Horizon Acquisition Corp
HZAC · NYSE
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 Horizon Sponsor, LLC, listed on NYSE in August 2020.
- What it's doing now
- It agreed to buy Vivid Seats, an Online ticket marketplace for live events 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
- Vivid Seats
- Industry
- Online ticket marketplace for live events
- 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
- 24 August 2020
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 600 STEAMBOAT ROAD, SUITE 200, GREENWICH, CT, 06830
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Boehly Todd L (CEO and CFO) · Trogni Michele Louise (Director) · Minella David A. (Director)
- Listed securities
- HZAC 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.
- 24 August 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.
- closedpost-close SEATSEC primary
The score
deterministic, from filed fieldsHZAC 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
Horizon Acquisition Corp (HZAC) was a blank-check company whose common stock traded on the New York Stock Exchange under the ticker HZAC. The company priced its initial public offering on August 24, 2020, as reflected in its 424B prospectus. On October 7, 2021, Horizon filed an 8-K whose cover page bore the HZAC ticker, and the following day a 425 filing established that the company had closed its business combination, with trading expected to move to Nasdaq under the ticker symbols "SEAT" and "SEATS WS" on or about October 19, 2021. Following the closing date, Horizon no longer had any units traded and the vehicle ceased filing.
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 warrant holders are being asked to vote on their own instrument's accounting: the Warrant Amendment Proposal changes the Warrant Agreement so the Horizon IPO Warrants are carried as equity within the balance sheet rather than as a liability measured at fair value with non-cash adjustments recorded in earnings each reporting period. That is a vote about reported earnings volatility rather than about the deal. Closing is conditioned on four of the five shareholder proposals; only the Adjournment Proposal stands alone.
The per-share note reverses the two periods, giving losses of 'approximately $141,000 and $124,000' for the quarter and for inception-to-date respectively, where the statement of operations says $124,303 and $141,483. The cover's 13,599,608 Class B shares are NOT a mismatch: 194,142 were forfeited on October 4, 2020 when the over-allotment expired unexercised, and 13,793,750 less 194,142 is exactly that. The trust earned $2,139 on $544m, so the $1.0m outside it is the whole runway.
This filing states the trust-release mechanics in the company's own words: money leaves the trust only on completion of an initial business combination, on redemption of shares tendered into a charter-amendment vote, or on redemption of all public shares if no business combination is completed within 24 months of the IPO closing, with interest available to pay income taxes. Those are the terms that define what a public share is worth and when.
Fixes the shell's trust at the stated $10.00 per unit and the public float at 54,398,433 units on the numbers in this filing. It also lists the constitutive agreements entered at closing — underwriting, warrant, investment management trust, registration and shareholder rights, and letter agreements — including the sponsor's right, on consummation of an initial business combination, to nominate three directors.
Two redemptions again, under the document's own headings - one at $18.00 per Class A share, one at $10.00 - and both are measured on the last reported sale price, which this prospectus explicitly defines as the CLOSING price. Amending the public warrants adversely takes 65% of them, higher than the 50% most peers use. Redemption rights are also capped: a shareholder acting with others cannot redeem more than 15% of the public shares, so a large holder's floor is not the whole of its position.
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.
Horizon Sponsor, 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 1282 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/3 · 100.0% of the $10 unit
from 424B4 0001104659-20-098011
Trading & liquidity
Company profile
Directors & officers
- Boehly Todd LCEO and CFO
- Trogni Michele LouiseDirector
- Minella David A.Director
- Ott RobertVice President
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
3 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.
- Linden Capital L.P.with 2 other reporting persons on the same schedule7.1% · SC 13G/AFeb 8, 2021 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 4 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2022 stale
- Horizon Sponsor, LLCwith 2 other reporting persons on the same schedule0.0% · SC 13D/AOct 21, 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
38 full SEC filing texts archived — searchable, never lost.
- Vault note — HZAC (Horizon Acquisition Corp)
vault-note · /vault/tickers/HZAC
- Vault deal note — Vivid Seats (HZAC)
vault-note · /vault/deals/vivid-seats
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 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.
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 0001104659-20-098011 priced 2020-08-24; common ticker HZAC off 8-K 0001104659-21-124164 (2021-10-07); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per 425 0001104659-21-124728 (2021-10-08) — Nasdaq is currently expected to begin on or about October 19, 2021 under the ticker symbols "SEAT" and "SEATS WS," respectively. Until the Business Combination has been consummated and the transfer to Nasdaq is complete, Horizon's units, public shares and public warrants will continue to trade on the NYSE. Horizon will not have any units traded following the Closing Date. A copy of the press rele. 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 "Horizon Sponsor, LLC" sourced from prospectus definition (10-K/A) acc 0001104659-21-063277.
AI-extracted target (z-ai/glm-5.2, conf 0.98)
target recovered for a completed de-SPAC; no agreement-naming filing on file, so announcedAt is NULL rather than guessed
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read