Live Oak V
LOKV · 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
The last figure filed while this was still a SPAC.
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 $230M SPAC from Live Oak (Hendrix Richard J), listed on Nasdaq in February 2025.
- What it's doing now
- It agreed to buy Teamshares, a Tech-enabled acquiror of small and medium-sized enterprises company based in the United States. The deal valued that business at about $525M. 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
- Teamshares (United States) — Tech-enabled programmatic acquirer and operator of small and medium-sized enterprises (SMEs), targeting traditional businesses with $0.5M-$5M EBITDA from retiring Baby Boomer and Gen X owners.
- Industry
- Financials — Tech-enabled acquiror of small and medium-sized enterprises (employee ownership)
- Deal value
- $525M
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- $241.1M
- 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 February 2025
- $230M raised
- Headquarters
- 214 SULLIVAN STREET, NEW YORK, NY, 10012
- registered in Delaware
- Lead underwriter
- Santander US Capital Markets LLC
- Key officers
- KHOSLA VINOD · HENDRIX RICHARD J (Director) · Shiiba Kevin Rikio (Chief Technology Officer)
- Listed securities
- LOKV common
As last filed, 31 March 2026. That was the account's last filed value before it was settled — the company does not hold it now.
source: S-1 acc 0001193125-26-324170
At the 16 June 2026 event.
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).
- $10.48 a share is the last cash figure filed while this was still a SPAC. It is a record of what the account held, not money anyone can ask for now.
What has happened, and what is coming
2 dated milestonesEvery 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 February 2025IPOpassed
$230M raised into trust
redemption rate not stated in the filing
Presentations
archived in fullEvery investor deck this SPAC has filed, kept slide by slide, with the SEC original beside it.
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Teamshares$525MclosedWeb research
What Teamshares does — read from teamshares.com on 26 August 2026
Teamshares is a tech-enabled acquiror of high-quality small businesses with $0.5-5 million of EBITDA from retiring owners. It integrates acquired companies with the Teamshares platform and helps employees earn company stock, creating a permanent home for businesses where retiring owners, employee owners, companies, and local economies all benefit.
small business acquisitiondeSPAC CLOSED 2026-06-18; combined company Teamshares Inc (TMS, TMSWW). Verified vs EDGAR 8-K.
Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A- PIPE
- ≈ $126M · unsourced
- Min-cash condition
- $120M
- Break fee
- $4M
PIPE structure:common @ $9.20: 13,750,000 Live Oak shares at a purchase price of $9.20 per share for gross proceeds of approximately $126.5 million, subscribed contemporaneously with the Merger Agreement and conditioned on the concurrent Closing.more ▾less ▴
PIPE investors:"Live Oak entered into subscription agreements (the 'Initial PIPE Subscription Agreements') with certain investors, including accounts advised by T. Rowe Price Investment Management, Inc., and institutional investors and management (the 'Initial PIPE Investors')" (S-4).more ▾less ▴
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.
Minimum cash: $120M from the trust together with other financing.stated in:0001193125-26-141314What it is being valued atSEC-primary — the filed capitalisation tableWhat the filings actually value
Pro-forma enterprise value$825MThe combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for Teamshares appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
All figures above are stated in EX-99 investor presentation (same-day full copy; 13.7 was PIPE share count per its footnote 4)0001213900-26-037648
Who has already taken their money back
1 filed eventEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
18.44M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Jun 16, 2026Deal voteno rate stated
The score
deterministic, from filed fieldsLOKV 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
Live Oak V is a Delaware-incorporated blank-check company headquartered at 214 Sullivan Street, New York, NY, that completed its initial public offering on February 28, 2025, with securities listed on the Nasdaq stock market. The company operates as a generalist SPAC, meaning it has not restricted its search for a business combination to any particular industry or sector. Each unit offered in the IPO consisted of one share of common stock and one-half of one warrant, with the common stock trading under the ticker symbol LOKV.
Live Oak V has announced a proposed business combination with Teamshares, a transaction valued at approximately $525 million. The deal has progressed with an S-4 registration statement declared effective by the SEC, advancing toward the consummation of the merger. Specific terms regarding the trust account size, per-share redemption amount, sponsor identity, management team pedigree, and the business-combination deadline were not specified in the available source documents.
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.
Confirms the Live Oak V deSPAC closed and the vehicle now trades as an operating company (tech-enabled SME employee-ownership platform) rather than a trust. LOKV should no longer be tracked as a live, searching SPAC.
This is the first post-close earnings report for former LOKV shareholders, showing the combined entity generated $132.4M in gross proceeds and is executing its acquisition pipeline with 71,985,735 shares outstanding. The reaffirmed guidance and LOI pipeline indicate management's confidence in the de-SPAC business plan, though the $40M acquisition EBITDA target depends on securing additional financing via the proposed warehouse facility.
The deal is approved and only closing conditions now stand between Live Oak V and the deSPAC. About 12% of votes cast were against, though the vote tally does not show how many shares chose to redeem.
$10.55 is the hard cash figure a holder can claim by redeeming at the Teamshares vote. The forward purchase structure exists to keep shares out of redemption, and its economics are priced against exactly this number.
Non-redemption agreements commit named holders not to redeem, preserving trust cash for the Teamshares closing. The share count and any consideration sit on the signature page, which the filed form leaves blank.
Non-redemption agreements commit named holders not to redeem, keeping trust cash in the deal ahead of the Teamshares vote. The share count and any consideration sit on the signature page, which the filed form leaves blank.
Show 24 more material filings
Non-redemption agreements commit named holders not to redeem, preserving trust cash for the Teamshares closing. The share count and any consideration sit on the signature page, which the filed form leaves blank.
A prepaid share forward is a mechanism for keeping public shares out of redemption so trust cash survives to closing. The economics are not in this filing — they arrive with the Pricing Date Notice.
A prepaid share forward keeps public shares out of redemption so trust cash survives to closing, at a cost to the combined company. That cost is not disclosed here — it arrives with the Pricing Date Notice.
The forward is one of two mechanisms — alongside non-redemption agreements — holding trust cash in place for the Teamshares closing. Its economics are not in this filing.
A prepaid share forward is a mechanism for keeping public shares out of redemption so trust cash survives to closing. The economics are not in this filing — they arrive with the Pricing Date Notice.
The forward is one of two mechanisms — alongside non-redemption agreements — being used to hold trust cash in place for the Teamshares closing. Its cost to the combined company is not disclosed here.
Setting the meeting date fixes the redemption deadline — paperwork has to leave the broker before it, typically two business days earlier. Effectiveness of the S-4 clears the last registration hurdle.
Setting the meeting date fixes the redemption deadline — paperwork has to leave the broker before it, typically two business days earlier. Effectiveness of the S-4 clears the last registration hurdle before the vote.
Setting the meeting date fixes the redemption deadline — paperwork has to leave the broker before it, typically two business days earlier. Effectiveness of the S-4 clears the last registration hurdle.
The Minimum Cash Condition is at least $120.0 million of cash and cash equivalents for Live Oak, counting trust remaining after redemption payments plus Transaction Financings, and it binds every party's obligation to close. Aggregate merger consideration to Teamshares security holders is $525.0 million of newly issued Combined Company Common Stock and assumed vested options. The Initial PIPE is 13,750,000 Live Oak Class A ordinary shares for about $126.5 million, from investors including accounts advised by T. Rowe Price.
The registered share and warrant counts are still bracketed, so this version fixes no dilution figure, and the meeting date is blank, so it fixes no deadline. What it does establish is that the merger agreement has been amended twice, most recently on May 13, 2026, and that closing is preceded by a domestication after which holders hold shares in Teamshares Inc. rather than in a Cayman Islands company. Two post-closing representatives are named: Live Oak Sponsor V LLC for former Live Oak shareholders and Brian Gaebe for former Teamshares holders entitled to earnout shares.
This is the first version of the registration statement to carry the Second Amendment to the merger agreement, dated May 13, 2026, five days before the prospectus date. Nothing here fixes a vote date, a redemption deadline or a dilution figure — all of those remain bracketed — so no term from this filing should be treated as settled.
The combination period runs to 3 March 2027 because a definitive agreement was executed before 3 December 2026, so the Teamshares deal itself bought the extra time. The public float is still whole at 23,000,000 shares going into the vote.
Two amendments in six weeks, weeks before a shareholder vote, means terms were still moving close to the meeting. The substance is in the exhibit rather than the cover text.
Two amendments in six weeks, weeks before a shareholder vote, means the terms were still moving close to the meeting. The substance of the changes is in the exhibit rather than the cover text of this report.
The walk-away right that would have opened on 31 May 2026 is pushed to 15 July 2026, buying six weeks to clear the S-4 and hold the vote. Neither side can terminate on timing grounds until then.
The walk-away right that would have opened on 31 May 2026 is pushed to 15 July 2026, buying six weeks to clear the S-4 and hold the vote. Until then neither side can terminate on timing grounds.
Almost every fact a holder would act on is still a blank in this version: no vote date, no redemption deadline, no registered share or warrant count, not even the meeting address. What it does establish is the state of the merger agreement as of April 30, 2026 — signed November 14, 2025 and amended once, on April 1, 2026. Nothing here should be treated as a settled term.
Filing the S-4 is the step that starts the clock toward a shareholder vote and a redemption deadline. Closing still depends on shareholder approval, SEC effectiveness and customary conditions.
$10.39 per share is the redemption value a holder is choosing against, and the filing states plainly that a 100% redemption is a scenario that could occur. The $126.5 million PIPE is the money that survives it.
Fully-Diluted Company Shares is the denominator in the exchange ratio, so redefining it moves how much of the combined company Teamshares holders receive. The treasury method counts option shares net of exercise proceeds, which reduces the dilution attributed to them.
A shorter founder lock-up means sponsor shares can be sold sooner after closing, which is a change in supply that public holders will meet in the market. The reduced period itself is set out in the amended insider letter.
The $120,000,000 minimum-cash condition is the number that decides this deal — heavy redemptions at the vote could breach it and give either side an exit. Deferred underwriting of $6,900,000 is payable only on completion, so it does not reduce the redemption price.
A $126 million PIPE with a named institutional anchor is committed capital that arrives regardless of how many public shares redeem. It is the number that determines whether the deal survives heavy redemptions.
Showing the 30 most recent of 33 filings flagged material — the full feed is in Filings below.
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: First Q2 report filed under the post-deSPAC name: the registrant is now Teamshares Inc. (Nasdaq: TMS / TMSWW), not Live Oak Acquisition Corp. V. The Live Oak V / Teamshares merger ran off the Agreement and Plan of Merger dated November 14, 2025, amended April 1, 2026 and May 13, 2026, with the Form S-4 (File No. 333-294869) declared effective May 27, 2026 and supplemented June 3, 2026. As of August 11, 2026 there were 73,660,516 shares of common stock outstanding, and the company is no longer a shell company. Why it matters: Confirms the Live Oak V deSPAC closed and the vehicle now trades as an operating company (tech-enabled SME employee-ownership platform) rather than a trust. LOKV should no longer be tracked as a live, searching SPAC.
trust account, combination deadline, going-concern doubt +1nothing moved · 4 with no prior record of ours
- Trust account
- $241.1Mnot matched in this filing
- Combination deadline
- 2028-02-27not matched in this filing
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 23.0Mnot matched in this filing
The clause …“and forecasted cash flows are not sufficient to repay this debt. As a result, substantial doubt exists about the Company’s ability to continue as a going concern. Management’s plans to alleviate these conditions include, but are not”…
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: Teamshares (formerly LOKV) reported its first quarterly results as a public company post-close, with Q2 2026 revenue of $148.7M (+20% YoY) and net income of $9.5M, and reaffirmed its 2026 outlook of $60M Pro Forma Adjusted EBITDA including $40M from acquisitions. The company has 10 LOIs representing ~$30M annual EBITDA, repaid $54.5M of debt, and signed a term sheet for a senior secured warehouse facility on August 4, 2026. Why it matters: This is the first post-close earnings report for former LOKV shareholders, showing the combined entity generated $132.4M in gross proceeds and is executing its acquisition pipeline with 71,985,735 shares outstanding. The reaffirmed guidance and LOI pipeline indicate management's confidence in the de-SPAC business plan, though the $40M acquisition EBITDA target depends on securing additional financing via the proposed warehouse facility.
Show the other 10 filings
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2026-07-15 · unchanged
The clause …“owed to a member of the board of directors. NOTE 16 – Subsequent Events Outside Date Extension During May 2026, Live Oak and Teamshares entered into an agreement to extend the Outside Date to July 15, 2026 to provide the parties”…
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.
Deal completion: 5/5 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. Gated ×0.93 by measured post-close quality (43/100): closing deals that ended below trust value is not a completed job, so only 93% of the completion credit is earned. Full credit resumes at outcome quality 50/100 (the median deSPAC ending at trust value); the gate can never exceed 1×.
Mixed record · medium confidence
- Live Oak Acquisition Corp II · 2020→ Navitas Semiconductor CorpNVTSCompleted
- Live Oak Acquisition Corp · 2020→ Danimer Scientific, Inc.Completed
Deal team — named in the prospectus
- Santander US Capital Markets LLCLead-left
Read from this SPAC’s own prospectus; the arrow opens the filing. Firms link to their full mandate 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/2
from 424B3 0001193125-26-330863
Trading & liquidity
Company profile
DEAL: Teamshares $525M (S-4 effective)
Directors & officers
- KHOSLA VINOD10% owner
- HENDRIX RICHARD JDirector
- Shiiba Kevin RikioChief Technology Officer
- Brown Michael Ashby SutherlandChief Executive Officer
- Gaebe BrianChief Financial Officer
- Eu Alexander Zai DeDirector
- Kommareddi MadhuriChief Operating 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
16 filers with a stake on file · 14 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.
- Live Oak Sponsor V, LLC12.3% · SC 13G/AJul 8, 2026 fresh
- Khosla Ventures VII, L.P.10.4% · SC 13GJun 26, 2026 fresh
- QED Growth Fund, LP8.3% · SC 13GJun 26, 2026 fresh
- Magnetar Financial LLC7.6% · SC 13GMay 9, 2025 stale
- BARCLAYS PLC7.1% · SC 13G/ANov 12, 2025 fresh
- Slow Ventures, LLC6.9% · SC 13GJul 2, 2026 fresh
- Inspired Capital Partners I, L.P.6.4% · SC 13GJun 29, 2026 fresh
- Hudson Bay Capital Management LP5.5% · SC 13GAug 10, 2026 fresh
- Sculptor Capital LP5.4% · SC 13GJan 9, 2026 fresh
- Spark Capital Growth Fund III, L.P.5.1% · SC 13GJun 26, 2026 fresh
- AQR CAPITAL MANAGEMENT LLC4.4% · SC 13G/AAug 13, 2025 stale
- USV 2019, LP3.3% · SC 13GJun 26, 2026 fresh
- Harraden Circle Investments, LLC0.1% · SC 13G/AAug 14, 2026 fresh
- TENOR CAPITAL MANAGEMENT Co., L.P.0.0% · SC 13G/AAug 14, 2026 fresh
- ARISTEIA CAPITAL LLC0.0% · SC 13G/AAug 14, 2026 fresh
- HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND0.0% · SC 13G/AFeb 13, 2026 fresh
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
- Teamshares and Live Oak Acquisition Corp. V Complete Business Combination
GlobeNewswireundated by the source
- Teamshares Acquires $15 Million of New EBITDA
SEC EDGARundated by the source
- Backed With $245 Million, Teamshares Buys Small Businesses, Boosts Employee Ownership
The Wall Street Journalundated by the source
- Teamshares Raises $245 Million in Venture Capital to Scale Small Business Employee Ownership
PR Newswireundated by the source
- Teamshares Announces S-4 Effectiveness in Anticipation of Nasdaq ...
Business Wireundated by the source
- Live Oak V Shareholders Approve Business Combination with
GlobeNewswireundated 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 — LOKV (Live Oak V)
vault-note · /vault/tickers/LOKV
- Vault deal note — Teamshares (LOKV)
vault-note · /vault/deals/teamshares
- Teamshares - 2026 Company Profile, Team, Funding & Competitors - Tracxn
news · tracxn.com
- Teamshares Raises $245 Million in Venture Capital to Scale Small Business Employee Ownership
news · prnewswire.com
- Become a Small Business President - Teamshares
company-site · teamshares.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 trail10 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.
ipoSizeM NULL->230: 23,000,000 units incl. 3,000,000 over-allotment units (full exercise) (acc 0001213900-25-019604)
price 11.99 @2026-06-22 and 1 orphan PriceBar removed. LOKV is status CLOSED (de-SPAC with Teamshares completed); the SPAC ticker was retired and Yahoo Finance returns no quote for LOKV as of 2026-08-14 (scripts/fetch_prices.py 5d -> "possibly delisted; no price data found"). A stale print on a security that no longer trades is a fossil, not a price.
sponsor "Live Oak Sponsor V, LLC" (SEC CIK 0002048695) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-25-018201.
trust/share $10.48 from S-1 acc 0001193125-26-324170 as of 2026-03-31
warrantStrike=11.5, warrantCallPrice=18 from the definitive prospectus (0001193125-26-324170). NOT FILLED: rightShareRatio — no stated candidate; unitSeparationDays — no stated candidate
Raw SEC identifiers lifted out of the public prose above (the sentences are unchanged); verbatim, each shown with the words it followed: "…ares Inc (TMS, TMSWW). Verified vs EDGAR 8-K acc 0001193125-26-283064"
expected close as filed: "S-4 effective" — not a period the filing stated; stored NULL.
target sector as filed: "—" — shorter than a word; stored NULL. [DEAL-STRUCTURE-MINED] pipeStructure, pipeInvestors from primary filings (0001193125-26-141314).
FINTECH is the NEAREST member, not an exact one, and it is recorded as such. The vocabulary has one financial member and this target is specialty finance rather than financial technology in the narrow sense. Chosen over GENERALIST because GENERALIST actively asserts that no industry was committed to, on a row that names a target — an imprecise classification beats a false one. Precedent in our own data: DAAQ, an FDIC-insured community bank, is already FINTECH. If a broader FINANCIALS member is ever added (scripts/vocab-gap.mts), these rows are the first candidates to move.
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