately $1,435,692,781 of unit proceeds, which it says includes about $29,340,669 of underwriters' deferred discount, plus $31,340,669 of private placement proceeds — so the deferred fee sits inside the headline trust balance. The over-allotment was partial: 16,703,345 of the 19,500,000 units available.
The IPO-closing report for one of the largest SPAC trusts of the 2020 cohort. It also states the trust-release terms in the company's own words: proceeds stay in trust until a business combination, a redemption on a charter-amendment vote, or redemption of all public shares if no business combination is completed within 24 months of the IPO closing. The founder-share count after the stock dividend, 37,375,000, fixes the sponsor's promote against the 130,000,000 public units.
This document states the two-regime adjustment in the order the market intends and is therefore the reference reading for it: the $10.00 and $18.00 triggers adjust to 100% and 180% of the higher of the Market Value and the Newly Issued Price RESPECTIVELY, with the $10.00 caption named first. Kismet's prospectus of the same month lists the same two prices against the captions in the opposite order, which is how a mechanical extraction can invert them. Charter amendments need 65% of the common stock; the warrant agreement is a separate vote.
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
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Trasimene Capital Management, 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 1284 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/3 · 100.0% of the $10 unit
from 424B4 0001104659-20-097279
Trading & liquidity
Company profile
Directors & officers
- Gravelle Michael LGC and Corporate Secretary
- Meinhardt ErikaDirector
- Linehan Mark DavidDirector
- FOLEY WILLIAM P IIDirector
- Holland C Malcolm IIIDirector
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
4 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.
- Trasimene Capital FT, LP IIwith 2 other reporting persons on the same schedule20.0% · SC 13GFeb 16, 2021 stale
- MFN Partners Management, LPwith 5 other reporting persons on the same schedule7.7% · SC 13GFeb 12, 2021 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule2.4% · SC 13G/AFeb 11, 2021 stale
- Empyrean Capital Partners, LPwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 11, 2021 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 — BFT (Foley Trasimene Acquisition II)
vault-note · /vault/tickers/BFT
- Vault deal note — Paysafe Limited (BFT)
vault-note · /vault/deals/paysafe-limited
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 trail5 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 0001104659-20-097279 priced 2020-08-20; common ticker BFT off 8-K 0001193125-21-100484 (2021-03-30); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0000876661-21-000476 (2021-03-31) — 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: Units (each consisting of 1 share of Class A common stock and 1/3 of one warrant); Class A Common Stock; Warrants (each exercisable for 1 share of Class A Common Stock at a price of $11.50 per share)). 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 "Trasimene Capital Management, LLC" sourced from prospectus definition (10-K/A) acc 0001104659-21-068955.
AI-extracted target (z-ai/glm-5.2, conf 0.99)
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