Maquia Capital Acquisition Corp
MAQC · Nasdaq
NO ACTION REQUIRED
There is no dated way to act
The last election on file was 31 January and nothing dated has been filed since, so we cannot show you a day to act by. That is an absence in our record, not a right that is gone.
Cash per share
The figure arrives with the next 10-Q. No estimate is shown in its place.
Last close
Daily close
Cash per share for this window has not been filed yet, so no floor line is drawn. We will not draw a line we cannot cite.
SpacBrain’s read
Floor not confirmed
The last redemption election on file is dated 31 January; nothing has been filed since, and we hold no filing saying that meeting took place, so we cannot show you a date to act by.
What we do have: no company deadline is on file either. The full chain of evidence is under Evidence.
Change on the last daily close0.0% day
Cash per share for this window has not been filed yet, so there is no floor to measure this price against.
In plain terms
- What it is
- A SPAC, listed on Nasdaq in May 2021.
- What it's doing now
- It agreed to merge with Immersed Inc., a Virtual reality company. The deal valued that business at about $150M. That deal was called off.
- What you should know
- Nearly all the original shareholders have already taken their money back — 1.1M shares are left of the 14.9M sold at listing. We have no filed date on which you could claim the cash back, so we cannot tell you a day to act by. That is a gap in the public record, not a statement that the right has gone.
At a glance
- Where it stands
- Zombie
- Merging with
- Immersed Inc.
- Industry
- Virtual reality / remote work collaboration platform
- Deal value
- $150M
- Price vs cash floor
- $2.36
- Cash left in trust
- not yet extracted into a snapshot — the filings below may state it
- across 1,090,718 public shares
- IPO
- 6 May 2021
- size not on file · 101.5% of each $10 unit into trust
- Headquarters
- MAQUIA CAPITAL ACQUISITION CORPORATION, MIAMI, FL, 33132
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Cruz Guillermo (Chief Operating Officer) · Zorilla Velasco Pedro Manuel (Director) · Vo Maggie (Chief Investment Officer)
- Listed securities
- MAQC common · MAQC common $2.36 · MAQCU unit $11.69
The figure arrives with the next 10-Q's XBRL. No estimate is shown in its place.
Nothing dated is on file. That is an absence in our record, not a statement that nothing is coming.
Yield to redemption
No dated redemption window on file — no yield to compute.
No trust value per share on file — nothing to redeem into. An unsourced date would make the yield look filed when it is not.
What is protecting this price
The reasoning behind the verdict above, in the order the filings establish it.
- The last redemption election on file — extension vote on 31 January — has passed, and no new one has been filed since. Holders who stayed through it keep the right to redeem at the next election; there simply is no next election on file, so this page cannot tell you a day to act by.
- Cash per share for this window has not been filed yet. Until it is, the size of the floor is unknown — we will not print an estimate in its place.
What has happened, and what is coming
9 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.
Show the earlier 6 milestones
- 6 May 2021IPOpassed
IPO size not on file
92.7% of the public float took the cash
69.2% of the public float took the cash
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Immersed Inc.$150MterminatedSEC primary
Who has already taken their money back
2 filed eventsEach 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
92.66%
of the public float walked at a single vote
Shares redeemed, all events
16.22M
≈100% of the earliest known float
Every figure below is stated in the linked filing; nothing here is estimated.
- May 5, 2023Extension69.19%
- Nov 4, 2022Extension92.66%
The score
deterministic, from filed fieldsMAQC 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 — 295 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
Maquia Capital Acquisition Corporation is a blank check company incorporated in Delaware in December 2020 and headquartered in Miami, Florida, formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination with one or more businesses. The company stated its intention to focus on technology-focused middle market and emerging growth companies operating in North America with total enterprise values ranging from $200 million to $1 billion, targeting industries that benefit from continuously evolving technology and shifts in consumer and business purchase behavior, including marketplace and platforms, financial technology and financial services, and software as a service and technology. The company completed its initial public offering on May 6, 2021, raising $200 million in gross proceeds by offering 20,000,000 units at $10.00 per unit, with each unit consisting of one share of Class A common stock and one-half of one redeemable warrant. Units traded on Nasdaq under the symbol MAQCU, with the Class A common stock and warrants listed separately under MAQC and MAQCW, respectively. The underwriters, led by Kingswood Capital Markets, division of Benchmark Investments, Inc., held a 45-day over-allotment option for up to 3,000,000 additional units. Of the offering proceeds, $203,000,000 (or $233,450,000 if the over-allotment was exercised in full) was deposited into a trust account at $10.15 per unit, with Continental Stock Transfer & Trust Company as trustee and J.P. Morgan Securities LLC as investment manager. The sponsor, Maquia Investments North America, LLC, purchased 651,000 placement units (or 726,000 if the over-allotment was fully exercised) at $10.00 per unit in a concurrent private placement for $6,510,000. The management team was led by Chief Executive Officer Jeff Ransdell, who previously founded Fuel Venture Capital in 2016 after serving as a managing director and market executive at Bank of America Merrill Lynch from 2001 to 2016; Chief Operating Officer Guillermo Eduardo Cruz, who also served as COO of Benessere Capital Acquisition Corp. and founded Maquia Capital as an agricultural private equity firm managing over $50 million; Chief Investment Officer Maggie Vo, a CFA and General Partner at Fuel Venture Capital; and Chief Financial Officer Jeronimo Peralta, formerly Investment Director at GC Capital in Mexico. The company's charter provided an initial business combination deadline of 12 months from the closing of the offering, extendable up to 18 months. The company announced a proposed business combination with Immersed but the deal was terminated on May 22, 2024, as disclosed in an 8-K filing. An extension of the business combination deadline was subsequently approved on January 31, 2025, though the company has not completed any business combination and has not filed a Form 15 or an 8-K with Item 2.01 evidencing a consummated merger.
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.
A trust value of about $12.01 per share, well above the original $10.00, means holders who redeem capture nearly four years of accreted interest - the highest floor in this batch. Against that, a SPAC nearly four years past its IPO with a deal signed six months earlier and no time to close it is unlikely to deliver more. Sponsor and underwriter shares are excluded from trust distributions, so the full amount belongs to public holders.
The trust floor is roughly $11.74 per public share before taxes withheld, well above the $10.00 IPO price, so redemption remains an attractive exit and most public holders are likely to take it. Signing the Velocium agreement on July 15, 2024 for a deadline of August 7, 2024 leaves no realistic time to prepare a combination proxy, which is why the extension is needed rather than a deal vote. Sponsor and underwriter founder shares are excluded from trust proceeds, so their entire return depends on a deal closing, an incentive misaligned with redeeming holders.
The trust has risen from $10.15 to $11.63 per public share, a real 14.6% gain that belongs to holders who redeem — the extension deposits did their job here, unlike SPACs paying flat monthly fees. Against that, insiders control roughly 78.4% of the vote, so public holders decide nothing at this meeting. Needing a Nasdaq waiver to hold an annual meeting at all signals a vehicle running well past its intended life.
The registered ceiling is three lines — 20,166,477 Class A shares plus 8,654,860 warrants and the 8,654,860 shares those warrants would become — so the warrant leg is roughly 43% the size of the share leg and is a separate claim on the equity. The document is also a CONSENT SOLICITATION statement, not only a proxy, meaning approvals are being gathered by written consent from one constituency alongside the SPAC's shareholder vote. The meeting time is fixed at 10:00 a.m. ET but the date and webcast address are blanks, so no deadline follows from this version.
The registered ceiling — 20,166,477 Class A shares plus 8,654,860 warrants and the shares underlying them — is identical to the figure carried in the following amendment, so it was fixed at this stage. Being a consent solicitation statement as well as a proxy, the filing gathers written consents from one constituency alongside the SPAC's shareholder vote. The meeting time is fixed at 10:00 a.m. ET but the date and webcast address are blanks, so no deadline follows.
This is the baseline of the Maquia / Immersed registration and the registered ceiling is fixed here — 20,166,477 Class A shares plus 8,654,860 warrants and the shares underlying them — unchanged through the two amendments that follow. The filing is a consent solicitation statement as well as a proxy, so approvals are gathered by written consent from one constituency alongside the SPAC vote. The meeting time is fixed but the date and webcast address are blanks, so no deadline follows.
Show 1 more material filings
Converting half the founder shares into Class A stock hands the sponsor roughly 2.1 million voting shares that sit alongside the public float while remaining excluded from trust distributions, which strengthens its hand in this and any later vote without costing it anything. Founder and underwriter shares recover nothing in a liquidation, so both parties are structurally biased toward extending rather than winding up. The tender deadline of May 3, 2023 is the hard cut-off for holders who want the pro rata trust amount instead.
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: Maquia Capital Acquisition Corporation called a special meeting for 10:00 a.m. Eastern Time on January 31, 2025 to approve an Extension Amendment, its IPO having been consummated May 7, 2021 and its business combination agreement with Velocium, Inc. signed July 15, 2024. The board believed there would not be sufficient time before January 31, 2025 to complete the transaction. The anticipated redemption price is approximately $12.01 per public share before taxes not yet withdrawn. Why it matters: A trust value of about $12.01 per share, well above the original $10.00, means holders who redeem capture nearly four years of accreted interest - the highest floor in this batch. Against that, a SPAC nearly four years past its IPO with a deal signed six months earlier and no time to close it is unlikely to deliver more. Sponsor and underwriter shares are excluded from trust distributions, so the full amount belongs to public holders.
What changed vs 2024-07-31deadline 2025-01-07 → 2026-02-07combination deadline1 moved
- Combination deadline
- 2025-01-072026-02-07
SpacBrain reads this as 396 days later than the previous record.
The clause “Shares (as defined below) if the Corporation is unable to complete its initial Business Combination by February 7, 2026 or such earlier date as determined by the Board (or, if the Office of the Delaware Division of Corporations shall 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 vs 2024-08-23trust $11.6M → $1.6M -86%shares 997K → 136K -86%
trust account, redeemable shares, combination deadline +32 moved · 4 with no prior record of ours
- Trust account
- $11.6M$1.6M
- Redeemable shares
- 997K136K
- Combination deadline
- 2025-01-07 · unchanged
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $177K · unchanged
- Mandate language
- the Company intends to focus on companies in the technology-… · unchanged
SpacBrain reads this as $10,030,706 left the trust between the two filings.
The clause …“ 475,038 Total current assets 231,355 625,753 Investments held in the Trust Account 1,603,257 11,957,157 Total Assets $ 1,834,612 $ 12,582,910 LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’”…
SpacBrain reads this as 861,653 shares are no longer redeemable.
The clause …“and outstanding as of September 30, 2024 and December 31, 2023, (excluding 135,663 and 1,090,718 shares subject to possible redemption as of September 30, 2024 and December 31, 2023, respectively) 271 271 Class B common stock,”…
The clause …“this the Company must locate a suitable target, engage that target with a business combination agreement, and submit the matter to shareholders for approval prior to January 7, 2025. Failure to do this will result in the liquidation”…
The clause …“has determined that the liquidity condition and timing of liquidation raises substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements. No”…
The clause “1 or (ii) the consummation of the Initial Public Offering. In 2021, the Company borrowed $ 177,111 under this promissory note, which was repaid in full. As of September 30, 2024 and December 31, 2023, the balance outstanding under the”…
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 2024-06-17trust $11.2M → $11.6M +4%deadline 2024-11-07 → 2025-01-07
trust account, combination deadline, going-concern doubt +32 moved · 4 with no prior record of ours
- Trust account
- $11.2M$11.6M
- Combination deadline
- 2024-11-072025-01-07
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $177K · unchanged
- Mandate language
- the Company intends to focus on companies in the technology-… · unchanged
- Redeemable shares
- 997K · unchanged
SpacBrain reads this as $415,465 was added to the trust between the two filings.
The clause …“ 475,038 Total current assets 225,561 625,753 Investments held in the Trust Account 11,633,963 11,957,157 Total Assets $ 11,859,524 $ 12,582,910 LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’”…
SpacBrain reads this as 61 days later than the previous record.
The clause …“this the Company must locate a suitable target, engage that target with a business combination agreement, and submit the matter to shareholders for approval prior to January 7, 2025. Failure to do this will result in the liquidation”…
The clause …“unable to complete a business combination by that date. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that may be necessary”…
The clause “1 or (ii) the consummation of the Initial Public Offering. In 2021, the Company borrowed $ 177,111 under this promissory note, which was repaid in full. As of June 30, 2024 and December 31, 2023, the balance outstanding under the”…
The clause “38 issued and outstanding as of June 30, 2024 and December 31, 2023, (excluding 997,316 and 1,090,718 shares subject to possible redemption as of June 30, 2024 and December 31, 2023, respectively) 271 271 Class B common stock, par”…
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.
No sponsor entity is named in the filings parsed for this SPAC so far.
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 1280 tracked SPACs (24%) 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/2 · 101.5% of the $10 unit
from 424B4 0001104659-21-062519
as of 9 September 2026
Trading & liquidity
Company profile
Directors & officers
- Cruz GuillermoChief Operating Officer
- Zorilla Velasco Pedro ManuelDirector
- Vo MaggieChief Investment 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
14 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.
- Maquia Investments North America, LLCwith 1 other reporting person on the same schedule19.0% · SC 13DFeb 14, 2022 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule4.4% · SC 13G/AJan 31, 2023 stale
- K2 PRINCIPAL FUND, L.P.with 3 other reporting persons on the same schedule3.7% · SC 13G/AJun 22, 2021 stale
- BOOTHBAY FUND MANAGEMENT, LLCwith 1 other reporting person on the same schedule2.5% · SC 13G/AFeb 13, 2024 stale
- ATW SPAC MANAGEMENT LLCwith 2 other reporting persons on the same schedule1.7% · SC 13G/AFeb 13, 2024 stale
- CITADEL ADVISORS LLCwith 6 other reporting persons on the same schedule0.1% · SC 13G/AFeb 14, 2023 stale
- FIR TREE CAPITAL MANAGEMENT LP0.0% · SC 13G/ANov 14, 2024 stale
- Polar Asset Management Partners Inc.0.0% · SC 13G/ANov 14, 2024 stale
- Shaolin Capital Management LLC0.0% · SC 13G/AFeb 22, 2024 stale
- Yakira Capital Management, Inc.with 2 other reporting persons on the same schedule0.0% · SC 13G/AJan 26, 2024 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AJun 12, 2023 stale
- Weiss Asset Management LPwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 3, 2023 stale
- HIGHBRIDGE CAPITAL MANAGEMENT LLC0.0% · SC 13G/AJan 25, 2023 stale
- Space Summit Capital LLCnot stated · SC 13G/AFeb 2, 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
38 full SEC filing texts archived — searchable, never lost.
- Vault note — MAQC (Maquia Capital Acquisition Corp)
vault-note · /vault/tickers/MAQC
- Vault deal note — Immersed Inc. (MAQC)
vault-note · /vault/deals/immersed-inc
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 trail3 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 7372 (Services-Prepackaged Software). The screen found it by filing SHAPE instead — S-1 2021-02-16 → 8-A12B 2021-05-04 → 424B4 2021-05-06 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7372 + self-described blank check in 424B4 0001104659-21-062519; 424B 0001104659-21-062519 priced 2021-05-06 under S-1 0001104659-21-024398 (file 333-253167, an offering for cash); common ticker MAQC off 10-K 0001213900-23-026466 (2023-04-04); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-253167, which belongs to S-1 0001104659-21-024398 (2021-02-16) — 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 2021-05-06). [ENDING RETRACTED 2026-08-31 §98 — this vehicle did not end: no Item 2.01 in its complete 8-K history, no Form 15, still filing. The claim below cited a filing describing a FUTURE merger (will/would merge) or a 425 deal communication, neither of which proves a completion.] Former claim, retracted: CLOSED per 8-K 0001104659-24-081236 (2024-07-22) — ated by the Business Combination Agreement (the " Proposed Transactions "), Merger Sub, a wholly-owned direct subsidiary of Maquia, will be merged with and into the Company (the " Merger "), with the Company surviving the Merger as a wholly-owned direct subsidiary of Maquia (the " Surviving Corporation "). Consideration Pursuant to the Merger, a number of shares of common stock of SPAC (" New SPAC. 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.
status CLOSED -> ZOMBIE. The ending was recorded without a completed combination on file: no Item 2.01 anywhere in this CIK's 8-K history, no Form 15 ever, and no other registrant files anything naming this vehicle after its Form 25 (Form 25 says "not listed", never "ended"). PROOF: Immersed deal terminated: 8-K 2024-05-22 item 1.02 acc 0001104659-24-064323. STILL ALIVE: extension approved 8-K 2025-01-31 acc 0001104659-25-008195; last filing of any kind 2025-06-02. The softest call here: 15 months dark, no 10-Q since 2024-11 — ZOMBIE is the honest label and CLOSED is certainly wrong, since no combination ever completed. Since §98 a wrong ending also STOPS INGEST for the row, so this was costing us the tape as well as the truth. POSTMORTEMS §98.
deal was stamped CLOSED on a vehicle recorded as finished; Immersed deal terminated: 8-K 2024-05-22 item 1.02 acc 0001104659-24-064323. §98