Stratim Cloud Acquisition Corp.
SCAQ · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Stratim Cloud Acquisition, LLC, listed on Nasdaq in March 2021.
- What it's doing now
- It agreed to buy Force Pressure Control, LLC, an Oil, natural gas and natural gas liquids development, production, gathering and sale company. The deal valued that business at about $120M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Force Pressure Control, LLC
- Industry
- Oil, natural gas and natural gas liquids development, production, gathering and sale
- Deal value
- $120M
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 15 March 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 100 WEST LIBERTY STREET, RENO, NV, 89501
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Wagner John Brandon (Director) · RAVI SREEKANTH (Chief Executive Officer) · Abrams Zachary F (Chief Financial Officer)
- Listed securities
- SCAQ common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 15 March 2021IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedSEC primary
The score
deterministic, from filed fieldsSCAQ is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 294 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Stratim Cloud Acquisition Corp. (Nasdaq: SCAQ) was a blank-check company that priced its initial public offering on March 15, 2021, under SEC file number 333-253174. The company's SEC CIK is 0001821812, and it is classified under SIC industry code 3533 (Oil & Gas Field Machinery & Equipment). Its registration statement was filed on Form S-1 (accession 0001213900-21-009749) on February 17, 2021, registering shares sold for cash, and the pricing prospectus was filed as Form 424B4 (accession 0001213900-21-015336) on March 15, 2021, in which the registrant described itself as a blank-check company. The common ticker SCAQ appears on the cover page of an 8-K filed on July 12, 2023 (accession 0001213900-23-056514). The company's lifecycle is closed: a Form 25 (accession 0001354457-23-000502) was filed on July 13, 2023, under 17 CFR 240.12d2-2(a)(3), indicating that its Class A Common Stock, warrants, and units had come to evidence other securities in substitution therefor, consistent with completion of a business combination.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
This is a cash purchase of units rather than a share-for-share merger: the company buys up to 12,000,000 Sold Units from the FPC Members for up to $120,000,000 before any net working capital adjustment, while the members must retain at least 50% of the units outstanding after the recapitalisation and take non-economic Class C stock alongside. The earnout pays only above a Minimum EBITDA Target of $60,000,000 of 2023 EBITDA — 200,000 units and shares for each $1,000,000 above it, capped at 3,000,000 — and the company may instead pay $12.50 in cash per unit and share.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
What changed: Stratim Cloud Acquisition Corp. filed a preliminary proxy statement dated June 14, 2023 for a special meeting in lieu of its 2023 annual meeting, on the Membership Interests Purchase Agreement dated March 21, 2023 with Force Pressure Control, LLC and its members. The company is renamed Force Pressure Control, Inc. and reorganised into an Up-C structure: FPC recapitalises all outstanding membership interests into 24 million FPC Common Units, adopts a new LLC agreement admitting the company as sole managing member, and creates a Class C common stock of $0.0001 par value. Why it matters: This is a cash purchase of units rather than a share-for-share merger: the company buys up to 12,000,000 Sold Units from the FPC Members for up to $120,000,000 before any net working capital adjustment, while the members must retain at least 50% of the units outstanding after the recapitalisation and take non-economic Class C stock alongside. The earnout pays only above a Minimum EBITDA Target of $60,000,000 of 2023 EBITDA — 200,000 units and shares for each $1,000,000 above it, capped at 3,000,000 — and the company may instead pay $12.50 in cash per unit and share.
- What changed vs 2022-11-14trust $250.8M → $64.5M -74%deadline 2023-03-16 → 2023-09-16sponsor loan $300K → $250Kshares 25.0M → 6.26M -75%
trust account, combination deadline, sponsor loans outstanding +24 moved · 1 with no prior record of ours
- Trust account
- $250.8M$64.5M
- Combination deadline
- 2023-03-162023-09-16
- Sponsor loans outstanding
- $300K$250K
- Redeemable shares
- 25.0M6.26M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $186,314,360 left the trust between the two filings.
The clause …“64,047 Total Current Assets 337,271 466,949 Cash and marketable securities held in Trust Account 64,501,029 252,973,594 TOTAL ASSETS $ 64,838,300 $ 253,440,543 LIABILITIES, COMMITMENTS AND CONTINGENCIES, REDEEMABLE CLASS A COMMON”…
SpacBrain reads this as 184 days later than the previous record.
The clause …“Topic 205-40, “Presentation of Financial Statements – Going Concern,” we have until September 16, 2023, or such earlier date as determined by the board, to consummate an initial business combination. It is uncertain that we will be”…
SpacBrain reads this as $50,000 of sponsor debt has come off.
The clause …“number of shares of Company Class C Common Stock issued by the Company). The outstanding balance under this Loan was $ 250,000 as of March 31, 2023. NOTE 6. COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration”…
SpacBrain reads this as 18,744,981 shares are no longer redeemable.
The clause …“75,000,000 shares authorized; no shares issued and outstanding (excluding 6,255,019 and 25,000,000 shares subject to possible redemption) at March 31, 2023 and December 31, 2022, respectively — — Class B common stock, $ 0.0001 par”…
The clause …“terms, if at all. Management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2022-04-01trust $250.0M → $253.0M +1%deadline 2023-03-16 → 2023-09-16going concern APPEARED
trust account, combination deadline, going-concern doubt +33 moved · 3 with no prior record of ours
- Trust account
- $250.0M$253.0M
- Combination deadline
- 2023-03-162023-09-16
- Going-concern doubt
- not statedstated
- Sponsor loans outstanding
- $300K · unchanged
- Mandate language
- we intend to focus our search on software companies in the U…not matched in this filing
- Redeemable shares
- 25.0M · unchanged
SpacBrain reads this as $2,959,161 was added to the trust between the two filings.
The clause …“operating activities. As of December 31, 2022, we had marketable securities held in the Trust Account of $252,973,594. On March 10, 2023, our stockholders voted to approve an amendment to our certificate of incorporation to (i) extend”…
SpacBrain reads this as 184 days later than the previous record.
The clause …“a price of $11.50 per share, subject to adjustment. If we do not complete a Business Combination by September 16, 2023, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the”…
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” As of December 31, 2022, we had approximately $402,000 cash in hand, and negative”…
The clause …“(i) June 30, 2021 or (i) the consummation of the Initial Public Offering. The outstanding balance under the Promissory Note of $ 300,000 was repaid at the closing of the Initial Public Offering on March 16, 2021. Related Party Loans In”…
The clause …“75,000,000 shares authorized; no shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) at December 31, 2022 and 2021 — — Class B common stock, $ 0.0001 par value; 10,000,000 shares authorized;”…
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.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Stratim Cloud Acquisition, LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/3 · 100.0% of the $10 unit
from 424B4 0001213900-21-015336
Trading & liquidity
Company profile
Directors & officers
- Wagner John BrandonDirector
- RAVI SREEKANTHChief Executive Officer
- Abrams Zachary FChief Financial Officer
- Misra KabirDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
8 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Stratim Cloud Acquisition, LLCwith 2 other reporting persons on the same schedule19.7% · SC 13G/AFeb 10, 2023 stale
- Magnetar Financial LLCwith 3 other reporting persons on the same schedule8.0% · SC 13G/AFeb 9, 2023 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule5.5% · SC 13G/AFeb 1, 2023 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule3.1% · SC 13G/AJun 12, 2023 stale
- Radcliffe Capital Management, L.P.with 5 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2024 stale
- JANE STREET GROUP, LLC0.0% · SC 13G/AFeb 12, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 9, 2024 stale
- Castle Creek Arbitrage, LLCwith 4 other reporting persons on the same schedule0.0% · SC 13G/AFeb 13, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault deal note — Force Pressure Control, LLC (SCAQ)
vault-note · /vault/deals/force-pressure-control-llc
- Vault note — SCAQ (Stratim Cloud Acquisition Corp.)
vault-note · /vault/tickers/SCAQ
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 3533 (Oil & Gas Field Machinery & Equipment). The screen found it by filing SHAPE instead — S-1 2021-02-17 → 8-A12B 2021-03-09 → 424B4 2021-03-15 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3533 + self-described blank check in 424B4 0001213900-21-015336; 424B 0001213900-21-015336 priced 2021-03-15 under S-1 0001213900-21-009749 (file 333-253174, an offering for cash); common ticker SCAQ off 8-K 0001213900-21-023874 (2021-04-30); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-253174, which belongs to S-1 0001213900-21-009749 (2021-02-17) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-03-15). Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-23-000502 (2023-07-13) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Common Stock, warrants, units). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Stratim Cloud Acquisition, LLC" (SEC CIK 0001821813) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-014938.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC; no agreement-naming filing on file, so announcedAt is NULL rather than guessed
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read