Patria Latin American Opportunity Acquisition Corp.
NSE · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The cash went back to shareholders and the company wound up. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
In plain terms
- What it is
- A SPAC from Patria SPAC LLC, listed on Nasdaq in March 2022.
- What it's doing now
- It never completed a purchase. The company wound up and the cash in the account went back to shareholders — the ordinary ending when a SPAC runs out of time. No agreed deal for it is on file with us, so we cannot say whether one was ever announced and later fell through.
- What you should know
- This SPAC has finished. The cash was paid back to shareholders and the company wound up, so there is nothing left to claim — the money went where the charter said it would.
At a glance
- Where it stands
- Liquidated
- Deal
- none — it wound up and returned the cash instead
- Industry
- no filing we hold states a sector this SPAC restricted its search to
- Deal value
- no deal to value — it wound up instead
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 10 March 2022
- size not on file · 103.0% of each $10 unit into trust
- Headquarters
- 60 NEXUS WAY, 4TH FLOOR, CAMANA BAY, GRAND CAYMAN
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- D'Ippolito Marco Nicola (Chief Financial Officer) · Scavazza Ricardo Leonel (Director) · Barbosa Leonardos Ricardo (Director)
- Listed securities
- NSE 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.
At the 12 June 2024 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 trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
What has happened, and what is coming
4 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.
redemption rate not stated in the filing
redemption rate not stated in the filing
Show the earlier 1 milestone
- 10 March 2022IPOpassed
IPO size not on file
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
—
no filing states a pre-event share count
Shares redeemed, all events
18.46M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Jun 12, 2024Extensionno rate stated
Show the other 1 cash-out event
- Jun 12, 2023Extensionno rate stated
The score
deterministic, from filed fieldsNSE 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
Patria Latin American Opportunity Acquisition Corp. was a blank-check company listed on the Nasdaq Stock Market under the common ticker NSE. The company priced its initial public offering on March 10, 2022, per a 424B prospectus. It subsequently liquidated and returned the trust cash to shareholders. On September 19, 2025, an 8-K filing announced the redemption of all outstanding Class A ordinary shares included in the units issued in its initial public offering at an estimated per-share redemption price of approximately $12.35. The public shares were deemed cancelled on or around September 26, 2025.
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.
Holders of 12,339,057 Class A shares redeemed, leaving 4,541,424 outstanding and an expected trust balance of approximately $52 million out of approximately $193 million before redemptions, a reduction of roughly 73%. The company deposited $68,121 to fund one month, to July 14, 2024; September 14, 2025 is a ceiling requiring fifteen separate sponsor requests, board elections and funded deposits, not a date now in force.
Fifteen additional months would take this shell to three and a half years from IPO, at a per-month cost that shrinks with every redemption — and the deposits are funded by a Lender in exchange for a non-interest bearing unsecured promissory note that PLAO repays only if a business combination closes. The sponsor therefore risks nothing but forgone interest, while public shareholders wait, and the earlier articles amendment approved June 12, 2023 had already extended the original fifteen-month deadline.
The deficiency is confined to a sub-security: the report states expressly that the notice relates only to the warrants and has no effect on the listing or trading of the Class A ordinary shares. A warrant-only delisting would strip the traded market for that leg of the unit while leaving the share listing intact — the kind of split that matters for unit arbitrage and warrant pricing.
The deficiency is confined to one security: the filing states expressly that the notice relates ONLY to the warrants and has no effect on the listing or trading of the Class A ordinary shares. A warrant line worth under $1 million in aggregate is also a market judgement about the odds of a deal closing above $11.50. This is a second Nasdaq matter for the registrant, two days after its shareholders approved a one-year extension.
Removing the $5,000,001 net-tangible-assets floor deletes the cap on how much of the trust can be redeemed away, and the founder amendment lets Class B convert before any business combination. Note the extension resolution is internally inconsistent as drafted: it grants monthly board extensions of up to twelve further months 'after the Articles Extension Date' while naming June 14, 2024 — the Articles Extension Date itself — as the limit, so the outer date is not readable from this document.
Three cents a share per month is token accretion, and because the deposit is a promissory note the deal repays rather than sponsor capital, the sponsor buys time at no economic cost. Removing the $5,000,001 net tangible asset floor lets the vehicle continue after redemptions have emptied it, shifting risk to anyone who stays. A Founder Conversion amendment typically lets founder shares convert to Class A ahead of a deal, adding to the public float. PLAO ultimately liquidated.
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 vs 2025-06-23trust $191.3M → $385.5M +101%deadline 2025-07-14 → 2025-09-14
trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $191.3M$385.5M
- Combination deadline
- 2025-07-142025-09-14
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 4.54M · unchanged
SpacBrain reads this as $194,137,833 was added to the trust between the two filings.
The clause …“Activities Purchase of U.S. government treasury obligations ( 110,547,727 ) ( 385,455,833 ) Proceeds from redemption and maturities of marketable securities held in Trust Account 110,139,000 383,887,712 Trust Account withdrawal -”…
SpacBrain reads this as 62 days later than the previous record.
The clause …“made additional deposits totaling $136,242 to extend the termination date to September 14, 2025. The unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the”…
The clause …“negotiating and consummating the Business Combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the unaudited condensed”…
The clause …“value; 200,000,000 shares authorized; none issued or outstanding (excluding 4,541,424 shares subject to possible redemption at June 30, 2025 and December 31, 2024, respectively) - - Class B ordinary shares, $ 0.0001 par value;”…
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 2024-11-18trust $187.4M → $191.3M +2%deadline 2024-12-14 → 2025-07-14
trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $187.4M$191.3M
- Combination deadline
- 2024-12-142025-07-14
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 4.54M · unchanged
SpacBrain reads this as $3,962,355 was added to the trust between the two filings.
The clause …“Activities Purchase of U.S. government treasury obligations ( 54,813,242 ) ( 191,318,000 ) Proceeds from redemption and maturities of marketable securities held in Trust Account 54,677,000 190,418,000 Net cash used by investing”…
SpacBrain reads this as 212 days later than the previous record.
The clause …“made additional deposits totaling $272,484 to extend the termination date to July 14, 2025. The unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the”…
The clause …“negotiating and consummating the Business Combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the unaudited condensed”…
The clause …“value; 200,000,000 shares authorized; none issued or outstanding (excluding 4,541,424 shares subject to possible redemption at March 31, 2025 and December 31, 2024) - - Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares”…
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.
Patria SPAC 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 1282 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/2 · 103.0% of the $10 unit
from 424B4 0000950103-22-004344
Trading & liquidity
Company profile
Directors & officers
- D'Ippolito Marco NicolaChief Financial Officer
- Scavazza Ricardo LeonelDirector
- Barbosa Leonardos RicardoDirector
- Teixeira de Assumpcao Saigh AlexandreDirector
- Mello Guimaraes Maria ClaudiaDirector
- Goncalves de Araujo Teixeira Jose AugustoChief Executive Officer
- Elejalde de Campos Pedro PauloDirector
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.
- Patria SPAC LLC25.0% · SC 13G/AFeb 12, 2024 stale
- First Trust Capital Management L.P.with 1 other reporting person on the same schedule21.4% · SC 13G/AAug 9, 2024 stale
- Westchester Capital Management, LLCwith 2 other reporting persons on the same schedule9.7% · SC 13GFeb 14, 2024 stale
- AQR CAPITAL MANAGEMENT LLCwith 2 other reporting persons on the same schedule9.4% · SC 13GNov 13, 2024 stale
- METEORA CAPITAL, LLCwith 1 other reporting person on the same schedule9.3% · SC 13GNov 14, 2024 stale
- WOLVERINE ASSET MANAGEMENT LLCwith 4 other reporting persons on the same schedule8.9% · SC 13GOct 16, 2024 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule8.8% · SC 13G/ANov 14, 2024 stale
- MIZUHO FINANCIAL GROUP INC8.0% · SC 13GNov 14, 2024 stale
- SPRING CREEK CAPITAL LLCwith 2 other reporting persons on the same schedule2.2% · SC 13G/AAug 9, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule1.7% · SC 13G/AFeb 8, 2024 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule0.0% · SC 13G/ANov 13, 2024 stale
- ADAGE CAPITAL PARTNERS GP, L.L.C.with 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 7, 2024 stale
- Apollo Management Holdings GP, LLCwith 3 other reporting persons on the same schedule0.0% · SC 13G/AFeb 6, 2024 stale
- Space Summit Capital LLC0.0% · SC 13G/AFeb 8, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
39 full SEC filing texts archived — searchable, never lost.
- Vault note — NSE (Patria Latin American Opportunity Acquisition Corp.)
vault-note · /vault/tickers/NSE
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 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 0000950103-22-004344 priced 2022-03-10; common ticker NSE off 10-Q 0001213900-25-056758 (2025-06-23); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001213900-25-089535 (2025-09-19) — announced redemption of all public shares: “…will redeem all of the outstanding Class A ordinary shares that were included in the units issued in its initial public offering (the "Public Shares") at an estimated per-share redemption price of approximately $12.35. On or around September 26, 2025, the Public Shares will be deemed cancelled and will represent only t…”. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
warrantStrike=11.5, unitSeparationDays=52 from the definitive prospectus (0000950103-22-004344). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate
sponsor "Patria SPAC LLC" sourced from prospectus definition (10-K) acc 0001213900-23-024920.