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PROPTECH INVESTMENT CORP. II

PTIC · Nasdaq

Trust settledAppreciate Holdings, 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 from Hennessy Capital (Daniel Hennessy), listed on Nasdaq in December 2020.
What it's doing now
It agreed to buy Appreciate Holdings, Inc., a real estate agents and managers 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
Appreciate Holdings, Inc.
Industry
Real Estate — real estate agents and managers
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
7 December 2020
size not on file · 100.0% of each $10 unit into trust
Headquarters
6101 BAKER ROAD, SUITE 200, MINNETONKA, MN, 55345
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Fu Gloria (Director) · Beck Milton Joseph (Director) · Laurence Christopher (Chief Executive Officer)
Listed securities
PTIC 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. 7 December 2020IPOpassed

    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.

The score

deterministic, from filed fields

PTIC 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

PropTech Investment Corporation II was a Delaware-incorporated blank-check special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination, with a stated focus on the property technology sector. The SPAC priced its initial public offering on December 7, 2020, under SEC registration statement File No. 333-249477, with units consisting of one share of Class A common stock and one-third of one redeemable warrant, each whole warrant exercisable at $11.50 per share. The trust account held $10.00 per unit. The common stock traded on Nasdaq under the ticker PTIC. The sponsor was HC PropTech Partners II LLC (SEC CIK 0001821072). Management was led by Thomas D. Hennessy and M. Joseph Beck, who served as Co-Chief Executive Officers, with Hennessy also holding the title of President and Beck serving as Chief Financial Officer. The company's charter provided for a 24-month deadline to complete a business combination from the closing of the IPO.

The vehicle completed a business combination and ceased to be a shell company on December 5, 2022, as reported on Form 8-K (Item 5.06, Change in Shell Company Status), at which point the registrant was renamed Appreciate Holdings, Inc. The successor entity now trades on OTC Pink Sheets under the ticker SFRT and operates as a real estate management and development company headquartered at 6101 Baker Road, Suite 200, Minnetonka, Minnesota 55345. EDGAR subsequently reassigned the registrant's Standard Industrial Classification code from 6770 (blank check) to 6531 (Real Estate Agents and Managers (For Others)). The lifecycle of the SPAC is closed.

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.

  • DEFM14A28 October 20220001213900-22-067216opens on sec.gov in a new tab

    The estimated $10.00 per-share redemption gives holders a cash exit at deposited value rather than shares in the combined company, and the proxy is explicit that every redemption shrinks the $230.0 million trust available to fund the deal. That creates the usual coordination problem: individually rational redemption can leave the surviving business undercapitalised for those who stay. The document also flags directors' and officers' interests in seeing the combination completed, a conflict holders should weigh against the board's recommendation.

  • PREM14A14 July 20220001213900-22-039388opens on sec.gov in a new tab

    Proposal 1 is not housekeeping — it rewrites the redemption machinery before the deal vote. Section 9.2(a) is replaced so public stockholders are offered redemption by means of a tender offer, Section 9.2(e) is replaced so the combination needs only a majority of the shares actually voted at the meeting rather than of those outstanding, and Section 9.2(f) is deleted outright. Northland Securities, Inc. opined both on the fairness of the consideration and on whether Renters Warehouse meets the eighty percent of trust test, excluding deferred underwriting commissions and taxes payable.

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 IPO$10.00

Unit: U = S + W/3 · 100.0% of the $10 unit

from 424B3 0001213900-23-012301

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)Real Estate Agents & Managers (For Others) (6531)
Registered inDelaware
Exchange · CIKNasdaq · 0001821075

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

16 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

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 trail5 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.

PTIC — 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 6531 (Real Estate Agents & Managers (For Others)). The screen found it by filing SHAPE instead — S-1 2020-10-14 → 8-A12B 2020-12-02 → 424B4 2020-12-07 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 6531 + self-described blank check in 424B4 0001213900-20-041192; 424B 0001213900-20-041192 priced 2020-12-07 under S-1 0001213900-20-031262 (file 333-249477, an offering for cash); common ticker PTIC off 10-Q 0001213900-22-070183 (2022-11-08); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-249477, which belongs to S-1 0001213900-20-031262 (2020-10-14) — 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 2020-12-07). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-22-077647 (2022-12-05) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,2.03,3.02,3.03,4.01,5.01,5.02,5.03,5.05,5.06,5.07,7.01). 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 "HC PROPTECH PARTNERS II LLC" (SEC CIK 0001821072) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-040903.

NAME-REPAIR2026-08-31

"Appreciate Holdings, Inc." is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "PROPTECH INVESTMENT CORP. II" per the COMPANY CONFORMED NAME in 424B4 0001213900-20-041192 filed 2020-12-07. §98

Deal — Appreciate Holdings, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001821075 records "PROPTECH INVESTMENT CORP. II" ending 2022-11-29; the registrant continues as "Appreciate Holdings, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2022-11-29. 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.

PROFILE-STUB2026-08-25

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

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