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New Frontier Health Corp

NFC · NYSE

Trust settledNew Frontier Health Corp · Finished

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.

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 New Frontier Public Holding Ltd., listed on NYSE in June 2018.
What it's doing now
It agreed to buy New Frontier Health Corp, a private healthcare services in China 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
New Frontier Health Corp
Industry
Health Care — private healthcare services in China
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
29 June 2018
size not on file
Headquarters
10 JIUXIANQIAO ROAD, HENGTONG BUSINESS P, BEIJING, F4, 00000
registered in New York
Lead underwriter
not extracted from the prospectus yet
Key officers
Che-hung Edward Leong (Director) · Johnson David L (Director) · Wu Carl (Chief Executive Officer)
Listed securities
NFC common
Cash held per sharenot filed for this window

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.

Next date that mattersno dated event on file

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.

  1. 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 milestone

Every 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.

  1. 29 June 2018IPOpassed

    IPO size not on file


The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • closedHealth Care
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $9M · 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.


The score

deterministic, from filed fields

NFC 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.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 294 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.

See the names that are scored, and how


The company

from SEC filings
Read the full profile

New Frontier Health Corp was a blank-check company whose common stock traded on the New York Stock Exchange under the ticker NFC and was assigned SEC SIC industry code 8060 (Services-Hospitals). The company priced its initial public offering on June 29, 2018, under SEC file number 333-225421, with the pricing prospectus filed as 424B4 (accession 0001144204-18-036661) under the S-1 registration statement (accession 0001144204-18-032700) filed June 4, 2018, which registered shares sold for cash. The registrant described itself as a blank-check company in that prospectus. The ticker NFC appears on the cover page of the company's 10-Q (accession 0001104659-19-064082) filed November 14, 2019. The company's lifecycle is closed: Form 25 (accession 0000876661-22-000095) was filed January 27, 2022, under 17 CFR 240.12d2-2(a)(3), indicating that the ordinary shares and warrants (each whole warrant exercisable for one ordinary share at an exercise price of $11.50 per share) came to evidence other securities in substitution therefor, consistent with completion of a business combination.


Material findings

from the full read of every filing

Every 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.

  • Filing the report as DEFA14A puts the enlarged PIPE into the proxy record before the December 12 vote, seven days out and two days before redemption elections close. Every share is priced at $10.00, and the stated 25% reduction right means the aggregate is a ceiling determined at closing, not a committed amount.

  • The PIPE is being topped up seven days before the December 12 vote and two days before redemption elections close, which is when the parties can see how much cash the trust will actually deliver. All of it is struck at $10.00 per share. The important qualifier is the company's stated right to cut the issuance by up to 25% — so up to approximately $737.8 million is a maximum, and the amount actually raised could be about $553 million, with the difference determined at closing rather than now.

  • Two dates are now fixed and they are two days apart: redemption elections close at 5:00 p.m. on December 10 and the vote is on December 12, so the cash available to the transaction is determined before the vote is taken. The definitive proxy was filed November 27, 2019, so the disclosure period runs about two weeks. This is the Form 8-K copy; the identical document was filed the same day as definitive additional proxy materials.

  • Two dates are now fixed and they are two days apart: redemption elections close at 5:00 p.m. on December 10 and the vote is on December 12, so the cash available to the transaction is determined before the vote is taken. The definitive proxy was filed November 27, 2019, so the disclosure period runs about two weeks. Filing it as DEFA14A puts the meeting and redemption deadline dates into the proxy record.

  • This definitive version fixes the meeting date the preliminary one left blank and raises the seller and management re-investment and rollover component to approximately $167,511,991. The rest of the funding stack is unchanged: trust proceeds after redemptions, $190,000,000 from forward purchase agreements with anchor investors, the RMB equivalent of $300,000,000 from a new seven-year senior secured credit facility, and up to $711,481,860 of PIPE subscriptions. Because the price is fixed in cash, redemptions change the funding mix rather than what the sellers receive.

  • Accrued expenses of $8,780,349, up from $129,074, are the transaction costs of the United Family Healthcare combination landing on the balance sheet before the deal closes, and they turned nine-month retained earnings negative by $4.8 million. Against $1,239,877 of cash, those accruals are a claim the shell cannot settle from its own resources outside a closing. Redemption value stays at exactly $10.00 per share while the trust holds $295,480,350 against 28,750,000 public shares, roughly $10.28.

Show 18 more material filings
  • The only substantive difference recoverable from this extract is the Adjusted EBITDA bridge itself, and it is a wider one: the November definition adds back IFRS 16 lease expense and transaction costs on top of the shareholder fees, so an Adjusted EBITDA figure in this deck is not computed on the same basis as one in the September deck and the two should not be compared directly. The slides, and any figures on them, are outside the captured text. This is the Form 8-K copy of a deck also filed the same day as definitive additional proxy materials.

  • The only substantive difference recoverable from this extract is the Adjusted EBITDA bridge itself, and it is a wider one: the November definition adds back IFRS 16 lease expense and transaction costs on top of the shareholder fees, so an Adjusted EBITDA figure in this deck is not computed on the same basis as one in the September deck and the two should not be compared directly. The slides, and any figures on them, are outside the captured text. The same deck was furnished the same day on a Form 8-K; filing it as DEFA14A is what puts it into the proxy record for the stockholder vote.

  • This is the first period-level check of the target against the projections already in the deal record, and it is mixed on its own terms: revenue growth of 21.8% is running ahead of the 21.5% full-year projection, but Adjusted EBITDA of RMB 84 million against a projected RMB 140 million is 60% of the year in the first half, so the second half carries the larger share.

  • This is the first period-level check of the target against the projections already in the deal record, and it is mixed on its own terms: revenue growth of 21.8% is running ahead of the 21.5% full-year projection, but Adjusted EBITDA of RMB 84 million against a projected RMB 140 million is 60% of the year in the first half, so the second half carries the larger share.

  • The trust is the smallest piece of the funding. The purchase price is met from trust proceeds after redemptions plus $190,000,000 from forward purchase agreements with anchor investors, the RMB equivalent of $300,000,000 from a new seven-year senior secured credit facility, up to $711,481,860 of PIPE subscriptions, and $159,000,000 of seller and management re-investment and equity rollover. Because the price is fixed in cash, redemptions change the funding mix rather than the price. The meeting date and time are left blank in this preliminary version.

  • The mechanical facts available from this extract are that the target reports under IFRS rather than US GAAP, and that its headline profitability measure is adjusted for management fees paid to Fosun and TPG — an add-back that only exists because those fees are related-party charges expected not to survive the transaction. The presentation's substantive slides, including any projections it contains, are outside the captured text, so nothing here states deal consideration, valuation or timing.

  • This is the 8-K half of a same-day pair — the presentation is furnished under the Exchange Act here and filed as proxy soliciting material under the DEFA14A, which is the ordinary mechanism for a deck used in a merger solicitation. The only substantive terms recoverable from the captured text are the accounting ones: IFRS reporting, and an Adjusted EBITDA whose add-backs include related-party management fees to Fosun and TPG.

  • Paid-in capital is exhausted, so the $5,000,001 net tangible asset floor now rests entirely on retained earnings — and this is the quarter in which the United Family Healthcare agreement was signed.

  • Sizes the target: roughly RMB 2.5 billion of expected 2019 revenue against an announced $1,440 million enterprise value. The revenue figure is a forecast for the current year, not a reported result.

  • The same call filed under Item 7.01; the target's scale figures are identical and are current-year forecasts rather than reported results.

  • Names New Frontier's target — the Healthy Harmony group — and identifies a purchase structure with buyer financial-capability and support-agreement representations, meaning committed money beyond the trust is part of the deal. The extracted text is the agreement's table of contents; the purchase price and closing conditions are in sections not reproduced here.

  • The financing is layered so that redemptions barely matter: $711 million of committed equity at $10.00, a $90 million non-redemption commitment and a $300 million debt facility sit behind a $478 million trust — the deal is not funded out of the trust in any meaningful sense.

  • Puts the signed agreement into the proxy record. The extracted text is the table of contents, not the purchase price.

  • Nine months from the July 2018 IPO's 24-month deadline clock, this SPAC still holds nearly $2 million of cash outside the trust — unusual head-room among this cohort.

  • Sizes the forward purchase commitments at $181,000,000 — capital contracted to arrive at closing — and shows the sponsor's promote being reduced proportionately because they came in below the $200 million target.

  • First reported balance for the $10.00 trust of about $289 million, with an unusually large $2.7 million of cash outside it — the working capital available before any sponsor loan is needed.

  • A pre-IPO period: the $7.75 million private placement money was already in hand but held as a segregated deposit, and the Class A shares and trust do not appear until the following quarter.

  • Fixes a $10.00 trust and a 24-month deadline running from July 3, 2018, with $6,912,500 of deferred underwriting payable out of the trust at any closing.


Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.


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

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001104659-21-038123

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Services-Hospitals (8060)
Registered inNew York
Exchange · CIKNYSE · 0001737422

All filings on EDGARopens on sec.gov in a new tab

Directors & officers


Institutional holders

from SC 13G/13D

Funds 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

4 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.

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 press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.


Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

37 full SEC filing texts archived — searchable, never lost.


In plain English

tap a term to open it

Every 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 filings
Data 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.

NFC — company record
UNIVERSE-IPO-INDEX2026-08-17

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 8060 (Services-Hospitals). The screen found it by filing SHAPE instead — S-1 2018-06-04 → 8-A12B 2018-06-26 → 424B4 2018-06-29 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 8060 + self-described blank check in 424B4 0001144204-18-036661; 424B 0001144204-18-036661 priced 2018-06-29 under S-1 0001144204-18-032700 (file 333-225421, an offering for cash); common ticker NFC off 10-Q 0001104659-19-064082 (2019-11-14); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-225421, which belongs to S-1 0001144204-18-032700 (2018-06-04) — 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 2018-06-29). Ending PROVEN, not inferred: CLOSED per Form 25 0000876661-22-000095 (2022-01-27) — 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: Ordinary Shares and Warrants (each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50 per share)). 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-ID2026-08-14

sponsor "New Frontier Public Holding Ltd." sourced from prospectus definition (10-K) acc 0001144204-19-017454.

Deal — New Frontier Health Corp
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001737422 records "New Frontier Corp" ending 2019-12-12; the registrant continues as "New Frontier Health Corp". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2019-12-12. 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=9 from primary filings (0001104659-19-068418).

PROFILE-STUB2026-08-25

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

SEGMENT-FROM-FILING2019-12-12

OTHER -> HEALTHCARE, on 8-K 0001104659-19-072108: "general economic and market conditions impacting demand for UFH’s services, and in particular economic and market conditions in the Chinese healthcare ind"

PIPE2026-08-29

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