Skip to main content
spacbrain

CM Life Sciences III Inc.

CMLT · Nasdaq

Trust settledEQRx, Inc. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

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 CM Life Sciences, Inc. / EQRx, Inc. / SomaLogic, Inc. (Casdin Eli), listed on Nasdaq in April 2021.
What it's doing now
It agreed to buy EQRx, Inc., a biopharmaceutical drug development 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
EQRx, Inc. — EQRx is a new type of pharmaceutical company committed to developing and delivering innovative medicines to patients at radically lower prices.
Industry
Health Care — biopharmaceutical drug development
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
8 April 2021
size not on file
Headquarters
50 HAMPSHIRE STREET, CAMBRIDGE, MA, 02139
Lead underwriter
not extracted from the prospectus yet
Key officers
Casdin Eli · Nallicheri Melanie (Chief Executive Officer) · BERNS PAUL L (Director)
Listed securities
CMLT common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 8 April 2021IPOpassed

    IPO size not on file

The deal

terms as filed

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

  • EQRx, Inc.—
    closedHealth Care
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $1.2B · unsourced
    Break fee
    $25M

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

    stated in:0001193125-23-247498 opens on sec.gov in a new tab

The score

deterministic, from filed fields

CMLT is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

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

The score is only published for names that carry both a price and a filed cash-per-share figure — 295 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

CM Life Sciences III Inc. was a blank-check special purpose acquisition company incorporated in Delaware and headquartered at 50 Hampshire Street, Cambridge, Massachusetts, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The SPAC's registration statement on Form S-1 was initially filed with the SEC on February 25, 2021, under file number 333-253475, and was declared effective on April 6, 2021. Units were priced on April 8, 2021, with each unit consisting of one share of Class A common stock and one-fifth of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of Class A common stock at an exercise price of $11.50. The common stock traded on Nasdaq under the ticker CMLT.

The sponsor of CM Life Sciences III Inc. was CMLS Holdings III LLC. Keith Meister, founder and managing partner of Corvex Management LP, served as Chairman of the Board, and Eli Casdin, founder and chief investment officer of Casdin Capital, served as Chief Executive Officer; both were associated with the sponsor entity. The SPAC's IPO raised gross proceeds at a proposed maximum aggregate offering price of approximately $565.8 million in the prior registration statement, with an additional $113.16 million in securities registered under a Rule 462(b) filing, though the final trust-per-unit amount and definitive gross proceeds figure were not separately specified in the available source materials. The SPAC completed its business combination with EQRx, Inc., a Cambridge-based biotechnology company focused on developing patent-protected medicines at substantially lower prices, which had previously raised a $200 million Series A from investors including GV, ARCH Venture Partners, Andreessen Horowitz, Casdin Capital, Section 32, Nextech, and Arboretum Ventures. Following the merger's closing, the combined entity operated under the EQRx name; the SPAC's securities were subsequently delisted via Form 25 filed on November 9, 2023, and the successor registrant, Revolution Medicines, Inc. (RVMD), later filed an 8-K reporting the completion of an acquisition involving EQRx, Inc., confirming the SPAC's closed lifecycle status.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • DEFM14A29 September 20230001193125-23-247498opens on sec.gov in a new tab

    The $870,000,000 component is fixed in dollars and divided by Revolution Medicines' own share price, so EQRx holders receive more shares if RVMD falls and fewer if it rises — the dollar value of that slice is protected, unlike a fixed exchange ratio. The 0.94 multiplier is a 6% haircut applied to the reference price. With 497 million EQRx shares outstanding, exchange ratios of 0.0734 to 0.0841 quantify how little each share is worth in the combination.

  • S-4/A30 November 20210001213900-21-062493opens on sec.gov in a new tab

    The dollar figures are an artefact of Rule 457(f)(2), which the filing invokes because EQRx, Inc. is private, has no market for its securities and has an accumulated deficit: the aggregate price is one-third of the aggregate par value of the EQRx securities to be exchanged. A $20,264.22 'offering' therefore says nothing about the transaction — only the share count is usable. Footnote (1) splits it into up to 365,000,000 shares to EQRx holders plus, as printed, 'up to 50,000,0000' of Earn-Out Shares, a figure with one digit more than the 415,000,000 total implies. Recorded as printed.

  • S-4/A23 November 20210001213900-21-061659opens on sec.gov in a new tab

    The aggregate is a Rule 457(f)(2) figure — EQRx is private, no market exists for its securities and it has an accumulated deficit, so the price is one-third of the aggregate par value exchanged and only the share count is usable. Footnote (1) splits it into up to 365,000,000 shares for EQRx holders plus Earn-Out Shares printed as 50,000,0000, one digit longer than a figure that would let the components sum to the registered total; it is quoted as printed, not corrected. The special meeting is a bracketed day in December 2021 with the time also bracketed, so no meeting date is recorded.

  • S-4/A29 October 20210001213900-21-055322opens on sec.gov in a new tab

    The maximum aggregate offering price is $20,264.22 and the fee $2.21 — figures that say nothing about the size of the transaction. EQRx is a private company, no market exists for its securities and it has an accumulated deficit, so under Rule 457(f)(2) the price is one-third of the aggregate par value of the EQRx securities to be exchanged, and par value bears no relation to what those securities are worth. The share count, not the dollar column, is the figure worth reading here.

  • S-4/A4 October 20210001213900-21-051237opens on sec.gov in a new tab

    Two defects sit on the face of this filing and neither is corrected here. The Earn-Out tranche is printed as 50,000,0000 shares — one digit longer than the figure that would reconcile with the 415,000,000 total — and the field headed Primary Standard Industrial Classification Code Number contains 001-40312, which is an Exchange Act file number rather than an SIC code. The $20,264.22 is a Rule 457(f)(2) par-value computation for a private target with an accumulated deficit, so only the share counts carry meaning.

  • S-425 August 20210001213900-21-044765opens on sec.gov in a new tab

    The dollar figures carry no valuation meaning — under Rule 457(f)(2) the price is one-third of the aggregate par value of the EQRx securities to be exchanged, because EQRx is private, no market exists for its securities and it has an accumulated deficit. Two drafting errors sit on the face of the filing: the Earn-Out line is printed as up to 50,000,0000 shares, one digit longer than it can be, and the Primary Standard Industrial Classification Code field carries 001-40312, which is an Exchange Act file number rather than a SIC code.

Filings

live EDGAR feed

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

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001558370-22-018206

Trading & liquidity

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

Company profile

Industry (SIC)Pharmaceutical Preparations (2834)
Registered innot stated in SEC submissions
Exchange · CIKNasdaq · 0001843762

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

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

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.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

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

Show the headlines

Sources on file

harvested pages, kept in full

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

Show the sources

22 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail6 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.

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

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 2834 (Pharmaceutical Preparations). The screen found it by filing SHAPE instead — S-1 2021-02-25 → 8-A12B 2021-04-05 → 424B4 2021-04-08 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2834 + self-described blank check in 424B4 0001213900-21-020818; 424B 0001213900-21-020818 priced 2021-04-08 under S-1 0001213900-21-011439 (file 333-253475, an offering for cash); common ticker CMLT off 10-Q 0001213900-21-059322 (2021-11-15); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-253475, which belongs to S-1 0001213900-21-011439 (2021-02-25) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-04-08). Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-23-000824 (2023-11-09) — 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: Common Stock, Warrant); the successor registrant Revolution Medicines, Inc. (RVMD, RVMDW) (CIK 0001628171) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "EQRx Inc." — the SPAC merged into a new registrant and so filed no closing report of its own. 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-ID2026-08-14

sponsor "CMLS Holdings III LLC" (SEC CIK 0001855339) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-020508.

NAME-REPAIR2026-08-31

"EQRx, Inc." is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "CM Life Sciences III Inc." per the COMPANY CONFORMED NAME in 424B4 0001213900-21-020818 filed 2021-04-08. §98

Deal — EQRx, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001843762 records "CM Life Sciences III Inc." ending 2021-12-17; the registrant continues as "EQRx, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-12-17. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=1200, terminationFeeM=25 from primary filings (0001193125-23-247498).

PIPE2026-08-29

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

SEGMENT-FROM-FILING2021-11-30

OTHER -> BIOTECH, on S-4/A 0001213900-21-062493: "EQRx, Inc. is a private company, no market exists for its securities, and EQRx, Inc. has an accumulated deficit."

Back to the screenerVault note