Newcourt Acquisition Corp
NCAC · 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
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 Newcourt SPAC Sponsor LLC, listed on Nasdaq in October 2021.
- What it's doing now
- It agreed in November 2023 to buy Psyence Biomed Corp. / Psyence Biomed II Corp. (Psyence), a natural psilocybin-based therapeutics for palliative care 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
- Psyence Biomed Corp. / Psyence Biomed II Corp. (Psyence)
- Industry
- Health Care — natural psilocybin-based therapeutics for palliative care
- Deal value
- not stated in the filings we hold
- announced 15 November 2023
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 21 October 2021
- size not on file · 102.0% of each $10 unit into trust
- Headquarters
- 2201 BROADWAY, SUITE 705, OAKLAND, CA, 94612
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- van de Vyver Jurgen Johannes (Chief Financial Officer) · Balkin Marc Gregory (Director)
- Listed securities
- NCAC 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
3 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.
- 21 October 2021IPOpassed
IPO size not on file
- 15 November 2023Deal announcedpassed
Combination with Psyence Biomed Corp. / Psyence Biomed II Corp. (Psyence)
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Psyence Biomed Corp. / Psyence Biomed II Corp. (Psyence)— · announced 15 November 2023closedHealth CareSEC primary
The score
deterministic, from filed fieldsNCAC 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
Newcourt Acquisition Corp (ticker NCAC) was a blank-check company listed on the Nasdaq Stock Market under SEC CIK 0001849475 and SIC industry code 6770. Its initial public offering was priced on October 21, 2021, according to a 424B prospectus (accession 0001104659-21-128545). The common ticker NCAC appears on the cover page of an 8-K filing (accession 0001104659-24-006296) filed on January 24, 2024. The company's lifecycle is closed: a Form 25 (accession 0001354457-24-000037) was filed on January 26, 2024 under 17 CFR 240.12d2-2(a)(3), indicating that its Class A Ordinary Shares, Warrants, and Units had come to evidence other securities in substitution therefor.
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 one-month extension voted at a meeting held on the very day the deadline expires is a deal closing on fumes — there is no runway left if anything slips. The notice discloses no extension deposit, so holders who stay finance the delay without compensation. Redemption pays the trust balance including interest, less taxes payable and a reserve for dissolution expenses, and with the Psyence agreement already restated once, that certainty is worth more than another month of hope.
The listing is not assured and the filing says so plainly: Pubco intends to apply to Nasdaq, cannot assure holders it will be approved, and if it fails the initial listing requirements the related closing condition may be waived by the parties so the combination completes anyway. The document states outright that a holder will lack certainty about Pubco's listing when deciding how to vote and whether to redeem. The exchange is one-for-one, so an NCAC holder who stays in is not diluted by the ratio itself — the exposure is to what the resulting security turns out to be.
Three cents a share per month, capped at $45,000, adds about eighteen cents across six months — token compensation for half a year of delay. Because the per-share amount is measured after redemptions, the flat $45,000 cap binds once the float shrinks, so remaining holders receive proportionally more. Newcourt returned for another one-month extension in January 2024, so this six-month window did not prove sufficient; redemption remained the reliable exit.
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: Newcourt Acquisition Corp called an extraordinary general meeting for January 22, 2024 at 1:00 p.m. Eastern time for the sole purpose of extending the combination deadline by one month, from January 22, 2024 to February 22, 2024, which is 28 months after the IPO closing, with a matching amendment to the October 19, 2021 Trust Agreement already amended January 6, 2023 and July 11, 2023. The extension is sought to complete the Amended and Restated Business Combination Agreement dated August 31, 2023 with Psyence Group Inc. and Psyence Biomedical Ltd. Record date is January 11, 2024. Why it matters: A one-month extension voted at a meeting held on the very day the deadline expires is a deal closing on fumes — there is no runway left if anything slips. The notice discloses no extension deposit, so holders who stay finance the delay without compensation. Redemption pays the trust balance including interest, less taxes payable and a reserve for dissolution expenses, and with the Psyence agreement already restated once, that certainty is worth more than another month of hope.
What changed vs 2023-06-23deadline 2024-01-22 → 2024-02-22combination deadline, sponsor loans outstanding1 moved · 1 with no prior record of ours
- Combination deadline
- 2024-01-222024-02-22
- Sponsor loans outstanding
- not previously extracted$1.0M
SpacBrain reads this as 31 days later than the previous record.
The clause …“must consummate an initial business combination from January 22, 2024 to February 22, 2024 (which extension and later date we refer to as the “Extension” and the “Extended Date,” respectively) by amending the Company’s Amended and”…
The clause …“initial business combination at a conversion price of $10.00 per unit. $1,000,000 is outstanding under this loan as of September 30, 2023. On July 13, 2023, the Company issued an unsecured promissory note in the amount of up to”…
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.
Newcourt SPAC Sponsor LLCnamed 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 1284 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/2 · 102.0% of the $10 unit
from 424B4 0001104659-21-128545
Trading & liquidity
Company profile
Directors & officers
- van de Vyver Jurgen JohannesChief Financial Officer
- Balkin Marc GregoryDirector
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.
- Newcourt SPAC Sponsor LLCwith 1 other reporting person on the same schedule84.8% · SC 13D/AJan 16, 2024 stale
- Polar Asset Management Partners Inc.12.5% · SC 13G/AFeb 15, 2023 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 1 other reporting person on the same schedule6.3% · SC 13G/AJan 27, 2023 stale
- HIGHBRIDGE CAPITAL MANAGEMENT LLC1.1% · SC 13G/AJan 30, 2023 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.2% · SC 13G/AFeb 14, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 8, 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.
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 — NCAC (Newcourt Acquisition Corp)
vault-note · /vault/tickers/NCAC
- Vault deal note — Psyence Biomed Corp. / Psyence Biomed II Corp. (Psyence) (NCAC)
vault-note · /vault/deals/psyence-biomed-corp-psyence-biomed-ii-corp-psyence
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 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 0001104659-21-128545 priced 2021-10-21; common ticker NCAC off 8-K 0001104659-24-006296 (2024-01-24); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000037 (2024-01-26) — 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: Class A Ordinary Shares, Warrant, and Unit). 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 "Newcourt SPAC Sponsor LLC" sourced from prospectus definition (10-K/A) acc 0001410578-23-002106.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> BIOTECH, on DEFM14A 0001104659-23-118701: "Psyence is the therapeutic division of Parent, a life science biotechnology company listed on the Canadian Securities Exchange (CSE:PSYG) and quoted on the OTCQ"