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Dune Acquisition Corp

DUNE · OTC

Trust settledGlobal Gas Corp · 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 Dune / Collective (Carter Glatt), listed on OTC in December 2020.
What it's doing now
It agreed to buy Global Gas Corp, a hydrogen energy production and distribution 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
Global Gas Corp
Industry
Energy — hydrogen energy production and distribution
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
21 December 2020
size not on file · 100.0% of each $10 unit into trust
Headquarters
99 WALL STREET, NEW YORK, NY, 10005
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Glatt Carter (Director) · Smith Jeron (Director) · Coates Ben (Director)
Listed securities
DUNE 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.

Shares already handed backthe filing does not state a pre-event share count

At the 14 June 2022 event.

0001213900-23-067018opens on sec.gov in a new tab

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

2 dated milestones

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. 21 December 2020IPOpassed

    IPO size not on file

  2. 14 June 2022Shares handed backpassed0001213900-23-067018opens on sec.gov in a new tab

    redemption rate not stated in the filing

The deal

terms as filed

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

  • Global Gas Corp—
    closedEnergy

    What Global Gas Corp does — read from globalgas.com on 26 August 2026

    Global Gas is a nationwide propane supplier committed to providing dependable, diversified wholesale propane supply. They source products from various locations including refineries, pipelines, and railcar terminals to diversify risk and ensure supply continuity. The company handles transportation and scheduling for clients ranging from small to large customers.

    383 Inverness Pkwy, Ste 100, Englewood, CO 80112Propane Supply
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    Break fee
    $8M
    stated in:0001213900-23-084286 opens on sec.gov in a new tab

Who has already taken their money back

1 filed event

Each 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

16.41M

across every filed redemption event

Every figure below is stated in the linked filing; nothing here is estimated.

The score

deterministic, from filed fields

DUNE 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 — 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.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Dune Acquisition Corp was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker DUNE. The company priced its initial public offering on December 21, 2020, as detailed in a 424B prospectus filed under SEC file number 333-248698, which belongs to S-1 0001213900-20-025924 dated September 10, 2020. The registrant self-described as a blank check company in the 424B4 filing with accession number 0001213900-20-043760, and its SEC SIC industry code was 2810 (Industrial Inorganic Chemicals). The common ticker DUNE appeared on the cover page of its 10-K filed on March 29, 2021. The company's lifecycle is closed, having completed a business combination and ceased filing, as established by an 8-K filed on December 28, 2023, reporting a change in shell company status. EDGAR now files the company's CIK 0001817232 under the name Global Gas Corp.

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.

  • 10-Q13 August 20260001213900-26-089192opens on sec.gov in a new tab

    Total assets of $16,064 stand against $339,921 of current liabilities, and the company reported no revenue in either 2026 period. The securities are not listed on an exchange per the cover page.

  • DEFM14A7 November 20230001213900-23-084286opens on sec.gov in a new tab

    With only 5,494,554 Class A shares left, prior redemptions have taken most of the trust, and the equity Dune receives in Holdings is sized to whatever Class A count survives this vote, so every additional redemption directly shrinks the combined company's public stake. Removing the $5,000,001 net tangible asset floor is what permits the deal to close even on near-total redemption, shifting the risk of an undercapitalised vehicle to whoever remains. The sponsor's exchange shares are explicitly excluded from trust distributions, so its return depends entirely on closing.

  • PREM14A5 June 20230001213900-23-045962opens on sec.gov in a new tab

    A director was conflicted and stepped aside: the board approved the agreement on May 12, 2023 with William Bennett Nance, Jr. recused for his affiliation with Global Hydrogen — and he is also one of the three Sellers receiving consideration. The Company Exchange Ratio is $57,500,000 divided by the Global Hydrogen units outstanding immediately before the closing, then divided by $10.00 per share. Dune's contribution to Holdings expressly excludes the cash required to satisfy public redemptions, so redemptions are funded before the target receives anything.

  • PREM14A26 January 20220001213900-22-003717opens on sec.gov in a new tab

    The post-closing structure is not settled by the agreement. The document states that TradeZero has the option to consummate a second merger, of TradeZero into Merger Sub II with Merger Sub II surviving, and that it does not currently intend to do so — an election held by the target, disclosed as an intention rather than a term. Because the meeting date and time are blanks, this filing supports no deadline: nothing here can be read as a redemption date.

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.

  • 10-Q13 August 20260001213900-26-089192opens on sec.gov in a new tab

    What changed: Q2 2026 10-Q of Global Gas Corporation (HGAS), whose cover lists no exchange for either its Class A common stock or its warrants. Cash was $939 at June 30, 2026 versus $48,713 at December 31, 2025, and total assets $16,064 versus $55,388. Liabilities are convertible promissory notes to related parties of $295,441, accounts payable and accrued expenses of $22,843, related-party advances of $21,637 and derivative warrant liabilities of $40,430, for total liabilities of $380,351 and a stockholders' deficit of $(364,287). Why it matters: Total assets of $16,064 stand against $339,921 of current liabilities, and the company reported no revenue in either 2026 period. The securities are not listed on an exchange per the cover page.

    going-concern doubtnothing moved · 1 with no prior record of ours
    Going-concern doubt
    stated · unchanged

    The clause …“As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 205-40,”…

    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.

  • 10-Q15 May 20260001213900-26-056883opens on sec.gov in a new tab
    going-concern doubtnothing moved · 1 with no prior record of ours
    Going-concern doubt
    stated · unchanged

    The clause …“As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 205-40,”…

    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.

  • 10-K15 April 20260001213900-26-044164opens on sec.gov in a new tab
    going-concern doubtnothing moved · 1 with no prior record of ours
    Going-concern doubt
    stated · unchanged

    The clause …“As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Subtopic 205-40, “Going Concern,” management has determined”…

    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.

  • NT 10-K1 April 20260001213900-26-038486opens on sec.gov in a new tab
  • SCHEDULE 13G/A12 February 20260001193125-26-048353opens on sec.gov in a new tab
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 IPO$10.00

from 424B4 0001213900-20-043760

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)Industrial Inorganic Chemicals (2810)
Registered inDelaware
Exchange · CIKOTC · 0001817232

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

18 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.

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

36 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 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.

DUNE — 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 2810 (Industrial Inorganic Chemicals). The screen found it by filing SHAPE instead — S-1 2020-09-10 → 8-A12B 2020-12-17 → 424B4 2020-12-21 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2810 + self-described blank check in 424B4 0001213900-20-043760; 424B 0001213900-20-043760 priced 2020-12-21 under S-1 0001213900-20-025924 (file 333-248698, an offering for cash); common ticker DUNE off 10-K 0001213900-21-018280 (2021-03-29); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-248698, which belongs to S-1 0001213900-20-025924 (2020-09-10) — 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 2020-12-21). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-23-099273 (2023-12-28) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.01,3.02,3.03,4.01,5.01,5.02,5.03,5.05,5.06,9.01). EDGAR now files this CIK as "Global Gas Corp" — the SPAC's own name is kept here and the successor is the target. 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 "Dune Acquisition Holdings LLC" (SEC CIK 0001823247) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-043340.

Deal — Global Gas Corp
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001817232 records "Dune Acquisition Corp" ending 2023-12-20; the registrant continues as "Global Gas Corp". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2023-12-20. 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] terminationFeeM=7.5 from primary filings (0001213900-23-084286).

PROFILE-STUB2026-08-25

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

SEGMENT-FROM-FILING2023-11-07

OTHER -> ENERGY, on DEFM14A 0001213900-23-084286: "Global Hydrogen Energy LLC, a Delaware limited liability company (“Global Hydrogen”)"

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