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Empower Ltd.

EMPW · NYSE

Trust settledHolley 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 Empower Sponsor Holdings LLC, listed on NYSE in October 2020.
What it's doing now
It agreed to buy Holley Inc., an automotive performance aftermarket parts 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
Holley Inc.
Industry
Consumer Discretionary — automotive performance aftermarket parts
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
7 October 2020
size not on file
Headquarters
1A BURTON HILLS BLVD, NASHVILLE, TN, 37215
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Stevenson Matthew (Director) · WEAVER JESSE (Chief Financial Officer) · Apple Sarah E. (SVP & General Counsel)
Listed securities
EMPW 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. 7 October 2020IPOpassed

    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.

  • Holley Inc.—
    closedConsumer Discretionary

    What Holley Inc. does — read from holley.com on 26 August 2026

    Holley is a provider of high-performance aftermarket auto parts and accessories. The site describes itself as 'Holley Performance Brands' offering products such as fuel injection systems (Sniper EFI, Terminator X), carburetors, exhaust systems, brakes, ignition components, and engine swap parts for various vehicle makes and models including GM, Ford, and Dodge.

    Automotive Aftermarket Parts
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $240M · unsourced

    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:0001193125-21-171422 opens on sec.gov in a new tab

The score

deterministic, from filed fields

EMPW 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

Empower Ltd. was a Cayman Islands-exempted blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company stated it would not limit itself to a particular industry or geographic region but intended to focus initially on U.S. consumer-facing businesses in consumer products, retail, services, experiences, and related sectors, emphasizing brand leadership, loyal customer bases, clear value propositions, sustainability, digital enablement, and agile supply chains. Empower Ltd. priced its IPO on October 7, 2020, offering 25,000,000 units at $10.00 per unit for gross proceeds of $250,000,000, with units listed on the NYSE under the symbol "EMPW.U." Each unit consisted of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable for one Class A ordinary share at $11.50; the Class A ordinary shares and warrants traded separately under the symbols "EMPW" and "EMPW WS." The underwriters—J.P. Morgan and Jefferies—held a 45-day over-allotment option for up to 3,750,000 additional units, which would have increased the offering to $287,500,000. Of the offering proceeds, $250,000,000 (or $287,500,000 if the over-allotment was exercised in full) was deposited into a U.S.-based trust account at $10.00 per unit, with Continental Stock Transfer & Trust Company as trustee.

The sponsor was Empower Sponsor Holdings LLC, an affiliate of MidOcean Partners, a New York-based alternative asset manager established in 2003 that had raised over $12.5 billion across private equity and credit strategies. The sponsor purchased 4,666,667 private placement warrants at $1.50 per warrant concurrently with the IPO and held 7,187,500 Class B founder shares. Additionally, Empower Funding LLC, an affiliate of the sponsor, entered into a forward purchase agreement providing for up to 5,000,000 forward purchase units at $10.00 per unit, or up to $50,000,000, to close substantially concurrently with the initial business combination. The management team was led by Matthew Rubel as Executive Chairman and CEO, who had served as Chairman of MidOcean's Executive Board since 2018 and previously led Varsity Brands, Collective Brands, and Cole Haan; Graham Clempson as President and Director, who co-founded MidOcean in 2003 and previously held leadership roles at Deutsche Bank; and Andrew Spring as CFO, a Managing Director and CFO of MidOcean since its inception. The company's charter required it to consummate an initial business combination within 24 months of the IPO closing or redeem 100% of public shares for cash.

Empower Ltd. completed its initial business combination with Holley Performance Products, and the successor entity now operates as Holley Inc. (NYSE: HLLY), an automotive aftermarket performance company headquartered in Nashville, Tennessee. Form 25 was filed on July 16, 2026, under 17 CFR 240.12d2-2(a)(3), evidencing that the Empower Ltd. securities had come to evidence other securities in substitution therefor—specifically Redeemable Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50. The SPAC's lifecycle is closed, and EDGAR now files the registrant under SIC 3714 (Motor Vehicle Parts & Accessories), reflecting its post-combination identity as Holley Inc.

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.

  • 8-K5 August 20260001822928-26-000069opens on sec.gov in a new tab

    The reported net loss is driven by a $28.3 million loss on divesting non-core assets, a decision the company describes as portfolio rebalancing; free cash flow rose year over year. The adjusted EBITDA decline is explained by management as a prior-year tariff-capitalization benefit rather than current-period weakness — that is management's characterisation, not a reconciled figure in the release.

  • 10-Q5 August 20260001822928-26-000068opens on sec.gov in a new tab

    The share count still includes 1,093,750 restricted earn-out shares from the SPAC transaction, which are outstanding but contingent. Covenant compliance and liquidity are named ahead of most operating risks. The financial statements are not in the portion read here.

  • S-4/A21 June 20210001193125-21-194036opens on sec.gov in a new tab

    Everything in the table is priced at the same $9.99, the average of the high and low prices of the Empower Class A Shares on the New York Stock Exchange as of April 5, 2021 — including the shares issuable on warrant exercise, so the fee values a warrant share at the market price of the stock rather than at an exercise price. The 25,000,000 Class A shares underlying the IPO units convert one-to-one into Domestication Common Stock, and the public warrants carry over under the Warrant Agreement dated October 6, 2020.

  • S-4/A11 June 20210001193125-21-188083opens on sec.gov in a new tab

    The 25,000,000 shares are Empower's own Class A ordinary shares underlying the IPO units, converting one-to-one into Domestication Common Stock; the 76,764,500 is the merger issuance, roughly three times as large. Every line is priced at the same $9.99, the average of the high and low prices of the Empower Class A Shares, including the warrant shares — which are registered at the market price of the stock rather than at an exercise price. The transaction runs as two successive company mergers after the Domestication.

  • S-4/A25 May 20210001193125-21-171422opens on sec.gov in a new tab

    The merger-consideration line rests on three assumptions the filing states outright: a redemption amount of $10.01 per share, $250,145,000 in the trust at closing, and PIPE and amended and restated forward purchase agreement proceeds totalling $290,000,000. Change any of them and the 76,764,500 shares changes with it. No separate fee is paid on the warrants under Rule 457(g) because the shares underlying them are registered on their own line, and the public warrants convert automatically under the warrant agreement dated October 6, 2020.

  • S-48 April 20210001193125-21-110312opens on sec.gov in a new tab

    The merger-consideration line is explicitly conditional and the filing states its assumptions: the 76,764,500 shares assume a redemption amount of $10.01 per share, $250,145,000 in the trust at closing, and $290,000,000 of combined proceeds from the PIPE investment and the amended and restated forward purchase agreement. Change any of those and the share count moves. The Empower Class A shares convert one-to-one into Domestication Common Stock, and the public warrants are modified automatically under Section 4.5 of the warrant agreement dated October 6, 2020.

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.

  • 414 August 20260001822928-26-000075opens on sec.gov in a new tab
  • 414 August 20260001822928-26-000074opens on sec.gov in a new tab
  • 8-K5 August 20260001822928-26-000069opens on sec.gov in a new tab

    What changed: Exhibit 99.1 to an 8-K of Holley Performance Brands (NYSE: HLLY): the August 5, 2026 press release reporting results for the quarter ended June 28, 2026. Net sales rose 3.2% to $172.0 million and core business net sales, which exclude divestitures and the portfolio rebalancing initiative, rose 4.9%. The company reported a net loss of $(2.4) million, or $(0.02) per diluted share, against net income of $10.9 million, or $0.09, a year earlier, including a $28.3 million loss on the sale of non-core assets under the portfolio rebalancing initiative. Why it matters: The reported net loss is driven by a $28.3 million loss on divesting non-core assets, a decision the company describes as portfolio rebalancing; free cash flow rose year over year. The adjusted EBITDA decline is explained by management as a prior-year tariff-capitalization benefit rather than current-period weakness — that is management's characterisation, not a reconciled figure in the release.

  • 10-Q5 August 20260001822928-26-000068opens on sec.gov in a new tab

    What changed: The 10-Q filed under Commission file number 001-39599 is that of Holley Inc. (NYSE: HLLY) for the quarter ended June 28, 2026, with 121,234,143 shares of common stock issued and outstanding as of August 3, 2026, a figure that excludes 707,113 treasury shares and includes 1,093,750 restricted earn-out shares. Why it matters: The share count still includes 1,093,750 restricted earn-out shares from the SPAC transaction, which are outstanding but contingent. Covenant compliance and liquidity are named ahead of most operating risks. The financial statements are not in the portion read here.

    combination deadlinenothing moved · 1 with no prior record of ours
    Combination deadline
    2029-11-18 · unchanged

    The clause …“amendment to its Credit Agreement that extends the revolver maturity date to November 18, 2029, which date may occur earlier if the maturity date of the existing term loan is not extended, and reduces the revolving credit facility from”…

    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.

  • SCHEDULE 13G/A4 August 20260001386060-26-000036opens 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 IPOnot extracted from the prospectus

from 424B3 0001140361-25-034446

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)Motor Vehicle Parts & Accessories (3714)
Registered inDelaware
Exchange · CIKNYSE · 0001822928

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

32 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 trail7 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.

EMPW — 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 3714 (Motor Vehicle Parts & Accessories). The screen found it by filing SHAPE instead — S-1 2020-09-18 → 8-A12B 2020-10-06 → 424B4 2020-10-07 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3714 + self-described blank check in 424B4 0001213900-20-030484; 424B 0001213900-20-030484 priced 2020-10-07 under S-1 0001213900-20-027362 (file 333-248899, an offering for cash); common ticker EMPW off 10-Q 0001193125-21-165751 (2021-05-19); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-248899, which belongs to S-1 0001213900-20-027362 (2020-09-18) — 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 2020-10-07). Ending PROVEN, not inferred: CLOSED per Form 25 0000876661-26-000625 (2026-07-16) — 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: Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50). 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 "Empower Sponsor Holdings LLC" (SEC CIK 0001824500) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-030382.

NAME-REPAIR2026-08-31

"Holley 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 "Empower Ltd." per the COMPANY CONFORMED NAME in 424B4 0001213900-20-030484 filed 2020-10-07. §98

Deal — Holley Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001822928 records "Empower Ltd." ending 2021-07-16; the registrant continues as "Holley Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-07-16. 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=240 from primary filings (0001193125-21-171422).

PROFILE-STUB2026-08-25

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

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-FILING2021-05-25

OTHER confirmed, on S-4/A 0001193125-21-171422: "Empower investigated the potential acquisition of many entities in various industries, including Holley, and concluded that Holley was the best candidate for a "

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