Ribbit LEAP, Ltd.
LEAP · 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
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 Ribbit LEAP Sponsor, Ltd., listed on NYSE in September 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
- 14 September 2020
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 364 UNIVERSITY AVENUE, PALO ALTO, CA, 94301
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Bogan Jeff (Director) · McAdam Cynthia (Chief Operating Officer) · SEGAL SUSAN (Director)
- Listed securities
- LEAP 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.
- 14 September 2020IPOpassed
IPO size not on file
The score
deterministic, from filed fieldsLEAP 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
Ribbit LEAP, Ltd. was a blank-check company whose common stock traded on the New York Stock Exchange under the ticker LEAP. The company priced its initial public offering on September 14, 2020, per 424B prospectus 0001047469-20-004858. On August 3, 2022, Ribbit LEAP, Ltd. filed 8-K 0001104659-22-085390, announcing that it would redeem all of its outstanding Class A ordinary shares, par value $0.0001, effective as of the close of business on August 15, 2022. The company liquidated and returned the trust cash to shareholders because it would not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association.
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.
This filing states the trust-release terms, and they are not the standard 24-month formulation: the charter provides for redemption of all public shares if no initial business combination is completed within 24 months of the IPO closing, OR within 27 months if the company has executed a letter of intent, agreement in principle or definitive agreement for a business combination within those first 24 months. The extra three months is conditional on a signing, not automatic.
Two structural features set this vehicle apart from its 2020 peers. Warrant coverage is one-fifth of a warrant per unit, materially less dilutive than the one-third or one-half then standard. And the sponsor's at-risk investment came as a Private Placement SHARE Purchase Agreement — Ribbit LEAP Sponsor bought 1,005,000 Class A ordinary shares — rather than the usual private placement warrants, so the sponsor sits alongside public holders in the same class.
One-fifth of a warrant per unit is among the thinnest warrant coverage in this tier, so five units are needed for one exercisable warrant. More unusual is the adjustment: this prospectus applies 180% of the higher of the Market Value and the Newly Issued Price to BOTH the $18.00 cash redemption and the $10.00 share redemption, where its contemporaries reset the $10.00 trigger to 100% of that value. Two documents from the same season therefore give the same-named term two different formulas.
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 vs 2022-05-16trust $402.8M → $403.4M +0%
trust account, combination deadline, going-concern doubt +21 moved · 4 with no prior record of ours
- Trust account
- $402.8M$403.4M
- Combination deadline
- not previously extracted2022-09-15
- Going-concern doubt
- stated · unchanged
- Mandate language
- we are focusing on the biotechnology sector to capitalize on… · unchanged
- Redeemable shares
- 40.3M · unchanged
SpacBrain reads this as $611,115 was added to the trust between the two filings.
The clause …“assets 353,823 896,506 Cash and marketable securities held in Trust Account 403,411,115 402,706,438 TOTAL ASSETS $ 403,764,938 $ 403,602,944 LIABILITIES, CLASS A REDEEMABLE SHARES, AND”…
The clause …“Company has until September 15, 2022 to consummate a Business Combination. A Business Combination will not be consummated by September 15, 2022, so there will be a mandatory liquidation and subsequent dissolution of the Company.”…
The clause …“has determined that the liquidity condition and mandatory liquidation raises substantial doubt about the Company’s ability to continue as a going concern.. These unaudited condensed interim financial statements do not include any”…
The clause “0,000,000 shares authorized; 1,005,000 shares issued and outstanding (excluding 40,250,000 shares subject to possible redemption) at June 30, 2022 and December 31, 2021 101 101 Class B ordinary shares, $ 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.
Show the other 10 filings
- What changed vs 2021-11-12trust $402.7M → $402.8M +0%
trust account, going-concern doubt, mandate language +11 moved · 3 with no prior record of ours
- Trust account
- $402.7M$402.8M
- Going-concern doubt
- stated · unchanged
- Mandate language
- we are focusing on the biotechnology sector to capitalize on… · unchanged
- Redeemable shares
- 40.3M · unchanged
SpacBrain reads this as $128,857 was added to the trust between the two filings.
The clause …“$0.3 million. As of March 31, 2022, we had cash and marketable securities of $402.8 million held in the trust account. We intend to use substantially all of the funds held in the trust account, including any amounts representing”…
The clause …“to funds in the trust account. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to”…
The clause “0,000,000 shares authorized; 1,005,000 shares issued and outstanding (excluding 40,250,000 shares subject to possible redemption) at March 31, 2022 and December 31, 2021 101 101 Class B ordinary shares, $ 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 2021-03-31trust $402.6M → $402.7M +0%going concern RESOLVEDshares 38.5M → 40.3M +4%
trust account, going-concern doubt, redeemable shares +13 moved · 1 with no prior record of ours
- Trust account
- $402.6M$402.7M
- Going-concern doubt
- statednot stated
- Redeemable shares
- 38.5M40.3M
- Mandate language
- we are focusing our search for an initial business combinati… · unchanged
SpacBrain reads this as $106,438 was added to the trust between the two filings.
The clause …“assets 896,506 1,704,127 Cash and marketable securities held in Trust Account 402,706,438 402,585,717 Other long-term assets — 168,403 TOTAL ASSETS $ 403,602,944 $ 404,458,247 ”…
SpacBrain reads this as the substantial-doubt sentence is in the previous filing and not in this one.
SpacBrain reads this as 1,726,785 more shares carry a redemption right.
The clause …“uncertain future events. Accordingly, as of December 31, 2021, and 2020, the 40,250,000 Class A ordinary shares subject to possible redemption are presented as temporary equity (for mezzanine), outside of the shareholders' equity”…
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.
Ribbit LEAP Sponsor, 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
Unit: U = S + W/5 · 100.0% of the $10 unit
from 424B4 0001047469-20-004858
Trading & liquidity
Company profile
Directors & officers
- Bogan JeffDirector
- McAdam CynthiaChief Operating Officer
- SEGAL SUSANDirector
- Kauffman Joseph DerbyDirector
- Malka MeyerChief Executive Officer
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
6 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.
- COATUE MANAGEMENT LLCwith 1 other reporting person on the same schedule6.7% · SC 13GMay 14, 2021 stale
- ADAGE CAPITAL PARTNERS GP, L.L.C.with 2 other reporting persons on the same schedule6.6% · SC 13G/AFeb 10, 2022 stale
- Park West Asset Management LLCwith 2 other reporting persons on the same schedule6.2% · SC 13G/AFeb 14, 2022 stale
- Valiant Capital Management, L.P.with 1 other reporting person on the same schedule5.8% · SC 13GFeb 16, 2021 stale
- D1 Capital Partners L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- Marcho Partners LLPwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 11, 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.
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 — LEAP (Ribbit LEAP, Ltd.)
vault-note · /vault/tickers/LEAP
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 0001047469-20-004858 priced 2020-09-14; common ticker LEAP off 8-K 0001104659-22-085390 (2022-08-03); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001104659-22-085390 (2022-08-03) — announced redemption of all public shares: “…will redeem all of its outstanding Class A ordinary shares, par value $0.0001, effective as of the close of business on August 15, 2022, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association. A copy of t…”. 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 "Ribbit LEAP Sponsor, Ltd." sourced from prospectus definition (10-K/A) acc 0001104659-21-068220.