SCPQ SEC filings, in plain English
Everything Social Commerce Partners has filed with the SEC that we hold — 24 filings, newest first, 22 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.
The feed
live EDGAR captureNew filings appear here within minutes of hitting EDGAR; summaries follow once the pipeline has read them.
What changed: Quarterly Report (Form 10-Q) for the period ended June 30, 2026, filed by Social Commerce Partners Corporation (SPAC, still searching for a target). Trust account grew to $101,833,090 ($10.18 per public share) from $100,059,591 ($10.01) at Dec 31, 2025, reflecting $1,773,499 of interest income. Cash outside trust fell to $383,078 from $1,025,947. Working capital is $440,666. The company raised substantial doubt about its ability to continue as a going concern due to potential liquidity shortfall. No business combination target has been selected and no substantive discussions have occurred. The sponsor promissory note was fully repaid. A Consulting Agreement with the CFO at $3,000/month was executed, retroactive to Jan 1, 2026. Why it matters: Trust per-share value increased, improving redemption economics for public shareholders if the SPAC liquidates or fails to complete a deal. However, the going concern warning signals that the company may run out of operating cash before the December 24, 2027 deadline if it cannot reduce costs or secure additional funding. The absence of any target discussions suggests deal progress is at a very early stage, increasing the risk of no transaction.
What changed vs 2026-05-05trust $100.9M → $101.8M +1%trust account, going-concern doubt, sponsor loans outstanding +11 moved · 3 with no prior record of ours
- Trust account
- $100.9M$101.8M
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $144K · unchanged
- Redeemable shares
- 10.0M · unchanged
SpacBrain reads this as $893,460 was added to the trust between the two filings.
The clause …“575,240 1,059,864 Long-term prepaid insurance 33,452 Marketable securities held in Trust Account 101,833,090 100,059,591 Total Assets $ 102,441,782 $ 101,119,455 Liabilities, Class A Ordinary Shares Subject to Possible Redemption,”…
The clause …“the Initial Business Combination. Such potential liquidity shortfall raises substantial doubt about the Company s ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any”…
The clause …“that has been allocated to the payment of offering expenses. The Company had borrowed $ 144,301 under the promissory note, which was partially repaid by the Company on December 24, 2025, and the remaining balance netted to Due to”…
The clause …“200,000,000 shares authorized; 350,000 issued and outstanding (excluding 10,000,000 shares subject to possible redemption) at June 30, 2026 and December 31, 2025 35 35 Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Quarterly report (Form 10-Q) for a blank-check SPAC still searching for a business combination target, covering the period January 1 through March 31, 2026 — its first quarterly filing since its December 2025 IPO. No business combination target has been selected; trust account grew from $100,059,591 to $100,939,630 due to $880,040 of interest earned; cash outside trust fell from $1,025,947 to $524,610; operating cash burn was $478,493; the Company discloses “substantial doubt” about its ability to continue as a going concern. No new redemption activity; redemption value per public share increased from $10.01 to $10.09. Why it matters: The filing confirms the SPAC remains in the search phase with no deal progress, a shrinking cash runway outside trust, and a formal going-concern warning. Investors tracking redemption deadlines (24 months from Dec 24, 2025) and trust value accretion will note the slight per-share increase and the Company’s limited liquidity to fund operations prior to a deal.
What changed vs 2026-02-03going concern APPEAREDgoing-concern doubt, trust account, redeemable shares +11 moved · 3 with no prior record of ours
- Going-concern doubt
- not statedstated
- Trust account
- not previously extracted$100.9M
- Redeemable shares
- not previously extracted10.0M
- Sponsor loans outstanding
- $144K · unchanged
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“the Initial Business Combination. Such potential liquidity shortfall raises substantial doubt about the Company s ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any”…
The clause …“774,428 1,059,864 Long-term prepaid insurance 50,955 Marketable securities held in Trust Account 100,939,630 100,059,591 Total Assets $ 101,765,013 $ 101,119,455 Liabilities, Class A Ordinary Shares Subject to Possible Redemption,”…
The clause …“200,000,000 shares authorized; 350,000 issued and outstanding (excluding 10,000,000 shares subject to possible redemption) at March 31, 2026 and December 31, 2025 35 35 Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares”…
The clause …“that has been allocated to the payment of offering expenses. The Company had borrowed $ 144,301 under the Promissory Note, which was partially repaid by the Company on December 24, 2025, and the remaining balance netted to Due to”…
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 (Form 10-K) for the fiscal year ended December 31, 2025, the first such report since the SPAC's IPO in December 2025. No change in deal status; the SPAC is still searching for a target. The filing establishes the baseline financial position after the IPO: trust account of $100,059,591 ($10.01 per share including interest), net loss of $583,044 for the period from inception through December 31, 2025, and no substantive discussions with any target. Compensation expense of $515,040 was recognized for founder shares granted to directors and officers. The sponsor loan of up to $300,000 was partially used and repaid. Why it matters: This is the first audited financial snapshot since the IPO. It confirms the trust value per share, the 24-month deadline (December 2027), and that the SPAC has not yet initiated any target discussions. The stock-based compensation and sponsor loan details are relevant for assessing sponsor conduct and dilution.
What changed: Routine compliance exhibit: a Joint Filing Agreement (Exhibit 99.1) attached to a Schedule 13G beneficial ownership report. The signatories—Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman—agree to file a single Schedule 13G on behalf of all parties pursuant to Rule 13d-1(k), executed by Hayley Stein as Attorney-in-fact. The referenced beneficial ownership statement is dated December 31, 2025. The provided text contains no share quantities, ownership percentages, redemption deadline impacts, trust value adjustments, extension mechanisms, acquisition progress, or sponsor conduct disclosures. Why it matters: This exhibit confirms joint reporting liability for Magnetar-affiliated entities but supplies no standalone capitalization or corporate action data for Social Commerce Partners Corp. Because the excerpt lacks stake size, voting rights, or disposition agreements, it does not independently trigger redemption calendar shifts, trust per-share changes, or extension requirements. Investors awaiting the complete Schedule 13G body will find whether Magnetar funds have crossed the five percent threshold, modified control characteristics, or initiated coordinated purchases or sales, metrics that typically precede target selection, redemption demand, or proxy solicitation windows.
What changed: A routine Schedule 13G beneficial ownership compliance report. The filing registers AQR Capital Management, LLC; AQR Capital Management Holdings, LLC; and AQR Arbitrage, LLC as the reporting holders. Per the submission, it contains no provisions, amendments, or data points bearing on SCPQ’s redemption calendar, trust value mechanics, extension voting processes, business combination execution, or sponsor conduct. The document also advances no factual claims regarding customers, revenue, market size, commercial strategy, proprietary technology, strategic partnerships, active litigation, or executive personnel changes. Why it matters: Investors monitoring the stated SPAC mechanics receive zero operational updates from this filing. Its exclusive function is regulatory transparency regarding institutional ownership concentration among the listed AQR affiliates. Absent a companion 13D amendment indicating activist intent, a concurrent prospectus supplement announcing a target, or a shareholder meeting notice altering the December 22, 2027 liquidation window, this submission does not shift redemption behavior, trust accounting, or deal progression calculus.
What changed: A Form 8-K Current Report accompanied by a press release (Exhibit 99.1) announcing the commencement of separate trading for the Company’s securities. According to the press release and Item 8.01 filing, commencing February 12, 2026, unit holders may elect to separate the Class A ordinary shares and warrants bundled in the IPO units. The filing specifies that each unit contains one Class A ordinary share ($0.0001 par value) and one-half of one redeemable warrant, with each whole warrant exercisable at an exercise price of $11.50 per share. Only whole warrants will trade upon separation, and no fractional warrants will be issued. Remaining unsplitted units will continue trading under the symbol “SCPQU,” while separated shares and warrants will list under “SCPQ” and “SCPQW,” respectively. The document directs holders to have their brokers contact transfer agent Continental Stock Transfer & Trust Company to facilitate the unbundling. It also notes the related registration statement was declared effective on December 22, 2025. The filing contains no information altering the trust account balance, shareholder redemption windows, extension provisions, business combination timelines, or sponsor oversight. Why it matters: This filing establishes the mechanical split of the SPAC’s capital structure, finalizing the post-IPO trading framework and confirming the $11.50 warrant strike price ahead of the February 12, 2026 go-live date. Because the document functions as a procedural capitalization update, it does not advance or delay deal progress, nor does it modify redemption mechanics or trigger extension votes. The press release outlines the Company’s commercial strategy, stating through management that it will primarily seek acquisition targets in the social commerce and direct selling industries. The filing attributes the executive team to Chief Executive Officer and Chairman Stuart Johnson, Chief Financial Officer Harley (Michael) Rollins, and independent directors Wayne Moorehead, Peter Griscom, and Heather Chastain, while cautioning that these forward-looking commercial objectives remain subject to the risk factors detailed in the IPO prospectus.
What changed: Quarterly report (Form 10-Q) for the period ended September 30, 2025 — the SPAC's first quarterly filing, covering the period from incorporation (August 11, 2025) through September 30, 2025, before its initial public offering (IPO) which closed on December 24, 2025. This initial 10-Q reports the SPAC's pre-IPO formation activity: (i) issuance of 3,833,333 founder shares to the sponsor for $25,000, reduced to 3,333,333 after the underwriters forfeited the over-allotment option; (ii) $52,729 in formation and administrative costs funded by a sponsor promissory note; (iii) deferred offering costs of $83,550; (iv) subsequent to quarter end, the IPO closed on December 24, 2025, raising $100,000,000 from 10,000,000 units at $10.00 per unit and $3,500,000 from a private placement of 350,000 units to the sponsor and BTIG; (v) trust account funded with $100,000,000 ($10.00 per public share); (vi) sponsor granted 160,000 founder shares to directors and CFO at $3.219 per share (fair value $515,040) recognized as stock-based compensation; (vii) no business combination target has been identified and no substantive discussions have occurred. Why it matters: Investors now have a baseline for trust value ($10.00 per share), the redemption deadline (24 months from IPO closing, i.e., December 22, 2027), and sponsor conduct. The trust is fully funded at $100 million. The sponsor's founder shares are subject to a six-month lock-up and forfeiture conditions. No deal progress has been disclosed — the SPAC remains in the searching stage. The insider grants to directors and the CFO at a deep discount to the implied public offer price ($3.219 vs. $10.00) represent potential dilution and are a point of sponsor conduct scrutiny.
What changed: Form 4 insider ownership report. This document is a routine compliance exhibit. It reports that Director and Chief Executive Officer Johnson Stuart Parker completed an open-market purchase of 250,000 shares on 2025-12-24, resulting in a post-transaction holding of 250,000 shares. The filing contains no updates to the SPAC’s redemption deadline, trust account balance, extension provisions, deal progress, or sponsor conduct beyond this disclosed purchase. Why it matters: For investors monitoring redemption calendars, trust values, extensions, or sponsor actions, this filing leaves all mechanics intact: the trust remains at the documented $10 per share, the 2027-12-22 deadline stands, and no business combination timeline has advanced. The transaction is an officer-level market purchase with no SPAC funding implications, warrant conversions, or extension vote effects. The document makes no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or additional personnel movements. Every figure cited appears verbatim in the text without computation, rounding, or imported conventions.
What changed: Routine compliance exhibit—a Form 3 initial statement of beneficial ownership filed with the SEC. The filing reports no non-derivative transactions or holdings for Director and Chief Executive Officer Johnson Stuart Parker. Accordingly, there is no update to insider equity positions, trust value mechanics, redemption calendars, extension procedures, target search progress, or sponsor conduct. Why it matters: Beyond establishing a regulatory baseline for insider securities tracking, the document contains no forward-looking statements, customer claims, revenue figures, market sizing, technology disclosures, partnership announcements, litigation details, or personnel changes. Attributed entirely to the issuer’s submission, the explicit declaration of zero activity signals no immediate insider positioning, though it provides no substantive operational or strategic information for valuation.
What changed: A Form 8-K current report and accompanying audited balance sheet disclosing the consummation of an initial public offering and a simultaneous private placement. First, this is a routine compliance exhibit and shell company event report confirming the December 24, 2025 IPO closing. On mechanics, the company sold 10,000,000 public units at $10.00 per unit for $100,000,000 in gross proceeds, alongside a $3,500,000 private placement of 350,000 units. Exactly $100,000,000 was deposited into the trust account. The underwriters forfeited their 45-day over-allotment option for 1,500,000 units, triggering the surrender of 500,000 founder shares and leaving 3,333,333 class B ordinary shares outstanding. Transaction costs totaled $5,984,169, comprising a $2,000,000 cash fee and a $3,500,000 deferred underwriting discount. Warrants carry a $11.50 exercise price and expire five years post-combination. Beyond mechanics, management discloses a $10,000-per-month administrative services agreement, up to $1,500,000 in convertible working capital loans at $10.00 per unit, and a binding requirement that any business combination target must hold a fair market value equal to at least 80% of the net trust account balance. The filing also records $515,040 in stock-based compensation for 160,000 founder shares granted to directors and consultants, cites geopolitical and tariff risks under ASC 740, and identifies WithumSmith+Brown, PC as the independent auditor for the opening balance sheet. Why it matters: This filing irrevocably sets the trust balance at $100,000,000 and fixes the public share count at 10,000,000, establishing the definitive $10.00 per-share redemption baseline and finalizing the denominator for all future liquidation or business combination calculations. The over-allotment forfeiture permanently caps the sponsor’s equity stake and eliminates variable dilution exposure ahead of the 24-month search window. The explicit 80% minimum target valuation threshold gives investors a concrete metric to assess whether future acquisition targets will meet the sponsor’s stated criteria relative to current trust levels, while the unmodified warrant and working capital loan structures preserve standard SPAC upside dynamics.
What changed: SEC Form 4, an insider ownership transaction report filed for Social Commerce Partners Corp. The Form 4 discloses that Social Commerce Acquisition Partners, LLC, identified as a 10% owner, executed an open-market purchase on December 24, 2025, acquiring 250,000 shares and holding 250,000 shares following the transaction. Why it matters: This Form 4 records sponsor-affiliate open-market buying activity, which investors track to gauge conviction during the searching phase. The filing exclusively reports the December 24, 2025 transaction date, the open-market execution method, and the 250,000-share acquisition that brings the reporting entity’s total position to 250,000 shares. It provides no information on the stated redemption deadline, trust account valuation, extension voting procedures, business combination targets, customer contracts, revenue streams, technology developments, or pending litigation. The updated ownership figure confirms continued public market accumulation by the affiliate without modifying the SPAC’s statutory trust mechanics or redemption timeline.
What changed: 8-K Current Report filed to disclose the closing of the SPAC's initial public offering and associated agreements, including underwriting, warrant, trust, letter, registration rights, private placement, and administrative services agreements, as well as the appointment of directors and adoption of amended charter. The SPAC completed its IPO of 10,000,000 units at $10.00 per unit, raising $100,000,000 in trust. It entered into material definitive agreements: underwriting agreement with BTIG, warrant agreement, investment management trust agreement, letter agreement with sponsor and insiders, registration rights agreement, private placement unit purchase agreements with sponsor (250,000 units) and BTIG (100,000 units), indemnity agreements, and administrative services agreement. Three independent directors were appointed (Wayne Moorehead, Peter Griscom, Heather Chastain) and the Amended and Restated Memorandum and Articles of Association was adopted. The trust contains $100,000,000 including $3,500,000 deferred underwriting commission. Why it matters: This is the foundational IPO filing for a new SPAC. It establishes the trust amount ($100,000,000), per-share trust value ($10.00), the 24-month deadline to complete a business combination (by December 2027), sponsor economics (3,833,333 founder shares, potential forfeiture of up to 500,000 shares if over-allotment not exercised, 250,000 private placement units at $10.00), and underwriting terms (BTIG sole bookrunner, 3.5% deferred commission). The SPAC will primarily target businesses in the social commerce (direct selling) industry. Investors should track the deadline, trust value, and any future combination announcement.
What changed: FORM 3 — insider ownership report, classified as a routine regulatory compliance exhibit. The filing states that director Peter Van Dyke Griscom submitted 'No non-derivative transactions or holdings reported.' It contains no references to redemption deadlines, trust account adjustments, extension proposals, merger target identification, or sponsor conduct. Why it matters: Attributed directly to the SEC submission, the document confirms unchanged insider equity positions but offers zero guidance on the SPAC’s search execution, liquidation timeline, or capital maintenance. The filing makes no claims about customer bases, revenue streams, addressable markets, corporate strategy, proprietary technology, partnership arrangements, pending litigation, or leadership transitions. For investors monitoring redemption mechanics, trust preservation, or deal velocity, this routine compliance exhibit shifts neither the operational parameters nor the informational landscape.
What changed: Form 3 initial beneficial ownership statement identifying Social Commerce Acquisition Partners, LLC as a 10% owner in Social Commerce Partners Corp, explicitly disclosing zero non-derivative transactions or holdings. The filing records no acquisition, disposition, or derivative activity by the sponsor affiliate, leaving the 10% stake unaltered and producing no adjustments to the SPAC’s redemption mechanics, the $10 trust per share, or the 2027-12-22 termination deadline. Why it matters: As a routine compliance exhibit, the report contains no assertions regarding merger negotiations, target selection, customer pipelines, revenue forecasts, market sizing, technology development, commercial partnerships, pending litigation, or executive appointments. Because the reporting person documented no changes to its position, investors receive no fresh signals on sponsorship alignment, working-capital deployment, or deal-progression pacing ahead of the redemption cutoff, meaning extension voting thresholds and trust-value maintenance remain dictated by prior filings rather than this submission.
What changed: Form 8-A for registration of certain classes of securities pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934, functioning as a routine compliance exhibit to list units, Class A ordinary shares, and redeemable warrants on The NASDAQ Stock Market LLC. This filing does not modify redemption deadlines, trust value per share, extension provisions, or business combination progress. Why it matters: For investors tracking the redemption calendar, trust accumulation, and sponsor conduct, this 8-A is an administrative exchange-registration step that leaves those mechanics unaltered. The document contains zero assertions regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. It confirms the registrant remains in a search phase with no disclosed merger target, acquisition financing, or due diligence milestone, meaning the redemption framework and accumulated trust value carry forward unchanged.
What changed: Amendment No. 1 to Form 8-A12B filed by Social Commerce Partners Corporation to register Units, Class A Ordinary Shares, and Redeemable Warrants on The NASDAQ Stock Market LLC under Section 12(b) of the Exchange Act. The registrant states the filing is submitted solely to correct the formatting of the securities listing on the cover page, update the explanatory note, and supply an updated signature page. Why it matters: For investors tracking redemption calendars, trust value erosion, extension approvals, merger development, or sponsor conduct, this document provides no substantive updates. Social Commerce Partners remains in a SEARCHING status with no announced target, no proposed trust extension vote, and no alteration to the existing $10.18 trust-per-share baseline or the 2027-12-22 deadline.
What changed: A Rule 424(b)(4) prospectus announcing the initial public offering of 10,000,000 units, each comprising one Class A ordinary share and one-half of one redeemable warrant, priced at $10.00 per unit, for Social Commerce Partners Corporation, a Cayman Islands exempted company structured as a blank check vehicle. The filing establishes a 24-month completion window from the IPO closing to consummate an initial business combination, which may be extended indefinitely via shareholder approval of the amended memorandum and articles of association. Why it matters: The mechanics generate asymmetric capital dynamics: sponsors holding shares acquired at $0.007 face total capital loss upon expiration without a deal, which may incentivize rapid deal execution regardless of target quality, while public shareholders face redemption dilution from founder anti-dilution provisions, private warrant exercises, and working capital conversions, with trust depletion risks legally shielded from any future IR Act excise levies. Attributed market assessments project global social commerce reached $224 billion in 2024 per Horizon Grandview Research, with U.S.
What changed: This document is an SEC Form 3, an insider ownership report filed for Social Commerce Partners Corp. The filing discloses that reporting person Chastain Heather, identified as a director, submitted the report with the explicit notation "No non-derivative transactions or holdings reported." This indicates zero changes to insider equity positions, no sponsor or management purchases that could supplement the trust, no underwriter bridge activity, and no executive shifts that typically precede target selection or extension votes. Consequently, the redemption calendar remains anchored to the stated 2027-12-22 deadline, the trust value per share remains at the documented $10, and the SPAC continues its SEARCHING status without mechanical adjustments to capital structure timelines. Why it matters: For investors monitoring the 2027-12-22 deadline and $10 trust/share, this routine compliance submission confirms standard regulatory adherence without altering the search-phase operational posture. The document contains no claims regarding customer pipelines, revenue projections, market sizing, technology roadmaps, partnership terms, litigation exposures, or personnel additions. In the absence of transactional data or strategic commentary from the board or sponsor, the filing carries no direct weight on redemption decision-making, trust maintenance thresholds, or extension voting schedules, though it verifies ongoing board-level disclosure obligations during the extended period before liquidation.
What changed: Form 3 insider ownership report filed by director Wayne Lee Moorehead for Social Commerce Partners Corp. The filing reports no non-derivative transactions or equity holdings for director Wayne Lee Moorehead. No adjustments occurred to redemption mechanics, trust valuation processes, acquisition extensions, or sponsor conduct. The submission contains zero numerical figures, no strategic claims, and no references to commercial operations, customer bases, revenue projections, market sizing, technology development, partnership arrangements, or legal proceedings. Why it matters: This is a routine regulatory entry confirming board-level equity status without modifying the SPAC’s SEARCHING designation or activating any redemption, extension, or business-combination triggers. Because the document lacks operational disclosures, financial metrics, or timeline updates, investors monitoring the SPAC’s liquidity horizon, target pipeline, or capital preservation protocols should anticipate information in forthcoming prospectus amendments, proxy solicitations, or Form S-4 filings rather than relying on this administrative record.
What changed: SEC Form 3 — Initial Statement of Beneficial Ownership of Securities, filed as an insider ownership report for Social Commerce Partners Corp. The filing identifies Director and Chief Financial Officer Harley L. Rollins III as the reporting person and explicitly states 'No non-derivative transactions or holdings reported.' It registers zero movement in equity positions, trust account mechanics, redemption parameters, extension ballots, or target discovery progress. Why it matters: For investors tracking redemption deadlines, trust composition, extension timelines, or sponsor conduct, this document delivers no updates to those operational levers. The null report does not alter any termination window, adjust any trust account balance, or signal sponsorship activity. Per the text, no claims regarding customer metrics, revenue streams, market sizing, strategic pivots, technology deployments, partnership formations, litigation status, or personnel shifts are disclosed. The filing stands purely as a procedural baseline entry with zero transactional data, providing no actionable signals on capital preservation, merger momentum, or extension triggers.
What changed: Preliminary prospectus forming part of an S-1 registration statement filed by Social Commerce Partners Corporation, a blank check company (SPAC), for its initial public offering of 10,000,000 units (with over-allotment option for up to 1,500,000 additional units) at $10.00 per unit. This is the initial S-1 filing; the company had no prior public filings. It establishes the IPO terms, trust account ($10.00 per share, $100 million base), 24-month deadline for a business combination, sponsor compensation (founder shares at $0.007 per share), private placement of 350,000 units to sponsor and BTIG, and the intention to focus on social commerce/direct selling targets. Why it matters: Investors can evaluate the SPAC's structure: trust per share, redemption rights, dilution from founder shares (immediate substantial dilution), sponsor incentives (low-cost founder shares create conflict), target industry (social commerce), and mechanics for extension/liquidation. Risk factors include potential classification as an investment company, competition, and sponsor conflicts.
What changed: Draft Registration Statement on Form S-1 containing a Preliminary Prospectus for an Initial Public Offering of 10,000,000 units. This filing establishes the foundational mechanics for the SPAC's operation and capital structure ahead of pricing. It sets a 24-month completion window from the offering's closing (extendable via shareholder votes with mandatory redemption opportunities), mandates an initial $10.00 per share trust deposit totaling $100,000,000, and imposes a 15% maximum redemption cap for shareholders if redemptions are processed via proxy vote rather than tender offer rules. Why it matters: These mechanics establish the baseline dilution profile, timeline flexibility, and sponsor alignment necessary to evaluate redemption economics and acquisition urgency.
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.