SEP Acquisition Corp.
SEPA · Nasdaq · formerly Mercury Ecommerce Acquisition Corp
NO ACTION REQUIRED
Nothing left to do
The cash went back to shareholders and the company wound up. 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 trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
In plain terms
- What it is
- A SPAC from Mercury Sponsor Group I LLC, listed on Nasdaq in July 2021.
- What it's doing now
- It never completed a purchase. The company wound up and the cash in the account went back to shareholders — the ordinary ending when a SPAC runs out of time. No agreed deal for it is on file with us, so we cannot say whether one was ever announced and later fell through.
- What you should know
- This SPAC has finished. The cash was paid back to shareholders and the company wound up, so there is nothing left to claim — the money went where the charter said it would.
At a glance
- Where it stands
- Liquidated
- Deal
- none — it wound up and returned the cash instead
- Industry
- no filing we hold states a sector this SPAC restricted its search to
- Deal value
- no deal to value — it wound up instead
- 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
- 29 July 2021
- size not on file · 101.0% of each $10 unit into trust
- Headquarters
- 3737 BUFFALO SPEEDWAY, HOUSTON, TX, 77098
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- White Robert Andrew (Director) · Garrou Marshall Blair (Director)
- Listed securities
- SEPA 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 29 January 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 trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
What has happened, and what is coming
2 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.
- 29 July 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
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
0.50M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Jan 29, 2024Deal voteno rate stated
The score
deterministic, from filed fieldsSEPA 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
SEP Acquisition Corp. (Nasdaq: SEPA) was a blank-check company whose common stock, warrants, and units traded on the Nasdaq Stock Market under the ticker SEPA. The company priced its initial public offering on July 29, 2021, with shares registered for cash under SEC file number 333-254726 and S-1 accession 0001140361-21-010057, and the pricing prospectus filed as 424B3 0001140361-21-025948. The registrant self-described itself as a blank-check company in that prospectus and was classified under SEC SIC industry code 3841 (Surgical & Medical Instruments & Apparatus). The company subsequently liquidated, winding up and returning trust cash to shareholders, with the redemption of its Class A common stock, warrants, and units evidenced by Form 25 filed on July 16, 2024 (accession 0001354457-24-000488) under 17 CFR 240.12d2-2(a)(2). The SEPA ticker appeared on the cover page of a Form 8-K filed on July 15, 2024 (accession 0001753926-24-001242).
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 meeting URL is published — https://www.cstproxy.com/sep-acquis/2023 — but the date and time are not, so a holder can find the platform but not the deadline. Note the meeting is stated in CENTRAL Time, not Eastern, which is unusual among these filings and matters for anyone converting a redemption cut-off. No registered share count appears in the extracted portion.
The meeting platform is published but the date and time are blanks, so this version establishes no deadline. The meeting is stated in Central Time rather than Eastern. No registered share count appears in the extracted portion.
The meeting platform is published but neither the date nor the time is, so this version establishes no deadline. The meeting is stated in Central Time rather than Eastern, which matters for anyone converting to a redemption cut-off. No registered share count appears in the extracted portion.
The meeting URL is fixed from this first amendment onward and does not change across the later amendments of this registration statement, but the date and time never fill in through this series. The meeting is in Central Time. No registered share count appears in the extracted portion.
This is the baseline of the SEPA registration. The meeting platform URL is fixed from the outset and does not change through the four amendments that follow, but neither the date nor the time is ever filled in across that series. The meeting is stated in Central Time, not Eastern, which matters for converting to a redemption cut-off. No registered share count appears in the extracted portion.
An eighteen-month extension in a single vote is at the extreme end of what SPAC charters contemplate, taking the vehicle to the full three years the market treats as the outer limit, and the board concedes it has no definitive agreement to show for the first eighteen months. No extension deposit terms appear in the available text, so the trust may accrete only from interest while holders wait. Retaining the $5,000,001 net tangible asset condition means heavy redemptions abort the plan and return trust value instead.
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 vs 2023-11-20trust $185.0M → $13.7M -93%
trust account, combination deadline, going-concern doubt +21 moved · 4 with no prior record of ours
- Trust account
- $185.0M$13.7M
- Combination deadline
- 2024-07-30 · unchanged
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $760K · unchanged
- Redeemable shares
- 1.30M · unchanged
SpacBrain reads this as $171,263,389 left the trust between the two filings.
The clause …“of closing the Business Combination. As of March 31, 2024, a balance of $ 13,738,297 previously held in the Trust Account was transferred to and held with the Trustee and is considered restricted cash, whereby $ 4,966,717 is held”…
The clause …“Following approval of the Extension Proposal (defined below), the Company has until July 30, 2024 to complete a Business Combination (the "Combination Period"). If the Company is unable to complete a Business Combination within the”…
The clause …“negotiating and consummating the Business Combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the unaudited condensed”…
The clause …“the promissory note. On December 21, 2022 and December 27, 2022 the Company borrowed an aggregate of $760,000 under the promissory note bringing the total drawdowns to $960,000 as of December 31, 2022. On December 4, 2023, the Company”…
The clause …“issued and outstanding at March 31, 2024 and December 31, 2023 (excluding 1,304,259 shares subject to possible redemption at March 31, 2024 and December 31, 2023) 242 242 Class B common stock, $ 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 vs 2023-03-31trust $185.0M → $13.7M -93%
trust account, combination deadline, going-concern doubt +31 moved · 5 with no prior record of ours
- Trust account
- $185.0M$13.7M
- Combination deadline
- 2024-07-30 · unchanged
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $760K · unchanged
- Mandate language
- we intend to focus our search for an initial business combin…not matched in this filing
- Redeemable shares
- 1.30M · unchanged
SpacBrain reads this as $171,345,934 left the trust between the two filings.
The clause …“expenses 21,000 165,398 Total current assets 37,735 1,509,207 Investments held in Trust Account 13,655,752 — Restricted cash held with Trustee — 22,468,765 Total Assets $ 13,693,487 $ 23,977,972 LIABILITIES, CLASS A COMMON STOCK”…
The clause …“of any our Class A common stock if we are unable to complete an initial business combination within 36 months from the closing of the Company’s initial public offering by July 30, 2024, compliance with applicable law and the”…
The clause …“a Business Combination a. In connection with the Company’s assessment of going concern, management has determined that conditions raise substantial doubt about the Company’s ability to continue as a going concern through”…
The clause …“the promissory note. On December 21, 2022 and December 27, 2022, the Company borrowed an aggregate of $760,000 under the promissory note bringing the total drawdowns to $960,000 as of December 31, 2022. On December 4, 2023, the Company”…
The clause …“at December 31, 2023, and December 31, 2022, respectively (excluding 1,304,259 shares subject to possible redemption at December 31, 2023 and December 31, 2022) 242 — Class B common stock, $ 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.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Mercury Sponsor Group I 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 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
Unit: U = S + W/2 · 101.0% of the $10 unit
from 424B3 0001140361-24-000532
Trading & liquidity
Company profile
Directors & officers
- White Robert AndrewDirector
- Garrou Marshall BlairDirector
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
9 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.
- Mercury Sponsor Group I LLCwith 2 other reporting persons on the same schedule73.3% · SC 13D/AOct 3, 2023 stale
- BARCLAYS PLCwith 1 other reporting person on the same schedule5.0% · SC 13GFeb 11, 2022 stale
- Weiss Asset Management LPwith 3 other reporting persons on the same schedule4.5% · SC 13G/AJan 28, 2022 stale
- PERISCOPE CAPITAL INC.3.5% · SC 13G/AFeb 13, 2023 stale
- Radcliffe Capital Management, L.P.with 5 other reporting persons on the same schedule0.0% · SC 13G/AJun 28, 2024 stale
- Castle Creek Arbitrage, LLCwith 4 other reporting persons on the same schedule0.0% · SC 13G/AFeb 13, 2023 stale
- Polar Asset Management Partners Inc.0.0% · SC 13G/AFeb 10, 2023 stale
- Farallon Capital Partners, L.P.with 27 other reporting persons on the same schedule0.0% · SC 13G/AFeb 6, 2023 stale
- HIGHBRIDGE CAPITAL MANAGEMENT LLC0.0% · SC 13G/AJan 25, 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
39 full SEC filing texts archived — searchable, never lost.
- Vault note — SEPA (SEP Acquisition Corp.)
vault-note · /vault/tickers/SEPA
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 trail2 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 3841 (Surgical & Medical Instruments & Apparatus). The screen found it by filing SHAPE instead — S-1 2021-03-25 → 8-A12B 2021-07-27 → 424B3 2021-07-29 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3841 + self-described blank check in 424B3 0001140361-21-025948; 424B 0001140361-21-025948 priced 2021-07-29 under S-1 0001140361-21-010057 (file 333-254726, an offering for cash); common ticker SEPA off 8-K 0001753926-24-001242 (2024-07-15); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-254726, which belongs to S-1 0001140361-21-010057 (2021-03-25) — 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, 424B3 2021-07-29). Ending PROVEN, not inferred: LIQUIDATED per Form 25 0001354457-24-000488 (2024-07-16) — Form 25 filed under 17 CFR 240.12d2-2(a)(2) — the rule for a class "called for redemption" or "redeemed or paid at maturity/retirement". For a SPAC that class is the public shares and that redemption is the trust going back (class: Class A common stock, warrants, units). No wind-up press release was readable on the registrant's own file, so the per-share figure is not stored.. 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 "Mercury Sponsor Group I LLC" sourced from prospectus definition (10-K) acc 0001140361-22-008246.