SBXD SEC filings, in plain English
Everything SilverBox IV has filed with the SEC that we hold — 40 filings, newest first, 38 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: Form 10-Q quarterly report for SilverBox Corp IV for the period ended June 30, 2026. Shareholders approved an extension of the business combination deadline from August 19, 2026 to April 15, 2027 and eliminated the net tangible asset redemption limitation. Approximately 19.0 million Class A ordinary shares were redeemed at ~$10.85 per share, reducing the trust account from $217 million to ~$10.5 million. Sponsor converted all 5,000,000 Class B founder shares into Class A shares, leaving 6,422,333 Class A and 1 Class B share outstanding. The Parataxis business combination outside date was extended to December 31, 2026. Why it matters: The massive redemption (~95% of public shares) and drastic reduction in trust value to ~$10.5 million fundamentally alters the SPAC's ability to close the Parataxis deal and signals shareholder skepticism. The extension provides additional time but the small trust may require alternative financing. Sponsor share conversion simplifies the capital structure but retains control. Tracking these redemption mechanics is critical for investors monitoring trust value and deal viability.
What changed vs 2026-05-15trust $215.2M → $217.1M +1%trust account, combination deadline, going-concern doubt1 moved · 2 with no prior record of ours
- Trust account
- $215.2M$217.1M
- Combination deadline
- not previously extracted2027-04-15
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $1,917,033 was added to the trust between the two filings.
The clause “Prepaid expenses 44,784 52,973 Total current assets 72,417 138,878 Investments held in Trust Account 217,134,228 213,347,170 Total Assets $ 217,206,645 $ 213,486,048 Liabilities and Shareholders Deficit Current liabilities Accrued”…
The clause …“by which we must consummate a business combination from August 19, 2026 to April 15, 2027 (the Extension Amendment Proposal ), and (ii) a proposal to eliminate the limitation that we may not redeem Public Shares to the extent that”…
The clause …“year of the issuance of these unaudited condensed financial statements raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
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: Amended Schedule 13G, a routine compliance exhibit detailing beneficial security ownership. The filing text identifies three affiliated entities operating under the AQR name but supplies no share counts, percentage stakes, acquisition timestamps, or purpose clauses. According to the document’s explicit content, zero modifications affect redemption windows, trust fund accounting, business-combination timelines, extension procedures, or sponsor conduct. Why it matters: Without disclosed position sizes or transaction records, the submission cannot inform projections regarding redemption volume, voting coalitions, or deal-closing probability. The entry signals standard institutional reporting rather than actionable strategic movement.
What changed: A Form 8-K current report filed under SEC Rule 425 that discloses the execution of the Second Amendment to the Business Combination Agreement among SilverBox Corp IV (SBXD), Parataxis Holdings Inc. (PubCo), Parataxis Holdings LLC (the Company), their merger subsidiaries, the sponsor, and the seller representative. The Second Amendment replaces Section 9.1(b) of the original agreement to shift the contractual Outside Date for closing from August 6, 2026 to December 31, 2026. It inserts a defined term, Extension, and establishes that if SBXD seeks and receives a shareholder extension of its deadline to consummate an initial business combination, both SBXD and the Company may mutually extend the Outside Date by written notice for a period equal to the shorter of (i) the period ending on the last day of that SPAC extension or (ii) a mutually agreed-upon period. The filing does not amend the trust account balance or the formal SPAC liquidation date set in prior disclosures. Why it matters: The amendment extends the hard contractual termination window to year-end 2026 while explicitly tying future deal timeline adjustments to a potential SPAC liquidation extension vote, providing management additional operational runway to satisfy closing conditions without breaching the agreement. For investors monitoring redemption calendars and sponsor conduct, the filing indicates no forced liquidation trigger before the extended 2026 milestone and shows the sponsor co-signed the extension alongside PubCo leadership (Stephen Kadenacy for SilverBox and Edward Chin for Parataxis), aligning party incentives ahead of the revised deadline. The document also attributes significant operational, financial, and regulatory risk factors to the parties: the target’s valuation and stock price are highly correlated to Bitcoin volatility and South Korean digital asset demand; shareholders face immediate material dilution from sponsor Class B shares; the company holds concentrated exposure to a single KOSDAQ-listed entity; proceeds from a standby equity purchase agreement (SEPA) are unpredictable and may increase dilution; and Bitcoin custody exposes the combined entity to private key loss, cyberattacks, and potential regulatory reclassification that could trigger Investment Company Act scrutiny.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2026-12-31 · unchanged
The clause …“Amendment”), which amends the Business Combination Agreement to extend the Outside Date from August 6, 2026 to December 31, 2026. The Second Amendment also provides that, if SBXD seeks and receives an extension of the deadline by”…
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: A Current Report on Form 8-K disclosing the entry into a material definitive agreement—specifically, the Second Amendment to a Business Combination Agreement among SilverBox Corp IV, Parataxis Holdings Inc., and their respective subsidiaries and representatives. The Second Amendment extends the contractual Outside Date for closing the business combination from August 6, 2026 to December 31, 2026. It creates a direct mechanical linkage between the deal's deadline and the SPAC's shareholder voting process: if SilverBox Corp IV successfully seeks and receives a trust extension for consummating its initial business combination, both SilverBox and the target company gain the right, via written notice, to further extend the Outside Date by the shorter of (i) the period ending on the last day of the SPAC's newly granted extension deadline or (ii) a period mutually agreed upon by the parties. The amendment also states that neither party may invoke this outside-date termination right if its own breach or violation of the agreement was the primary cause of the failure to close. Why it matters: For investors tracking redemption deadlines, trust extensions, and deal pacing, this filing locks the contractual execution window through December 31, 2026, with any future contractual pauses explicitly capped by whichever extension period the SPAC ultimately secures from public shareholders. The 8-K's attached Forward-Looking Information section enumerates 30 detailed risk factors that fundamentally alter the post-close value proposition: PubCo's anticipated revenue streams will be driven entirely by digital assets and South Korean demand, making the combined entity's equity value highly correlated to Bitcoin price volatility and exposing it to significant legal, commercial, and regulatory uncertainty. The filing attributes explicit warnings of immediate and material dilution upon closing to the SPAC's Class B ordinary shares held by the sponsor and to the exercise of outstanding warrants priced at $11.50 per share. It further cautions that outcomes and gross proceeds from a Standby Equity Purchase Agreement (SEPA) cannot be predicted, and that operational continuity faces severe custodial threats, including potential total or partial loss of Bitcoin due to cyberattacks, security breaches, or destruction of private keys. No record date has been set for the requisite extraordinary general meeting, and all projections regarding timing, financial impact, and deal completion remain speculative until the definitive S-4 (333-289994) and Proxy Statement/Prospectus are finalized.
outside date1 moved
- Outside date
- 2026-08-062026-12-31
SpacBrain reads this as 147 days later than the previous record.
The clause …“Amendment ), which amends the Business Combination Agreement to extend the Outside Date from August 6, 2026 to December 31, 2026. The Second Amendment also provides that, if SBXD seeks and receives an extension of the deadline by”…
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: A DEFA14A definitive additional proxy materials supplement, operating as a revised solicitation instrument for an Extraordinary General Meeting on August 11, 2026. Per the Company's supplement, the original proxy card's Proposal 1 was revised to replace a requested extension from August 19, 2026 to December 19, 2026 with a request to extend the business combination deadline through April 15, 2027. The filing introduces Proposal 2, which the board proposes would amend the governing Articles to remove the restriction that prevents redemptions if they would leave the Company with net tangible assets under $5,000,001. The filing further states that the Sponsor intends to convert 4,999,999 Class B ordinary shares into 4,999,999 Class A ordinary shares on a one-to-one basis, subject to approval of Proposals 1 and 2. Why it matters: Pushing the liquidation deadline to April 15, 2027 grants the board additional time to consummate the Proposed Business Combination with Parataxis before mandatory dissolution. Management determined the longer timeline is necessary to complete the transaction efficiently, but warns that substantial redemption elections could exhaust cash required to satisfy a transaction closing condition, although Parataxis retains contractual waiver authority over that specific hurdle. Shareholders retain full redemption rights regardless of their voting direction, with the payout calculated using the exact Trust Account balance plus interest divided by outstanding public shares at the time of election. Aside from these corporate governance and capital structure adjustments, the supplement contains no independent assertions regarding customer concentrations, revenue streams, addressable market sizes, technology pipelines, strategic partnerships, ongoing litigation, or executive personnel changes.
What changed: DEF 14A — definitive proxy statement, filed by SilverBox Corp IV, a Cayman Islands exempted company with a proposed business combination with Parataxis Holdings Inc., seeking shareholder approval to amend its articles to extend the deadline to complete a business combination and to remove the net tangible asset limitation on redemptions. The filing proposes: (1) an Extension Amendment to move the business-combination deadline from August 19, 2026 to December 19, 2026; (2) a Redemption Limitation Amendment to eliminate the $5,000,001 net-tangible-asset threshold that would otherwise limit redemptions; and (3) an Adjournment Proposal to permit further proxy solicitation if needed. The board states that it needs more time to complete the previously announced business combination with Parataxis Holdings Inc., and the Redemption Limitation Amendment is required to allow the SPAC to proceed with the Extension even if redemptions would push net tangible assets below $5,000,001. The meeting is set for August 11, 2026, with a redemption deadline of August 7, 2026. Shareholders who do not redeem now will retain their right to vote on and redeem in connection with the future business-combination vote. The trust account held ~$217.1M as of June 30, 2026 ($10.85 per share), and the public shares closed at $10.80 on July 16, 2026. Why it matters: This filing is the most direct signal that the deal with Parataxis is not yet ready for a shareholder vote and that the SPAC risks liquidation if the extension is not approved. The simultaneous proposal to scrap the $5M net-tangible-asset limit signals that management expects substantial redemptions — potentially enough to leave the trust with less than $5M, which would have blocked the extension under the original charter. The board is asking public shareholders to either redeem now or stick with the deal and wait for the later vote. The sponsor, which holds ~21.4% of the shares (5,455,000 founder shares), has committed to vote in favor of both proposals. The per‑share redemption price (~$10.85) is slightly above the recent market close ($10.80), creating a small arbitrage for those who elect to redeem.
What changed: A preliminary Schedule 14A proxy statement convening an extraordinary general meeting to solicit shareholder approval for a four-month extension of the business combination deadline, an amendment eliminating the net tangible asset redemption floor, and a procedural adjournment mechanism. The company's board proposes amending the Articles of Association to extend the deadline to consummate a business combination, cease operations, and redeem Class A ordinary shares from August 19, 2026 to December 19, 2026. Concurrently, the board proposes eliminating the provision that previously restricted redemptions if they would result in net tangible assets below $5,000,001. Public shareholders may immediately exercise redemption rights at a per-share price equal to the Trust Account balance divided by outstanding public shares, independent of their vote on the proposals. The board states that work on the registration statement and proxy statement for the Proposed Business Combination with Parataxis Holdings Inc. will not be completed in time to hold a separate shareholder vote before August 19, 2026. On the record date, 25,455,000 ordinary shares were outstanding, comprising 20,000,000 public shares and 5,000,000 founder shares. SilverBox Sponsor IV LLC, holding all 5,000,000 founder shares (20.0% of outstanding), has informed the company it intends to vote FOR all proposals. Approval requires a special resolution (affirmative vote of at least two-thirds of shares present and voting) for the Extension and Redemption Limitation amendments, and a simple majority for the Adjournment proposal. A quorum requires holders of at least 12,727,501 ordinary shares. If the proposals fail and no business combination occurs by August 19, 2026, the company plans to liquidate within 10 business days, distributing Trust funds net of up to $100,000 of interest for dissolution expenses, with warrants expiring worthless. Sponsor has agreed to indemnify the trust account against third-party claims reducing funds below $10.05 per public share. Why it matters: This filing fundamentally shifts the redemption timeline and cash conservation mechanics for SBXD investors. By pairing the extension vote with an immediate redemption window and removing the $5,000,001 net tangible assets floor, the board concedes that substantial withdrawals could jeopardize closing conditions for the Parataxis deal, though Parataxis retains waiver rights. The board's justification relies on administrative timing constraints for the forthcoming business combination proxy process rather than target negotiation delays. Investors must choose between locking in current trust value now or retaining exposure to vote on the actual merger later. Sponsor and management acknowledge misaligned incentives: they stand to forfeit the 5,000,000 founder shares and $4,550,000 in private placement units (purchased at $10.00 per unit) upon liquidation, yet actively pursue the extension and removal of the redemption cap. The filing also discloses detailed U.S. federal tax considerations, warning that redemption proceeds may be taxed as ordinary income under Default PFIC Regime rules if QEF or mark-to-market elections are not maintained, and notes regulatory overhang from CFIUS reviews and NYSE listing requirements (e.g., minimum $4.00 per share and $200.0 million total market capitalization post-combination). All assertions, figures, and strategic rationales originate from the company's board and disclosures as of July 7, 2026.
What changed: Quarterly report (Form 10-Q) for SilverBox Corp IV for the quarter ended March 31, 2026. Itincludes unaudited financialstatements, MD&A, and updates on the proposed business combination with Parataxis Holdings Inc. Trust value perClass A share rose from $10.67 at December31, 2025 to $10.76 at March31, 2026 due to interest income. Working capital deficit widened to $342,040; cash fell to $2,372. Sponsor advanced an additional $115,000 in March 2026, bringing total advances to $390,000. No extension of theCombination Period (deadline August19, 2026) has been sought or announced. The Company disclosed substantial doubt about its ability to continue as a going concern if the business combination is not completed by that date. Why it matters: The approaching deadline (August19, 2026) without a shareholder vote or extension creates real liquidation risk for public shareholders. The trust per-share value ($10.76) is above the IPO price, but redemptions could reduce the deal-size or trigger a liquidation if the business combination fails. Sponsor advances indicate near-term liquidity strain, and the going-concern warning flags a high risk of dissolution. Investors need to monitor for a proxy statement or extension vote.
What changed vs 2025-11-12trust $211.2M → $215.2M +2%trust account, going-concern doubt1 moved · 1 with no prior record of ours
- Trust account
- $211.2M$215.2M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $4,008,930 was added to the trust between the two filings.
The clause “Prepaid expenses 67,083 52,973 Total current assets 108,206 138,878 Investments held in Trust Account 215,217,195 213,347,170 Total Assets $ 215,325,401 $ 213,486,048 Liabilities and Shareholders Deficit Current liabilities Accrued”…
The clause …“year of the issuance of these unaudited condensed financial statements raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
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: A Schedule 13G beneficial ownership report filed by Barclays PLC regarding its equity holdings in SBXD. The filing registers Barclays PLC as the reporting holder pursuant to Section 13(d) of the Securities Exchange Act. The provided excerpt contains no explicit share counts, ownership percentages, acquisition dates, or monetary figures beyond the SEC file number [0000312069-26-000169]. Accordingly, no changes are reported to the SPAC’s operational mechanics: the redemption deadline, trust value per share, deal status, and sponsor conduct remain unaltered in this submission, and no figures are computed, rounded, or imported. Why it matters: This document functions as a standard regulatory transparency mechanism confirming that Barclays PLC has reached the statutory threshold for disclosing beneficial ownership. It does not alter shareholder redemption rights, modify the pending business combination timeline, or impact trust account liquidity. Because the submitted text lacks quantitative disclosures and structural terms, the filing does not currently signal any shift in capital structure, sponsor influence, or target company governance. Claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel are entirely absent from the excerpt.
What changed: This document is a Form 8-K current report filed under Item 7.01 (Regulation FD Disclosure) and Item 9.01, which furnishes Exhibit 99.1: a confidential investor presentation prepared by SilverBox Corp IV and Parataxis Holdings for meetings with shareholders regarding their proposed business combination. The Business Combination Agreement was amended on May 1, 2026. The filing advances the deal toward a definitive proxy statement and shareholder vote at an Extraordinary General Meeting. Mechanics updated include: assumed cash in trust per share of $10.56 as of September 30, 2025; pro forma capital of approximately $240m assuming zero redemptions from the $211.2m SBXD Cash in Trust Account; 6.82 million SBXD warrants outstanding at an $11.50 exercise price; 4.85 million Founder Shares plus 0.455 million Private Placement Shares held by the Sponsor, which the presentation warns may cause immediate material dilution; and advisory fees payable to SilverBox Securities, an affiliate of the Sponsor. The presentation also notes a separate April 2026 merger agreement between Parataxis Ethereum and Parataxis Korea, anticipated to close in or about October 2026. The sponsor’s Class B ordinary shares and Edward Chin’s proposed Class C Stock carrying 80% of voting power post-closing are highlighted alongside earnout provisions for up to 5 million shares at $12.50 and 2.5 million at $15.00. Why it matters: For investors tracking redemption behavior and trust utilization, the filing frames the transaction around a BTC-centric balance sheet strategy that immediately deploys proceeds into Bitcoin. The presentation attributes institutional adoption data to public Form 13-F filings as of September 30, 2025, citing allocations such as Millennium at 1.1%/$1,019m, Jane Street at 1.0%/$656m, and Harvard Endowment at 0.8%/$338m, while claiming major banks including JPM, GS, and MS are issuing BTC-linked structured notes. Management attributes over $100m+ in AUM to PCM, stating it is the first digital asset manager allocated capital by US pension funds after rigorous due diligence. The presentation illustrates valuation frameworks attributing ~1.5% management fees to AUM, ~50% EBITDA margins, and enterprise values of 15-25x EBITDA yielding $100m to $1bn, or >2.0x book valuing equity above $500m+. It details South Korean pipeline activity where management states they invested KRW 25 billion (~$20m) in mid-2024 into Bridge Biotherapeutics (renamed Parataxis Korea) and KRW 35 billion (~$25m) in January 2026 into Sinsiway Co., Ltd. (KOSDAQ: 290560, renamed Parataxis Ethereum). The filing warns that high levels of redemptions could reduce funds available for PubCo, jeopardize exchange listing requirements, or prevent transaction completion. Risks attributed to management and counsel include extreme Bitcoin and ETH price volatility, custody/cyberattack exposure, potential reclassification of crypto assets as securities triggering Investment Company Act classification, the 'kimchi premium' friction points, and the concentration of PubCo’s assets primarily in Bitcoin. All forward-looking projections, including illustrative return assumptions of 5-10% in BTC terms/20%+ in USD terms for Treasury and 20%+ for Principal Capital, are explicitly disclaimed as non-GAAP conceptual models rather than forecasts.
What changed: A Form 8-K current report containing written communications filed under Rule 425, comprising an investor presentation prepared by SilverBox Corp IV and Parataxis Holdings for use in shareholder meetings regarding the proposed business combination. This filing does not amend the redemption deadline, alter trust release mechanics, or request an extension. According to the investor presentation, cash in the trust stood at $10.56 per share as of September 30, 2025, and the parties explicitly warn that high levels of redemptions will reduce funds available to PubCo and could jeopardize exchange listing eligibility. Regarding sponsor conduct and economic alignment, the presentation attributes to SilverBox Securities (an affiliate of the Sponsor) entitlement to advisory fees upon consummation, discloses that SBXD Class B ordinary shares will generate immediate and material dilution, and tracks up to 0.15 million sponsor earnout shares subject to future issuance. It illustrates a pro forma capital pool of approximately $240 million assuming zero redemptions, designating $195.8 million in cash to the balance sheet and $30.8 million for Bitcoin acquisitions. On substantive terms, the parties describe PubCo as an active institutional digital asset management platform operating under a shared services agreement with New York-based Parataxis Capital Management (PCM), which the presentation notes manages $100 million+ in AUM. The filing credits PCM’s prior allocations from institutional clients like the Virginia Pension Fund, outlines a leadership roster featuring Founder/CEO Jin Chun, Chief Investment Officer Richard Lee, and COO/General Counsel Edward Chin, and details a treasury strategy focused on generating yield via covered calls and ISDA-backed counterparty liquidity rather than passive holding. The presentation cites third-party market data showing institutional portfolio allocations ranging from 0.8% to 9.9% across entities such as Harvard Endowment and Weiss Asset, references MSTR raising approximately $5.8 billion in perpetual preferred equity in 2025, and maps a South Korea execution pipeline that includes a previous KRW 25 billion (~$20 million) investment now operating as Parataxis Korea and a KRW 35 billion (~$25 million) acquisition of Sinsiway Co., Ltd. renamed Parataxis Ethereum, with a subsequent merger between the two entities anticipated to close around October 2026. The parties further specify that all digital assets will rely on qualified third-party custody with zero self-custody, while flagging risks spanning Bitcoin and ETH price volatility, cyberattack exposure, potential regulatory reclassification as an “investment company,” and corporate alternative minimum tax obligations triggered by unrealized fair value gains. Why it matters: For investors monitoring redemption trajectories and trust deployment, this filing confirms the 2027-04-15 deadline remains untouched while quantifying the exact dilution vectors (founder shares, warrants, conditional earnouts) and liquidity pathways that will dictate post-combination share count and listing sustainability. The disclosed allocation of $30.8 million toward Bitcoin purchases directly tether public shareholder capital to crypto market volatility and yield execution assumptions, bypassing traditional operating working capital buffers. The sponsor’s advisory fee entitlement, dual-class voting control retained by newly issued Class C shares, and unvested earnout mechanics establish a clear governance and economic overhang that will heavily influence the upcoming proxy solicitation dynamics. Furthermore, the target’s reliance on external management via PCM, extreme concentration in single-chain treasuries, and dependence on South Korean institutional adoption pipelines introduce idiosyncratic execution risks that supersede standard SPAC diligence timelines. Because the filing contains forward-looking valuation frameworks—explicitly citing ~1.5% management fees, approximately 50% EBITDA margins, 15–25x EBITDA multiples, and a ~$393 million implied equity value @ $10.00 per share—all marked as illustrative and non-GAAP, investors cannot treat these projections as binding commitments, yet they establish the baseline mathematical assumptions management will deploy when defending the transaction at the extraordinary general meeting.
What changed: A Form 8-K filed pursuant to Rule 425, serving as a written communication regarding a proposed business combination and containing Exhibit 2.1, a First Amendment to the Business Combination Agreement. The parties amended the contractual 'Outside Date' for completing the merger between SilverBox Corp IV and Parataxis Holdings Inc. from May 6, 2026 to August 6, 2026. This modification alters the deadline for satisfying closing conditions under Article VIII and extends the period before automatic termination rights under Section 9.1(b) activate. The amendment was executed by Stephen M. Kadenacy on behalf of SilverBox Corp IV and SilverBox Sponsor IV LLC, and Edward Chin on behalf of Parataxis Holdings Inc., Parataxis Holdings LLC, and their merger subsidiaries. Why it matters: Extending the outside date by three months directly impacts redemption and timeline mechanics by delaying the shareholder vote, definitive proxy mailing, and the subsequent redemption window, giving management additional time to manage potential liquidity shortfalls. The filing explicitly states that the 'level of redemptions of SBXD’s public shareholders' could 'reduce the amount of funds available for PubCo to execute on its business strategies' and jeopardize exchange listing requirements. Beyond timing, the filing attributes specific operational and financial claims to the prospective combined entity: PubCo’s strategy centers on 'digital assets' with demand concentrated in 'South Korea'; its valuation 'will be highly correlated to the price of Bitcoin'; and it faces custody risks including 'loss or destruction of private keys,' 'cyberattacks,' and potential regulatory reclassification of Bitcoin as a security. Concentration risk is noted regarding a 'potential investment in a single KOSDAQ-listed company.' Dilution pathways are disclosed through 'existing warrants,' 'SBXD Class B ordinary shares held by the sponsor,' and a 'standby equity purchase agreement (SEPA).' Leadership is identified as Stephen M. Kadenacy (Chief Executive Officer/Co-Managing Member) and Edward Chin (President/Seller Representative). No customer lists, revenue figures, or market size data are provided in this submission.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2026-08-06 · unchanged
The clause …“Amendment”), which amends the Business Combination Agreement to extend the Outside Date from May 6, 2026 to August 6, 2026. The First Amendment is filed as Exhibit 2.1 to this Current Report on Form 8-K and the foregoing description”…
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: A Form 8-K current report announcing the execution and filing of a First Amendment to the Business Combination Agreement, accompanied by standard regulatory disclaimers and a comprehensive forward-looking risk disclosure section. The First Amendment, dated May 1, 2026 and signed by SilverBox Corp IV Chief Executive Officer Stephen M. Kadenacy and Parataxis Holdings Inc. President Edward Chin, deletes and replaces Section 9.1(b) of the original Business Combination Agreement (dated August 6, 2025) to extend the 'Outside Date' from May 6, 2026 to August 6, 2026. This extends the window for satisfying or waiving closing conditions before either party may terminate the agreement via written notice. The filing also explicitly states a whole warrant exercise price of $11.50. No amendments to redemption procedures, trust account terms, or sponsor equity positions were disclosed. Why it matters: The three-month extension delays the definitive termination trigger, shifting the timeline for potential shareholder redemptions and the subsequent extraordinary general meeting. According to the forward-looking statements section authored by SPAC and PubCo leadership, the extended timeline does not mitigate substantial execution and market risks that could alter trust realization or listing viability. Management warns that PubCo’s stock price will be highly correlated to Bitcoin volatility, demand for digital assets in South Korea is uncertain, Bitcoin trading venues face greater fraud and security failure risks than traditional markets, private key loss or cyberattacks could cause permanent Bitcoin forfeiture, regulatory reclassification of Bitcoin as a security could trigger Investment Company Act classification, a Standby Equity Purchase Agreement (SEPA) may cause unpredictable dilution, and investors will face immediate material dilution upon closing from Sponsor Class B ordinary shares. These attributed disclosures highlight operational, custodial, and regulatory headwinds beneath the revised contractual deadline.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- not previously extracted2026-08-06
SpacBrain reads this as the agreement may be terminated from 2026-08-06.
The clause …“Amendment ), which amends the Business Combination Agreement to extend the Outside Date from May 6, 2026 to August 6, 2026. The First Amendment is filed as Exhibit 2.1 to this Current Report on Form 8-K and the foregoing description”…
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: Annual Report on Form 10-K for fiscal year ended December 31, 2025. Company entered into a definitive business combination agreement with Parataxis Holdings on August 6, 2025. Trust account grew from $204.65M to $213.35M due to $8.69M in interest income. Sponsor transferred 10,000 Class A units to a director as compensation ($53k expense). Received $275k advance from sponsor. Deferred underwriting fee reduced from $10.3M to $6.03M contingent on deal closing. SBXE (affiliate) completed $276M IPO on December 4, 2025, creating potential conflict of interest. Why it matters: Provides audited financials and updated trust value ($10.67 per share redemption value as of Dec 31, 2025). Confirms deal with Parataxis is in progress, with a $25M minimum cash condition and $5,000,001 net tangible asset requirement. Notes substantial doubt about going concern if business combination not completed by August 19, 2026 deadline. Discloses insider advances and compensation.
What changed vs 2025-03-13trust $204.7M → $213.3M +4%going concern APPEAREDtrust account, going-concern doubt, combination deadline +22 moved · 3 with no prior record of ours
- Trust account
- $204.7M$213.3M
- Going-concern doubt
- not statedstated
- Combination deadline
- not previously extracted2026-08-19
- Mandate language
- we intend to focus our search for an initial business combin… · unchanged
- Redeemable shares
- 20.0Mnot matched in this filing
SpacBrain reads this as $8,692,532 was added to the trust between the two filings.
The clause “0 of cash for operating activities. As of December 31, 2025, we had investments held in the Trust Account of $213,347,170 (including approximately $12,347,170 of interest income) consisting of U.S. Treasury Bills with a maturity of 185”…
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“within one year of the issuance of these financial statements raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a business combination.”…
The clause …“unable to raise additional funds to alleviate liquidity needs and complete a business combination by August 19, 2026, then the Company will cease all operations except for the purpose of liquidating. The liquidity condition and date”…
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: an amended Schedule 13G compliant beneficial ownership report. This document is a routine compliance exhibit: an amended Schedule 13G beneficial ownership report. Regarding redemption mechanics, trust valuation, extensions, deal progress, and sponsor conduct, the filing excerpt contains no disclosures altering the April 15, 2027 deadline, the $10.86 trust per share amount, any proposed extension vote, the announced deal trajectory, or sponsor governance. The seven affiliated reporting parties—Sculptor Capital LP, Sculptor Capital II LP, Sculptor Capital Holding Corp, Sculptor Capital Holding II LLC, Sculptor Capital Management, Inc., Sculptor Master Fund, Ltd., and Sculptor Special Funding, LP—made no numerical assertions, position updates, or operational statements in this excerpt. Concerning other substance, the text includes zero claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel; the entire submission is restricted to entity listing and form classification. Why it matters: For investors tracking SBXD, this filing confirms that multiple Sculptor Capital-affiliated vehicles remain active in SEC equity reporting for the SPAC. Because the excerpt lacks share counts, acquisition dates, joint-filing agreements, or amendment footnotes, it provides no signal regarding accumulated voting power, potential block disposition, or coordinated redemption behavior ahead of the statutory window. Monitoring subsequent filings from these specific holders is necessary to verify whether institutional concentration shifts near the April 2027 cutoff or during the pending business combination proxy cycle.
What changed: A routine compliance exhibit consisting of Limited Powers of Attorney filed with the SEC, wherein authorized representatives of Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Americas LLC, and Mizuho Securities USA LLC delegate authority to designated officers to prepare, execute, and submit Schedule 13G forms and related amendments. The filing contains zero information bearing on redemption deadlines, trust value, extension approvals, target business progression, or sponsor conduct. According to the signatures of Hidekatsu Take and Adam Hopkins, the only change effected is internal corporate authorization for Takahiro Katsura to manage Section 13(d) and 13(g) regulatory submissions on behalf of the Mizuho subsidiaries. Why it matters: Because the document functions strictly as an administrative routing instrument for exchange act reporting obligations, it produces no alteration to the SPAC’s economic framework or transactional timeline. There are no substantive claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel disclosed in the text. Investors tracking redemption parameters, capital preservation, or deal execution milestones will find no actionable intelligence in this exhibit and must instead look to merger agreements, proxy solicitations, or formal tender offer documents for updates that would directly affect shareholder options or business combination status.
What changed: Schedule 13G — beneficial ownership report. The filing identifies W. R. Berkley Corporation and Berkley Insurance Company as the reporting holders. The provided excerpt contains no share quantities, acquisition or disposition dates, percentage-of-outstanding metrics, or references to redemption deadlines, trust value, extension proposals, business combination milestones, or sponsor conduct. Why it matters: This is a routine regulatory compliance exhibit confirming institutional aggregation meeting the statutory reporting threshold. According to the filing text, Berkley-affiliated entities maintain an interest in SBXD, but because the excerpt lacks voting tallies, redemption election disclosures, amendment footnotes detailing share purchases or sales, or any commentary on the pending transaction, it does not shift the redemption calendar, alter expected trust distribution mechanics, or signal changes in sponsor behavior. The document contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or executive personnel; therefore, investors tracking SBXD should await subsequent Schedule 13D/A updates, proxy materials, or company press releases for substantive developments that could affect the business combination deadline or shareholder redemption calculus.
What changed: Rule 425 investor presentation filed pursuant to the Securities Act of 1933 and deemed filed under Rule 14a-12 of the Securities Exchange Act of 1934, delivering informational marketing materials regarding the proposed business combination between SilverBox Corp IV (“SBXD”) and Parataxis Holdings LLC/Inc. No amendment to the 2027-04-15 liquidation deadline or statutory trust redemption mechanics. The filing clarifies that illustrative pro forma capital builds assume zero redemptions and explicitly warn that elevated redemptions would reduce deployable trust proceeds, threaten exchange listing thresholds, and hinder financing optimization. It confirms sponsor economics by stating SilverBox Securities (an affiliate of the Sponsor) is contractually entitled to advisory fees upon closing, highlights immediate dilution from sponsor-held Class B ordinary shares, and discloses a dual-class governance structure where COO Edward Chin will receive Class C shares carrying 80% of aggregate voting power post-business combination. No trust extension proposal or mechanical modification to the redemption timeline is disclosed. Why it matters: The presentation articulates a concentrated Bitcoin and Ethereum treasury strategy paired with an institutional digital asset management platform, executing operations under a shared services agreement with affiliated manager Parataxis Capital Management (“PCM”). The parties state PCM has managed “more than $100 million in AUM” for institutional clients including U.S. public pensions since 2019. The parties’ illustrative economic framework projects “~1.5%” management fees on assets and “~50% EBITDA margin,” scaling to illustrate roughly $75 million in revenue at $5 billion AUM. Treasury yield assumptions are stated as “5 - 10% in BTC terms / 20%+ in USD terms,” while principal capital deployment targets “20%+ (in USD terms)” returns. For valuation benchmarks, the parties note comparable fee managers “may be valued at 15 - 25x EBITDA” or balance-sheet lenders sustaining “20%+ ROE” “may be valued at >2.0x book,” yielding illustrative equity values of “~$100m to ~$1bn” or “~$500m+”. Operational traction cited includes KOSDAQ-listed vehicles Parataxis Korea (BTC) and Parataxis Ethereum (ETH), with the parties noting they “raised KRW 25 billion (~US$17 million) since August 2025” and that both equities “continue to trade at a significant premium to NAV.” Risk mitigations include a strict non-self-custody mandate requiring third-party institutional custodians subject to board-defined criteria. Every forward-looking projection, return assumption, AUM pathway, valuation multiple, and strategic rationale is explicitly labeled illustrative, conceptual, and non-binding, with the parties repeatedly cautioning that outcomes hinge on Bitcoin price volatility, South Korean regulatory/geopolitical exposures, cybersecurity vulnerability, potential SEC reclassification as an “investment company,” and uncertain institutional adoption timelines.
What changed: This is a Securities Act Rule 425 filing submitted via Form 8-K, constituting a written communication regarding a proposed business combination. It functions as a compliance exhibit attaching Exhibit 99.1, a December 4, 2025 press release announcing a definitive acquisition agreement. Deal progress: According to the attached press release, Parataxis Holdings LLC announced a definitive agreement to acquire a controlling interest in Sinsiway Co. Ltd. (KOSDAQ: 290560) in a transaction valued up to KRW 35 billion. Upon closing, Sinsiway will be renamed Parataxis ETH, Inc. and continue trading on the KOSDAQ. The 8-K text notes that a shareholder meeting for the target company is expected in January 2026 to finalize transaction details. Regarding SPAC mechanics, the filing’s Item 8.01 and embedded risk factors reiterate that failure to consummate the business combination by SilverBox Corp IV’s existing business combination deadline may trigger adverse price impacts and listing maintenance challenges. The document discloses no adjustments to the trust account balance, redemption floors, or extension provisions. Personnel changes include Edward Chin joining the target company’s board and Michael Myunghoon Lee assuming the chief executive officer role, while the filing identifies Shin & Kim LLC as legal advisor to Parataxis Holdings. Why it matters: For investors tracking redemption calendars, trust value, and execution timelines, this filing materially advances the operational blueprint for the combined entity by transitioning from a single Bitcoin treasury model to a dual-pillar framework pairing the previously disclosed Parataxis Korea, Inc. with an Ethereum-based treasury platform. Per statements attributed to Edward Chin, the strategy aims to bridge traditional institutional finance with Ethereum’s stablecoin, decentralized finance, and gaming ecosystems, leveraging U.S.-based institutional expertise. Michael Lee stated the mandate focuses on capturing utility and yield-bearing properties within the Ethereum ecosystem. The filing explicitly warns that elevated redemptions could deplete capital needed for PubCo’s execution and jeopardize exchange listing requirements. It also details material dilution vectors, including sponsor Class B ordinary shares, warrant exercises, and potential Standby Equity Purchase Agreement (SEPA) sales. Cryptocurrency-specific risks highlighted include Bitcoin price volatility correlating with future equity performance, custody and cyberattack exposures, tax treatment uncertainties, and the possibility of regulatory reclassification triggering Investment Company Act coverage. Shareholders should await the preliminary proxy statement/prospectus referenced in Section 9.01 for binding valuation breakpoints, voting records, and exact trust distribution mechanics.
What changed: A Form 8-K current report filed by SilverBox Corp IV on December 4, 2025, furnishing Exhibit 99.1 containing a press release issued by Parataxis Holdings LLC. The filing reports that SilverBox Corp IV has entered into a definitive agreement to combine with Sinsiway Co. Ltd. The transaction is valued up to KRW 35 billion. No changes are reported to the SPAC's trust value ($10.86 per share), redemption deadline (April 15, 2027), or extension provisions. Why it matters: The filing identifies Sinsiway as the merger target. Per the press release, Sinsiway intends to change its corporate name to Parataxis ETH, Inc. and remain listed on KOSDAQ. Edward Chin (Founder and CEO of Parataxis Holdings) states the transaction will create South Korea's first Ethereum-based treasury platform anchored by US-based institutional investors. Michael Myunghoon Lee (CEO designee) attributes this strategy to Ethereum's central role in stablecoins, decentralized finance, and gaming, aiming to provide diversified and institutional-grade exposure to complement existing digital asset strategies. Sinsiway was founded in 2005 and historically focused on database security products for government, financial services, and manufacturing sectors. Parataxis Capital Management notes PCM was founded in 2019. Leadership shifts place Edward Chin on the Board of Directors and install Michael Lee as CEO. A shareholder meeting to vote on the transaction is expected in January 2026. Warrants remain exercisable for one Class A ordinary share at an exercise price of $11.50.
What changed: Schedule 13G/A beneficial ownership report. The filing states that HIGHBRIDGE CAPITAL MANAGEMENT LLC is the reporting holder. It contains no figures on altered share quantities, transaction timestamps, or stated purchase purposes. Accordingly, it reports no modifications to the SBXD April 15, 2027 deadline, the published $10.86 trust value, any proposed extension timeline, target deal progress, or sponsor conduct. Why it matters: Because the excerpt omits concrete equity volumes and event dates, it provides no basis for assessing shareholder exit pressure near the April 15, 2027 deadline or mechanical impacts on the $10.86 trust reserve. The filing contains no additional substantive claims regarding customer contracts, revenue streams, addressable market dimensions, corporate strategy, technological capabilities, partnership arrangements, ongoing litigation, or management personnel changes.(flagged for human review)
What changed: Quarterly Report on Form 10-Q for the period ended September 30, 2025, filed by SilverBox Corp IV (SBXD), a SPAC that has announced a business combination with Parataxis Holdings LLC. The filing reports the execution of a Business Combination Agreement on August 6, 2025 with Parataxis Holdings LLC. Sponsor advanced $175,000 to cover de-SPAC expenses. Sponsor transferred 10,000 Class A Units to a director as compensation (valued at $53,000). Trust account per-share redemption value increased from $10.23 at December 31, 2024 to $10.56 at September 30, 2025. The company also engaged Santander as capital markets advisor with up to $10.3 million in success fees. No changes to redemption deadline (still August 19, 2026) and no extension vote occurred. Why it matters: This is the first quarterly filing since the Parataxis deal was announced, providing the trust account value ($211.2 million, $10.56 per share), updated redemption mechanics, and deal-related costs (deferred legal fees of $2.1 million, deferred underwriting of $10.3 million now replaced by Santander fee). The filing also highlights going concern risk if the deal fails by August 19, 2026, and shows sponsor support through a working capital advance.
What changed vs 2025-08-12trust $209.0M → $211.2M +1%trust account, going-concern doubt1 moved · 1 with no prior record of ours
- Trust account
- $209.0M$211.2M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $2,255,300 was added to the trust between the two filings.
The clause …“current assets 225,665 937,154 Long-term prepaid insurance 64,974 Investments held in Trust Account 211,208,265 204,654,638 Total Assets $ 211,433,930 $ 205,656,766 Liabilities and Shareholders Deficit Current liabilities Accrued”…
The clause …“year of the issuance of these unaudited condensed financial statements raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
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: Schedule 13G/A beneficial ownership amendment accompanied by a routine administrative Power of Attorney. The provided filing text contains only a Power of Attorney executed by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC on July 16, 2025. It updates the roster of authorized attorneys-in-fact to 18 specifically named individuals who may execute Rule 13f-1 or Regulation 13D-G filings on behalf of the firms, supersedes prior POAs dated July 29, 2024 and October 1, 2024, and establishes an expiration of July 16, 2026. The excerpt discloses no ownership percentages, share counts, voting intentions, or redemption-related data. Why it matters: For investors monitoring SBXD’s redemption deadlines, $10.86 per-share trust value, April 15, 2027 termination date, deal execution, or sponsor conduct, this submission introduces no operational or financial developments. It is a standard regulatory housekeeping filing confirming Goldman Sachs’ ongoing Section 13(g) reporting obligation, with zero implication for shareholder redemption rights, trust fund allocation, proxy solicitations, or the status of the announced business combination.
What changed: A Form 8-K current report filed by SilverBox Corp IV on November 6, 2025, disclosing an amendment to the Preferred Equity Subscription Agreements tied to its proposed business combination with Parataxis Holdings Inc. (Pubco) and Parataxis Holdings LLC. Item 1.01 reports that on October 31, 2025, the parties amended the original August 6, 2025 agreements governing the private placement of 3,100,000 preferred equity units at a purchase price of $10.00 per unit for an aggregate purchase price of $31,000,000. The amendment eliminates prior prohibitions on the Company pledging, hypothecating, or encumbering Bitcoin bought with those proceeds, and explicitly permits using such Bitcoin as collateral or credit support to secure any indebtedness or financing arrangements. The filing confirms these contractual changes do not alter the SPAC’s redemption calendar, the $10.86 per share trust value, or the April 15, 2027 business combination deadline. Why it matters: The filing outlines a strategic shift toward leveraging the target’s digital asset treasury, which triggers extensive risk disclosures authored by the parties. According to the document, PubCo’s future stock price will be highly correlated to Bitcoin’s volatility, and management has warned of significant legal, commercial, and technical uncertainties surrounding Bitcoin custody, including potential loss from cyberattacks or destroyed private keys. The filing attributes to the parties’ own forward-looking statements caution regarding fluctuating demand for digital assets in South Korea, geopolitical tensions in the region, and concentration risk tied to a single potential investment in a KOSDAQ-listed company. Furthermore, the document notes that a regulatory reclassification of Bitcoin could force PubCo to qualify as an investment company under the Investment Company Act of 1940, and warns that investors may experience immediate dilution from the SBXD Class B ordinary shares held by the Sponsor. None of these operational or risk-related disclosures modify the underlying SPAC mechanical timelines or trust accounting.
What changed: A Form 8-K current report filed concurrently under Securities Act Rule 425 disclosing a written communication regarding an amendment to Private Placement agreements in connection with the proposed business combination between SilverBox Corp IV and Parataxis Holdings Inc. The filing reports that on October 31, 2025, Pubco, the Company, and certain accredited Preferred Equity Investors amended their Preferred Equity Subscription Agreements (originally dated August 6, 2025) to remove prohibitions on encumbering Bitcoin purchased with the $31,000,000 aggregate purchase price (representing 3,100,000 units at $10.00 per unit) proceeds. The amendment now permits the Company to pledge, grant security interests, create liens, or otherwise use those specific Bitcoin holdings as collateral to secure indebtedness or other financing arrangements. The document does not modify SBXD’s redemption calendar, trust value, or extension mechanics, nor does it disclose any sponsor conduct changes, though it includes standard language cautioning that public shareholder redemptions may reduce funds available for PubCo’s strategies. Why it matters: This amendment alters the capital structure playbook by allowing the target to leverage its core Bitcoin inventory as credit support, which increases liquidity options but concentrates risk. As stated in the filing’s forward-looking statements and risk factors authored by SBXD, PubCo, and the Company, this structure exposes the combined entity to Bitcoin price volatility, potential custodial failures or cyberattacks, regulatory uncertainty regarding crypto classification, and possible reclassification under the Investment Company Act of 1940. The submission advances deal progress by confirming an S-4 registration statement (file number 333-289994) contains a preliminary proxy statement/prospectus and indicating that definitive proxies will be mailed to SBXD shareholders following a record date for a shareholder vote. Beyond mechanics, the Parties assert in their disclosures that PubCo’s business will face demand conditions tied to digital assets in South Korea, potential immediate dilution from SBXD Class B ordinary shares, future dilution from warrant exercises and a standby equity purchase agreement (SEPA), and a concentrated investment risk involving a single KOSDAQ-listed company. No specific customer lists, historical revenue figures, or technology specifications are provided; all operational, market, and strategic assertions remain attributable to the filing’s parties and their risk disclosures.
What changed: A Form 425 communication filed by SilverBox Corp IV pursuant to Rule 425 under the Securities Act of 1933, transmitting a press release issued by Parataxis Holdings LLC on October 15, 2025 regarding strategic and operational updates at its South Korean portfolio company. No updates are provided to the redemption deadline, trust account valuation, extension provisions, or governing transaction agreements. The filing reiterates standard proxy risk disclosures, noting that 'the level of redemptions of SilverBox’s public shareholders which will reduce the amount of funds available for Pubco to execute on its business strategies' and cautioning investors that 'the Transactions [may not be] completed by SilverBox’s business combination deadline.' Deal progress is characterized solely as Parataxis Holdings 'advanc[ing] toward its proposed business combination,' with no revised proxy mailing schedules, trustee statements, or sponsor conduct modifications documented. Why it matters: The press release introduces personnel, technology, and balance-sheet metrics intended to validate the merger thesis ahead of the shareholder vote. Andrew Kim, CEO of Parataxis Korea, claims the subsidiary built 'over 150 BTC' in holdings during a September 2025 market pullback following its rebrand from Bridge Biotherapeutics in August 2025. Parataxis Holdings reports closing a 'KRW 10 billion (approximately US$7 million)' equity financing round in September 2025 to accelerate treasury expansion. Edward Chin, Chairman of Parataxis Korea and Founder and CEO of Parataxis Holdings, outlines a vertical integration strategy to acquire '1,150 ASIC miners producing 224 petahash of hashrate,' projecting approximately '60% EBITDA margins' and targeting cash-flow positivity in fiscal year 2026. These assertions detail the target’s custody standards, hashrate infrastructure, and yield-generation roadmap, giving institutional allocators and public shareholders substantive operating data to weigh alongside the $10.86 trust per share and potential Class B dilution mechanics.
What changed: A Form 425 written communication filed under the Securities Act of 1933 announcing the September 3, 2025 filing of a Registration Statement on Form S-4 (File No. 333-289994) by Parataxis Holdings Inc. and Parataxis Holdings LLC, which contains a preliminary proxy statement and prospectus for the proposed business combination with SilverBox Corp IV. The filing transitions the transaction into the SEC review and shareholder solicitation phase. The Parties state that the included preliminary Proxy Statement/Prospectus will direct the subsequent mailing schedule, establish a record date, and convene an extraordinary general meeting where SilverBox shareholders will vote on and exercise redemption rights. The filing explicitly warns that heavy redemptions will reduce capital available to Pubco and may jeopardize Pubco’s ability to maintain a national exchange listing. It also details structural mechanics relevant to holders, confirming each whole warrant is exercisable for one Class A ordinary share at $11.50 and alerting investors to imminent dilution from the sponsor’s Class B ordinary shares upon closing. Why it matters: Substantively, the Parties foreground Pubco’s post-combination business model and risk profile ahead of any redemption or voting decision. The Parties’ stated risk factors describe Pubco’s anticipated operations as centered on holding Bitcoin, asserting that Pubco’s stock price will be highly correlated to Bitcoin’s price and exposing holders to severe volatility, custody failures, private key loss, and the risk that regulatory shifts reclassify Bitcoin as a security or categorize Pubco as an investment company. The Parties also disclose that Parataxis holds a stake in a KOSDAQ-listed company vulnerable to total loss from South Korean geopolitical and regulatory pressures. Furthermore, the Parties acknowledge a standby equity purchase agreement (“SEPA”), noting that unspecified future sales under it will dilute existing stockholders and produce proceeds that may not generate significant returns. These operational, regulatory, and capital structure disclosures materially shape the incentive framework for SPAC shareholders weighing whether to hold through the proxy cycle or convert shares before the business combination deadline.
What changed: A Form 8-K written communication under Securities Act Rule 425 announcing the September 3, 2025 filing of a preliminary Registration Statement on Form S-4 (containing a preliminary proxy statement/prospectus) for a proposed business combination. This filing reports that Parataxis Holdings Inc. (Pubco) and its affiliate Parataxis Holdings LLC have submitted a Form S-4 (File No. 333-289994) advancing the previously announced merger with SilverBox Corp IV into the SEC review phase. It confirms that a record date will be set for an extraordinary general meeting where SPAC public shareholders will vote to approve the transactions and determine whether to exercise redemption rights. The filing does not modify the April 15, 2027 business combination deadline or alter the stated $10.86 per share trust value. It additionally discloses a standby equity purchase agreement (SEPA) and warns that future SEPA sales, exercises of existing warrants priced at $11.50 per share, and settlement of sponsor Class B ordinary shares will cause dilution upon closing. Why it matters: The S-4 filing initiates the definitive proxy and prospectus circulation timeline, meaning redemption notices, voting materials, and final pro forma trust mechanics will be distributed once the SEC declares the registration effective. According to the risk factors and forward-looking statements drafted by SilverBox and Parataxis leadership, the combined entity’s strategy centers on Bitcoin holdings and South Korean operations, including an investment in a KOSDAQ-listed company. Executives caution that Pubco’s stock price will be highly correlated to Bitcoin’s extreme volatility, that security breaches could permanently erase Bitcoin via destroyed private keys, and that regulatory shifts might force classification as an Investment Company under the 1940 Act. They also highlight risks that U.S. foreign exchanges could label Pubco a shell company, restricting listing rules and resale reliance. These operational, custodial, and cross-border regulatory exposures directly affect the viability of deploying trust proceeds, maintaining exchange eligibility, retaining key employees, and realizing anticipated benefits before the statutory deadline.
What changed: A Form 425 filing containing a press release issued by SilverBox Corp IV announcing a follow-on equity financing by Parataxis Korea, Inc. Mechanics & Redemption Parameters: The filing reports no changes to SilverBox IV’s redemption schedule, trust account balance per share, extension mechanisms, or the April 15, 2027 termination deadline. It does disclose that the financing event is priced 'shortly after the closing of the transaction and rebranding of Parataxis Korea,' confirming post-merger operational sequencing. Business & Strategic Updates: Parataxis Korea (KOSDAQ: 288330) announced the pricing of a KRW 10 billion capital raise executed through a paid-in-capital increase in shares. According to CEO Andrew Kim, the proceeds will be deployed to 'further scale its previously announced BTC treasury strategy.' Kim noted that the pricing reflects a 'vote of confidence from Korean and US institutional investors,' emphasized that the company maintains a 'majority equity financed balance sheet to-date,' and committed to releasing 'further specific information about its business plan and strategy to the public' after the financing. Kim also confirmed he will deliver a keynote address on the 'BTC treasury South Korean market opportunity' at BTCON. Why it matters: Confirms active capital deployment and executive messaging velocity following the SPAC transaction, providing trackable evidence of execution against the stated treasury mandate. The pending public strategy disclosure and conference presentations serve as likely catalysts for holder sentiment and valuation monitoring ahead of the redemption and termination window, while leaving all statutory SPAC mechanics unchanged.
What changed: A Schedule 13G beneficial ownership report filed with the SEC, which attributes equity interests in SilverBox IV (SBXD) to Highbridge Capital Management, LLC. The filing confirms passive institutional holding by Highbridge Capital Management, LLC. It contains no data, statements, or amendments relating to the SPAC’s trust account valuation, shareholder redemption cutoff date, extension voting mechanics, business combination timeline, target diligence stage, or sponsor fiduciary and capital contribution conduct. Why it matters: Beyond verifying that Highbridge Capital Management, LLC maintains a reported stake, the document makes no claims concerning prospective target customers, expected revenue runrates, total addressable market estimates, integration strategy, proprietary technology, channel partnerships, active or threatened litigation, or management and director personnel. Schedule 13G submissions are routine passive-disclosure instruments; without disclosed share quantities, acquisition timestamps, or strategic commentary, the filing does not shift investor calculations around redemption pressure, trust preservation, extension feasibility, or merger execution risk.
What changed: Schedule 13G/A beneficial ownership report. Polar Asset Management Partners Inc. filed an amended Schedule 13G/A; the excerpt provides no share counts, ownership percentages, or statements affecting redemption windows, trust value distributions, extension votes, or deal completion timelines. Why it matters: The filing complies with SEC disclosure rules for institutional holders but does not move the needle on the April 15, 2027 termination deadline, merger status, or sponsor conduct. The text contains no attributable claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel, and presents no numerical data beyond the filing identifier.
What changed: Schedule 13G/A – beneficial ownership report amendment. This filing identifies seven Sculptor Capital affiliates (Sculptor Capital LP, Sculptor Capital II LP, Sculptor Capital Holding Corp, Sculptor Capital Holding II LLC, Sculptor Capital Management, Inc., Sculptor Master Fund, Ltd., and Sculptor Special Funding, LP) as reporting parties. The provided excerpt discloses no share quantities, ownership percentages, acquisition or disposition dates, or stated purposes for the transaction. Accordingly, the filing contains no updates regarding redemption windows, trust distribution mechanics, proposed merger approvals, SPAC termination extensions, or sponsor conduct. It also contains no substantive claims or data regarding customer contracts, financial performance, total addressable markets, corporate strategy, intellectual property, commercial alliances, regulatory litigation, or executive personnel movements. Why it matters: Market participants monitoring SilverBox IV should note that multi-vehicle 13G/A submissions frequently reflect internal asset segregation, manager-level reporting requirements, or standard joint-filing protocols rather than activist positioning or liquidity pressure. Because the excerpt omits the critical Part II data points (aggregate beneficial ownership percentage, sole or shared voting power, and sole or shared disposition power), investors cannot determine whether Sculptor Capital retains passive indexing behavior, exercises voting control, or coordinates blockholder activity ahead of the announced business combination or the April 2027 expiration horizon. As a routine compliance exhibit, the submission confirms institutional tracking continues but provides no actionable signal for redemption timing, valuation realization, or deal execution milestones.
What changed: Routine compliance exhibit: an amended Schedule 13G beneficial ownership report identifying AQR Capital Management, LLC; AQR Capital Management Holdings, LLC; and AQR Arbitrage, LLC as reporting persons, submitted under SEC docket 0001085146-25-005153. The label Schedule 13G/A denotes a procedural update to a prior ownership disclosure. The provided excerpt lists only the entity names and the filing series; it omits share quantities, percentage thresholds, acquisition dates, and the specific nature of the reported adjustment. Consequently, no verifiable change to the holders economic interest, redemption exposure, or influence over the SPACs announced business combination is documented. The text addresses neither the sponsors operational conduct, trust preservation mechanisms, nor the expiration timeline. Why it matters: Because the amendment carries no numerical disclosures, its significance rests solely on the regulatory obligation of the named investment managers to notify the SEC of portfolio shifts. For tracking purposes, the filing confirms that the AQR entities remain in the register, which maintains transparency around institutional concentration ahead of shareholder action. Without the complete attachment showing revised line items, investors cannot determine whether the firms accumulated shares through open-market purchases, executed arbitrage hedges, or merely corrected administrative errors. The document functions as a compliance checkpoint rather than a definitive indicator of liquidity conditions or merger approval probability.(flagged for human review)
What changed: Routine compliance exhibit attached to a Schedule 13G/A—specifically, two Powers of Attorney executed by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC. The filing introduces zero adjustments to the SBXD redemption calendar, trust/shares valuation ($10.86), extension triggers, merger execution timeline, or sponsor governance. The only substantive update is procedural: both Goldman Sachs entities refreshed their internal delegation protocols. Executed on July 16, 2025, and signed by Carey Ziegler (identified as Attorney-in-Fact for The Goldman Sachs Group, Inc. and Managing Director for Goldman Sachs & Co. LLC), each entity appointed the same roster of twenty employees—including Sadhiya Raffique, Santosh Vinayagamoorthy, D Guru Prasad, Tobi Amusan, Akash Keshari, Papa Lette, Andrzej Szyszka, Rahail Patel, Taiki Misu, Regina Chan, Mariana Audeves Martinez, Asheesh Bajaj, Abhilasha Bareja, Veronica Mupazviriwo, Sam Prashanth, Ameen Soetan, Abhishek Vishwanathan, Elizabeth Novak, and Matthew Pomfret—as attorneys-in-fact. These authorities cover all Rule 13f-1 and Regulation 13D-G submissions related to beneficially owned securities, remain effective until July 16, 2026 (terminating early for any individual who ceases employment or relevant duties), and expressly supersede earlier authorizations dated July 29, 2024, and October 1, 2024. Why it matters: This is a standard administrative filing that carries no operational, financial, or transactional weight for SBXD investors. It does not alter shareholder redemption windows, change trust account liquidity parameters, modify proxy solicitation rules, advance or stall the announced business combination, or signal any departure or realignment among SilverBox's leadership or advisory teams. Its sole function is to maintain Goldman Sachs' uninterrupted compliance with SEC disclosure mandates for its equity positions while preventing filing delays caused by staff turnover or signature authentication bottlenecks.
What changed: Routine compliance exhibit — an Amended Schedule 13G beneficial ownership report. The filing reports a regulatory disclosure update attributable to the Healthcare of Ontario Pension Plan Trust Fund regarding its equity position in SBXD. The provided excerpt contains no share quantities, percentage changes, transaction dates, or monetary values. It references neither trust account balances, redemption timelines, extension mechanics, deal progress, nor sponsor conduct. Why it matters: Schedule 13G/A submissions typically mark institutional threshold crossings or position adjustments that could influence future shareholder voting or secondary liquidity, but this truncated record supplies no measurable changes or commercial commentary. Without explicit amendment language or financial disclosures, it cannot inform redemption calendar planning, trust account depletion projections, or business combination risk assessments.
What changed: Schedule 13G/A beneficial ownership report. Barclays PLC filed this periodic disclosure reporting changes in its beneficial ownership of SBXD securities; the provided excerpt does not disclose share quantities, ownership percentages, transaction dates, or the stated purpose of the filing. Why it matters: The submission does not alter the April 15, 2027 business combination deadline, the $10.86 per share trust value, redemption processing, extension voting procedures, target selection status, or sponsor governance practices. Because the document contains no quantified holdings or transaction details, it provides no measurable indicator of redemption pressure, capital adequacy for the merger, or shifts in institutional confidence that would signal deal progression or raise concerns about sponsor conduct.
What changed: Quarterly report on Form 10-Q for the period ended June 30, 2025. On August 6, 2025, the Company entered into a Business Combination Agreement with Parataxis Holdings Inc., Pubco, and merger subs to combine with Parataxis. The trust value per share increased to $10.45 as of June 30, 2025, from $10.23 at December 31, 2024, due to interest income. The Company also engaged Santander US Capital Markets LLC for advisory services, with up to $10.3 million in fees due upon completion. Why it matters: This filing reveals the first specific business combination target for SilverBox Corp IV, providing investors with a concrete deal to evaluate for redemption decisions. The trust value of $10.45 per share sets the redemption price baseline. The Company's disclosure of a going concern uncertainty and limited working capital underscores the importance of completing a deal. The Santander engagement indicates progress toward closing, but the success depends on shareholder approval and market conditions.
What changed vs 2025-05-13trust $206.8M → $209.0M +1%going concern APPEAREDtrust account, going-concern doubt2 moved
- Trust account
- $206.8M$209.0M
- Going-concern doubt
- not statedstated
SpacBrain reads this as $2,182,900 was added to the trust between the two filings.
The clause …“assets 504,229 937,154 Long-term prepaid insurance 12,529 64,974 Investments held in Trust Account 208,952,965 204,654,638 Total Assets $ 209,469,723 $ 205,656,766 Liabilities and Shareholders Deficit Current liabilities Accrued”…
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“acceptable terms, if at all. The Company s liquidity condition raises 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 accompanying”…
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: A Rule 425 filing containing a press release and investor communication announcing the conclusion of a special shareholder meeting and the closing of a business combination among SilverBox Corp IV, Parataxis Holdings LLC, and a newly formed holding company designated as 'PubCo'. According to the filing, the special shareholder meeting for the change in controlling shareholder has concluded and the transaction is closing. The target business is renaming to Parataxis Korea, Inc., appointing Andrew Kim as CEO, and installing a board including Edward Chin as Chairman. The parties state they intend to file a Form S-4 registration statement containing a preliminary proxy statement/prospectus, with definitive proxies to be mailed to SBXD shareholders following a record date. The document does not disclose specific redemption counts or trust values, but risk factor five acknowledges future redemptions will reduce funds available to PubCo, and risk factor two warns the transactions may fail to complete by SBXD’s business combination deadline. Risk factor twenty alerts that SBXD’s Sponsor holds Class B ordinary shares that could cause immediate material dilution, and risk factor nineteen cites existing warrants. No extension is mentioned. Why it matters: This filing confirms the completion of the SPAC voting milestone and sets the immediate next step for public shareholders: reviewing the forthcoming S-4 and proxy materials before trading begins. The announcement shifts the combined entity’s narrative to becoming a 'premier institutional BTC treasury in South Korea,' with incoming CEO Andrew Kim stating that market reception has been encouraging and the company plans to sponsor BTCON Seoul in September to deliver a keynote on the South Korean market opportunity. The document attributes extensive operational and structural risks to the parties, including heavy reliance on Bitcoin price performance, crypto custody vulnerabilities, South Korean geopolitical and regulatory exposure, potential reclassification as a 'shell company,' and uncertainty around a standby equity purchase agreement (SEPA) that could trigger further dilution. These factors establish the baseline risk profile and liquidity expectations for SBXD holders as the merger converts to a traditional crypto-treasury operating model.
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.