PWP Forward Acquisition Corp. I
FRW · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The cash went back to shareholders and the company wound up. 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 trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
In plain terms
- What it is
- A SPAC from PWP Forward Sponsor I, LLC, listed on Nasdaq in March 2021.
- What it's doing now
- It never completed a purchase. The company wound up and the cash in the account went back to shareholders — the ordinary ending when a SPAC runs out of time. No agreed deal for it is on file with us, so we cannot say whether one was ever announced and later fell through.
- What you should know
- This SPAC has finished. The cash was paid back to shareholders and the company wound up, so there is nothing left to claim — the money went where the charter said it would.
At a glance
- Where it stands
- Liquidated
- Deal
- none — it wound up and returned the cash instead
- Industry
- no filing we hold states a sector this SPAC restricted its search to
- Deal value
- no deal to value — it wound up instead
- 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
- 11 March 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 767 FIFTH AVENUE, NEW YORK, NY, 10153
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Ryan Stacia Schlosser (Chief Executive Officer) · Parekh Sonalee Elizabeth (Director) · Jay Stefanie (Director)
- Listed securities
- FRW 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 trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
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.
- 11 March 2021IPOpassed
IPO size not on file
The score
deterministic, from filed fieldsFRW 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 — 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.
The company
from SEC filingsRead the full profile
PWP Forward Acquisition Corp. I (SEC CIK 0001825739) was a blank-check company classified under SIC code 6770, whose common stock traded on the Nasdaq Stock Market under the ticker FRW. The company priced its initial public offering on March 11, 2021, as reflected in 424B prospectus 0001104659-21-035045. Its common ticker FRW appears on the cover page of an 8-K filed November 29, 2022. The company subsequently liquidated, winding up and returning trust cash to shareholders, as established by Form 25 0001354457-22-000668 filed November 28, 2022.
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.
Eliminating the redemption limitation is what allows the trust to be paid out in full rather than stopping at the $5,000,001 net tangible asset floor, so the wind-up can be complete. The December 30, 2022 outside date exists so redemptions finish before the 1% excise tax on repurchases applies from January 1, 2023. With $212.9 million in trust and the stock at $10.01, holders receive close to deposited value in cash and give up nothing but the option on a deal the board has concluded is unachievable.
Fixes FRW's trust at $10.00 per public share on a $200 million raise; the separately deferred legal fees are an unusual extra claim payable only at closing.
Sets FRW's $200 million base IPO with thin one-fifth warrant coverage, limiting warrant dilution on any eventual combination.
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.
- What changed vs 2022-08-15trust $211.9M → $212.9M +0%
trust account, combination deadline, going-concern doubt +11 moved · 3 with no prior record of ours
- Trust account
- $211.9M$212.9M
- Combination deadline
- 2023-03-12 · unchanged
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 21.2M · unchanged
SpacBrain reads this as $957,077 was added to the trust between the two filings.
The clause …“117,999 269,374 Total current assets 250,240 1,211,038 Investments held in Trust Account 212,873,704 211,645,419 Total Assets $ 213,123,944 $ 212,856,457 Liabilities, Class A Common Stock Subject to”…
The clause …“to raise additional funds to alleviate liquidity needs as well as complete a Business Combination by March 12, 2023, then the Company will cease all operations except for the purpose of liquidating. The liquidity condition and the date”…
The clause …“any Working Capital Loans. In connection with the Company’s assessment of going concern considerations in accordance with the FASB ASC Topic 205-40, “Presentation of Financial Statements – Going Concern,” management has determined”…
The clause …“events. Accordingly, as of September 30, 2022, and December 31, 2021, the 21,163,433 shares of Class A common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’”…
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: PWP Forward Acquisition Corp. I called a special meeting for November 28, 2022 at 10:00 a.m. Eastern to move its termination date forward from March 12, 2023 to November 29, 2022 and, under a second amendment, to eliminate the redemption limitation from its charter. The stated purpose is to dissolve and liquidate and return capital to stockholders no later than December 30, 2022 by ceasing all operations and redeeming all outstanding public shares promptly thereafter. The trust held $212,873,704 at September 30, 2022, and the Class A common stock closed at $10.01 on October 27, 2022. Why it matters: Eliminating the redemption limitation is what allows the trust to be paid out in full rather than stopping at the $5,000,001 net tangible asset floor, so the wind-up can be complete. The December 30, 2022 outside date exists so redemptions finish before the 1% excise tax on repurchases applies from January 1, 2023. With $212.9 million in trust and the stock at $10.01, holders receive close to deposited value in cash and give up nothing but the option on a deal the board has concluded is unachievable.
- What changed vs 2022-05-13trust $211.7M → $211.9M +0%
trust account, combination deadline, going-concern doubt +11 moved · 3 with no prior record of ours
- Trust account
- $211.7M$211.9M
- Combination deadline
- not previously extracted2023-03-12
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 21.2M · unchanged
SpacBrain reads this as $257,307 was added to the trust between the two filings.
The clause …“ 482,017 1,211,038 Deferred tax asset 11,315 — Investments held in Trust Account 211,916,627 211,645,419 Total Assets $ 212,409,959 $ 212,856,457 Liabilities, Class A Common Stock Subject to”…
The clause …“to raise additional funds to alleviate liquidity needs as well as complete a Business Combination by March 12, 2023, then the Company will cease all operations except for the purpose of liquidating. The liquidity condition and the date”…
The clause “14-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition, mandatory liquidation and subsequent dissolution raises substantial doubt about the”…
The clause …“future events. Accordingly, as of June 30, 2022, and December 31, 2021, the 21,163,433 shares of Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’”…
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 2021-11-05trust $211.6M → $211.7M +0%going concern APPEARED
trust account, going-concern doubt, redeemable shares2 moved · 1 with no prior record of ours
- Trust account
- $211.6M$211.7M
- Going-concern doubt
- not statedstated
- Redeemable shares
- 21.2M · unchanged
SpacBrain reads this as $18,153 was added to the trust between the two filings.
The clause …“256,082 269,374 Total current assets 819,648 1,211,038 Investments held in Trust Account 211,659,320 211,645,419 Total Assets $ 212,478,968 $ 212,856,457 Liabilities, Class A Common Stock Subject to”…
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“liquidity condition, mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued. No adjustments have”…
The clause …“future events. Accordingly, as of March 31, 2022, and December 31, 2021, the 21,163,433 shares of Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’”…
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.
PWP Forward Sponsor I, 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 1284 tracked SPACs (23%) 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/5 · 100.0% of the $10 unit
from 424B4 0001104659-21-035045
Trading & liquidity
Company profile
Directors & officers
- Ryan Stacia SchlosserChief Executive Officer
- Parekh Sonalee ElizabethDirector
- Jay StefanieDirector
- PERELLA JOSEPH RChairman
- Leimkuhler CourtneyDirector
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
4 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.
- PWP Forward Sponsor I LLCwith 1 other reporting person on the same schedule18.9% · SC 13GFeb 14, 2022 stale
- Magnetar Financial LLCwith 3 other reporting persons on the same schedule7.1% · SC 13G/AJan 24, 2023 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule4.9% · SC 13G/AFeb 4, 2022 stale
- Vellar Opportunities Fund Master, Ltd.with 4 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
32 full SEC filing texts archived — searchable, never lost.
- Vault note — FRW (PWP Forward Acquisition Corp. I)
vault-note · /vault/tickers/FRW
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 trail3 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 0001104659-21-035045 priced 2021-03-11; common ticker FRW off 8-K 0001104659-22-122900 (2022-11-29); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per Form 25 0001354457-22-000668 (2022-11-28) — Form 25 filed under 17 CFR 240.12d2-2(a)(2) — the rule for a class "called for redemption" or "redeemed or paid at maturity/retirement". For a SPAC that class is the public shares and that redemption is the trust going back (class: Common stock, warrants, units). No wind-up press release was readable on the registrant's own file, so the per-share figure is not stored.. 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.
warrantStrike=11.5, unitSeparationDays=52 from the definitive prospectus (0001104659-21-035045). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate
sponsor "PWP Forward Sponsor I, LLC" sourced from prospectus definition (10-K) acc 0001410578-22-000725.