CONX Corp.
CONX · 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 Jericho Capital Asset Management L.P., listed on Nasdaq in October 2020.
- What it's doing now
- It agreed to buy HC2 Broadcasting Holdings Inc., a Broadcasting 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
- HC2 Broadcasting Holdings Inc.
- Industry
- Broadcasting (television stations)
- 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
- 30 October 2020
- size not on file
- Headquarters
- 5701 S. SANTA FE DR., LITTLETON, CO, 80120
- registered in Nevada
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- ERGEN CHARLES W (Chairman) · Steckel Adrian (Director) · Kiser Kyle Jason (CEO, President & Director)
- Listed securities
- CONX 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 1 June 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 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
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.
- 30 October 2020IPOpassed
IPO size not on file
redemption rate not stated in the filing
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.
- closedBroadcastingSEC primary
Who has already taken their money back
2 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
72.30M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Jun 1, 2023Extensionno rate stated
Show the other 1 cash-out event
- Oct 31, 2022Extensionno rate stated
The score
deterministic, from filed fieldsCONX 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 — 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.
The company
from SEC filingsRead the full profile
CONX Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker CONX, with SEC CIK 0001823000 and SIC industry code 6510. The company priced its initial public offering on October 30, 2020, under a 424B4 prospectus filed under SEC file number 333-249223, which belonged to an S-1 registration statement filed on October 1, 2020, registering shares sold for cash. The registrant described itself as a blank-check company in that prospectus. CONX Corp. completed a business combination and no longer files as a blank-check vehicle, with its change in shell company status reported on an 8-K filed on May 7, 2024.
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.
Holding the trust in a 4.5% deposit account rather than treasuries means the per-share redemption value keeps accreting at a meaningful rate, roughly 45 cents a year on a $10 share, so waiting is genuinely compensated here, unlike vehicles whose sponsors have stopped funding deposits. Interest can be used for taxes and up to $100,000 of dissolution expenses before holders are paid. The sponsor's 18,750,000 founder shares and 11.3 million warrants create a large incentive to keep the vehicle alive three years past its November 2020 IPO.
Two and a half years past its IPO, the vehicle is asking for more time backed by sponsor advances of $0.04 per share up front and $0.04 monthly, which adds roughly 0.4% of a $10 share each month, modest but not nominal. The sponsor's 18,750,000 founder shares and 11.3 million warrants are worthless in a liquidation, so its incentive to keep extending is very large and not aligned with holders who would rather take trust value now. Redemption remains available regardless of how a holder votes.
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.
trust account, going-concern doubtnothing moved · 2 with no prior record of ours
- Trust account
- $20.6M · unchanged
- Going-concern doubt
- stated · unchanged
The clause “00 of dissolution expenses) again increased. On the Closing Date, approximately $ 20.58 million of funds held in the Trust Account were used to pay the redemption of 1,941,684 shares of Class A common stock and $ 55,734 of funds were”…
The clause …“$3 million. Management has evaluated the Company’s ability to continue as a going concern and determined that the Company’s sources of liquidity will be sufficient to meet its obligations for at least one year from the issuance date”…
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.
Show the other 10 filings
- What changed vs 2026-02-02trust $22.2M → $20.6M -7%
trust account, going-concern doubt1 moved · 1 with no prior record of ours
- Trust account
- $22.2M$20.6M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $1,636,917 left the trust between the two filings.
The clause “00 of dissolution expenses) again increased. On the Closing Date, approximately $ 20.58 million of funds held in the Trust Account were used to pay the redemption of 1,941,684 shares of Class A common stock and $ 55,734 of funds were”…
The clause …“$3 million. Management has evaluated the Company’s ability to continue as a going concern and determined that the Company’s sources of liquidity will be sufficient to meet its obligations for at least one year from the issuance date”…
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 2025-03-04trust $175.6M → $22.2M -87%going concern APPEARED
trust account, going-concern doubt2 moved
- Trust account
- $175.6M$22.2M
- Going-concern doubt
- not statedstated
SpacBrain reads this as $153,403,642 left the trust between the two filings.
The clause “200,363. As of March 31, 2024 we had operating cash of $103,135 and investments held in the Trust Account of $22,216,917. On May 1, 2024, the Company completed its Asset Acquisition. In addition, on May 1, 2024, the Company completed the”…
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“$3 million. Management has evaluated the Company’s ability to continue as a going concern and determined that the Company’s sources of liquidity will be sufficient to meet its obligations for at least one year from the issuance date”…
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 2024-03-29trust $84.2M → $120.6M +43%going concern RESOLVED
trust account, going-concern doubt, combination deadline +12 moved · 2 with no prior record of ours
- Trust account
- $84.2M$120.6M
- Going-concern doubt
- statednot stated
- Combination deadline
- 2024-05-03not matched in this filing
- Sponsor loans outstanding
- $400Knot matched in this filing
SpacBrain reads this as $36,321,230 was added to the trust between the two filings.
The clause …“assets 374,861 9,166 Rent receivable 173,609 — Total Current Assets 120,564,616 17,328 Cash held in trust account — 21,966,104 Fixed assets, net 22,753,023 — Goodwill 13,611,688 — Intangible assets, net ”…
SpacBrain reads this as the substantial-doubt sentence is in the previous filing and not in this one.
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.
Jericho Capital Asset Management L.P.named 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 1280 tracked SPACs (24%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/4
from 424B3 0001104659-25-020390
Trading & liquidity
Company profile
Directors & officers
- ERGEN CHARLES WChairman
- Steckel AdrianDirector
- Kiser Kyle JasonCEO, President & Director
- MOSKOWITZ DAVID KDirector
- GORMAN GERALDDirector
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.
- ERGEN CHARLES Wwith 1 other reporting person on the same schedule99.4% · SC 13DMay 8, 2024 stale
- Ranch Legacy Trustwith 2 other reporting persons on the same schedule47.9% · SC 13DMay 8, 2024 stale
- HGC Investment Management Inc.5.6% · SC 13GFeb 16, 2021 stale
- Magnetar Financial LLCwith 3 other reporting persons on the same schedule5.1% · SC 13G/AJan 24, 2023 stale
- JANE STREET GROUP, LLC0.7% · SC 13G/ANov 14, 2024 stale
- MOORE CAPITAL MANAGEMENT, LPwith 4 other reporting persons on the same schedule0.0% · SC 13G/AMay 1, 2024 stale
- Jericho Capital Asset Management L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AJul 10, 2023 stale
- Palestra Capital Management LLCwith 3 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 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
38 full SEC filing texts archived — searchable, never lost.
- Vault note — CONX (CONX Corp.)
vault-note · /vault/tickers/CONX
- Vault deal note — HC2 Broadcasting Holdings Inc. (CONX)
vault-note · /vault/deals/hc2-broadcasting-holdings-inc
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 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 6510 (Real Estate Operators (No Developers) & Lessors). The screen found it by filing SHAPE instead — S-1 2020-10-01 → 8-A12B 2020-10-29 → 424B4 2020-10-30 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 6510 + self-described blank check in 424B4 0001104659-20-120083; 424B 0001104659-20-120083 priced 2020-10-30 under S-1 0001104659-20-111137 (file 333-249223, an offering for cash); common ticker CONX off 10-Q 0001104659-23-089345 (2023-08-09); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-249223, which belongs to S-1 0001104659-20-111137 (2020-10-01) — 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 2020-10-30). Ending PROVEN, not inferred: CLOSED per 8-K 0001104659-24-058132 (2024-05-07) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 2.01,3.02,3.03,5.03,5.06,9.01). 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 "Jericho Capital Asset Management L.P." (SEC CIK 0001525234) sourced from Form 3 reportingOwner (10% owner) acc 0000902664-23-002236.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC; no agreement-naming filing on file, so announcedAt is NULL rather than guessed
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read