PTK SEC filings, in plain English
Everything PTK Acquisition Corp. has filed with the SEC that we hold — 40 filings, newest first, 4 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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- What changed vs 2021-06-16trust $115.0M → $115.0M +0%shares 9.97M → 9.84M -1%
trust account, redeemable shares, going-concern doubt2 moved · 1 with no prior record of ours
- Trust account
- $115.0M$115.0M
- Redeemable shares
- 9.97M9.84M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $2,868 was added to the trust between the two filings.
The clause “3,181 Prepaid expenses — 64,254 Total current assets 53,152 397,435 Investments held in Trust Account 115,011,739 115,006,035 Total assets $ 115,064,891 $ 115,403,470 Liabilities and Stockholders’ Equity: Current liabilities: Accounts”…
SpacBrain reads this as 128,801 shares are no longer redeemable.
The clause “83,319 Commitments and Contingencies (Note 5) Common stock, $ 0.0001 par value; 9,840,987 and 10,052,015 shares subject to possible redemption at $ 10.00 per share at June 30 , 2021 and December 31, 2020, respectively 98,409,870”…
The clause “IAL STATEMENTS commercially acceptable terms, if at all. These conditions raise substantial doubt about our ability to continue as a going concern through January 15, 2022, the date that we will be required to cease all operations, except”…
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 2020-11-16trust $115.0M → $115.0M +0%going concern APPEAREDshares 10.6M → 9.97M -6%
trust account, going-concern doubt, redeemable shares3 moved
- Trust account
- $115.0M$115.0M
- Going-concern doubt
- not statedstated
- Redeemable shares
- 10.6M9.97M
SpacBrain reads this as $5,735 was added to the trust between the two filings.
The clause “Prepaid expenses 29,900 64,254 Total current assets 207,872 397,435 Investments held in Trust Account 115,008,871 115,006,035 Total assets $ 115,216,743 $ 115,403,470 Liabilities and Stockholders Equity: Current liabilities: Accounts”…
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“to us on commercially acceptable terms, if at all. These conditions raise substantial doubt about our ability to continue as a going concern through January 15, 2022, the date that we will be required to cease all operations, except”…
SpacBrain reads this as 635,058 shares are no longer redeemable.
The clause “883,319 Commitments and Contingencies (Note 5) Common stock, $0.0001 par value; 9,969,788 and 10,052,015 shares subject to possible redemption at $10.00 per share at March 31, 2021 and December 31, 2020, respectively 99,697,880”…
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: First 10-Q after PTK's July 15, 2020 IPO. $115,000,000 went into trust, which held $115,003,136 at September 30, 2020 on $3,136 of gains. PTK has one class of common stock: 14,375,000 shares, 11,500,000 public and 2,875,000 insider. 10,604,846 shares are carried as redeemable at $10.00 ($106,048,460), leaving 3,770,154 shares and equity of exactly $5,000,011. Cash outside trust $446,728 and working capital about $222,000, stated excluding $151,568 of franchise tax payable. Net loss $269,374 for the quarter and $376,196 for the nine months; deferred underwriting commissions $4,025,000. Why it matters: Franchise tax payable of $151,568 is nearly fifty times the $3,136 the trust has earned, and the stated $222,000 of working capital is measured before that tax - net of it the shell has roughly $70,000 of headroom. The $300,000 sponsor note did not stay debt: it converted into 600,000 private warrants at IPO closing, so there is no related-party loan to repay but the warrant overhang is larger. Trust and share figures are as of September 30, 2020.
trust account, redeemable sharesnothing moved · 2 with no prior record of ours
- Trust account
- not previously extracted$115.0M
- Redeemable shares
- not previously extracted10.6M
The clause …“Prepaid expenses 98,572 Total current assets 545,300 180,975 Investments held in Trust Account 115,003,136 Deferred offering costs associated with the initial public offering 246,879 Total assets $ 115,548,436 $ 427,854”…
The clause …“405,691 Commitments and Contingencies Common stock, $0.0001 par value; 10,604,846 shares subject to possible redemption at $10.00 per share 106,048,460 Stockholders Equity: Preferred stock, $0.0001 par value; 1,000,000 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.
What changed: 10-Q for the quarter ended June 30, 2020 filed by a company that was still pre-IPO throughout the period: at June 30, 2020 it held about $138,000 in its operating bank accounts against a working capital DEFICIT of about $780,000, and had 2,875,000 founder shares outstanding, up to 375,000 of them forfeitable. The IPO closed July 15, 2020, after the balance-sheet date, and the over-allotment was exercised in full so no founder shares were forfeited; the $300,000 sponsor note converted into private warrants at closing. Cover: 14,375,000 shares outstanding at August 26, 2020. Why it matters: There is no trust in this reporting period and no trust figure to take from it. The share counts move sharply across the period end - 2,875,000 at June 30 against 14,375,000 on the cover seven weeks later - so a cover-versus-balance-sheet reconciliation will fail here for a legitimate reason, the intervening IPO, and should not be filed as a defect. Nothing was written to a trust, price or status field.
What changed: Item 8.01: on July 15, 2020 PTK Acquisition Corp. consummated its IPO of 11,500,000 units at $10.00, including the underwriters' full over-allotment exercise of 1,500,000 units, for gross proceeds of $115,000,000. Each unit is one share of common stock plus one redeemable warrant, each warrant exercisable for one half of a share at $11.50 per whole share. The sponsor, PTK Holdings, LLC, concurrently bought 6,800,000 private placement warrants at $0.50 for $3,400,000. Net IPO proceeds together with part of the private placement, $115,000,000 in aggregate, went into the trust account. Why it matters: PTK opens with $115,000,000 in trust against 11,500,000 public shares. The warrant structure is unusually tight for the period: one public warrant per unit but each buys only half a share, so the whole-share exercise price is $11.50 and warrant coverage is effectively one half share per unit. Sponsor warrants lose their cashless-exercise and non-redeemable advantages if transferred outside the sponsor group. No target, deadline or deal is stated in this report.
What changed: IPO pricing prospectus for PTK Acquisition Corp: units at $10.00, each one share of common stock (par $0.0001) and one warrant. The warrant buys ONE-HALF of one share at $11.50 per whole share. Deferred underwriting is $3,500,000, $0.35 per unit, 3.5% of gross proceeds. The sponsor bought 6,800,000 private warrants at $0.50 each ($3,400,000), of which $2,000,000 ($2,300,000 with the over-allotment) is put into the trust specifically so that at least $10.00 per public share is held there whether or not the over-allotment is taken. 18 months to complete. NYSE PTK.U / PTK / PTK WS. Why it matters: The warrant is for half a share, so a holder needs two to buy one share and the headline $11.50 is per WHOLE share, not per warrant. The call is $0.01 at any time while the warrants are exercisable, on 30 days' notice, if the last sales price is at or above $18.00 for 20 of 30 trading days ending three business days before notice, and only while a current registration statement is in effect. The $10.00-per-share trust floor is engineered rather than automatic: it is topped up out of the private warrant proceeds, at $0.50 per warrant rather than the usual $1.00.
In plain English
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.
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.
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.