Bridgetown Holdings Ltd
BTWN · 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 Bridgetown (Altman Samuel H.), listed on Nasdaq in October 2020.
- What it's doing now
- It agreed to buy CompareAsia Group Capital Limited, a personal finance aggregation and comparison platform 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
- CompareAsia Group Capital Limited
- Industry
- Financials — personal finance aggregation and comparison platform
- 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
- 19 October 2020
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 38/F CHAMPION TOWER, HONG KONG, F4, 000000
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Wong Daniel (CEO and CFO) · Hass John R (Director) · Danzeisen Matthew (Chairman of Board)
- Listed securities
- BTWN 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 13 October 2022 event.
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.
- 19 October 2020IPOpassed
IPO size not on file
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedFinancialsSEC primary
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
—
no filing states a pre-event share count
Shares redeemed, all events
44.41M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Oct 13, 2022Extensionno rate stated
The score
deterministic, from filed fieldsBTWN 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
Bridgetown Holdings Ltd is a blank-check company whose common ticker BTWN was listed on the Nasdaq Stock Market. The company priced its IPO on October 19, 2020, according to a 424B prospectus filed under accession 0001213900-20-032049. Its SEC CIK is 0001815086 and it is classified under SIC industry code 6770. The ticker BTWN appears on the cover page of an 8-K filed on October 11, 2023, under accession 0001193125-23-253663. The vehicle's lifecycle is closed, established by a Form 25 filed on October 12, 2023, under accession 0001354457-23-000766, pursuant to 17 CFR 240.12d2-2(a)(3), indicating that its Class A Ordinary Shares, Units, and Warrants came to evidence other securities in substitution therefor.
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.
US$109.1 million of intercompany loans against only US$12.8 million repaid, plus US$50.4 million of intragroup service fees, is a related-party funding structure BTWN holders should price carefully — the target's standalone cash generation is obscured by transfers from its holding companies. That a Special Committee, rather than the full board, approved the agreement signals recognized conflicts. The warrant overhang of 33,133,904 is large relative to the 18.6 million shares registered.
A full twelve-month extension sought at the original 24-month deadline, with no deposit disclosed in the notice, is free time for the sponsor — the trust stops accreting from deposits while holders wait. The redemption right is unconditional and does not depend on the vote, which is BTWN holders' protection. The vehicle went on to sign the MoneyHero transaction in May 2023, so the extension was ultimately used.
The deferred underwriting fee is given twice and differently: the balance sheet records $17,849,805, about $0.30 a unit, while Item 1 says the trust includes '$20,824,772 of the underwriter's deferred discount', about $0.35 a unit - a $2,974,967 gap. The cover also repeats the impossible identifier from the September 2020 10-Q, 'Commission file number: 001-249000', which is the Securities Act number 333-249000 under a 001- prefix. The sponsor is already owed about $1.2m despite $1.5m of cash outside the trust.
Deferred underwriting is $0.30 per unit, not the $0.35 this tier otherwise carries without exception in 2020, and some units bear no up-front underwriting discount at all - so both halves of the fee are non-standard and the amount of the trust that is really the underwriters' is smaller than the default. The $18.00 call test is adjustable for share subdivisions, consolidations, capitalisations and RIGHTS ISSUANCES, and any charter change to shareholder rights must be accompanied by a redemption opportunity.
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: Bridgetown Holdings Limited's proxy and prospectus for its combination with MoneyHero Limited covers up to 18,617,717 shares, 33,133,904 warrants and 22,764,558 Class A ordinary shares issuable on exercise, under an agreement dated May 25, 2023 approved on a Special Committee's recommendation. Between January 1, 2021 and June 30, 2023 the group recorded US$109.1 million of intercompany working capital loans, US$12.8 million of repayments, US$50.4 million of intercompany service fees and recharges and US$1.5 million of capital contributions. PubCo would list on Nasdaq as MNY and MNYWW. Why it matters: US$109.1 million of intercompany loans against only US$12.8 million repaid, plus US$50.4 million of intragroup service fees, is a related-party funding structure BTWN holders should price carefully — the target's standalone cash generation is obscured by transfers from its holding companies. That a Special Committee, rather than the full board, approved the agreement signals recognized conflicts. The warrant overhang of 33,133,904 is large relative to the 18.6 million shares registered.
- What changed vs 2023-05-10trust $153.5M → $154.9M +1%
trust account, combination deadline, going-concern doubt +31 moved · 5 with no prior record of ours
- Trust account
- $153.5M$154.9M
- Combination deadline
- 2023-10-20 · unchanged
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $300K · unchanged
- Mandate language
- we are focusing our search on a target with operations or pr… · unchanged
- Redeemable shares
- 15.1M · unchanged
SpacBrain reads this as $1,397,591 was added to the trust between the two filings.
The clause …“Prepaid expenses 305,833 664,583 Total Current Assets 451,981 687,982 Cash held in Trust Account 154,927,287 152,362,993 TOTAL ASSETS $ 155,379,268 $ 153,050,975 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities Accrued”…
The clause …“a working capital deficit of $ 10,266,260 . The Company intends to complete a Business Combination by October 20, 2023. However, in the absence of a completed Business Combination, the Company may require additional capital. If the”…
The clause …“a Business Combination not occur, and potential subsequent dissolution 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 …“Initial Public Offering. As of June 30, 2023 and December 31, 2022, there was $ 300,000 outstanding under the First Promissory Note, which is currently due on demand. On December 15, 2021 an additional unsecured promissory note to the”…
The clause …“one vote for each share. At June 30, 2023 and December 31, 2022, there were 15,093,034 Class A ordinary shares subject to possible redemption which are presented as temporary equity. In connection with the 2022 Shareholders Meeting”…
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.
Deal completion: 2/2 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty. Small sample — the shrink below keeps this near neutral.
Mixed record · low confidence
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 0001213900-20-032049
Trading & liquidity
Company profile
Directors & officers
- Wong DanielCEO and CFO
- Hass John RDirector
- Danzeisen MatthewChairman of Board
- Altman Samuel H.Director
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
5 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.
- Bridgetown LLC/Caymanwith 2 other reporting persons on the same schedule58.9% · SC 13D/AOct 13, 2023 stale
- Wong Daniel0.0% · SC 13D/AOct 13, 2023 stale
- Sculptor Capital LP0.0% · SC 13G/AFeb 14, 2023 stale
- MILLENNIUM MANAGEMENT LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AJan 9, 2023 stale
- Marcho Partners LLPwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 11, 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.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- MoneyHero debuts on the Nasdaq via merger with Peter Thiel-backed SPAC
CNBCundated by the source
- CompareAsiaGroup scores $50M from investors including ...
TechCrunchundated by the source
- CompareAsiaGroup Ltd - Company Profile and News - Bloomberg.com
Bloombergundated by the source
- MoneyHero Group, a Market Leading Financial Products Platform in
SEC EDGARundated by the source
- Untitled
SEC EDGARundated by the source
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
37 full SEC filing texts archived — searchable, never lost.
- Vault note — BTWN (Bridgetown Holdings Ltd)
vault-note · /vault/tickers/BTWN
- Vault deal note — CompareAsia Group Capital Limited (BTWN)
vault-note · /vault/deals/compareasia-group-capital-limited
- CompareAsiaGroup scores $50M from investors including IFC, Alibaba and Goldman Sachs | TechCrunch
news · techcrunch.com
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 0001213900-20-032049 priced 2020-10-19; common ticker BTWN off 8-K 0001193125-23-253663 (2023-10-11); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-23-000766 (2023-10-12) — 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: Class A Ordinary Shares, Units, Warrants). 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 "Bridgetown LLC/Cayman" (SEC CIK 0001815676) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-031625.
[CLOSED-2.01] SEC accession 0001193125-23-255006 (Form 8-K, item 2.01 Completion of Acquisition or Disposition of Assets); the cover's date of earliest event reported is 2023-10-12. That is the SEC's own date for this report and NOT necessarily the closing day — an 8-K may cover several events, and where the two differ the closing date is in the quoted sentence below. Target read STRUCTURALLY from the merger agreement's party list — the party that is neither the registrant (identified by the filing's own cover page) nor a merger sub (identified by the clause making it a subsidiary of another party) nor an accommodation party (identified by a "solely for purposes of" joinder), and which the agreement itself designates "the Company". The sentence it was read from: "☐ Introductory Note As previously disclosed in the Current Report on Form 8-K filed by Bridgetown Holdings Limited ("Bridgetown") with the Securities and Exchange Commission (the "SEC") on May 25, 2023, Bridgetown entered into a Business Combination Agreement, dated as of May 25, 2023 (the "Business Combination Agreement", and the transactions contemplated by the Business Combination Agreement, the "Business Combination"), with MoneyHero Limited, a Cayman Islands exempted company limited by shares ("PubCo"), Gemini Merger Sub 1 Limited, a Cayman Islands exempted company limited by shares and a direct wholly-owned subsidiary of PubCo ("Merger Sub 1"), Gemini Merger Sub 2 Limited, a Cayman Islands exempted company limited by shares and a direct wholly-owned subsidiary of PubCo ("Merger Sub 2") and CompareAsia Group Capital Limited, a Cayman Islands exempted company limited by shares (the "" No deal value is set — an item-2.01 heading is not a figure. 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.
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> FINTECH, on DEFM14A 0001193125-23-242474: "Dual-headquartered in Singapore and Hong Kong, MoneyHero Group, formerly known as the Hyphen Group or CompareAsia Group, is a leading personal finance aggregati"