INSU ACQUISITION CORP III
IIII · 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 Cohen Circle (Betsy Cohen), listed on Nasdaq in December 2020.
- 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
- 2929 ARCH STREET STE 1703, PHILADELPHIA, PA, 19104
- registered in SEC code PA — not yet resolved to a place
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Pooler Joseph W. Jr. (CFO and Secretary) · COHEN DANIEL G (Director) · Beach Walter T (Director)
- Listed securities
- IIII 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.
- 21 December 2020IPOpassed
IPO size not on file
The score
deterministic, from filed fieldsIIII 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
INSU ACQUISITION CORP III (SEC CIK 0001829889) was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker IIII. The company priced its initial public offering on December 21, 2020, according to a 424B prospectus. On November 18, 2022, the company filed an 8-K announcing the redemption of all outstanding public shares effective as of the close of business on December 22, 2022, because it would not consummate an initial business combination within the required time period. The company subsequently liquidated and returned the trust cash to its 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 balance sheet contradicts itself on the size of the redeemable block. The temporary-equity line says 23,525,454 shares at $235,254,540, but the permanent-equity line describes 2,049,546 Class A shares 'excluding 38,381,494 shares subject to possible redemption'. Only the first reconciles: 2,049,546 plus 23,525,454 is exactly the 25,575,000 Class A shares on the cover, while 38,381,494 exceeds the company's entire Class A count. Figures are as of December 31, 2020.
The call test names a fallback price source most prospectuses omit: the warrants may be redeemed in whole at $0.01 on a minimum 30 days' notice only if the last sale price of the Class A common stock — OR the closing bid price on a day the stock does not trade — is at or above $18.00 for any 20 trading days within a 30-trading-day period ending on the third trading day before the notice. If no business combination is completed within 24 months from closing, the placement units held in trust fund the redemption of public shares and the placement units themselves expire worthless.
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
- What changed vs 2022-08-11trust $250.2M → $250.9M +0%
trust account, sponsor loans outstanding, combination deadline +21 moved · 4 with no prior record of ours
- Trust account
- $250.2M$250.9M
- Sponsor loans outstanding
- not previously extracted$500K
- Combination deadline
- 2022-12-22 · unchanged
- Mandate language
- the Company intends to focus its search on businesses provid… · unchanged
- Redeemable shares
- 25.0M · unchanged
SpacBrain reads this as $769,285 was added to the trust between the two filings.
The clause “038 191,862 Total Current Assets 213,901 415,811 Cash and marketable securities held in Trust Account 250,933,138 250,008,357 TOTAL ASSETS $ 251,147,039 $ 250,424,168 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities Accrued”…
The clause “Units. As of September 30, 2022 and December 31, 2021, there was $ 960,000 and $ 500,000 outstanding under the Working Capital Loans, respectively. On February 11, 2022, the Working Capital Loan was amended to increase the original”…
The clause …“to redeem 100% of its Public Shares if it does not complete an initial Business Combination by December 22, 2022 (the “Combination Period”); or (iii) the distribution of the Trust Account, as described below, except that interest”…
The clause “60,000,000 shares authorized; 575,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) at September 30, 2022 and December 31, 2021 58 58 Class B common stock, $ 0.0001 par value; 10,000,000”…
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 2022-05-11trust $250.0M → $250.2M +0%
trust account, combination deadline, mandate language +11 moved · 3 with no prior record of ours
- Trust account
- $250.0M$250.2M
- Combination deadline
- 2022-12-22 · unchanged
- Mandate language
- the Company intends to focus its search on businesses provid… · unchanged
- Redeemable shares
- 25.0M · unchanged
SpacBrain reads this as $133,209 was added to the trust between the two filings.
The clause “888 191,862 Total Current Assets 271,662 415,811 Cash and marketable securities held in Trust Account 250,163,853 250,008,357 TOTAL ASSETS $ 250,435,515 $ 250,424,168 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities Accrued”…
The clause …“to redeem 100% of its Public Shares if it does not complete an initial Business Combination by December 22, 2022 (the “Combination Period”); or (iii) the distribution of the Trust Account, as described below, except that interest”…
The clause “60,000,000 shares authorized; 575,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) at June 30, 2022 and December 31, 2021 58 58 Class B common stock, $ 0.0001 par value; 10,000,000 shares”…
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 2021-11-12trust $250.0M → $250.0M +0%
trust account, combination deadline, mandate language +11 moved · 3 with no prior record of ours
- Trust account
- $250.0M$250.0M
- Combination deadline
- 2022-12-22 · unchanged
- Mandate language
- the Company intends to focus its search on businesses provid… · unchanged
- Redeemable shares
- 25.0M · unchanged
SpacBrain reads this as $11,327 was added to the trust between the two filings.
The clause “775 191,862 Total Current Assets 235,443 415,811 Cash and marketable securities held in Trust Account 250,030,644 250,008,357 TOTAL ASSETS $ 250,266,087 $ 250,424,168 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities Accrued”…
The clause …“to redeem 100% of its Public Shares if it does not complete an initial Business Combination by December 22, 2022 (the “Combination Period”); or (iii) the distribution of the Trust Account, as described below, except that interest”…
The clause “60,000,000 shares authorized; 575,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) at March 31, 2022 and December 31, 2021 58 58 Class B common stock, $ 0.0001 par value; 10,000,000 shares”…
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 2021-03-30trust $250.0M → $250.0M +0%
trust account, redeemable shares, combination deadline +11 moved · 3 with no prior record of ours
- Trust account
- $250.0M$250.0M
- Redeemable shares
- not previously extracted25.0M
- Combination deadline
- 2022-12-22 · unchanged
- Mandate language
- We will focus on management teams with a proven track record… · unchanged
SpacBrain reads this as $8,151 was added to the trust between the two filings.
The clause …“As of December 31, 2021, we had cash, investments and marketable securities held in the Trust Account of $250,008,357. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing”…
The clause “60,000,000 shares authorized; 575,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) at December 31, 2021 and 2020 58 58 Class B common stock, $ 0.0001 par value; 10,000,000 shares authorized;”…
The clause …“to redeem 100% of its Public Shares if it does not complete an initial Business Combination by December 22, 2022 (the “Combination Period”); or (iii) the distribution of the Trust Account, as described below, except that interest”…
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.
Extension reliance: 1 extension vote across 19 in-DB vehicles (0.1 per vehicle; 3+ scores zero).
Mixed record · high confidence
- FinTech Acquisition Corp I · 2014→ CardConnectCompleted
- FinTech Acquisition Corp II · 2016→ Int'l Money ExpressIMXICompleted
- FinTech Acquisition Corp III · 2018→ Paya HoldingsCompleted
- FinTech Acquisition Corp IV · 2020→ Perella Weinberg PartnersPWPCompleted
- FTAC Olympus Acquisition Corp · 2020→ PayoneerPAYOCompleted
- FTAC Emerald Acquisition Corp · 2021→ Fold HoldingsFLDCompleted
- FinTech Acquisition Corp V · 2020Liquidated
- FTAC Parnassus Acquisition Corp · 2021Liquidated
- FTAC Zeus Acquisition Corp · 2021Liquidated
- FTAC Hera Acquisition Corp · 2021Liquidated
- FTAC Athena Acquisition Corp · 2021Liquidated
- FinTech Acquisition Corp VI · 2021Liquidated
Cohen Circle — Betsy & Daniel Cohen's franchise (FinTech Acquisition + FTAC series), among the most prolific SPAC sponsors ever. Prior-vehicle track record (SEC-verified via formerNames): COMPLETED — FinTech Acquisition Corp I → CardConnect (2016); FinTech II → Intermex/Int'l Money Express (IMXI); FinTech III → Paya Holdings (2020; acquired by Nuvei 2023); FinTech IV → Perella Weinberg Partners (PWP, still listed); FTAC Olympus → Payoneer (PAYO, 2021, still listed); FTAC Emerald → Fold Holdings (FLD, 2025). LIQUIDATED (25-NSE + 15-12G, mostly 2022-23): FinTech V, FinTech VI, FTAC Athena, FTAC Hera, FTAC Parnassus, FTAC Zeus. Net: 6 completed deSPACs, 6 liquidations. Strong completer in open markets (Payoneer/PWP/IMXI listed), but a wave of liquidations when the SPAC market closed. Mixed. Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov. — research profile — Cohen Circle is a Philadelphia-based investment firm founded by Betsy Z. Cohen and her son Daniel Cohen, focused on fintech, technology, and impact investing. Betsy Cohen, now 84, is a lawyer, banker, and serial entrepreneur who founded three banks over her career, most notably The Bancorp (NASDAQ: TBBK), where she served as CEO for 15 years until retiring in 2014 and which hosted roughly 1,600 non-bank fintech companies on its platform. Before that, she founded Jefferson Bank in 1974 at age 32, becoming the first female bank CEO in Pennsylvania, and eventually sold it to Hudson United Bank in 1999. She also co-founded a Philadelphia law firm, clerked for the Chief Judge of the U.S. Court of Appeals for the Third Circuit, and taught banking and antitrust law at Rutgers Law School. Daniel Cohen, her son and co-founder of both Cohen Circle and The Bancorp, brings over 20 years of operating and investing experience. Amanda Abrams serves as Chief Executive Officer of Cohen Circle LLC. The firm, formerly known as FinTech Masala, has raised over $5 billion in capital since 2015 and has made venture investments in companies including Ocrolus, Maxwell, Curve, H2O.AI, Greenwood, and BillGO. Her first SPAC, FinTech Acquisition Corp., was sponsored in January 2015 and completed a merger with CardConnect Corp. (NASDAQ: CCN) in July 2016. FinTech Acquisition Corp. II merged with Intermex Holdings II (NASDAQ: IMXI) in July 2018. FinTech Acquisition Corp. III merged with Paya (NASDAQ: PAYA) in August 2020. FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) announced a merger with Payoneer in February 2021 at an implied enterprise value of approximately $3.3 billion. FinTech Acquisition Corp. IV merged with Perella Weinberg Partners (NASDAQ: PWP) at an implied equity value of roughly $975 million. FinTech Acquisition Corp. V announced a merger with eToro in March 2021 at an initial valuation of about $10.4 billion, later devalued to $8.8 billion in December 2021, and ultimately mutually terminated due to market conditions. Additional vehicles included FTAC Athena Acquisition Corp., FTAC Hera Acquisition Corp., and FTAC Parnassus Acquisition Corp., all brought to market in early 2021. The firm's most recent activity centers on two new Cohen Circle-branded vehicles. Cohen Circle Acquisition Corp. I (CCIR) announced a business combination agreement with JSC Kyivstar, Ukraine's largest communications operator with over 23 million mobile subscribers, in March 2025, with the…
1 sentence withheld from the text above. It stated a vehicle count (as many as nine to eleven SPAC vehicles) that does not reconcile with the record we counted: 31 vehicles — 19 in the live database and 12 SEC-verified prior vehicles. Neither side has been corrected here, and the stored research is unchanged; a count we cannot reconcile is not a count we will publish.
Full sponsor record →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 · 100.0% of the $10 unit
from 424B4 0001213900-20-043838
Trading & liquidity
Company profile
Directors & officers
- Pooler Joseph W. Jr.CFO and Secretary
- COHEN DANIEL GDirector
- Beach Walter TDirector
- Posner SassonDirector
- Nicoll SheilaDirector
- Chrystal John CDirector
- Butler John MilesPresident and CEO
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
7 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.
- Insurance Acquisition Sponsor III, LLCwith 3 other reporting persons on the same schedule26.7% · SC 13GFeb 16, 2021 stale
- Atalaya Capital Management LPwith 5 other reporting persons on the same schedule5.0% · SC 13G/AFeb 14, 2022 stale
- ARISTEIA CAPITAL LLC3.9% · SC 13G/AFeb 14, 2022 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule3.5% · SC 13G/AFeb 3, 2022 stale
- Vellar Opportunities Fund Master, Ltd.with 2 other reporting persons on the same schedule1.6% · SC 13GFeb 16, 2021 stale
- Nantahala Capital Management, LLCwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- P SCHOENFELD ASSET MANAGEMENT LPwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 14, 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
34 full SEC filing texts archived — searchable, never lost.
- Vault note — IIII (INSU ACQUISITION CORP III)
vault-note · /vault/tickers/IIII
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 trail2 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 0001213900-20-043838 priced 2020-12-21; common ticker IIII off 8-K 0001213900-22-073894 (2022-11-18); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001213900-22-073894 (2022-11-18) — announced redemption of all public shares: “…will redeem all of its outstanding shares of Class A common stock that were included in the units issued in its initial public offering, effective as of the close of business on December 22, 2022, as the Company will not consummate an initial business combination within the time period required by its Amended and Resta…”. 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 "Insurance Acquisition Sponsor III, LLC" (SEC CIK 0001830949) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-043318.