Ignyte Acquisition Corp.
IGNY · Nasdaq
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 Ignyte Sponsor LLC, listed on Nasdaq in January 2021.
- What it's doing now
- It agreed to buy Peak Bio, Inc.. 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
- Peak Bio, Inc. — Bio Co., Ltd.
- Industry
- the deal record does not name the target's industry yet
- 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
- 28 January 2021
- size not on file
- Headquarters
- 4900 HOPYARD ROAD, SUITE 100, PLEASANTON, CA, 94588
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Patel Sandip I (Director) · Neal James R (Director) · Huh Hoyoung (Director)
- Listed securities
- IGNY 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.
- 28 January 2021IPOpassed
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.
- closedDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
- PIPE
- ≈ $3M · unsourced
- Break fee
- $0M
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:0001193125-24-236786
The score
deterministic, from filed fieldsIGNY 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
Ignyte Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker IGNY. The company priced its initial public offering on January 28, 2021, under SEC file number 333-252011, with shares registered for cash on S-1 0001206774-21-000066 and a pricing prospectus filed as 424B4 0001206774-21-000239. The SEC classified the registrant under SIC industry code 2836, covering Biological Products (No Diagnostic Substances), and the ticker IGNY appeared on the cover page of its 10-K filed April 15, 2021. The vehicle completed a business combination and no longer files, with its closed status established by an 8-K filed November 7, 2022 (accession 0001193125-22-279204) reporting a change in shell company status under Item 5.06. EDGAR now lists this CIK under the name Peak Bio, Inc.
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.
IGNY-legacy holders exchange an OTC Pink security with no exchange listing for Nasdaq-listed Akari ADSs, which restores liquidity and listing status — the main practical benefit here. Against that, up to $9.1 million of convertible notes convert into equity at closing, so the Exchange Ratio is being set on a share count that includes the noteholders. An ADS representing 2,000 ordinary shares signals a very low underlying share price at Akari.
The $20 million minimum cash condition is the binding constraint: with 5,750,000 public shares at about $10.00, redemptions above roughly 5,000,000 shares break the deal, which is why the maximum redemption scenario stops there. Holders therefore face a coordination problem — individually rational redemption collectively kills the transaction and returns everyone's trust cash anyway. The $10.00 redemption price is the floor either way.
The PIPE is sized at up to 2,550,000 shares of Ignyte common stock at $10.00 per share, for aggregate gross proceeds of up to $25,500,000, and it is contingent on the substantially concurrent closing of the Business Combination. Those shares are not registered, being sold in reliance on Section 4(a)(2), with registration rights granted afterwards. The Business Combination closes only if the Business Combination, Governing Documents, Nasdaq, Incentive and Director Election proposals all pass, and a Sponsor Support Agreement dated as of April 28, 2022 commits the Sponsor's shares in favour.
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
going-concern doubt, sponsor loans outstandingnothing moved · 2 with no prior record of ours
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $379K · unchanged
The clause …“sources of financing will be available. Due to these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements have been”…
The clause …“ended December 31, 2023. As of September 30, 2024 and December 31, 2023, the outstanding balance on the Promissory Note was $ 378,622 , including principal of $ 350,000 and $ 28,622 in accrued interest. The interest expense on November”…
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: Peak Bio, the post-combination successor to Ignyte Acquisition Corp., issued a joint proxy statement and prospectus for its merger with Akari Therapeutics under an Agreement and Plan of Merger amended by a side letter dated August 15, 2024, with Peak Bio surviving as a wholly owned Akari subsidiary. Each Peak Bio share converts into Akari American Depositary Shares, each ADS representing 2,000 Akari ordinary shares, at an Exchange Ratio. Up to $9.1 million of convertible promissory notes plus accrued interest convert at the effective time. Record date September 24, 2024. Why it matters: IGNY-legacy holders exchange an OTC Pink security with no exchange listing for Nasdaq-listed Akari ADSs, which restores liquidity and listing status — the main practical benefit here. Against that, up to $9.1 million of convertible notes convert into equity at closing, so the Exchange Ratio is being set on a share count that includes the noteholders. An ADS representing 2,000 ordinary shares signals a very low underlying share price at Akari.
sponsor loans outstanding, going-concern doubtnothing moved · 2 with no prior record of ours
- Sponsor loans outstanding
- not previously extracted$379K
- Going-concern doubt
- stated · unchanged
The clause …“year ended December 31, 2023. As of March 31, 2024 and December 31, 2023, the outstanding balance on the Promissory Note was $ 378,622 , including principal of $ 350,000 and $ 28,622 in accrued interest. The interest expense on November”…
The clause …“sources of financing will be available. Due to these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements have been”…
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.
Ignyte 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 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
from 424B3 0001193125-23-209390
Trading & liquidity
Company profile
Directors & officers
- Patel Sandip IDirector
- Neal James RDirector
- Huh HoyoungDirector
- LaMond Stephen JDirector
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
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.
- Huh Hoyoungwith 1 other reporting person on the same schedule40.2% · SC 13DMar 21, 2023 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule6.2% · SC 13GFeb 4, 2022 stale
- K2 PRINCIPAL FUND, L.P.with 3 other reporting persons on the same schedule3.6% · SC 13G/AJan 26, 2022 stale
- Flynn James Ewith 3 other reporting persons on the same schedule1.8% · SC 13G/AFeb 10, 2023 stale
- FROST PHILLIP MD ET ALwith 1 other reporting person on the same schedule1.6% · SC 13G/AFeb 3, 2023 stale
- SBI INVESTMENT KOREA CO., LTD.with 7 other reporting persons on the same schedule0.0% · SC 13G/ADec 4, 2024 stale
- Vellar Opportunities Fund Master, Ltd.with 4 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- Oliveira Steven Michaelwith 1 other reporting person on the same schedule0.0% · SC 13G/AMay 9, 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.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- Peak Bio Co., Ltd. to List on NASDAQ Following Successful Business Combination with Ignyte Acquisition Corp.
Business Wireundated by the source
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
37 full SEC filing texts archived — searchable, never lost.
- Vault note — IGNY (Ignyte Acquisition Corp.)
vault-note · /vault/tickers/IGNY
- Vault deal note — Peak Bio, Inc. (IGNY)
vault-note · /vault/deals/peak-bio-inc
- Peak Bio - 2026 Company Profile, Team, Funding, Competitors & Financials - Tracxn
news · tracxn.com
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 trail4 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 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 2836 (Biological Products, (No Diagnostic Substances)). The screen found it by filing SHAPE instead — S-1 2021-01-11 → 8-A12B 2021-01-27 → 424B4 2021-01-28 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2836 + self-described blank check in 424B4 0001206774-21-000239; 424B 0001206774-21-000239 priced 2021-01-28 under S-1 0001206774-21-000066 (file 333-252011, an offering for cash); common ticker IGNY off 10-K 0001206774-21-001116 (2021-04-15); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-252011, which belongs to S-1 0001206774-21-000066 (2021-01-11) — 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 2021-01-28). Ending PROVEN, not inferred: CLOSED per 8-K 0001193125-22-279204 (2022-11-07) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,5.01,5.02,5.03,5.05,5.06,9.01). EDGAR now files this CIK as "Peak Bio, Inc." — 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 "Ignyte Sponsor LLC" sourced from prospectus definition (10-K/A) acc 0001206774-21-001133.
[CLOSED-RENAME] EDGAR CIK 0001834645 records "Ignyte Acquisition Corp." ending 2022-11-02; the registrant continues as "Peak Bio, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2022-11-02. 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=3.025, terminationFeeM=0.3 from primary filings (0001193125-24-236786).
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