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Opes Acquisition Corp.

OPES · Nasdaq

Trust settledBurgerFi International, Inc. · 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.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

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, listed on Nasdaq in March 2018.
What it's doing now
It agreed to buy BurgerFi International, Inc., a fast-casual restaurant chain 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
BurgerFi International, Inc. — International (Nasdaq: BFI, BFIIW) Established in 2011, BurgerFi is a leading multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world …
Industry
Consumer Discretionary — fast-casual restaurant chain
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
13 March 2018
size not on file
Headquarters
200 WEST CYPRESS CREEK ROAD, FORT LAUDERDALE, FL, 33309
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Sternberg Ophir (Director) · EPSTEIN MICHAEL J (Director) · Rosenthal Jeremy (CHIEF RESTRUCTURING OFFICER)
Listed securities
OPES 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. 13 March 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.

  • BurgerFi International, Inc.—
    closedConsumer Discretionary

    What BurgerFi International, Inc. does — read from burgerfi.com on 26 August 2026

    BurgerFi is a chef-founded restaurant company established in 2011 in Lauderdale-by-the-sea. They serve all-natural burgers made with fresh ingredients, specifically Angus Beef that is never exposed to steroids, antibiotics, growth hormones, or additives. Their menu includes chicken, sides like hand-cut fries, and the VegeFi burger. They operate a rewards program accessible via their website and app.

    Lauderdale-by-the-seaRestaurantFast Casual Dining
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $30M · unsourced
    Break fee
    $1M

    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.

    stated in:0001213900-20-040068 opens on sec.gov in a new tab

The score

deterministic, from filed fields

OPES 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 — 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.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Opes Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker OPES. The company priced its initial public offering on March 13, 2018, under SEC file number 333-223106, with shares registered for cash on Form S-1 (accession 0001615774-18-001330, filed February 20, 2018) and priced pursuant to a 424B5 prospectus (accession 0001615774-18-001859). The registrant was assigned SEC CIK 0001723580 and carried the SIC industry code 5812 (Retail-Eating Places). The ticker OPES appears on the cover page of a 10-Q filed November 19, 2019 (accession 0001213900-19-024114). The vehicle completed a business combination and no longer files, with its change in shell company status reported on an 8-K filed December 23, 2020 (accession 0001213900-20-044181); EDGAR now lists this CIK under the name BurgerFi International, Inc.

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.

  • DEFM14A1 December 20200001213900-20-040068opens on sec.gov in a new tab

    The trust does not comfortably cover the cash leg: OPES states approximately $46.5 million in its trust account as of November 24, 2020, against $30,000,000 of cash payable at closing plus a $20,000,000 element the board may also elect to pay in cash. Whether that second tranche is settled in cash or in 1,886,792 shares is in the sole and absolute discretion of the OPES board of directors. Members may receive up to 9,356,459 further shares if stock price targets are met after closing. The closing price on November 24, 2020 was $12.25.

  • PREM14A25 September 20200001213900-20-028487opens on sec.gov in a new tab

    The mix is what a holder should read: $30,000,000 in cash to the Members, $20,000,000 payable either in cash or in OPES common stock valued at $10.60 per share in the sole and absolute discretion of the OPES board, and 4,716,981 shares of OPES common stock. That middle tranche can be switched from cash to stock without a further vote. A further 9,356,459 shares may follow if stock price targets are met after closing. The trust balance and the record-date share price are both printed as blanks, so neither can be read from this version.

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.

Show the other 10 filings

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 0001564590-21-044679

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)Retail-Eating Places (5812)
Registered inDelaware
Exchange · CIKNasdaq · 0001723580

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

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.

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.

Show the headlines

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

35 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 trail4 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.

OPES — 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 5812 (Retail-Eating Places). The screen found it by filing SHAPE instead — S-1 2018-02-20 → 8-A12B 2018-03-09 → 424B5 2018-03-13 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 5812 + self-described blank check in 424B5 0001615774-18-001859; 424B 0001615774-18-001859 priced 2018-03-13 under S-1 0001615774-18-001330 (file 333-223106, an offering for cash); common ticker OPES off 10-Q 0001213900-19-024114 (2019-11-19); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-223106, which belongs to S-1 0001615774-18-001330 (2018-02-20) — 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, 424B5 2018-03-13). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-20-044181 (2020-12-23) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,4.01,5.02,5.03,5.06,8.01,9.01). EDGAR now files this CIK as "BurgerFi International, Inc." — the SPAC's own name is kept here and the successor is the target. 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.

Deal — BurgerFi International, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001723580 records "Opes Acquisition Corp." ending 2020-12-16; the registrant continues as "BurgerFi International, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2020-12-16. 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=30, terminationFeeM=1 from primary filings (0001213900-20-040068).

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

SEGMENT-FROM-FILING2020-12-01

OTHER -> MEDIA_CONSUMER, on DEFM14A 0001213900-20-040068: "BurgerFi is a fast-casual “better burger” concept with approximately 119 franchised and corporate-owned restaurants, renowned for delivering an exce"

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