Golden Falcon Acquisition Corp.
GFX · NYSE
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
The last figure filed while this was still a SPAC.
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 Alpha Wave Global, LP, listed on NYSE in December 2020. Each unit put $10.00 into the shareholders' cash account at listing; by the end it held $10.18 a share — interest earned on the account, plus any payments the sponsor made to extend the deadline, spread over the shares that never cashed out.
- 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
- 21 December 2020
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 850 LIBRARY AVENUE, NEWARK, DE, 19711
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- GERSON RICK MATTHEW · Breuer-Weil Mikael (Director) · Basnage de Beauval John M. (General Counsel and Secretary)
- Listed securities
- GFX common
As last filed, 1 September 2023. That was the account's last filed value before it was settled — the company does not hold it now.
source: 8-K acc 0001213900-23-073300
At the 22 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 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.
- $10.18 a share is the last cash figure filed while this was still a SPAC. It is a record of what the account held, not money anyone can ask for now.
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.
- 21 December 2020IPOpassed
IPO size not on file
redemption rate not stated in the filing
redemption rate not stated in the filing
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
33.42M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Jun 22, 2023Extensionno rate statedredeemed 3.13M sh0001193125-23-177491
Show the other 1 cash-out event
- Dec 20, 2022Extensionno rate stated
The score
deterministic, from filed fieldsGFX 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
Golden Falcon Acquisition Corp. was a blank-check company whose common stock traded on the New York Stock Exchange under the ticker GFX. The company priced its initial public offering on December 21, 2020, as reflected in a 424B prospectus filed with the SEC. On September 1, 2023, Golden Falcon Acquisition Corp. filed an 8-K announcing that it would redeem all of its outstanding public shares at a per-share redemption price of approximately $10.18, with the trust account balance as of August 23, 2023 reported at approximately $11,069,686. The filing established that the company had liquidated and returned the trust cash to shareholders.
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.
The closing number for the vehicle, four weeks after it mutually terminated the MNG business combination agreement on August 8, 2023 with no break fee. The approximately $10.18 is the company's own stated per-share figure, computed after the $100,000 dissolution retention. The trust balance of approximately $11,069,686 is what remained after the 3,130,990 Class A shares redeemed at the June 22, 2023 extension meeting.
The SPAC loses its announced target and the entire transaction architecture unwinds with it — sponsor support, registration rights, lock-ups and the shareholders statement all fall away. The termination is mutual and stated to carry no liability, so no break fee is disclosed in either direction. It comes seven weeks after shareholders approved an extension to July 24, 2023 with a possible further month to August 24, 2023, and 3,130,990 Class A shares redeemed at that meeting.
August 24, 2023 is conditional, not granted: it requires the sponsor to ask and the board to agree, and the board may also set an earlier date. What the amendment secures outright is July 24, 2023 — about one month. The near-unanimous vote sits alongside 3,130,990 Class A shares leaving the trust, which is the more informative number about what holders did rather than how they voted.
This is the rare 425 that carries a genuine status change - a registration statement now on file but not effective - stated in the past tense rather than the standing 'intends to file' legend, and it names a minimum-proceeds assumption of $30 million that a reader may mistake for a minimum-cash CLOSING CONDITION; the document calls it an assumption behind the $676 million pro forma value, not a condition. No vote date or redemption deadline is given. Nothing was written to a status, deadline or price field.
With roughly $346.8 million in trust this was a large vehicle, and at $10.05 against $10.03 the redemption right was marginally better than a market sale and far more certain given thin liquidity. GFX's filed trust value is around $10.18 per share, above the level here, reflecting later interest accretion. Golden Falcon ultimately liquidated, so the trust claim rather than a deal was the return holders received.
GFX joins the warrant-restatement wave; the reclassification changes reported equity, not the cash held in trust.
Show 4 more material filings
Confirms GFX raised the full 34.5 million units including over-allotment, with the trust at exactly $10.00 per public share.
Sets GFX's $300 million base IPO size and warrant coverage; components do not trade separately until the 52nd day after the prospectus and only after an audited balance sheet is filed.
The low charter-amendment threshold carried through to pricing: the pre-business-combination provisions of the certificate of incorporation, and the trust release provisions that go with them, may be amended with the approval of holders of at least 65% of the outstanding common stock, which the prospectus itself calls a lower threshold than some other blank check companies. That is the mechanism by which a deadline is extended over a dissenting minority. Public shares are redeemed if no business combination is completed within 24 months from closing.
The charter is easier to change here than at most blank-check companies, and the prospectus says so: the pre-business-combination provisions of the certificate of incorporation, and the corresponding trust release provisions, may be amended with the approval of holders of at least 65% of the outstanding common stock, a lower threshold than some other blank check companies — the mechanism by which a deadline gets extended over a dissenting minority. Public shares are redeemed if no business combination is completed within 24 months from closing.
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: Item 8.01: Golden Falcon Acquisition Corp. reports that, as disclosed in its August 8, 2023 Form 8-K, it will redeem all outstanding Class A common stock effective at the close of business on September 7, 2023, and states the per-share redemption price will be approximately $10.18. The balance of the trust account as of August 23, 2023 was approximately $11,069,686. The company expects to retain $100,000 of trust interest income to pay dissolution expenses, in accordance with the trust agreement and its December 17, 2020 IPO prospectus. Why it matters: The closing number for the vehicle, four weeks after it mutually terminated the MNG business combination agreement on August 8, 2023 with no break fee. The approximately $10.18 is the company's own stated per-share figure, computed after the $100,000 dissolution retention. The trust balance of approximately $11,069,686 is what remained after the 3,130,990 Class A shares redeemed at the June 22, 2023 extension meeting.
What changed: Items 1.01 and 1.02 (Termination): On August 8, 2023 Golden Falcon Acquisition Corp., MNG Havayollari ve Tasimacilik A.S. and the Merlin entities entered a Termination of Business Combination Agreement mutually terminating their December 6, 2022 business combination agreement, as amended February 14, 2023, effective the same day. The filing states the agreement is void with no liability on any party except as set forth in it, and that the related Sponsor Support Agreement, Registration Rights and Lock-Up Agreement and Shareholders Statement all terminate or cease to have effect. Why it matters: The SPAC loses its announced target and the entire transaction architecture unwinds with it — sponsor support, registration rights, lock-ups and the shareholders statement all fall away. The termination is mutual and stated to carry no liability, so no break fee is disclosed in either direction. It comes seven weeks after shareholders approved an extension to July 24, 2023 with a possible further month to August 24, 2023, and 3,130,990 Class A shares redeemed at that meeting.
What changed: Items 5.03, 5.07 and 8.01: At Golden Falcon Acquisition Corp.'s special meeting on June 22, 2023 — about 84.48% of the 12,833,579 Class A and Class B shares outstanding on the May 30 record date represented — stockholders approved a charter amendment extending the business-combination date from June 22, 2023 to July 24, 2023, and permitting a further extension to August 24, 2023 without another stockholder vote, on request by Golden Falcon Sponsor Group, LLC and board approval. The vote was 10,840,071 for and 1,601 against. Holders of 3,130,990 Class A shares redeemed. Why it matters: August 24, 2023 is conditional, not granted: it requires the sponsor to ask and the board to agree, and the board may also set an earlier date. What the amendment secures outright is July 24, 2023 — about one month. The near-unanimous vote sits alongside 3,130,990 Class A shares leaving the trust, which is the more informative number about what holders did rather than how they voted.
Show the other 10 filings
- What changed vs 2022-11-21trust $346.8M → $42.8M -88%deadline 2023-06-22 → 2023-08-24
trust account, combination deadline2 moved
- Trust account
- $346.8M$42.8M
- Combination deadline
- 2023-06-222023-08-24
SpacBrain reads this as $304,000,000 left the trust between the two filings.
The clause …“$10.18 at the time of the special meeting, based on the approximate amount of $42.8 million held in the trust account as of June 2, 2023. The closing price of our Class A common stock on the New York Stock Exchange on June 2, 2023 was”…
SpacBrain reads this as 63 days later than the previous record.
The clause …“by which we have to consummate a business combination from July 24, 2023 to August 24, 2023, or such earlier date as determined by the Board (such date actually extended being referred to as the Extended Date). Proposal 2 The”…
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 2022-11-14trust $346.8M → $42.9M -88%shares 34.5M → 4.21M -88%
trust account, redeemable shares, combination deadline +12 moved · 2 with no prior record of ours
- Trust account
- $346.8M$42.9M
- Redeemable shares
- 34.5M4.21M
- Combination deadline
- 2023-06-22 · unchanged
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $303,842,057 left the trust between the two filings.
The clause …“91,508 Total Current Assets 217,980 115,443 Cash and marketable securities held in Trust Account 42,940,237 42,563,076 TOTAL ASSETS $ 43,158,217 $ 42,678,519 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities: Accounts payable”…
SpacBrain reads this as 30,291,421 shares are no longer redeemable.
The clause …“200,000,000 shares authorized; no shares issued and outstanding (excluding 4,208,579 shares subject to possible redemption) at March 31, 2023 and December 31, 2022 — — Class B common stock, $ 0.0001 par value; 20,000,000 shares”…
The clause …“June 22, 2023, it is uncertain that the Company will be able to consummate a Business Combination by June 22, 2023. This, as well as its liquidity condition, raise substantial doubt about the Company’s ability to continue as a going”…
The clause …“Combination by June 22, 2023. This, as well as its liquidity condition, raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities”…
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: 425 of the announcement type, jointly filed by Golden Falcon and MNG Havayollari ve Tasimacilik A.S.: MNG Airlines announces that it HAS filed a registration statement on Form F-4 containing a preliminary proxy statement/prospectus, which has NOT yet been declared effective. Closing is stated to be subject to effectiveness, approval by Golden Falcon's stockholders and customary conditions; the combined company would list on the NYSE as MNGA. The release states a pro forma enterprise value of $676 million assuming minimum gross transaction proceeds of $30 million. Why it matters: This is the rare 425 that carries a genuine status change - a registration statement now on file but not effective - stated in the past tense rather than the standing 'intends to file' legend, and it names a minimum-proceeds assumption of $30 million that a reader may mistake for a minimum-cash CLOSING CONDITION; the document calls it an assumption behind the $676 million pro forma value, not a condition. No vote date or redemption deadline is given. Nothing was written to a status, deadline or price field.
What changed: The same MNG Airlines / Golden Falcon F-4 announcement as accession 0001193125-23-100479, filed the same day: identical primary document d499468d425.htm, identical text length, identical content - the F-4 containing a preliminary proxy statement/prospectus has been filed and is not yet effective, closing is subject to effectiveness, a Golden Falcon stockholder vote and customary conditions, the listing would be NYSE: MNGA, and the release cites a $676 million pro forma enterprise value assuming $30 million of minimum gross transaction proceeds. Why it matters: Two accession numbers, one document. This is the duplicate pattern already recorded at the arrears head in QA-FINDINGS section 17.1, here appearing in the 425 family: any count of deal communications, and any diff engine keyed to accession rather than document content, will double-count this event. Both rows are summarised so neither is left blank, and both say the same thing on purpose. Nothing was written to a status, deadline or price field.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Alpha Wave Global, LPnamed 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
That was the figure at listing. It is $10.18 a share today — interest on the account, plus any sponsor payments made to extend the deadline, spread over the shares that never cashed out. Unit: U = S + W/2 · 100.0% of the $10 unit
from 424B4 0001193125-20-323308
Trading & liquidity
Company profile
Directors & officers
- GERSON RICK MATTHEW10% owner
- Breuer-Weil MikaelDirector
- Basnage de Beauval John M.General Counsel and Secretary
- Azoulai Isabelle AmielDirector
- POMPADUR MARTINDirector
- D'Hinnin DominiqueDirector
- Muraidekh EliChief Financial Officer
- Rolet Xavier R.Director
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
5 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.
- Golden Falcon Sponsor Group, LLCwith 2 other reporting persons on the same schedule19.6% · SC 13GFeb 16, 2021 stale
- RP Investment Advisors LPwith 4 other reporting persons on the same schedule2.3% · SC 13G/AFeb 11, 2022 stale
- Senator Investment Group LPwith 1 other reporting person on the same schedule0.0% · SC 13G/AApr 4, 2023 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- ARISTEIA CAPITAL LLC0.0% · SC 13G/AFeb 10, 2023 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
39 full SEC filing texts archived — searchable, never lost.
- Vault note — GFX (Golden Falcon Acquisition Corp.)
vault-note · /vault/tickers/GFX
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 0001193125-20-323308 priced 2020-12-21; common ticker GFX off 8-K 0001213900-23-073300 (2023-09-01); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001213900-23-073300 (2023-09-01) — announced redemption of all public shares: “…will redeem all of its outstanding shares of Class A common stock (the "public shares"). The per-share redemption price for the public shares will be approximately $10.18. The balance of the trust account as of August 23, 2023 was approximately $11,069,686. In accordance with the terms of the related trust agreement, a…”. Trust at settlement $10.18/share, stated in that filing. 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 (0001193125-20-323308). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate
sponsor "Alpha Wave Global, LP" (SEC CIK 0001558858) sourced from Form 3 reportingOwner (10% owner) acc 0000902664-23-002421.