Cerberus Telecom Acquisition Corp.
CTAC · NYSE · formerly Orthrus Acquisition Corp.
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 Approximate Percentage of Class Cerberus Telecom Acquisition, Holdings LLC, listed on NYSE in October 2020.
- What it's doing now
- It agreed to buy KING LLC MERGER SUB, LLC, an IoT connectivity services and solutions 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
- KING LLC MERGER SUB, LLC
- Industry
- Information Technology — IoT connectivity services and solutions
- 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
- 23 October 2020
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 875 THIRD AVENUE, 11TH FLOOR, NEW YORK, NY, 10022
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- FEINBERG STEPHEN (Director) · Bruno Frank W (Director)
- Listed securities
- CTAC 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).
What has happened, and what is coming
1 dated milestoneEvery 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.
- 23 October 2020IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedInformation TechnologyDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
- PIPE
- ≈ $225M · unsourced
- Min-cash condition
- $345M
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:0001193125-21-244875
The score
deterministic, from filed fieldsCTAC 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
Cerberus Telecom Acquisition Corp. was a blank-check company whose common ticker CTAC traded on the New York Stock Exchange. The company priced its IPO on October 23, 2020, per a 424B prospectus, offering units each consisting of one Class A ordinary share and one-third of one redeemable warrant at a trust value of $10 per unit, with a 24-month deadline to complete a business combination. The CTAC ticker appears on the cover page of an 8-K filed September 29, 2021. The company completed a business combination and no longer files, as established by a Form 25 filed on October 1, 2021, under 17 CFR 240.12d2-2(a)(3), reflecting that the units came to evidence other securities in substitution therefor. The successor registrant, KORE Group Holdings, Inc., filed an 8-K carrying item 2.01 for the completion of the acquisition.
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.
Two cash conditions decide whether this closes. CTAC must retain at least $5,000,001 of net tangible assets after all properly demanded redemptions, and Available Closing CTAC Cash plus cash in KORE's bank accounts must be at least $345,000,000. Against that, the maximum Closing Cash Consideration is $267,142,251 if closing occurs before the October 12, 2021 termination date, and the PIPE Investors have agreed to buy 22,500,000 Pubco shares at $10.00 for $225,000,000. Maximum Closing Share Consideration is 34,600,000 shares.
The trust looks short of the Class A count until the private placement shares are separated out: 26,735,238 Class A on the cover less the 818,338 placement shares leaves 25,916,900 public shares, and 25,916,900 x $10.00 = $259,169,000, which plus the roughly $4,000 of trust income the MD&A reports gives the stated balance almost exactly. Deferred underwriting of $9,070,915 is likewise struck on the public shares, not the cover count. Net loss was approximately $669,000; equity is the $5,000,004 plug. The trust figure is quoted with its date only.
The period ends before the IPO, so there is no trust balance and the cover-page count of 26,735,238 Class A shares at December 4, 2020 cannot reconcile to a balance sheet showing none. That is expected for a pre-IPO stub, not a defect. The sponsor note peaked near $128,000 and was repaid in full on October 26, 2020 out of IPO proceeds, and no working capital loans were outstanding through the filing date. The first real trust and redeemable-share figures will appear in the 10-K.
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
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Approximate Percentage of Class Cerberus Telecom Acquisition, 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 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/3 · 100.0% of the $10 unit
from 424B4 0001193125-20-275511
Trading & liquidity
Company profile
Directors & officers
- FEINBERG STEPHENDirector
- Bruno Frank WDirector
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
7 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.
- Cerberus Telecom Acquisition Holdings, LLCwith 2 other reporting persons on the same schedule21.9% · SC 13GFeb 16, 2021 stale
- Weiss Asset Management LPwith 3 other reporting persons on the same schedule8.4% · SC 13GMar 24, 2021 stale
- HGC Investment Management Inc.6.1% · SC 13GFeb 16, 2021 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule5.6% · SC 13G/AFeb 8, 2021 stale
- PUBLIC SECTOR PENSION INVESTMENT BOARD1.5% · SC 13G/AMay 10, 2021 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 3 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2022 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule0.0% · SC 13G/ASep 30, 2021 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
37 full SEC filing texts archived — searchable, never lost.
- Vault note — CTAC (Cerberus Telecom Acquisition Corp.)
vault-note · /vault/tickers/CTAC
- Vault deal note — KING LLC MERGER SUB, LLC (CTAC)
vault-note · /vault/deals/king-llc-merger-sub-llc
- EX-3.2
news · sec.boardroomalpha.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 trail10 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001193125-20-275511 priced 2020-10-23; common ticker CTAC off 8-K 0001193125-21-286642 (2021-09-29); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0000876661-21-001436 (2021-10-01) — 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: Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant); the successor registrant KORE Group Holdings, Inc. (KORE, KORGW) (CIK 0001855457) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming
the search that produced this quoted the SURVIVOR's name, because Spac.name was the survivor's — see the correction below "KING LLC MERGER SUB LLC" — 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.
name "KING LLC MERGER SUB, LLC" -> "Cerberus Telecom Acquisition Corp.". The stored name was the entity that SURVIVED the combination, not the SPAC: EDGAR renames a registrant in place when the merger sub survives, so submissions.json answered with the survivor's name while the vehicle's own sat in formerNames, and the historical ingest read the former. The name written here is the one the SEC header of this registrant's own pricing prospectus states as COMPANY CONFORMED NAME at the moment of filing: 424B4 acc 0001193125-20-275511 (filed 2020-10-23, the same date as this row's ipoDate) — "Cerberus Telecom Acquisition Corp.". Nothing else on the row was touched.
The ending above is CONFIRMED, and its citation is replaced with one that names the vehicle. The evidence sentence was written by a full-text search for Spac.name at a time when Spac.name was "KING LLC MERGER SUB, LLC" — the merger sub that survived — so it recorded the successor's 8-K as "naming" the merger sub rather than the SPAC, and scripts/_ovbf/successor-check.mts consequently listed CTAC as a SUSPECT for not finding the SPAC's name in KORE's filings. Re-asked under the repaired name: KORE Group Holdings, Inc. (f/k/a King Pubco, Inc.), CIK 0001855457, 8-K acc 0001193125-21-293152 (filed 2021-10-06, item 2.01 Completion of Acquisition) states the Merger Agreement was "by and among Pubco, Cerberus Telecom Acquisition Corp., a Delaware corporation (“CTAC”), King Corp Merger Sub, Inc. …, King LLC Merger Sub, LLC (“LLC Merger Sub”)" and that "CTAC merged with and into LLC Merger Sub (the “Pubco Merger”), with LLC Merger Sub being the surviving entity". That clause is also the mechanism of the name defect, in the filing's own words: the merger sub survived, so EDGAR renamed CIK 0001824577 in place. Status is untouched: CLOSED still rests on the Form 25 recorded above.
The stored overview named the entity that SURVIVED this SPAC ("KING LLC MERGER SUB LLC") because it was generated before the name repair above, and an overview's first words are its subject. Cleared (overview + overviewAt + the overview://CTAC vector chunk) so overview.gen regenerates it from the corrected row; the paragraph is ours and derived, and no filing, figure or date was touched. Prose as cleared, first 220 chars: "Cerberus Telecom Acquisition Corp. (CTAC) was a blank-check company listed on the New York Stock Exchange under SEC CIK 0001824577 and SIC industry code 6770. The company priced its initial public offering on October 23,…"
sponsor "Approximate Percentage of Class Cerberus Telecom Acquisition, Holdings LLC" sourced from prospectus definition (10-K/A) acc 0001193125-21-159541.
[CLOSED-RENAME] EDGAR CIK 0001824577 records "Cerberus Telecom Acquisition Corp." ending 2021-10-01; the registrant continues as "KING LLC MERGER SUB, LLC". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-10-01. 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=225, minCashM=345 from primary filings (0001193125-21-244875).
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
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
OTHER confirmed, on DEFM14A 0001193125-21-244875: "KORE is a leading provider of mission critical IoT services and solutions."