SBXE SEC filings, in plain English
Everything SilverBox V has filed with the SEC that we hold — 30 filings, newest first, 28 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: Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026. Trust account per-share redemption value increased from $10.03 to $10.21, total trust value $281.7M (up $4.9M from interest). Cash fell to $383,385 from $812,892. Net income of $1.75M in Q2, $2.33M in H1 2026. Operating costs surged to $1.69M (H1 2026) vs $18,684 in prior period. Deferred legal fees jumped to $1.31M from $81,595. Warrant liability rose to $4.45M. No working capital loans outstanding. No target identified. Company disclosed substantial doubt about going concern. Why it matters: Trust value per share is now $10.21, above the $10.00 IPO price, supporting redemptions. Cash burn is accelerating, with only $383K on hand and a going concern warning – the SPAC may struggle to fund operations until its December 2027 deadline without a deal or additional capital. The spike in deferred legal fees suggests active deal pursuit, but no target has been announced. The filing provides a clear snapshot of the SPAC's financial runway and trust accretion.
What changed vs 2026-05-12trust $279.2M → $281.7M +1%trust account, going-concern doubt, redeemable shares1 moved · 2 with no prior record of ours
- Trust account
- $279.2M$281.7M
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 27.6M · unchanged
SpacBrain reads this as $2,499,063 was added to the trust between the two filings.
The clause “542,140 959,927 Long-term prepaid insurance 31,250 75,000 Cash and investments held in Trust Account 281,657,661 276,768,884 Total Assets $ 282,231,051 $ 277,803,811 Liabilities, Class A Ordinary Shares Subject to Possible Redemption and”…
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 one year from issuance of these unaudited condensed financial statements.”…
The clause “200,000,000 shares authorized; 195,000 shares issued and outstanding, excluding 27,600,000 shares subject to possible redemption as of June 30, 2026 and December 31, 2025 20 20 Class B ordinary shares, $ 0.0001 par value; 20,000,000”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: 10-Q quarterly report (Form 10-Q) for SilverBox Corp V, a blank-check/SPAC company still searching for a target, filed 2026-05-12 for the quarter ended March 31, 2026. This is the first 10-Q filed after the IPO (December 2025). The trust value grew to $279.2M ($10.11/share) from $276.8M ($10.03/share) due to interest income of $2.4M; operating costs were $1.46M; the trust per-share value is now $10.11 versus the $10.21/share figure in your profile (note discrepancy). The company reported net income of $577k. Deferred legal fees ballooned to $1.28M from $82k, a large increase suggesting legal work on a deal search is underway. Working capital has fallen to $666k from $813k. No Business Combination has been announced or is imminent—the company remains in SEARCHING status with no target selected. Sponsor conduct: an affiliate (SilverBox Securities) is due a $1.66M advisory fee contingent on a deal; deferred underwriter fees of $8.28M and a Santander advisory fee of $8.28M also await closing. Why it matters: This filing establishes the baseline post-IPO financial profile for SBXE. Key data for investors: redemption value is now $10.11/share (above the $10.00 IPO trust), the deadline is Dec 2027 (24 months from Dec 2025), and the cash burn rate (operating costs of ~$1.46M/qtr) is depleting working capital quickly, with a going concern disclosure present. The large jump in deferred legal fees may indicate early-stage deal costs. No extension mechanism has been triggered yet.
What changed: Form 10-K annual report for fiscal year ended December 31, 2025 — SBXE's first annual report after its December 4, 2025 IPO, containing audited financials and standard blank-check business, risk, and governance disclosure. No business combination, extension, or new deal terms were announced. The 10-K confirms the December 4, 2025 IPO of 27,600,000 units at $10.00 (including full over-allotment), gross proceeds of $276,000,000, and $276,768,884 in the trust account as of December 31, 2025 — about $10.03 per public share. It also states no target has been selected and no substantive discussions have occurred, leaving the 24-month completion window running from the IPO closing. Sponsor owns 6,900,000 founder shares and 195,000 private placement units. Why it matters: Investors tracking redemption and deadline mechanics now have a baseline: trust value of roughly $10.03 per share, a 24-month window from December 4, 2025, and no extension mechanism exercised. Deferred underwriting fees of $8,280,000, a Santander advisory fee of $8,280,000, and a contingent SilverBox Securities fee of $1,656,000 are payable at deal close, affecting economics. The company held only $812,892 outside trust at year-end, and the auditor flagged substantial doubt about going concern if no business combination is completed.
What changed: Joint Acquisition Statement pursuant to Rule 13d-1(k) functioning as a joint filing agreement appended to a Schedule 13G beneficial ownership report. The exhibited text reports zero adjustments to redemption windows, trust account distributions, combination deadlines, target acquisition progress, or sponsor governance. It discloses no share volumes, ownership percentages, or transaction dates. According to the agreement executed by Adage Capital Management, L.P., Robert Atchinson, and Phillip Gross, the only procedural update is a mutual stipulation that future Schedule 13G amendments will be filed collectively, with each principal accepting independent liability for the completeness and accuracy of his or its own reported information and restricting responsibility for the others’ disclosures to instances involving actual knowledge of inaccuracies. Why it matters: Because the shared text contains exclusively a signature block and liability allocation clause, it supplies no quantifiable data on institutional accumulation, distribution pacing, or coordinated voting alignment ahead of the referenced two thousand twenty-seven expiration horizon. For investors tracking liquidity mechanics, trust preservation, or deal execution, the exhibit offers no actionable metrics. Furthermore, the filing omits all substantive commercial disclosures—including customer concentration, revenue streams, total addressable market assertions, strategic roadmaps, proprietary technology descriptions, channel partnerships, ongoing disputes, and key personnel movements—meaning no operational, valuation, or conduct signals can be derived until the complete regulatory package containing mandatory schedule tables, purchase price discussions, and purpose-of-transaction narratives becomes publicly available.
What changed: Form 8-K current report (Items 8.01 and 9.01) accompanied by Press Release Exhibit 99.1, which announces the commencement of separate trading for the Class A ordinary shares and redeemable warrants underlying the SPAC’s initial public offering units. In terms of mechanics, the filing confirms that commencing January 23, 2026, unit holders may elect to divide their IPO positions. According to the press release and the report executed by Chief Executive Officer Stephen M. Kadenacy, brokers will instruct transfer agent Continental Stock Transfer & Trust Company to split units containing one Class A ordinary share ($0.0001 par value) and one-third of a redeemable warrant (exercisable at $11.50) into standalone SBXE shares and SBXE.WS warrants. Unsplit units retain the SBXE.U ticker, and the company specifies that only whole warrants are issued upon separation. Regarding other substance, the registrant states it was formed to pursue a business combination and intends to focus its search on Real Estate & Construction. Santander US Capital Markets LLC is cited as the sole book-running manager for the initial underwritten offering, and the press release includes standard forward-looking disclaimers noting that 'No assurance can be given that the Company will ultimately complete a business combination transaction.' There are no changes to the trust account, extension provisions, redemption windows, or sponsor lock-up arrangements disclosed in this submission. Why it matters: This filing represents a routine post-IPO capitalization table adjustment rather than a developmental milestone for the vacated target search. For investors mapping redemption calendars, trust accruals, or extension votes, the absence of any charter amendments, board resolutions, or financing updates means the baseline parameters remain fully intact. However, the operational change holds practical significance: separating the equity and derivative components unlocks independent price discovery and secondary market liquidity ahead of any potential de-SPAC merger. Until the company files reports detailing term sheet negotiations, proxy materials for a shareholder vote, or formal extension solicitations, this mechanical listing transition serves solely to clarify tradable instruments without shifting the strategic or financial trajectory tracked for the trust balance and dissolution deadline.
What changed: Form 8-K Current Report under Item 5.02 announcing the appointment of directors and associated governance arrangements. The filing reports that on January 6, 2026, the board appointed Matt Godden (age 44) and David Rone (age 63) as directors. They were assigned to the Audit, Compensation, and Nominating and Corporate Governance Committees, with Mr. Godden designated Chair of the Compensation Committee and Mr. Rone Chair of the Nominating and Corporate Governance Committee. The registrant executed standard indemnification agreements with both. Furthermore, each director signed the December 2, 2025 letter agreement, which contractually binds them to vote any Class A Ordinary Shares they hold in favor of an initial business combination, to facilitate liquidation and winding up if a combination is not completed within 24 months or an extended period approved by shareholders, and to abide by specific securities transfer restrictions. The filing confirms no familial relationships with existing leadership and no reportable related-party transactions. It does not alter any existing redemption timelines, trust valuation mechanics, or extension provisions. Why it matters: Adding seasoned operators to the board signals continued preparation ahead of a potential target announcement, while reinforcing pre-existing shareholder protection covenants. According to the filing, Mr. Godden has served as President, Chief Executive Officer, and director of Centerline Logistics since 2019, having previously been the company's Senior Vice President and Chief Operating Officer starting in 2015. He operated Focus Technology, a mid-market consulting firm, from 2008 to 2014. He also sits on the executive team of the Blue Sky Maritime Coalition, which aims to achieve net-zero emissions in the North American maritime industry by 2050, and formerly served on the board of the American Waterways Operators. Mr. Rone currently acts as Managing Partner at Guggenheim Partners, leading strategic initiatives for the Chief Executive Officer since April 2021. Previously, he was Co-President of Guggenheim Investments from April 2021 to April 2024 and a Senior Managing Director from January 2017 to April 2021. Per the document, he also serves as a senior executive at TWG Global, a holding company managing investments that include stakes in the Los Angeles Dodgers, Los Angeles Lakers, Chelsea FC, and the Cadillac F1 Team. His earlier career includes roles at Time Warner Cable Networks and Time Warner Cable Sports, Evolution Media Capital, CAA Sports, Fox Sports, and The Walt Disney Company. He began as a transactional attorney specializing in mergers and acquisitions, leveraged buyouts, and corporate financing, holding a B.A. in Economics from Tufts University and a J.D. from Northwestern Pritzker School of Law. While these appointments bolster governance and sector-specific insight, the filing introduces no new commercial data, financial targets, or procedural changes to the trust redemption process.
What changed: FORM 3 — insider ownership report. Reporting person and director Rone David Bradley explicitly disclosed zero non-derivative transactions and zero reported non-derivative holdings as of the 2026-01-08 filing date. This confirms no adjustment to personal equity positions, generating no direct shift to the SPAC’s redemption calendar, trust value trajectory, extension voting windows, merger execution timeline, or sponsor conduct metrics. Why it matters: As a routine regulatory compliance exhibit, this Form 3 filing establishes a verified baseline of director neutrality while the entity remains in a SEARCHING phase. Because the disclosure explicitly reports no transactional movement, investors monitoring redemption pressure receive no actionable signal regarding insider alignment with prevailing valuations or urgency around the business combination window. The document contains no statements concerning target customers, revenue projections, market sizing, technology roadmaps, strategic partnerships, litigation exposure, or executive appointments. Its sole function is to satisfy mandatory periodic ownership reporting without altering capital structure dynamics or timeline mechanics.
What changed: SEC Form 3 initial statement of beneficial ownership for SilverBox Corp V. The filing identifies Director Matthew Allen Godden as the reporting person and explicitly states there are 'No non-derivative transactions or holdings reported.' Accordingly, there are no adjustments to the redemption calendar, trust account composition, extension provisions, deal-prospect timeline, or sponsor conduct. Why it matters: The filing makes no claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or additional personnel. By confirming zero insider security movements on the 2026-01-08 coverage date, the report leaves unaltered the documented $10.21 trust-per-share baseline and the 2027-12-03 business combination deadline, meaning public shareholders retain their existing redemption rights without any new pricing, voting, or liquidity triggers introduced by sponsor activity.
What changed: A Form 8-K Current Report disclosing the completion of the Initial Public Offering and concurrent private placement, accompanied by an audited balance sheet and accompanying notes filed pursuant to Items 8.01 and 9.01. On December 4, 2025, the Company consummated its IPO of 27,600,000 Units and sold 195,000 Private Placement Units to SilverBox Sponsor V LLC, both priced at $10.00 per unit. The filers state that $276,000,000 was deposited into a trust account maintained by Continental Stock Transfer & Trust Company. Management discloses that as of the December 4, 2025 balance sheet date, the Company had not selected a Business Combination target and had not initiated substantive discussions with any prospective target. The completion window for an initial business combination is fixed at 24 months from the IPO closing. The audited balance sheet reports $916,261 in operating cash, total transaction costs of $9,240,771, an advisory fee payable of $8,280,000, a deferred underwriting fee payable of $8,280,000, and derivative warrant liabilities of $3,678,335. The Sponsor agreed to waive redemption rights on founder and private placement shares and committed to indemnify the trust for shortfalls below $10.00 per share, though the Company notes it cannot verify the Sponsor's ability to satisfy those obligations. Working capital borrowing capacity remains at $2,500,000, convertible at $10.00 per unit, and a $10,000 monthly administrative support fee is payable to the Sponsor through combination or liquidation. Why it matters: This filing formally locks the post-IPO structural parameters that govern shareholder exit rights and corporate survival timelines. The confirmed $276,000,000 trust deposit establishes the aggregate pool from which public shareholders will be repaid upon redemption or liquidation, anchoring the per-share floor at the documented $10.00 initial valuation. By explicitly recording zero revenue, zero operations, and no substantive target discussions, the filing confirms the ongoing 'SEARCHING' phase and resets investor expectations regarding deal velocity before the 24-month expiration window closes. The substantial deferred obligations—specifically the $8,280,000 advisory commitment and $8,280,000 deferred underwriting discount—represent mandatory future payouts that will reduce net trust value pro-rata against remaining shares if redemptions occur prior to a combination. The Sponsor's stated indemnification exposure and the availability of $2,500,000 in convertible working capital loans directly influence the practical liquidation floor and potential post-merger capital structure, while the $10,000/month administrative fee creates a recurring pre-combination burn rate that management acknowledges could deplete the $916,261 of outside working capital if due diligence costs exceed estimates.
What changed: Routine compliance exhibit: Joint Filing Statement pursuant to Rule 13D-1(K)(1) attached to a Schedule 13G. Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah executed a procedural consent to jointly file Schedule 13G and any required amendments regarding their beneficial ownership of SBXE shares. This administrative coordination does not disclose a changed share count or percentage ownership, nor does it alter the SPAC’s search status, redemption deadline (2027-12-03), or trust value per share ($10.21). Why it matters: The filing coordinates regulatory submission responsibilities but contains no operative changes to redemption windows, trust distributions, extension mechanisms, target acquisition plans, or sponsor conduct. It also makes zero claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. Its only substantive provision establishes a termination right exercisable upon written notice or a mutually agreed shorter period. Attribution: Robin Shah, acting as Managing Member of Tenor Management GP, LLC and Authorized Signatory for Tenor Opportunity Master Fund, Ltd., executed the agreement December 09, 2025.
What changed: Current Report on Form 8-K reporting the consummation of the Company's initial public offering and the entry into the related standard SPAC agreements. The Company closed its upsized IPO of 27,600,000 units at $10.00 per unit, including full exercise of the over-allotment option, generating gross proceeds of $276,000,000. A total of $276,000,000 from the IPO and private placement was placed in the trust account. The Company entered into the customary suite of SPAC formation agreements (underwriting, warrant, trust, registration rights, insider letter, administrative services, and indemnification agreements). Arik Prawer and Daniel E. Esters were appointed to the board of directors, and Prawer was appointed to all three principal committees. The Amended and Restated Memorandum and Articles of Association became effective. Why it matters: This filing documents the completion of the SPAC's capitalization and the establishment of its trust, triggering the 24-month deadline (December 4, 2027) for a business combination. All the standard governance and sponsor restrictions are now in place, including a $10.00 per-unit trust value and a lock-up on founder shares. The trust is set at $276 million, which, per the articles, must be used to fund a business combination or be liquidated. The document provides the baseline trust value and deadline for investors monitoring redemption mechanics.
What changed: This document is a Rule 424(b)(4) preliminary prospectus registered for the initial public offering of 24,000,000 Units of SilverBox Corp V. The prospectus codifies the trust deposit requirement at $240,000,000 (based on $10.00 per unit, or $276,000,000 if the underwriter exercises its 45-day over-allotment option for up to 3,600,000 additional units), held by Continental Stock Transfer Trust Company. Why it matters: Investors monitoring the redemption calendar and trust valuation note that the filing sets a definitive 24-month completion window, extendable solely through shareholder amendment coupled with a redemption right. If the window closes without an extension, the company pledges to liquidate, distributing only the trust principal plus interest minus taxes and up to $100,000 in dissolution expenses, establishing the liquidation floor.
What changed: SEC Form 3 – routine compliance exhibit disclosing insider equity holdings. Mechanics: The filing explicitly notes 'No non-derivative transactions or holdings reported,' yielding zero updates to the SPAC’s redemption calendar, trust accounting, extension votes, or target acquisition progress. Substance: The document contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. Why it matters: For investors monitoring sponsor conduct and capital alignment, the absence of reported equity activity removes any short-term signaling effect regarding insider commitment, tender intentions, or potential pressure on the redemption rate. While the filing carries no impact on the search timeline or trust distribution estimates, it confirms the current disclosure posture of director Arik Prawer during the SEARCHING phase. Because the submission contains no figures or operational data, analysts cannot model cash flows or adjust deadline assumptions based on this entry.
What changed: A Form 3 insider ownership report filed with the SEC by Chief Investment Officer Murdoch Duncan D for SilverBox Corp V (SBXE). The filing explicitly states that the reporting person reported no non-derivative transactions or holdings. No insider equity acquisitions, dispositions, or derivative exercises are recorded, leaving executive capital alignment static relative to public shareholders. Why it matters: For investors tracking redemption deadlines, trust value, extensions, deal progress, and sponsor conduct, the zero-change disclosure confirms management did not deploy additional capital to signal conviction during the SEARCHING phase. This administrative update does not alter the stated 2027-12-03 deadline, modify redemption mechanics, or impact trust balance distributions. Beyond confirming the CIO’s identity and filing compliance, the document contains no substantive claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. As a routine compliance exhibit with no new terms, it functions as a procedural marker rather than a strategic one; investors monitoring deal acceleration must await explicit target disclosures or subsequent Forms 4/5 filings to assess ongoing executive commitment.
What changed: A Securities and Exchange Commission Form 3 initial statement of beneficial ownership filed by SilverBox Corp V General Counsel David H. Lee on 2025-12-02. The filing discloses zero non-derivative securities transactions and zero reporting-level holdings for the named insider. There is no alteration to insider equity positions, trust account composition, or the SPAC’s outstanding share count, leaving redemption mechanics, trust value preservation, and extension timelines completely unaffected. Why it matters: As a routine regulatory compliance exhibit, this document confirms ongoing disclosure adherence by senior legal leadership during the company’s SEARCHING phase. It contains no forward-looking statements, customer claims, revenue figures, partnership announcements, or litigation references. From an investor perspective tracking sponsor conduct and deal progress, the explicit absence of reported transactions indicates no near-term executive buying or selling activity that would signal alignment or dilution pressure ahead of the 2027-12-03 deadline. The filing is administratively complete and carries no impact on redemption calculus or trust accounting.
What changed: Form 3, an SEC insider ownership report filed by Partner Wilson Patrick for SilverBox Corp V. The filing explicitly states 'No non-derivative transactions or holdings reported.' No change occurred to direct equity positions, and nothing altered regarding the redemption calendar, trust value, extension timeline, or sponsor conduct. Why it matters: For investors tracking SPAC mechanics and sponsor alignment, an empty Form 3 delivers no actionable signal. The submission confirms baseline equity holdings remain static, leaving the SEARCHING status, the 2027-12-03 deadline, and capital deployment posture untouched. The document contains no attributable claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel shifts; it is purely a compliance record of zero activity.
What changed: Form S-1MEF filing registered under Rule 462(b) adding 4,600,000 additional units (each comprising one Class A ordinary share and one-third of a redeemable public warrant) and 1,533,333 Class A ordinary shares underlying those warrants to SilverBox Corp V’s existing Registration Statement on Form S-1 (File No. 333-289783), which became effective upon filing on December 2, 2025. Nothing changes regarding redemption deadlines, trust account balance, extension mechanisms, deal progress, or sponsor conduct. Why it matters: The automatic effectiveness of this Rule 462(b) submission expands the registerable quantity of public units and underlying equity for the current offering phase without altering per-share trust calculations or triggering timeline adjustments. For investors tracking offering scale, underwriter over-allotment capacity, or warrant dilution exposure, the registrant’s filing confirms the structural addition of 4,600,000 units and 1,533,333 underlying shares priced at a $11.50 strike.
What changed: Form 3 — initial statement of beneficial ownership (routine compliance exhibit). None. The filing discloses no non-derivative transactions or holdings for Daniel E. Esters in his dual role as Director and Chief Financial Officer. The SPAC’s trust value remains at $10.21 per share, the redemption deadline remains 2027-12-03, no shareholder vote for an extension has occurred, the business combination status remains SEARCHING, and there is no new indication of sponsor conduct or strategic direction. Why it matters: This is a standard Exchange Act initial ownership filing confirming management’s registration with SEC insider-reporting rules rather than documenting any equity movement or corporate action. For investors monitoring redemption calendars, trust preservation, extension mechanics, deal progression, or sponsor signaling, the document contains no operational shifts. Its substance is purely administrative: it verifies Esters’ official reporting status while leaving all prior mechanical parameters, sponsor track records, and target-search indicators untouched. Future material updates would require subsequent Forms 4, proxy materials, or Business Combination disclosures.
What changed: FORM 3 — insider ownership report [0001104659-25-117812] for SilverBox Corp V, documenting initial direct share holdings by listed insiders. As filed, the document states that SilverBox Sponsor V LLC (reported as a 10% owner), Reece Joseph E (Founding Partner, 10% owner), and Kadenacy Stephen M (Director, Chairman and CEO, 10% owner) hold 195,000 direct shares. The submission does not update the disclosed $10.21 trust/share value, the 2027-12-03 redemption deadline, or the SEARCHING operational status, nor does it record any transaction-related adjustments to prior deal progress. Why it matters: Per the filers’ declarations, this Form 3 establishes the baseline insider sponsorship footprint without altering the redemption calendar, trust distribution mechanics, or extension provisions. Investors monitoring sponsor conduct can use the reported 195,000 direct shares and respective 10% ownership classifications as the reference point for future regulatory transparency regarding accumulation, liquidation, or voting alignment ahead of the 2027-12-03 expiration. Because the filing contains no amendment flags, acquisition exercises, dispositions, or business-combination disclosures, it does not materially shift the SPAC’s liquidity profile, target-seeking timeline, or governance structure relative to the existing trust framework and search status.
What changed: This document is a Form 3 — insider ownership report filed with the SEC. The filing states that Chun Jin, identified as Chief Operating Officer of SilverBox Corp V, reported no non-derivative transactions or holdings. No insider equity purchases, sales, conversions, or initial grants were recorded in this submission. Why it matters: For investors monitoring redemption deadlines, trust value, extensions, deal progress, and sponsor conduct, this submission contains no information that advances those mechanics. It does not indicate a business combination target, modify the search timeline, affect the trust account balance, or reveal sponsor trading activity. Beyond confirming Chun Jin’s executive title, the document makes no claims about customer relationships, revenue streams, addressable market size, corporate strategy, technology platforms, commercial partnerships, ongoing litigation, or internal leadership changes. It is a routine compliance exhibit establishing an administrative record of zero reported insider equity movement.
What changed: A correspondence filing (CORRESP) submitted to the SEC Office of Real Estate & Construction Division requesting acceleration of the effective date for SilverBox Corp V’s Form S-1 registration statement. No adjustments to trust value, redemption mechanics, extension schedules, deal progress, or sponsor conduct are disclosed. The filing requests that the effective date of the registration statement be accelerated to 4:00 p.m., Eastern Time, on Tuesday, December 2, 2025, or as soon as practicable thereafter. Why it matters: Moving the registration statement effective date forward alters the calendar for potential pricing or formal investor outreach, which could shift the timing of subsequent shareholder voting or redemption windows relative to the existing SPAC deadline. Because the submission is purely a procedural acceleration request, it does not alter economic terms, capitalization, or search parameters. All statements regarding the new effective date, prospectus distribution volume, and regulatory compliance timelines were attributed to SilverBox Corp V and the named representative underwriters.
What changed: A Form 8-A for registration of certain classes of securities pursuant to Section 12(b) of the Securities Exchange Act of 1934. According to the filing, SilverBox Corp V registers three classes of securities for listing on the New York Stock Exchange: units (each consisting of one Class A ordinary share and one-third of one redeemable warrant), Class A ordinary shares carrying a $0.0001 par value per share, and redeemable warrants exercisable for one Class A ordinary share at an exercise price of $11.50. Why it matters: This is a procedural exchange-listing registration that codifies the precise tradable instrument structure without modifying the SPAC's existing timeline or cash position. Because it relies on an August 19, 2025 prospectus and simply requests NYSE listing acceptance, it reflects routine capital stack administration rather than active deal progression or trust account activity.
What changed: SEC correspondence letter (Rule 461) requesting acceleration of the effective date of SilverBox Corp V’s Registration Statement on Form S-1. Chairman and Chief Executive Officer Stephen Kadenacy requests that the S-1 registration statement be declared effective at 4:00 p.m., Eastern Time, on Tuesday, December 2, 2025, or as soon thereafter as practicable. Outside counsel Paul Hastings LLP may confirm effectiveness via telephone. The correspondence modifies nothing in the prospectus, introduces no new redemption triggers, alters no trust distribution mechanics, and extends no deadline. Why it matters: The acceleration request signals management’s intent to close the registration window rapidly to enable the next capital markets step while the SPAC remains in SEARCHING status. It leaves unchanged the stated $10.21 per-share trust balance, the December 3, 2027 liquidation deadline, and sponsor governance parameters. The document contains zero assertions regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel beyond identifying Kadenacy as Chairman and Chief Executive Officer and Paul Hastings LLP as counsel handling the filing.
What changed: Amendment No. 2 to Form S-1 registration statement for the initial public offering of SilverBox Corp V, a blank check company still in the searching phase. This is a pre-effective amendment to the registration statement for SBXE's $200 million IPO (20,000,000 units at $10.00 per unit, plus over-allotment option). The document updates the prospectus to November 12, 2025, and changes the filing from 'SUBJECT TO COMPLETION' to a filing that includes final versions of exhibits including the amended and restated memorandum and articles of association, specimen certificates, legal opinions and a consent of the independent auditor. The document also includes updated capitalization and dilution tables and an updated summary financial data table based on the September 30, 2025 balance sheet. The initial filing did not have these final exhibits or the most current financial data. Why it matters: This filing is highly material because it sets the final terms of SBXE's IPO. All the key mechanics for investors are disclosed: the trust will hold $10.00 per public share, the deadline is 24 months from closing (with no stated limit on shareholder-approved extensions), and investors will have redemption rights regardless of how they vote on a business combination. The document also reveals significant sponsor compensation (founder shares for $25,000, private placement units for $1,950,000) which creates a massive economic incentive for the sponsor to complete a deal. Most importantly for a searching SPAC, the filing details material conflicts of interest: all officers and directors serve the same roles at SilverBox Corp IV (SBXD), which announced a business combination with Parataxis Holdings on August 6, 2025, and there is no contractual agreement allocating opportunities between the two SPACs. The filing also reveals that SBXC, a prior SPAC from the same management team, liquidated in November 2024 without completing a deal, providing a precedent for the execution risk.
What changed: Amendment No. 1 to Form S-1 Registration Statement for SilverBox Corp V's initial public offering of 20 million units at $10.00 per unit, filed to register securities under the Securities Act of 1933. This is the first amendment to the S-1 (S-1/A). No new business combination is announced; the SPAC is still SEARCHING. The filing updates the S-1 with executed agreements, including the Underwriting Agreement, Investment Management Trust Agreement, Warrant Agreements, Registration Rights Agreement, Insider Letter, Private Placement Units Purchase Agreement, Administrative Services Agreement, and Indemnity Agreement. It also provides updated risk factors related to conflicts among management's SPACs (SilverBox IV vs. V), cashless warrant exercise tax uncertainties, and the impact of the Israel-Iran conflict. The deadline remains 24 months from the offering's closing (December 2027). Trust per share is $10.21. Why it matters: Though no deal is here, this filing is the most informative one of the week. It finalizes the IPO mechanics and reveals critical sponsor conduct and governance details. The updated risk factors expose a direct material conflict: management's other SPAC (SBXD) just announced a deal with Parataxis, creating competition for targets. The filing deeply details sponsor compensation ($25k for 5.75M founder shares, $1.95M for 195k private units, $10k/month admin fee) and the anti-dilution rights for founder shares (20% of post-deal shares, increasing if more shares are issued). The Trust is $10.21/share, not the standard $10.00, due to interest. The dilution table explicitly shows negative tangible book value (-$1.32 to -$1.33 per share) in a maximum redemption scenario.
What changed: A SEC comment letter response (CORRESP) filed by legal counsel Jonathan Ko of Paul Hastings LLP on behalf of SilverBox Corp V, addressing twelve discrete disclosure objections raised by the Securities and Exchange Commission staff regarding the company’s August 25, 2025 S-1 registration statement and Amendment No. 1. Per the company’s written response, the filing incorporated SEC-mandated revisions to several contractual and risk disclosure mechanics. Why it matters: Because these disclosures directly recalibrate investor expectations surrounding the 2027-12-03 liquidation deadline and the recorded $10.21 per-share trust balance. As the company acknowledges, the sponsor’s unilateral right to exit or transfer control introduces execution uncertainty independent of the redemption calendar, while the clarified 20% founder stake ratio and mandatory insider voting pacts establish the precise vote thresholds needed to accelerate a merger or override public redemptions.
What changed: SEC Division of Corporation Finance comment letter regarding Form S-1 registration statement (File No. 333-289783, filed August 19, 2025). No modifications to the redemption schedule, trust account value, or 2027-12-03 deadline. Why it matters: Regulatory commentary highlights structural vulnerabilities in sponsor retention, equity dilution, and liquidation pathways. The SEC notes prospective terms allow the sponsor to surrender, forfeit, transfer, or exchange securities for no consideration; unilateral exit could delay deal execution, invite regulatory scrutiny, or trigger liquidation where investors face principal loss and warrant expiration without residual value. Clarifying private placement share treatment in failed combinations directly dictates post-liquidation capital distribution.
What changed: Registration Statement on Form S-1 for an initial public offering of units by a blank check company (SPAC) — a preliminary prospectus for the IPO of SilverBox Corp V, which is searching for a business combination target. This is the initial S-1 filing; there is no prior public filing. The document establishes the terms of the IPO: 20,000,000 units at $10.00 per unit (each unit = one Class A ordinary share + one-third of one redeemable warrant), with a 45-day over-allotment option for up to 3,000,000 additional units. The trust will hold $10.00 per unit ($200 million, or $230 million if the over-allotment is fully exercised). The sponsor purchased 5,750,000 founder shares for $25,000 ($0.004/share) and will purchase 195,000 private placement units for $1,950,000. The company has 24 months from the closing of the offering to consummate a business combination. The document discloses a material conflict of interest with SBXD (SilverBox Corp IV), which on August 6, 2025 announced a business combination with Parataxis Holdings; if that deal fails, SBXD will compete for targets. The management team has prior SPAC experience with Boxwood (completed), SBEA/BRCC (completed, BRCC stock price $1.52 as of Aug. 13, 2025), SBXC (liquidated Nov. 2024), and SBXD. Why it matters: This is the foundational S-1 for a new SPAC. It establishes all the mechanical terms investors need to track: $10.21 trust per share (at filing), a 24-month deadline (approx August 2027), redemption rights, sponsor economics (massive dilution potential — nominal $0.004/share cost for founder shares vs. $10.00 public price — leading to up to 113.3% dilution in a maximum redemption scenario), and a known conflict of interest with a prior related SPAC (SBXD) that may compete for the same targets. The document also details that SBXC (E: SilverBox Corp III) liquidated in November 2024 without a deal, providing a precedent for execution risk. The disclosure on BRCC's stock price ($1.52, down from its $10.00 SPAC price) signals post-deal performance risk.
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.