Ivanhoe Capital Acquisition Corp.
IVAN · NYSE · formerly SES AI Corp
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 Vertex Legacy Continuation Fund Pte Ltd., listed on NYSE in January 2021.
- What it's doing now
- It agreed to buy SES AI Corp, a lithium-metal battery cell manufacturing 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
- SES AI Corp
- Industry
- Consumer Discretionary — lithium-metal battery cell manufacturing
- 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
- 8 January 2021
- size not on file
- Headquarters
- 35 CABOT RD., WOBURN, MA, 01801
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Diemer Paul (Director) · Pilkington Kyle (CHIEF LEGAL OFFICER) · Liu Yi Ray (CHIEF FINANCIAL OFFICER)
- Listed securities
- IVAN 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.
- 8 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.
- closedConsumer Discretionary
What SES AI Corp does — read from ses.ai on 26 August 2026
SES AI Corp. is a company focused on accelerating the energy transition through material discovery and battery management using AI. It produces high energy density Li-Metal and Li-ion batteries for transportation (EVs, UAM), storage, robotics, and drones. The company operates business units in Drones, ESS, Materials, and offers the Molecular Universe AI4Science SaaS platform.
Woburn, MassachusettsBatteriesEnergy StorageAI/ScienceDrones/UAMMaterialsDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A- PIPE
- ≈ $200M · unsourced
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:0001104659-21-102959
The score
deterministic, from filed fieldsIVAN 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
Ivanhoe Capital Acquisition Corp. was a blank-check company whose common stock traded on the New York Stock Exchange under the ticker IVAN. The company priced its initial public offering on January 8, 2021, under SEC file number 333-251493. It was classified under SEC SIC industry code 3690 for Miscellaneous Electrical Machinery, Equipment & Supplies. The company completed a business combination and no longer files, with its closure established by a Form 25 filed on February 4, 2022, under accession number 0000876661-22-000128, indicating its units—each consisting of one Class A ordinary share and one-third of one redeemable warrant—had come to evidence other securities in substitution. EDGAR now files the company's CIK, 0001819142, as SES AI Corp.
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.
Trading in the warrants is already suspended, so holders cannot sell them on the exchange while the delisting proceeds; the warrants themselves are not cancelled and the $11.50 exercise right is unchanged, but the venue for it is being withdrawn. The common stock listing is separate and is not part of this action.
The risk list is the clearest statement of the pivot: energy storage systems, drone cells and AI-for-materials services rather than the electric-vehicle lithium-metal business the SPAC originally funded. The condensed consolidated financial statements are not in the portion read here.
Revenue fell 24% sequentially while the letter frames growth against the prior year, and $30 to $35 million of reaffirmed full-year guidance requires roughly $18 to $23 million in the second half against $11.8 million in the first — the whole reaffirmation rests on the Korea line reaching full capacity in the fourth quarter. Operating expenses of $20.3 million a quarter run at four times revenue.
This starts a hard clock: six months to get the average price back over $1.00 or face delisting from the NYSE. The filing spells out the usual escape route — a reverse stock split requiring stockholder approval by the next annual meeting, which is deemed a cure once the price promptly exceeds $1.00 and holds for 30 trading days. For a former IVAN holder that means a likely dilutive-looking corporate action ahead and, if it fails, a move off the exchange where liquidity and institutional ownership both drop sharply.
285,459,184 of the registered Class A shares go to the equityholders of SES Holdings Pte. Ltd., and only part of that is delivered at closing: 236,457,525 shares to holders outstanding immediately before the Effective Time, 23,002,041 reserved for SES Options and vesting restricted shares, and 25,999,618 that include 23,694,652 Earn Out Shares held in escrow until the closing price reaches $18.00 during a window running from one year after closing to the fifth anniversary. The cover also mis-cites the domestication provision, printing section 338 of the Delaware General Corporation Law.
The fee typo that ran through the earlier amendments is corrected here: the fee on the 14,213,333 warrant shares now reads $15,152.12, with a decimal point where previous versions of this table printed a comma. The Class A line resolves into 27,600,000 shares underlying the units issued in the initial public offering and the underwriters' over-allotment exercise, 6,900,000 Class B ordinary shares held by Ivanhoe Capital Sponsor LLC, and 285,459,184 New SES Class A shares. The cover still cites section 338 of the Delaware General Corporation Law, where the provision is Section 388.
Show 5 more material filings
The registered total double-counts. Footnote (1) already includes the 6,900,000 Sponsor Class B shares and the up-to-43,921,639 shares issuable on conversion of New SES Class B stock within the 363,880,823-share Class A line, and both appear again as their own Class B lines inside the 443,129,128 total. Of that Class A line, 285,459,184 shares are consideration to SES equityholders: 236,457,525 issuable at closing, 23,002,041 reserved for SES options and restricted shares, and 25,999,618 covering restricted stock and Earn Out Shares held in escrow until the closing price reaches $18.00.
Those Earn Out Shares sit in escrow and are released only if the New SES Class A closing price reaches $18.00 or more in a window that opens a year after closing and ends on its fifth anniversary, so a large block of the registered count is contingent on a price target rather than delivered at closing. A further 43,950,281 Class A shares are reserved against conversion of Class B stock issued to the SES Founder Group, of which 4,009,130 are themselves earn-out shares. The cover still cites section 338 of the Delaware General Corporation Law, where the domestication provision is Section 388.
Two Class B tranches now appear that the previous amendment's table did not carry, so a second class is part of the registered structure. Two defects sit on the face of this filing as printed: the fee for the warrant-share line reads $ 15,152,12, with a comma where a decimal point belongs, and the cover still describes the domestication as effected under section 338 of the Delaware General Corporation Law, where the Delaware domestication provision is Section 388. Both are reported as printed.
363,065,485 registered shares against 14,213,333 warrant shares makes this overwhelmingly an equity issuance, and the $9.96 is a market average used only to size the $394,521 fee on that line. One drafting error sits on the face of the cover: the domestication is described as effected under section 338 of the Delaware General Corporation Law, where the Delaware domestication provision is Section 388 — the statute cited for the move to Delaware is wrong as printed.
The Class A line is mostly the target: 287,875,293 shares go to the equityholders of SES Holdings Pte. Ltd., a Singapore private company, of which 235,909,119 are issued at closing to holders outstanding immediately before the Effective Time, against 27,600,000 Class A ordinary shares from the initial public offering and over-allotment and 6,900,000 Class B ordinary shares held by the Sponsor. One drafting error sits on the cover: the domestication is described as being under section 338 of the Delaware General Corporation Law.
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: SES AI Corporation reported that on August 13, 2026 it received notice from the New York Stock Exchange that the NYSE has determined to commence proceedings to delist the company's public warrants and to immediately suspend trading in them, due to abnormally low selling price levels, under Section 802.01D of the NYSE Listed Company Manual. Each warrant is exercisable for one share of Class A common stock at $11.50 and trades as SES WS. The NYSE will apply to the SEC to delist the warrants on completion of the applicable procedures. Why it matters: Trading in the warrants is already suspended, so holders cannot sell them on the exchange while the delisting proceeds; the warrants themselves are not cancelled and the $11.50 exercise right is unchanged, but the venue for it is being withdrawn. The common stock listing is separate and is not part of this action.
What changed: The 10-Q filed under Commission file number 001-39845 is that of SES AI Corporation (NYSE: SES, warrants at $11.50) for the quarter ended June 30, 2026, with 327,406,149 Class A and 43,881,251 Class B shares outstanding as of August 7, 2026. Why it matters: The risk list is the clearest statement of the pivot: energy storage systems, drone cells and AI-for-materials services rather than the electric-vehicle lithium-metal business the SPAC originally funded. The condensed consolidated financial statements are not in the portion read here.
What changed: SES AI Corporation furnished a shareholder letter for the second quarter of 2026. Revenue was $5.1 million, against $6.7 million in the first quarter of 2026 and $3.5 million in the second quarter of 2025, and the company states this was the first quarter with revenue contribution across all product lines — energy storage systems, drone battery cells, materials and Molecular Universe. GAAP gross margin was 22.6% against 18.1% in the first quarter, and GAAP operating expenses were $20.3 million against $19.1 million, the increase primarily a bad-debt provision on a legacy EV service contract. Why it matters: Revenue fell 24% sequentially while the letter frames growth against the prior year, and $30 to $35 million of reaffirmed full-year guidance requires roughly $18 to $23 million in the second half against $11.8 million in the first — the whole reaffirmation rests on the Korea line reaching full capacity in the fourth quarter. Operating expenses of $20.3 million a quarter run at four times revenue.
Show the other 10 filings
What changed: SES AI Corporation, the Ivanhoe Capital Acquisition Corp. successor, disclosed under Item 3.01 that on July 17, 2026 the NYSE notified it that it is not in compliance with Section 802.01C of the Listed Company Manual because the average closing price of its Class A common stock was below $1.00 over a consecutive 30 trading-day period. The company has six months from the notice to regain compliance by closing at $1.00 or more on the last trading day of a calendar month with a $1.00 average over the preceding 30 trading days, and issued a press release on July 20, 2026. Why it matters: This starts a hard clock: six months to get the average price back over $1.00 or face delisting from the NYSE. The filing spells out the usual escape route — a reverse stock split requiring stockholder approval by the next annual meeting, which is deemed a cure once the price promptly exceeds $1.00 and holds for 30 trading days. For a former IVAN holder that means a likely dilutive-looking corporate action ahead and, if it fails, a move off the exchange where liquidity and institutional ownership both drop sharply.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Vertex Legacy Continuation Fund Pte Ltd.named 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
from 424B3 0001819142-23-000044
Trading & liquidity
Company profile
Directors & officers
- Diemer PaulDirector
- Pilkington KyleCHIEF LEGAL OFFICER
- Liu Yi RayCHIEF FINANCIAL OFFICER
- Xu KangCHIEF TECHNOLOGY OFFICER
- Hu QichaoCEO & CHAIRMAN
- Boyd Andrew JDirector
- Luo EricDirector
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
10 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.
- Hu Qichao12.6% · SC 13DFeb 14, 2022 stale
- SK INC.11.3% · SC 13G/AOct 30, 2024 stale
- Vertex Legacy Continuation Fund Pte Ltd.10.6% · SC 13GFeb 10, 2022 stale
- Tianqi Lithium HK Co., Ltd.with 1 other reporting person on the same schedule10.0% · SC 13GFeb 22, 2023 stale
- Temasek Holdings (Private) Ltdwith 6 other reporting persons on the same schedule9.8% · SC 13G/AOct 25, 2024 stale
- Ivanhoe Capital Sponsor LLC3.9% · SC 13GFeb 11, 2022 stale
- Weiss Asset Management LPwith 3 other reporting persons on the same schedule2.8% · SC 13G/AJan 28, 2022 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 6 other reporting persons on the same schedule0.1% · SC 13G/AFeb 13, 2023 stale
- ADAGE CAPITAL PARTNERS GP, L.L.C.with 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 10, 2022 stale
- General Motors Ventures LLCwith 2 other reporting persons on the same schedulenot stated · SC 13D/ANov 19, 2024 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
- Business Combination of SES and Ivanhoe Capital Acquisition Corp. Approved by Ivanhoe Shareholders
Business Wireundated by the source
- EV battery maker SES Holdings to go public in $3.6 bln SPAC deal
Reutersundated by the source
- SES Announces Closing of Business Combination With Ivanhoe Capital Acquisition Corp.
Nasdaqundated by the source
- SES, a Lithium-Metal battery supplier for electric vehicles to list on NYSE via combination with Ivanhoe Capital Acquisition Corp. (NYSE: IVAN).
PR Newswireundated by the source
- SES Announces Closing of Business Combination With Ivanhoe Capital 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
35 full SEC filing texts archived — searchable, never lost.
- Vault note — IVAN (Ivanhoe Capital Acquisition Corp.)
vault-note · /vault/tickers/IVAN
- Vault deal note — SES AI Corp (IVAN)
vault-note · /vault/deals/ses-ai-corp
- SES Technologies - 2026 Company Profile, Team, Funding, Competitors & Financials - Tracxn
news · tracxn.com
- About us
company-site · ses.ai
- SES AI
company-site · ses.ai
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 trail6 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 3690 (Miscellaneous Electrical Machinery, Equipment & Supplies). The screen found it by filing SHAPE instead — S-1 2020-12-18 → 8-A12B 2021-01-05 → 424B4 2021-01-08 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3690 + self-described blank check in 424B4 0001104659-21-002552; 424B 0001104659-21-002552 priced 2021-01-08 under S-1 0001104659-20-137425 (file 333-251493, an offering for cash); common ticker IVAN off 8-K 0001104659-21-050297 (2021-04-14); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-251493, which belongs to S-1 0001104659-20-137425 (2020-12-18) — 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 2021-01-08). Ending PROVEN, not inferred: CLOSED per Form 25 0000876661-22-000128 (2022-02-04) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Unit, each consisting of one Class A ordinary share and one-third of one redeemable warrant). EDGAR now files this CIK as "SES AI Corp" — 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 "Vertex Legacy Continuation Fund Pte Ltd." (SEC CIK 0001909630) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-22-006388.
[CLOSED-RENAME] EDGAR CIK 0001819142 records "Ivanhoe Capital Acquisition Corp." ending 2022-02-04; the registrant continues as "SES AI Corp". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2022-02-04. 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=200 from primary filings (0001104659-21-102959).
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
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
OTHER -> BATTERY, on S-4/A 0001104659-21-152265: "SES is targeting the development of up to 10 GWh of battery cell production capacity by 2025 and more than 100 GWh of capacity by 2028 in order to position itse"