Cantor Equity Partners, Inc.
CEP · Nasdaq · formerly CF Acquisition Corp. A
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 Cantor Fitzgerald (Brandon Lutnick), listed on Nasdaq in August 2024.
- What it's doing now
- It agreed to buy Cantor Equity Partners, Inc., a Bitcoin investment and treasury company 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
- Cantor Equity Partners, Inc.
- Industry
- Financials — Bitcoin investment and treasury company
- 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
- 14 August 2024
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 110 EAST 59TH STREET, NEW YORK, NY, 10022
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Zurita Louis R. (Director) · LUTNICK HOWARD W (Chief Executive Officer) · Lutnick Brandon (Chairman and CEO)
- Listed securities
- CEP 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).
- 0.02% of the public shares were handed back at the 3 December vote — the holders who wanted cash rather than shares in the new company took it then.
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.
- 14 August 2024IPOpassed
IPO size not on file
0.0% of the public float took the cash
Presentations
archived in fullEvery investor deck this SPAC has filed, kept slide by slide, with the SEC original beside it.
Investor presentations · archived in full
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedFinancials
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
0.02%
of the public float walked at a single vote
Shares redeemed, all events
0.00M
≈0% of the earliest known float
Every figure below is stated in the linked filing; nothing here is estimated.
- Dec 3, 2025Deal vote0.02%
The score
deterministic, from filed fieldsCEP 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
A $100 million Cantor Fitzgerald SPAC led by Brandon Lutnick, listed on Nasdaq in August 2024. In April 2025 it agreed to combine with Twenty One Capital, Inc., a Texas venture whose backers include Tether and Bitfinex, with SoftBank's Stellar Beacon also party to the agreement; shareholders approved on 3 December 2025 and the deal closed on 8 December 2025. The combined company trades on the NYSE as XXI, and this SPAC has been delisted and deregistered — its story is complete.
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.
Clears the shareholder condition for CEP to complete the Twenty One Capital bitcoin-treasury deSPAC; removing the $5,000,001 net tangible asset floor means the deal can close regardless of how heavy redemptions are, and the governance terms hand board control to Tether and SoftBank.
Do not attribute any of these figures to CEP. The $10.42 per-share trust value and the $205.5m trust belong to CEPO, a separate Cantor SPAC whose deal is BSTR Holdings; CEP's own trust, deal and per-share figures must be read from CEP's own 10-K/10-Q filings. The two registrants differ by one roman numeral, so name matching alone will misattribute this filing.
An in-kind PIPE of 4,812 Bitcoin worth $458.7 million means the combined company's balance sheet is a bitcoin treasury whose value moves with the coin, not with an operating business - holders are taking crypto price risk. The Sponsor cutting its own lock-up from twelve months to six accelerates when founder stock can be sold into the market, shifting supply forward at existing shareholders' expense. Redemption at trust is the alternative to both.
Quantifies the Twenty One Capital treasury at over 43,000 bitcoin and gives management's Q3/Q4 2025 closing expectation for the CEP deSPAC — the deal ultimately went to a December 3, 2025 vote.
Quantifies the Bitcoin treasury backing the CEP/Twenty One (XXI) deal at the pre-close date and gives the per-share sats metric the deal is being marketed on.
Amendment No. 1 locks the exchange ratio for Tether's incremental Bitcoin at a below-market signing price, transferring the intervening Bitcoin appreciation and increasing the Bitcoin per Pubco share delivered at closing.
Show 20 more material filings
Fixing Tether's contribution at the $84,863.57 signing price rather than its actual cost basis changes the share count issued to Tether and therefore the pro-forma ownership split; with bitcoin above the signing price this is economically favorable to Tether and dilutive to CEP public holders. The 43,500 BTC target sizes the treasury the SPAC's shareholders are buying into.
Confirms $147.5M of the Twenty One Capital bitcoin treasury is already acquired and verifiable on-chain, and that PIPE investors are paying $21.00 per CEP share versus a ~$10 trust — a large implied premium that anchors CEP's trading value to bitcoin rather than to trust.
Fixes the size and cost basis of the PIPE-funded Bitcoin ($165m raised at $21.00/share, 1,381.16 BTC at $106,794 average) that underpins Twenty One's treasury and the economics CEP holders vote on.
Pins down the 31,500 BTC seed contribution split between Tether and Bitfinex and the 1:1 CEP-to-Pubco share exchange — the two inputs that set bitcoin-per-share for Twenty One Capital at closing.
Fixes the one-for-one CEP share exchange ratio and the 31,500 BTC founding contribution that constitutes most of Twenty One's balance sheet at closing.
The June PIPE prices at $21.00 while the April PIPE priced at $10.00 for the same security, so late money is paying a ~110% premium to trust — and the $486.5M note principal here is larger than the $385M + $100M option described in CEP's earlier 8-Ks.
Documents the $486.5 million convertible-note stack sitting ahead of common holders in the post-close Twenty One capital structure.
Adds another 917 BTC of verifiable on-chain pre-funding to the Twenty One Capital treasury and confirms the full $485M convertible-note stack is bitcoin-backed before the S-4 is even public.
Brings the convertible-note PIPE to $485 million and pins the cost basis of the option-funded 917.47 BTC, both of which set the leverage and Bitcoin-per-share the CEP/Twenty One deal closes with.
Locks in $485M of secured convertible debt plus $200M of equity PIPE for the Twenty One deSPAC and hands the note investors a consent veto over material changes to the business combination agreement.
Confirms $485 million of secured convertible debt ranking ahead of CEP shareholders post-close, and gives the noteholders a consent veto over any economically adverse amendment to the deal.
Fixes the cost basis of the first and largest tranche of Twenty One Capital's bitcoin treasury at $95,319.83 per coin, purchased at a fixed dollar price so Pubco captures any appreciation between purchase and closing.
Establishes the size and existence of the initial PIPE-funded Bitcoin block (4,812.22 BTC for $458.7m) that transfers to Twenty One at closing, verifiable on-chain before the CEP vote.
The definitive agreement itself — the controlling document for the CEP/Twenty One deal terms, conditions and PIPE obligations.
This is the definitive agreement behind the Twenty One Capital bitcoin-treasury deSPAC: CEP holders roll 1-for-1 into Pubco while Tether/Bitfinex seed the vehicle with 31,500 BTC, so CEP's value tracks bitcoin per share rather than the trust.
The public launch communication that defines the deal's headline terms — XXI ticker, 42,000+ BTC, $500m+ committed cash — and the BPS/BRR metrics the post-close company will report on.
A clean 10.3 million public share, warrantless structure with a 2.5 million founder block means unusually low dilution for a SPAC of this size, and the Cantor marketing agreement plus the affiliated-joint-acquisition right creates a direct conflict channel between the sponsor's banking arm and the target search.
Leadership of the Cantor SPAC platform passed to Brandon Lutnick just months before CEP signed the $458M-plus Twenty One Capital bitcoin deal, a governance change driven by his father's move into the Commerce Department.
Flags the imminent departure of CEP's chairman and CEO — carried out on 2024-12-26 when Brandon Lutnick took over — a control change at the sponsor level ahead of the Twenty One Capital deal.
CEP began life as a small $100M trust at $10.15 per share with no deferred underwriting — the NAV floor beneath a stock that later traded far above trust on the Twenty One Capital bitcoin deal.
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: Cantor Equity Partners filed as Rule 425 material December 3, 2025 X posts by Twenty One Capital CEO Jack Mallers and CEP CEO Brandon Lutnick regarding the April 22, 2025 business combination agreement with Twenty One Capital, Inc., Twenty One Assets, LLC, Tether Investments, iFinex (Bitfinex) and SoftBank affiliate Stellar Beacon LLC. The filing notes the deal includes convertible senior secured notes and common equity PIPE offerings and flags in risk language the absence of a third-party fairness opinion. Why it matters: Social-media soliciting material around the vote; the disclosed absence of a third-party fairness opinion on a Tether/Bitfinex-affiliated deal is the one substantive item.
What changed: At a December 3, 2025 extraordinary general meeting, Cantor Equity Partners, Inc. shareholders approved the Twenty One Capital business combination under the April 22, 2025 Business Combination Agreement with Twenty One Capital, Inc. (Texas Pubco), Twenty One Merger Sub D, Twenty One Assets, LLC, Tether Investments, iFinex (Bitfinex) and Stellar Beacon LLC (SoftBank). Of 12,800,000 ordinary shares outstanding at the October 20, 2025 record date, the Business Combination Proposal passed 5,158,609 for / 16,069 against / 494,354 abstaining; the CEP Merger Proposal passed 5,159,090 / 15,809 / 494,133; and the NTA Proposal removing the $5,000,001 net tangible asset floor passed 5,122,087 / 27,156 / 519,789. Advisory organizational-document proposals approved a seven-member Pubco board comprising four Tether designees (at least two independent), two SoftBank designees (at least one independent) and the CEO, governed by a Governance Agreement. Why it matters: Clears the shareholder condition for CEP to complete the Twenty One Capital bitcoin-treasury deSPAC; removing the $5,000,001 net tangible asset floor means the deal can close regardless of how heavy redemptions are, and the governance terms hand board control to Tether and SoftBank.
What changed: Cantor Equity Partners filed under Rule 425 a December 1, 2025 video transcript from Twenty One Capital co-founder and CEO Jack Mallers, plus a related X post by CEP CEO Brandon Lutnick, publicizing the December 3, 2025 10:00 a.m. shareholder meeting to approve the Twenty One business combination. Mallers states Tether is his co-founder, SoftBank is the largest outside investor, the intended listing ticker is XXI, the company could begin trading as soon as the following week if the vote passes, and that CEP's shareholder base is unusually retail-heavy. He expressly declines to recommend how to vote. Why it matters: Retail vote-turnout solicitation, not a disclosure event; the only new datapoint is management's stated expectation of listing under XXI within a week of a successful vote.
What changed: Cantor Equity Partners filed under Rule 425 a December 1, 2025 transcript from the Jack Mallers Show in which the Twenty One Capital CEO confirms the December 3, 2025 CEP shareholder vote, states SoftBank is a minority but significant investor that put about $1 billion into the business, notes the intended ticker XXI, and says the company remains in a quiet period and cannot discuss KPIs or financials. Why it matters: Vote-promotion material; the substantive item is the stated approximately $1 billion SoftBank investment in Twenty One.
What changed: Cantor Equity Partners, Inc. (CEP) filed a Rule 425 attaching a November 24, 2025 Bitcoin Treasuries YouTube interview with Jack Mallers, Co-Founder and CEO of Twenty One Capital, Inc., relating to the April 22, 2025 Business Combination Agreement among CEP, Twenty One Capital, Twenty One Merger Sub D, Twenty One Assets, LLC, Tether Investments, iFinex and Stellar Beacon LLC. Mallers said Twenty One was co-founded with Tether, that SoftBank is its largest outside minority investor and that Cantor is only the SPAC partner and is not on the board, correcting Financial Times reporting; he positioned the company between Coinbase (cash-flow operating business) and Strategy (financial engineering) and said it intends to build Bitcoin-native financial services cash flow rather than rely on preferred equity leverage. Why it matters: Promotional interview, but it clarifies governance (Cantor has no board role) and strategy for the largest Bitcoin-treasury deSPAC of the cycle; no deal terms, closing date or share counts were disclosed.
What changed: Cantor Equity Partners, Inc. filed definitive additional proxy materials: a reminder letter mailed beginning November 25, 2025 to shareholders whose votes had not yet been processed, urging them to vote ahead of the extraordinary general meeting scheduled for December 3, 2025, with proxy solicitor Sodali & Co. named for assistance. Why it matters: Confirms the December 3, 2025 vote date for the Twenty One Capital business combination, but is otherwise a routine vote-chasing letter.
What changed: Cantor Equity Partners, Inc. filed as Rule 425 material a November 18, 2025 Kitco News interview with Jack Mallers, Co-Founder and CEO of Twenty One Capital, Inc., relating to the April 22, 2025 Business Combination Agreement with CEP, Twenty One Assets, Tether Investments and iFinex. Mallers said Twenty One expects to be approved shortly for listing on a public stock exchange and criticized leveraged preferred-equity funding used by other bitcoin treasury companies. Why it matters: Interview-based soliciting material ahead of the December 3, 2025 CEP vote; the only forward-looking item is management's expectation of imminent exchange listing approval.
What changed: WRONG-REGISTRANT DOCUMENT: this DEFA14A was filed under Cantor Equity Partners, Inc. (CEP, CIK 0001865602, file 001-42250), but the document attached behind the Schedule 14A cover is the Form 10-Q for the quarter ended September 30, 2025 of a DIFFERENT registrant — CANTOR EQUITY PARTNERS I, INC. (CEPO, file 001-42464, IRS 98-1576503, Class A ordinary shares on Nasdaq under CEPO). Nothing in it concerns CEP or CEP's Twenty One Capital transaction; the attached report describes CEPO's own business combination agreement with BSTR Holdings dated July 16, 2025. Every figure in it is CEPO's, not CEP's: trust account $205,465,011; 20,000,000 Class A ordinary shares subject to redemption carried at $208,465,011, i.e. $10.42 per share; $25,000 cash outside trust; forward sale securities liability $569,799; 20,500,000 Class A and 5,000,000 Class B shares outstanding at November 14, 2025; sponsor Cantor EP Holdings I, LLC; IPO of 20,000,000 Class A shares closed January 8, 2025. Why it matters: Do not attribute any of these figures to CEP. The $10.42 per-share trust value and the $205.5m trust belong to CEPO, a separate Cantor SPAC whose deal is BSTR Holdings; CEP's own trust, deal and per-share figures must be read from CEP's own 10-K/10-Q filings. The two registrants differ by one roman numeral, so name matching alone will misattribute this filing.
What changed: Cantor Equity Partners (Nasdaq: CEP) reported its quarter ended September 30, 2025: trust held $105,301,074 of available-for-sale debt securities (amortized cost $105,286,044) for 10,000,000 Class A shares at a $10.68 per-share redemption value, up from $10.35 at December 31, 2024; cash outside trust was $25,000. Shares outstanding as of November 14, 2025 were 10,300,000 Class A (including 300,000 private placement) and 2,500,000 Class B. Nine-month net income was $3,252,415 including $3,404,414 of trust interest and a $1,559,663 gain on forward sale securities; liabilities of $2,016,023 include $1,111,688 of accrued expenses and a $904,335 related-party note. Why it matters: Sets CEP's trust value at $10.68 per share on roughly $105 million ahead of the December 3, 2025 Twenty One Capital vote — a small trust relative to the bitcoin-treasury deal it was funding.
What changed vs 2025-08-13going concern APPEAREDgoing-concern doubt, trust account, combination deadline +21 moved · 4 with no prior record of ours
- Going-concern doubt
- not statedstated
- Trust account
- $206.4M · unchanged
- Combination deadline
- 2026-08-14 · unchanged
- Mandate language
- the Company intends to focus its search on companies operati… · unchanged
- Redeemable shares
- 10.0M · unchanged
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“eliminated in consolidation. Going Concern In connection with the Company’s going concern considerations in accordance with guidance in ASC 205-40 Presentation of Financial Statements – Going Concern , the Company has until August 14,”…
The clause …“from investing activities: Maturity of available-for-sale debt securities held in Trust Account 206,389,300 — Purchase of available-for-sale debt securities held in Trust Account ( 206,389,204 ) ( 99,999,991 ) Net cash provided by”…
The clause …“(“ASC”) 205-40, Presentation of Financial Statements – Going Concern , we have until August 14, 2026, to consummate the Business Combination. Our mandatory liquidation date, if the Business Combination is not consummated, raises”…
The clause “500,000,000 shares authorized; 300,000 shares issued and outstanding (excluding 10,000,000 shares subject to possible redemption) as of both September 30, 2025 and December 31, 2024 30 30 Class B ordinary shares, $ 0.0001 par value;”…
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.
Post-close outcome quality: 5 priced deSPACs vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median -42%, 3/5 still worth at least half of trust, 2 at under a tenth of it. Worst: LIDR -100%. Best: GCMG +39%. 1 more delisted with no surviving quote — scored as a total loss (a known outcome, not a gap), with no % invented. 7 other completion(s) not priced (7 no stored price) — left OUT of the ratio, not guessed.
Mixed record · high confidence
- CF Finance Acquisition Corp I · 2018→ GCM GrosvenorGCMGCompleted
- CF Finance Acquisition Corp II · 2020→ View IncCompleted
- CF Finance Acquisition Corp III · 2020→ AEyeLIDRCompleted
- CF Acquisition Corp VIII · 2021→ XBP GlobalXBPCompleted
- CF Acquisition Corp V · 2021→ SatellogicSATLCompleted
- CF Acquisition Corp VI · 2021→ Rumble / RUM GroupRUMCompleted
- CF Acquisition Corp IV · 2020Liquidated
- CF Acquisition Corp VII · 2021Liquidated
Cantor Fitzgerald — SPAC franchise now led by Brandon Lutnick. Prior-vehicle track record (SEC-verified): (1) CF Finance Acquisition Corp I COMPLETED → GCM Grosvenor (GCMG, 2020; confirmed via joint 425). (2) CF Finance II COMPLETED → View Inc (2021; bankrupt, 25-NSE 2024-04). (3) CF Finance III COMPLETED → AEye (LIDR, Nasdaq). (4) CF Acquisition V COMPLETED → Satellogic (SATL, 2022; confirmed via joint 425). (5) CF Acquisition VI COMPLETED → Rumble, now RUM Group (RUM, Nasdaq). (6) CF Acquisition VIII COMPLETED → XBP Europe, now XBP Global (XBP, Nasdaq). LIQUIDATED (25-NSE + 15-12G): CF Acquisition IV (2023), CF Acquisition VII (2025). Net: 6 completed deSPACs, 2 liquidations (plus the current Cantor Equity Partners fleet). Mixed post-close (Rumble/AEye/XBP/GCM listed; View bankrupt, Satellogic weak). Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov. — research profile — Cantor Fitzgerald's SPAC franchise is led by Brandon G. Lutnick, the 27-year-old Chairman and CEO of Cantor Fitzgerald, L.P., who assumed the role after his father, Howard Lutnick, was confirmed as the 41st U.S. Secretary of Commerce in 2025 and divested his ownership in the firm. Brandon Lutnick, a Stanford graduate who joined Cantor in 2022 in equity sales and trading after beginning his career as a credit analyst at Oak Hill Advisors, serves as Chairman and CEO across the firm's extensive series of blank-check vehicles. He is supported by CFO Jane Novak, the Global Head of Accounting Policy at Cantor, who has served as CFO or former CFO of several Cantor SPACs. His brother Kyle Lutnick serves as Executive Vice Chairman of the holding company. The family ownership transition was structured through trusts for the benefit of Brandon, Kyle, and other adult children, with Brandon as controlling trustee, and minority investments from 26North (founded by Josh Harris) and Glenn August of Oak Hill Advisors. Cantor Fitzgerald acts as sole bookrunner on all its SPAC IPOs, and the firm has formed at least sixteen blank-check companies to date, with vehicles including the Cantor Equity Partners series (CEPO through CAES) and earlier CF Acquisition vehicles. The sponsor's track record reveals a mixed to poor set of de-SPAC outcomes. Among completed mergers, CF Acquisition VIII merged with process automation firm XBP Europe (XBP), which traded 77% below the $10 offer price, and CF Acquisition VI merged with video platform Rumble (RUM) in 2022, down 26% from offer. Cantor Equity Partners merged with bitcoin investment vehicle Twenty One Capital (XXI); the stock initially surged 400% on the announcement but subsequently traded 32% to 40% below the $10 offer price. Cantor Equity Partners III merged with hookah products maker AIR Global (AIIR), which was down 32% from $10. More recently announced but not yet completed deals include Cantor Equity Partners I (CEPO) merging with Bitcoin Standard Treasury Company (BSTR), a bitcoin treasury vehicle involving Blockstream CEO Adam Back contributing up to 30,000 Bitcoin (approximately $3.5 billion) in a deal that could reach $4 billion with up to $800 million in outside capital, and Cantor Equity Partners II (CEPT) merging with asset tokenization platform Securitize. CEPO traded modestly above $10 at +6% and CEPT at +20% following their deal announcements. The firm has aggressively pivoted toward crypto-focused SPACs, with Brandon Lutnick championing what he describes as combining two volatile but compelling asset classes—crypto and SPACs—and the combined bitcoin purchases across BSTR Holdings and Twenty One Capital could approach $10 billion. The most significant red flag surrounding the Cantor SPAC operation is the potential for conflicts of interest arising from…
Full sponsor record →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
from 424B4 0001213900-24-068145
Trading & liquidity
Company profile
Directors & officers
- Zurita Louis R.Director
- LUTNICK HOWARD WChief Executive Officer
- Lutnick BrandonChairman and CEO
- Hochberg RobertDirector
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.
- Cantor EP Holdings, LLCwith 3 other reporting persons on the same schedule21.9% · SC 13D/ANov 21, 2024 stale
- Harraden Circle Investments, LLCwith 1 other reporting person on the same schedule8.7% · SC 13GNov 20, 2024 stale
- First Trust Capital Management L.P.with 1 other reporting person on the same schedule7.5% · SC 13GNov 14, 2024 stale
- ARISTEIA CAPITAL LLC5.8% · SC 13GNov 14, 2024 stale
- MMCAP International Inc. SPCwith 1 other reporting person on the same schedule5.8% · SC 13G/ANov 6, 2024 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
- Twenty One Capital and Cantor Equity Partners Announce Expected Closing of Business Combination and NYSE Listing
Business Wireundated by the source
- Cantor Equity Partners, Inc. Announces Closing of $100 Million Initial Public Offering
PR Newswireundated 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 — CEP (Cantor Equity Partners, Inc.)
vault-note · /vault/tickers/CEP
- Vault deal note — Cantor Equity Partners, Inc. (CEP)
vault-note · /vault/deals/cantor-equity-partners-inc
- Cantor Equity Partners, Inc. Announces Closing of $100 Million Initial Public Offering
news · prnewswire.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 trail9 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.
CIK CORRECTED 2026-08-13. This row previously carried cik=0001717161, which is CENTRAL PUERTO S.A. (ticker CEPU, NYSE, SIC 4911 Electric Services, Buenos Aires) - an Argentine electric utility, not a SPAC. Correct entity: CIK 0001865602 "Cantor Equity Partners, Inc.", SIC 6770 Blank Checks, Cayman Islands (E9), 110 East 59th Street New York (Cantor Fitzgerald). EDGAR formerNames: "CF International Acquisition Corp." (2021-06-29 to 2022-02-03) and "CF Acquisition Corp. A" (2023-06-28 to 2024-06-14). Ticker CEP, Class A ordinary shares on THE NASDAQ STOCK MARKET (not NYSE) confirmed on 8-K cover acc 0001213900-25-117941 (2025-12-04) and 10-Q cover acc 0001213900-25-110822 (2025-11-14). IPO consummated 2024-08-14: 10,000,000 Class A ordinary shares at $10.00 = $100,000,000 gross, plus 300,000 private placement shares to sponsor Cantor EP Holdings, LLC at $10.00 ($3,000,000); $100,000,000 ($10.00/share) placed in trust with Continental (8-K acc 0001213900-24-071134). Business Combination Agreement dated 2025-04-22 with Twenty One Capital, Inc. (Texas Pubco) and Twenty One Merger Sub D; approved at EGM 2025-12-03 (8-K Item 5.07 acc 0001213900-25-117941; 12,800,000 ordinary shares outstanding at the 2025-10-20 record date). Form 25-NSE 2025-12-08 (acc 0001354457-25-001229), Form 15-12G 2025-12-18 (acc 0001213900-25-123263) => delisted and deregistered. Status corrected SEARCHING -> CLOSED. NOT a duplicate of CEPO / "Cantor Equity Partners I, Inc." (CIK 0002027708) - distinct EDGAR registrants. ipoSizeM left untouched (other agent lane); primary value is $100.0M per the 8-K above.
Price residue check after the CIK correction: this row now carries 0 PriceBar rows and 0 SecurityQuote rows, and no SecurityQuote anywhere in the DB references symbol CEPU (Central Puerto S.A. ADR, NYSE) - the contaminated price series is gone. NOTHING WAS BACKFILLED AND price / priceAsOf ARE DELIBERATELY LEFT NULL: Cantor Equity Partners, Inc. consummated the Twenty One Capital business combination on 2025-12-08, was delisted via Form 25-NSE 2025-12-08 (acc 0001354457-25-001229) and deregistered via Form 15-12G 2025-12-18 (acc 0001213900-25-123263). Ticker CEP no longer trades (yfinance: "Quote not found for symbol: CEP"), so there is no live quote for this security and any number placed here would be either a stale pre-close print or another company's. NULL is the correct value.
CLOSED status CONFIRMED; CEP is NOT tracked as live. Business Combination Agreement dated 2025-04-22 with Twenty One Capital, Inc. (Texas, PubCo), Twenty One Merger Sub D, Twenty One Assets LLC, Tether Investments S.A. de C.V. and iFinex Inc. (Bitfinex), with Stellar Beacon LLC (SoftBank) for limited purposes. EGM held 2025-12-03, Business Combination Proposal approved (8-K Item 5.07 acc 0001213900-25-117941; 12,800,000 ordinary shares outstanding on the 2025-10-20 record date). Delisting/deregistration followed immediately: Form 25-NSE acc 0001354457-25-001229 (2025-12-08) and Form 15-12G acc 0001213900-25-123263 (2025-12-18). Successor Twenty One Capital, Inc., CIK 0002070457, ticker XXI on the NYSE, is a separate live registrant still filing (10-Q acc 0001213900-26-087471, 2026-08-11) — it must never be merged into this row.
CEPO/CEP MIS-ATTRIBUTION: AUDITED, AND IT DID **NOT** REACH THE DB. CEP's DEFA14A acc 0001213900-25-110909 (filed 2025-11-14) physically contains the Form 10-Q of CANTOR EQUITY PARTNERS I, INC. (CEPO, Nasdaq, commission file 001-42464, CIK 0002027708) for the quarter ended 2025-09-30 — $205,465,011 held in trust, 20,000,000 Class A shares, $10.42 redemption value, $25,000 cash outside trust, $569,799 forward-sale securities liability, $330,261 related-party notes, 20,500,000 Class A and 5,000,000 Class B outstanding at 2025-11-14, $4,140,104 nine-month net income on $5,465,011 of trust interest. NONE of it is CEP's. Verified clean on 2026-08-14: Spac.trustPerShare for CEP is NULL; CEP has zero TrustSnapshot rows and zero RedemptionResult rows; CEP has no overview text at all; the only Chunk in the corpus containing "205,465,011" belongs to CEPO and came from CEPO's OWN 10-Q (acc 0001213900-25-110824, /Archives/edgar/data/2027708/...), correctly attributed. WHY IT SURVIVED: runTrustExtract (src/worker/jobs.ts) reads XBRL companyfacts keyed by CIK and never parses document text, so it is structurally immune to a document-in-document swap; and the filing.summarize pass happened to notice, writing the swap into Filing.aiSummary.why_it_matters. RESIDUAL EXPOSURE, NOT YET CLOSED: that aiSummary is still attached to CEP's Filing row and quotes CEPO's $205,465,011 / $10.42 in prose. Filing.aiSummary is rendered on /spac/[ticker] and /filings and is read by src/lib/brief.ts — so a reader (or any future extractor over aiSummary) can still pick CEPO's trust off CEP's page. DETECTOR SHIPPED: scripts/_lifecycle/check.mts check E compares the name on the document's own cover page (the text immediately before "(Exact name of registrant as specified in its charter)") against the DB name, the EDGAR conformed name and every formerNames entry for the filer CIK, with roman numerals folded to digits so "Cantor Equity Partners" and "Cantor Equity Partners I" cannot compare equal. Verified to fire on this exact accession. This is the same class as the CIK 0001717161 incident that put Central Puerto S.A. (Buenos Aires) on this row.
CONVERTIBLE-NOTE PRINCIPAL (Twenty One Capital financing) — both figures on file, recorded side by side: (a) 8-K acc 0001213900-25-048514 (filed 2025-05-29) and 8-K acc 0001213900-25-052359 (filed 2025-06-09) describe $385,000,000 aggregate principal of 1.00% convertible senior secured notes due 2030 (Convertible Note Investors + Sponsor Cantor EP Holdings, LLC + Cantor Fitzgerald & Co.) PLUS an option for up to $100,000,000 of Option Convertible Notes, exercised IN FULL on 2025-05-22 — narrative total $485,000,000. (b) 8-K acc 0001213900-25-055842 (filed 2025-06-20, with the subscription-agreement exhibits) states the EXECUTED aggregate: "April Convertible Notes ... in aggregate principal amount of $486.5 million, including as a result of the exercise of the option." TREAT $486,500,000 AS AUTHORITATIVE — it is the later, executed-figure description accompanying the subscription-agreement exhibit; the earlier 8-Ks' $385M + $100M were round-number descriptions. The $1.5M delta is not reconciled anywhere in the three 8-Ks — recorded as a discrepancy, not explained away. Related figures from the same filings: Tether to purchase $99,500,000 of Bitcoin (= Option Convertible Notes gross proceeds less a $500,000 holdback; 8-K acc 0001213900-25-052359); June Equity PIPE of 7,857,143 CEP Class A at $21.00 = $165,000,000 (8-K acc 0001213900-25-055842).
[CLOSED-RENAME] EDGAR CIK 0001865602 records "CF Acquisition Corp. A" ending 2024-06-14; the registrant continues as "Cantor Equity Partners, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2024-06-14. 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.
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> CRYPTO, on 425 0001213900-25-118309: "challenges in implementing Pubco’s business plan including Bitcoin-related financial and advisory services, due to operational challenges, significant com"
EGM 2025-12-03 approved the 2025-04-22 Business Combination Agreement (Twenty One Capital / Tether / Bitfinex / SoftBank). Form 25-NSE 2025-12-08, Form 15-12G 2025-12-18. Successor trades NYSE: XXI.