Better World Acquisition Corp.
BWAC · 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
The last figure filed while this was still a SPAC.
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 BWA Holdings LLC, listed on Nasdaq in November 2020. Each unit put $10.10 into the shareholders' cash account at listing; by the end it held $10.91 a share — interest earned on the account, plus any payments the sponsor made to extend the deadline, spread over the shares that never cashed out.
- 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
- 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
- 17 November 2020
- size not on file · 101.0% of each $10 unit into trust
- Headquarters
- 1177 AVENUE OF THE AMERICAS 18TH FLOOR, NEW YORK, NY, 10036
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Chiste Robert M (Director) · Ripley Rosemary L (Chief Executive Officer) · GRUBSTEIN PETER S H (Chief Financial Officer)
- Listed securities
- BWAC common
As last filed — the filing date is not recorded. That was the account's last filed value before it was settled — the company does not hold it now.
At the 8 February 2023 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 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.
- $10.91 a share is the last cash figure filed while this was still a SPAC. It is a record of what the account held, not money anyone can ask for now.
What has happened, and what is coming
4 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.
redemption rate not stated in the filing
redemption rate not stated in the filing
redemption rate not stated in the filing
Show the earlier 1 milestone
- 17 November 2020IPOpassed
IPO size not on file
Who has already taken their money back
3 filed eventsEach 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
9.62M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Feb 8, 2023Extensionno rate stated
Show the other 2 cash-out events
- Aug 15, 2022Extensionno rate stated
- May 12, 2022Extensionno rate stated
The score
deterministic, from filed fieldsBWAC 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
Better World Acquisition Corp. (Nasdaq: BWAC) was a blank-check company whose initial public offering was priced on November 17, 2020, under SEC file number 333-249374 and S-1 accession 0001213900-20-030528, with shares registered for cash. The registrant self-described as a blank check company in its 424B4 prospectus, accession 0001213900-20-037482, and was classified under SEC SIC industry code 2080 (Beverages). On July 13, 2023, the company filed an 8-K (accession 0001213900-23-056605) announcing that it would redeem all outstanding public shares at a per-share price of approximately $10.91, reflecting trust cash returned to shareholders as part of its liquidation.
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.
The contingent value right is the public holder's compensation and the insiders give theirs up: holders of Founder Shares and Representative Shares waive their right to receive CVRs under a CVR Funding and Waiver Letter, so the CVRs attach only to non-redeeming public shares. Heritage's unsecured convertible noteholders receive Pubco shares separately from the Stockholder Merger Consideration, certain Heritage warrants are contributed to Pubco and exchanged for shares as if exercised, and BWAC's own warrants are assumed on identical terms.
A deposit that shrinks per share as more holders stay is an inverted incentive: the fewer who redeem, the less each remaining holder receives per month. That makes the extension economics unknowable at the time of the vote. BWAC's filed trust value is around $10.91 per share, and the company ultimately liquidated, so the February 6, 2023 tender deadline was the point at which holders could take that value with certainty.
A trust value of about $10.30, with a further $0.10 per share extension deposit adding roughly another 1%, so holders who stay are paid meaningfully for the wait. The $500,000 cap means the full rate applies only if the float falls to five million shares or fewer. Redemption at the current $10.30 remains available regardless of the vote, and with 4.38 million private placement warrants outstanding the sponsor has strong incentives to keep the vehicle alive.
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 2022-11-14deadline 2023-02-17 → 2023-08-17shares 4.21M → 3.00M -29%
combination deadline, redeemable shares, sponsor loans outstanding +22 moved · 3 with no prior record of ours
- Combination deadline
- 2023-02-172023-08-17
- Redeemable shares
- 4.21M3.00M
- Sponsor loans outstanding
- not previously extracted$4.3M
- Trust account
- $127.4M · unchanged
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as 181 days later than the previous record.
The clause …“upon the earlier to occur of (i) the date on which we consummate our initial business combination and (ii) the liquidation of the Company on or before August 17, 2023 or such later liquidation date as may be approved by the Company’s”…
SpacBrain reads this as 1,213,453 shares are no longer redeemable.
The clause “0,000,000 shares authorized; 3,487,070 shares issued and outstanding (excluding 3,000,000 and 4,213,453 shares subject to possible redemption) at March 31, 2023 and December 31, 2022, respectively 348 348 Accumulated deficit ( 5,072,682 )”…
The clause …“As of March 31, 2023 and December 31, 2022, there was $ 4,323,720 and $ 4,323,720 outstanding under the Convertible Promissory Note, respectively. The Convertible Promissory Note was valued using the fair value method. The fair”…
The clause …“into the Trust Account on November 20, 2020, bringing the aggregate proceeds held in the Trust Account to $ 127,447,860 . On November 9, 2021, in connection with the first extension of the date by which the Company has to consummate a”…
The clause …“and the mandatory liquidation and potential subsequent dissolution raises 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”…
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 2022-03-31trust $128.8M → $127.4M -1%deadline 2022-05-17 → 2023-08-17shares 12.6M → 4.21M -67%
trust account, combination deadline, redeemable shares +23 moved · 2 with no prior record of ours
- Trust account
- $128.8M$127.4M
- Combination deadline
- 2022-05-172023-08-17
- Redeemable shares
- 12.6M4.21M
- Sponsor loans outstanding
- not previously extracted$1.3M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $1,342,148 left the trust between the two filings.
The clause …“into the Trust Account on November 20, 2020, bringing the aggregate proceeds held in the Trust Account to $ 127,447,860 . On November 9, 2021, in connection with the first extension of the date by which the Company has to consummate a”…
SpacBrain reads this as 457 days later than the previous record.
The clause …“date of the financial statements. Further, if the Company does not complete a business combination by August 17, 2023, or obtain approval for an extension of this deadline, it will be required to cease all operations except for the”…
SpacBrain reads this as 8,405,147 shares are no longer redeemable.
The clause “0,000,000 shares authorized; 3,487,070 shares issued and outstanding (excluding 4,213,453 and 12,618,600 shares subject to possible redemption) at December 31, 2022 and 2021, respectively 348 348 Accumulated deficit ( 3,750,959 ) (”…
The clause …“of warrants. As of December 31, 2022 and 2021, there was $ 4,323,720 and $ 1,261,860 outstanding under the Convertible Promissory Note, respectively. The Convertible Promissory Note was valued using the fair value method. The fair”…
The clause …“would have a right to submit their shares for redemption; 22 ● There is substantial doubt about our ability to continue as a going concern; ● We have identified a material weakness in our internal control over financial reporting”…
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: Better World Acquisition Corp. filed a preliminary proxy statement for a special meeting on the Business Combination Agreement dated December 9, 2022 with Heritage Distilling Holding Company, Inc., a new Pubco named Heritage Distilling Group, Inc., two merger subs, the Sponsor as representative for BWAC's stockholders and Justin Stiefel as Holder Representative. BWA Merger Sub merges into BWAC and HD Merger Sub merges into Heritage, leaving both under Pubco. Each non-redeemed share of BWAC Common Stock becomes one share of Pubco Common Stock plus one contingent value right. Why it matters: The contingent value right is the public holder's compensation and the insiders give theirs up: holders of Founder Shares and Representative Shares waive their right to receive CVRs under a CVR Funding and Waiver Letter, so the CVRs attach only to non-redeeming public shares. Heritage's unsecured convertible noteholders receive Pubco shares separately from the Stockholder Merger Consideration, certain Heritage warrants are contributed to Pubco and exchanged for shares as if exercised, and BWAC's own warrants are assumed on identical terms.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
BWA Holdings 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
That was the figure at listing. It is $10.91 a share today — interest on the account, plus any sponsor payments made to extend the deadline, spread over the shares that never cashed out. Unit: U = S + W · 101.0% of the $10 unit
from 424B4 0001213900-20-037482
Trading & liquidity
Company profile
Directors & officers
- Chiste Robert MDirector
- Ripley Rosemary LChief Executive Officer
- GRUBSTEIN PETER S HChief Financial Officer
- WOOD KRISTOPHER ADirector
- Prosek JenniferDirector
- Oberwager Bradford ScovillDirector
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
8 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.
- BWA Holdings LLCwith 2 other reporting persons on the same schedule19.6% · SC 13GFeb 16, 2021 stale
- MIZUHO FINANCIAL GROUP INC5.5% · SC 13GFeb 14, 2022 stale
- Karpus Management, Inc.2.3% · SC 13G/AJun 10, 2022 stale
- Cowen Financial Products LLC1.5% · SC 13G/AJan 11, 2023 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.2% · SC 13G/AFeb 14, 2022 stale
- First Trust Capital Management L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AAug 10, 2023 stale
- Sculptor Capital LP0.0% · SC 13G/AFeb 14, 2023 stale
- Weiss Asset Management LPwith 2 other reporting persons 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.
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
39 full SEC filing texts archived — searchable, never lost.
- Vault note — BWAC (Better World Acquisition Corp.)
vault-note · /vault/tickers/BWAC
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 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 2080 (Beverages). The screen found it by filing SHAPE instead — S-1 2020-10-07 → 8-A12B 2020-11-12 → 424B4 2020-11-17 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2080 + self-described blank check in 424B4 0001213900-20-037482; 424B 0001213900-20-037482 priced 2020-11-17 under S-1 0001213900-20-030528 (file 333-249374, an offering for cash); common ticker BWAC off 8-K 0001213900-23-056605 (2023-07-13); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-249374, which belongs to S-1 0001213900-20-030528 (2020-10-07) — 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 2020-11-17). Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001213900-23-056605 (2023-07-13) — announced redemption of all public shares: “…will redeem all of the outstanding shares of common stock that were included in the units issued to public stockholders in its initial public offering (the " Public Shares "), at a per-share redemption price of approximately $10.91 (after taking into account the removal of a portion of the accrued interest in the trust…”. Trust at settlement $10.91/share, stated in that filing. 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 "BWA Holdings LLC" (SEC CIK 0001821141) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-036722.