Screaming Eagle Acquisition Corp.
SCRM · 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 Flow State Investments, L.P., listed on Nasdaq in January 2022.
- What it's doing now
- It agreed to buy Lions Gate Entertainment Corp. (Lionsgate Studios), an Entertainment studio company. 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
- Lions Gate Entertainment Corp. (Lionsgate Studios)
- Industry
- Entertainment studio (motion picture production and distribution)
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 7 January 2022
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 955 FIFTH AVENUE, NEW YORK, NY, 10075
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Gershkoff Bolles Amy (Director) · Kazam Joshua A (Director) · Scoby Joseph F.
- Listed securities
- SCRM 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.
At the 9 April 2024 event.
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
3 dated milestonesEvery 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.
- 7 January 2022IPOpassed
IPO size not on file
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedEntertainment studiopost-close LIONSEC primary
Who has already taken their money back
1 filed eventEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
57.82M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Apr 9, 2024Extensionno rate stated
The score
deterministic, from filed fieldsSCRM is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Screaming Eagle Acquisition Corp. was a blank-check company whose common stock traded on Nasdaq under the ticker SCRM. The company priced its IPO on January 7, 2022, according to a 424B prospectus filed with the SEC under accession number 0001193125-22-004427. Its SEC CIK is 0001893325 and its SIC industry code is 6770 (Blank Checks). The vehicle completed a business combination and no longer files as a registrant. A Form 25 filed on May 14, 2024 (accession 0001354457-24-000333) under 17 CFR 240.12d2-2(a)(3) recorded that its Ordinary Shares, Warrants, and Units came to evidence other securities in substitution therefor, and the successor registrant Lionsgate Studios Corp. (ticker LION, CIK 0002006191) filed an 8-K with item 2.01 (Completion of Acquisition) naming Screaming Eagle Acquisition Corp.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The 253,435,794 shares going to Studio HoldCo against roughly 25 million to PIPE investors shows how completely Lions Gate takes the combined company — SCRM public holders end up with a small minority. The $0.50 cash for each public warrant is a real, certain payment and removes the usual warrant overhang, but it also extinguishes any upside those warrants carried. The sponsor's open-market warrant purchase commitment supports the price into the vote.
Public warrantholders get their own meeting and their own vote here, which is unusual and means the warrant terms are being amended by warrantholder approval rather than carried over unchanged — a warrantholder's position is decided at a separate meeting from the shareholders'. The registered count in this version is 19,185,223 common shares, higher than the figure carried in the four preceding amendments of this registration statement, so the number is version-specific.
An $802.2 million trust is one of the largest still intact at an extension vote, and at approximately $10.70 per share against a $10.67 market price the shares trade three cents below trust value, so redemption is a near-riskless exit available regardless of how a holder votes. The $3,000,000 aggregate cap on working capital withdrawals protects the per-share floor from being eroded by operating costs. The Lionsgate transaction is a rare case of a large operating business coming to a SPAC with its trust still full, so remaining holders are not choosing between cash and an empty shell.
The registered ceiling in this version is 18,365,140 common shares, the figure carried across the first four amendments of this registration statement. Public warrantholders vote at their own meeting, separate from shareholders, so warrant terms are subject to a distinct approval. The surviving company will be a British Columbia company. No meeting date is fixed.
The 18,365,140-share registered ceiling is unchanged from the preceding amendments. The separate warrantholder meeting means public warrantholders have their own vote on the terms affecting their warrants. No meeting date is fixed by this version.
The registered ceiling of 18,365,140 common shares holds from the first amendment through this one. Public warrantholders vote separately from shareholders. No meeting date is set, so this version fixes no deadline.
Show 2 more material filings
The registered ceiling of 18,365,140 common shares is set at this first amendment and holds through three further amendments before moving. Public warrantholders are convened at their own meeting, so the warrant terms are put to a separate constituency rather than carried over automatically. The surviving public company will be a British Columbia company, so its shareholders' rights will be governed by British Columbia law rather than Cayman or Delaware law. No meeting date is fixed.
This is the baseline of the SEAC / Lionsgate Studios registration and it establishes both the registered ceiling of 18,365,140 common shares — unchanged through the next three amendments — and the two-constituency approval structure. Public warrantholders get their own meeting and their own vote, which means the warrant terms require warrantholder approval rather than passing through automatically. The surviving public company will be a British Columbia company, so post-closing shareholder rights are governed by British Columbia law rather than Cayman or Delaware law. No meeting date is fixed.
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.
- What changed vs 2023-11-09trust $785.6M → $804.2M +2%deadline 2024-01-10 → 2024-06-15going concern RESOLVED
trust account, combination deadline, going-concern doubt +33 moved · 3 with no prior record of ours
- Trust account
- $785.6M$804.2M
- Combination deadline
- 2024-01-102024-06-15
- Going-concern doubt
- statednot stated
- Sponsor loans outstanding
- $300K · unchanged
- Mandate language
- we may pursue an initial business combination opportunity in… · unchanged
- Redeemable shares
- 75.0M · unchanged
SpacBrain reads this as $18,675,192 was added to the trust between the two filings.
The clause …“78,082 158,142 Total current assets 515,245 1,157,294 Cash / investments held in Trust Account 804,228,813 794,750,266 Total assets $ 804,744,058 $ 795,907,560 LIABILITIES AND SHAREHOLDERS’ DEFICIT: Current liabilities: Accounts”…
SpacBrain reads this as 157 days later than the previous record.
The clause …“to liquidate after June 15, 2024. Management plans to consummate an initial business combination prior to June 15, 2024, however there can be no assurance that one will be completed. COMMITMENTS AND CONTRACTUAL OBLIGATIONS We do not”…
SpacBrain reads this as the substantial-doubt sentence is in the previous filing and not in this one.
The clause …“completion of the Initial Public Offering. As of December 31, 2021, there was $ 300,000 outstanding under the Promissory Note. On January 11, 2022, the amount outstanding under the Promissory Note was repaid in full, and borrowings”…
The clause …“value; 400,000,000 shares authorized; no ne issued or outstanding (excluding 75,000,000 shares subject to possible redemption) — — Class B ordinary shares, $ 0.0001 par value; 80,000,000 shares authorized; 18,750,000 and 18,750,000”…
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.
Show the other 10 filings
What changed: Screaming Eagle Acquisition Corp. called an extraordinary general meeting for May 7, 2024 at 10:30 a.m. Eastern Time plus a separate public warrantholders meeting on its Lions Gate business combination, under an agreement amended April 11, 2024. Each SEAC Public Warrant is exchanged for $0.50 in cash subject to warrantholder approval. The Stock Issuance Proposal covers up to 23,091,217 Pubco Common Shares and 2,018,951 Newly Issued Reduction Right Shares to PIPE Investors, plus up to 253,435,794 Pubco Common Shares to Studio HoldCo, a Lions Gate Parent subsidiary. Why it matters: The 253,435,794 shares going to Studio HoldCo against roughly 25 million to PIPE investors shows how completely Lions Gate takes the combined company — SCRM public holders end up with a small minority. The $0.50 cash for each public warrant is a real, certain payment and removes the usual warrant overhang, but it also extinguishes any upside those warrants carried. The sponsor's open-market warrant purchase commitment supports the price into the vote.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2024-07-31 · unchanged
The clause …“of any of the following: if the Closing has not occurred prior to the Outside Date, which can be extended to July 31, 2024 by SEAC or Lions Gate Parent subject to the conditions in the Business Combination Agreement); by SEAC”…
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.
Flow State Investments, L.P.named 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 1282 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
from 424B3 0001193125-24-100943
Trading & liquidity
Company profile
Directors & officers
- Gershkoff Bolles AmyDirector
- Kazam Joshua ADirector
- Scoby Joseph F.10% owner
- Buccieri PaulDirector
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
6 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.
- Eagle Equity Partners V, LLC20.0% · SC 13GFeb 23, 2022 stale
- ARISTEIA CAPITAL LLC9.8% · SC 13G/AFeb 14, 2024 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 1 other reporting person on the same schedule8.5% · SC 13GApr 22, 2024 stale
- First Trust Capital Management L.P.with 1 other reporting person on the same schedule8.1% · SC 13GFeb 14, 2024 stale
- AQR CAPITAL MANAGEMENT LLCwith 1 other reporting person on the same schedule3.4% · SC 13G/AFeb 14, 2024 stale
- Owl Creek Asset Management, L.P.with 1 other reporting person on the same schedule0.5% · SC 13G/AFeb 5, 2024 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 note — SCRM (Screaming Eagle Acquisition Corp.)
vault-note · /vault/tickers/SCRM
- Vault deal note — Lions Gate Entertainment Corp. (Lionsgate Studios) (SCRM)
vault-note · /vault/deals/lions-gate-entertainment-corp-lionsgate-studios
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail6 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001193125-22-004427 priced 2022-01-07; common ticker SCRM off 8-K 0001193125-24-137356 (2024-05-13); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000333 (2024-05-14) — 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: Ordinary Shares, Warrants, and Units); the successor registrant Lionsgate Studios Corp. (LION) (CIK 0002006191) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Screaming Eagle Acquisition Corp." — the SPAC merged into a new registrant and so filed no closing report of its own. 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.
warrantStrike=11.5, unitSeparationDays=52 from the definitive prospectus (0001193125-22-004427). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate
sponsor "Flow State Investments, L.P." (SEC CIK 0001850755) sourced from Form 3 reportingOwner (10% owner) acc 0000919574-24-002572.
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