SILVERBOX ENGAGED MERGER CORP I
SBEA · Nasdaq
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 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 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 Boxwood Merger Corp. / SILVERBOX ENGAGED MERGER CORP I (Esters Daniel E.), listed on Nasdaq in March 2021.
- What it's doing now
- It agreed to buy SBEA Merger Sub LLC. 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
- SBEA Merger Sub LLC
- Industry
- the deal record does not name the target's industry yet
- 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
- 1 March 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 1144 S 500 W, SALT LAKE CITY, UT, 84101
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Chun Jin (Chief Operating Officer) · Reece Joseph E · Kadenacy Stephen M
- Listed securities
- SBEA 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.
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 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 milestoneEvery 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 March 2021IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
- PIPE
- ≈ $100M · unsourced
- Min-cash condition
- $300M
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:0001104659-21-136588
The score
deterministic, from filed fieldsSBEA 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
SILVERBOX ENGAGED MERGER CORP I was a blank-check company with SEC CIK 0001836707 whose common stock traded on the Nasdaq Stock Market under the ticker SBEA. The company priced its initial public offering on March 1, 2021, according to a 424B prospectus with accession number 0001213900-21-012588. On February 4, 2022, the ticker SBEA appeared on the cover page of an 8-K filing with accession number 0001104659-22-011515. The company completed a business combination and no longer files, a status established by an 8-K filed on February 11, 2022, with accession number 0001104659-22-020668, reporting a change in shell company status under Item 5.06.
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.
The financing is built to survive redemptions rather than assume they will not happen: $100,000,000 of PIPE for 10,000,000 shares of SilverBox Class C common stock, plus up to a further 10,000,000 shares to the extent redemptions exceed $100,000,000. Closing requires Available Cash of at least $300.0 million, for the sole benefit of Authentic Brands. The trust was approximately $345 million on November 1, 2021, an estimated $10.00 per share, and the filing prices the range: post-transaction equity value of $1.914 billion at no redemptions, $1.839 billion at half, $1.787 billion at full.
The surviving public company will be a Delaware PUBLIC BENEFIT CORPORATION, whose directors are required by statute to balance stockholders' pecuniary interests against the stated public benefit and the interests of those materially affected — a governance standard different from an ordinary Delaware corporation and one a shareholder cannot opt out of after closing.
The registered ceiling — 40,725,250 Class A shares plus 17,766,667 warrants and the shares underlying them — is identical to the amendment that follows, so it was fixed at this stage. The conversion into a Delaware public benefit corporation changes the standard directors must apply after closing, binding them to balance stockholder returns against a stated public benefit. The separate blocker merger sub exists to merge out an interposed corporate holder of the target's interests.
The registered share line here is 191,401,300 — roughly 4.7 times the 40,725,250 carried in the two amendments that follow, while the warrant lines are identical at 17,766,667. The share figure therefore fell sharply during SEC review and is strictly version-specific; quoting it without the version would misstate the deal's size by a wide margin. The conversion into a Delaware public benefit corporation binds the post-closing board to balance stockholder returns against a stated public benefit.
This baseline registers 191,401,300 Class A shares — the same figure as the first amendment and roughly 4.7 times the 40,725,250 carried in the later amendments of this registration statement, so the share line fell sharply during SEC review and is strictly version-specific. The warrant line of 17,766,667 never changes. The conversion into a Delaware public benefit corporation binds the post-closing board to balance stockholder returns against a stated public benefit, a governance standard shareholders cannot opt out of afterwards.
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
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Deal completion: 2/2 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty. Small sample — the shrink below keeps this near neutral.
Mixed record · low confidence
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/3 · 100.0% of the $10 unit
from 424B3 0001104659-22-003811
Trading & liquidity
Company profile
Directors & officers
- Chun JinChief Operating Officer
- Reece Joseph E10% owner
- Kadenacy Stephen M10% owner
- ESTERS DANIEL E.Chief Financial Officer
- Welling Glenn W.Director
- Murdoch Duncan DChief Investment Officer
- Hurd Joseph K IIIDirector
- Richards Peter JDirector
- Schechtman NatalieDirector
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
3 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.
- CITADEL ADVISORS LLCwith 6 other reporting persons on the same schedule5.4% · SC 13GJan 28, 2022 stale
- Fort Baker Capital Management LPwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- ADAGE CAPITAL PARTNERS GP, L.L.C.with 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 10, 2022 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.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- SilverBox Engaged Merger Corp I Announces Stockholder Approval Extension of Deadline
Nasdaqundated by the source
- SilverBox Engaged Merger Corp I Issues Letter to Investors and Partners Regarding Proposed Combination with Black Rifle Coffee Company
Business Wireundated by the source
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
37 full SEC filing texts archived — searchable, never lost.
- Vault note — SBEA (SILVERBOX ENGAGED MERGER CORP I)
vault-note · /vault/tickers/SBEA
- Vault deal note — SBEA Merger Sub LLC (SBEA)
vault-note · /vault/deals/sbea-merger-sub-llc
- SilverBox Engaged Merger Corp I (SBEA) Pre-Announces Black Rifle Coffee Deal Approval｜SPACInsider
news · spacinsider.com
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 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.
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 0001213900-21-012588 priced 2021-03-01; common ticker SBEA off 8-K 0001104659-22-011515 (2022-02-04); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per 8-K 0001104659-22-020668 (2022-02-11) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,5.01,5.02,5.06,7.01,9.01). 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.
name "SBEA Merger Sub LLC" -> "SILVERBOX ENGAGED MERGER CORP I". The stored name was the entity that SURVIVED the combination, not the SPAC: EDGAR renames a registrant in place when the merger sub survives, so submissions.json answered with the survivor's name while the vehicle's own sat in formerNames, and the historical ingest read the former. The name written here is the one the SEC header of this registrant's own pricing prospectus states as COMPANY CONFORMED NAME at the moment of filing: 424B4 acc 0001213900-21-012588 (filed 2021-03-01, the same date as this row's ipoDate) — "SILVERBOX ENGAGED MERGER CORP I". Nothing else on the row was touched.
sponsor "SILVERBOX ENGAGED SPONSOR LLC" (SEC CIK 0001836668) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-012907.
[CLOSED-RENAME] EDGAR CIK 0001836707 records "SILVERBOX ENGAGED MERGER CORP I" ending 2022-02-22; the registrant continues as "SBEA Merger Sub LLC". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2022-02-22. 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=100, minCashM=300 from primary filings (0001104659-21-136588).
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
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