Thoma Bravo Advantage
TBA · NYSE
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 RCENTAGE OF OUTSTANDING ORDINARY SHARES Thoma Bravo Advantage Sponsor, LLC, listed on NYSE in January 2021.
- What it's doing now
- It agreed to buy ironSource Ltd., a mobile app monetization and distribution platform 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
- ironSource Ltd.
- Industry
- Information Technology — mobile app monetization and distribution platform
- 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
- 15 January 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 150 N. RIVERSIDE DRIVE, CHICAGO, IL, 60606
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Naude Pierre (Director) · McMartin James Cameron (Director) · BRUN LESLIE A (Director)
- Listed securities
- TBA 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 January 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.
- closedInformation TechnologySEC primary
The score
deterministic, from filed fieldsTBA 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 — 295 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
Thoma Bravo Advantage is a Cayman Islands-exempted blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, or similar business combination with one or more businesses, with an intended focus on the software industry. The company was incorporated on November 6, 2020, and is headquartered at 150 N. Riverside Plaza, Suite 2800, Chicago, Illinois. Its sponsor, Thoma Bravo Advantage Sponsor LLC, is an affiliate of Thoma Bravo L.P., a software-focused private equity investment firm with approximately $74 billion in assets under management as of September 30, 2020. The management team is led by Orlando Bravo, Chairman of the board and a founder and managing partner of Thoma Bravo, alongside CEO Robert Sayle, CFO Amy Coleman Redenbaugh, and Corporate Secretary Steven Schwab. Thoma Bravo's track record includes over 270 software platform and add-on acquisitions, and the firm was named the top-performing buyout firm by the HEC-Dow Jones Private Equity Performance Ranking in 2017, 2018, and 2019.
Thoma Bravo Advantage priced its initial public offering on January 15, 2021, raising $900 million through the sale of 90,000,000 units at $10.00 per unit on the NYSE under the symbol "TBA.U," with each unit consisting of one Class A ordinary share and one-fifth of one redeemable warrant, each whole warrant exercisable at $11.50 per share. The underwriters — Citigroup, Deutsche Bank Securities, and Goldman Sachs — held a 45-day over-allotment option for up to 10,000,000 additional units. Of the offering proceeds, $900,000,000 ($10.00 per unit) was deposited into a trust account with Continental Stock Transfer & Trust Company. The sponsor purchased 14,666,667 private placement warrants at $1.50 per warrant in a concurrent private placement for $22,000,000. The company's Class A ordinary shares and warrants were expected to trade separately under the symbols "TBA" and "TBA.W," respectively. The business combination deadline was 24 months from the closing of the offering, extendable to 30 months if a letter of intent, agreement in principle, or definitive agreement had been executed within the initial 24-month period.
On June 28, 2021, Thoma Bravo Advantage completed its initial business combination with ironSource Ltd, an Israeli software company that listed on the NYSE under the symbol "IS." The transaction was effected through a series of mergers in which Showtime Cayman merged into TBA, and the surviving entity then merged into Showtime Cayman II, both wholly-owned subsidiaries of ironSource Ltd. The closing was reported in TBA's 8-K filed June 28, 2021, and confirmed by ironSource's 6-K filed June 29, 2021. Form 25 was filed on June 29, 2021, under Rule 12d2-2(a)(3), reflecting that the SPAC's securities had come to evidence other securities in substitution therefor. ironSource subsequently merged with Unity Software in 2022.
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 private placement mostly does not fund the company: ironSource states it does not currently intend to allocate the 130,000,000 shares at $10.00 per share towards newly issued Primary PIPE Shares, and intends instead to put all of it towards buying Secondary PIPE Shares from selling shareholders, so the money reaches existing holders rather than the balance sheet. The sponsor also backstops redemptions: if TBA redemptions exceed $150 million it must fund the excess in cash or surrender Class B shares of equal value, capped at $250 million.
The trust figure is stated as of 31 March 2021 and is recorded only with that date; it was written to no column. Everything reconciles: 6,284,087 plus 96,115,913 equals the 102,400,000 Class A on the 3 May 2021 cover, being 100,000,000 public shares and 2,400,000 private placement shares, and the deferred fee is $0.35 on the public shares alone. The $3.3 million quarterly loss is general and administrative expense, not trust-related. Equity of $5,000,003 is the net-tangible-assets plug, so the trust exceeding the redeemable carrying amount is presentation, not surplus.
No trust existed at the balance-sheet date, so no per-share figure can be taken from this report and the cover share counts cannot be reconciled to it. The condition that matters is the ironSource deal's Aggregate Transaction Proceeds test: trust cash remaining after redemptions plus the PIPE must reach $1,300,000,000, so against a $1.0bn trust the PIPE has to carry at least $300m and every redemption cuts the margin. The combined company keeps the ironSource name.
Any warrant term carried over from the registration statement is wrong for the security that was actually sold: there is no strike, no call trigger and no warrant dilution in the priced deal, and the sponsor's private placement is in SHARES. Dilution is the 25,000,000 Class B founder shares (2,500,000 forfeitable if the overallotment lapses) and the private placement shares. Public shares are redeemed if no initial business combination is completed within 24 months from the closing of the offering.
The outside date is conditional and unusually long: 24 months from the closing of the offering, or 30 months if a letter of intent, agreement in principle or definitive agreement has been executed within those 24 months but the combination has not closed — six extra months that arrive by contract rather than by a shareholder vote. Warrant coverage is one-fifth per unit. Two call regimes are stated, at $10.00 and at $18.00 per Class A ordinary share, adjusting to 100% and 180% of the higher of the Market Value and the Newly Issued Price.
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: Thoma Bravo Advantage issued definitive merger materials for an extraordinary general meeting on the Agreement and Plan of Merger dated March 20, 2021 with ironSource Ltd. and two Cayman merger subsidiaries. Showtime Cayman merges into TBA, and the survivor then merges into Showtime Cayman II, leaving it a wholly-owned subsidiary of ironSource, with TBA's shareholders becoming ironSource shareholders. The document registers up to 127,400,000 ironSource Class A ordinary shares. Why it matters: The private placement mostly does not fund the company: ironSource states it does not currently intend to allocate the 130,000,000 shares at $10.00 per share towards newly issued Primary PIPE Shares, and intends instead to put all of it towards buying Secondary PIPE Shares from selling shareholders, so the money reaches existing holders rather than the balance sheet. The sponsor also backstops redemptions: if TBA redemptions exceed $150 million it must fund the excess in cash or surrender Class B shares of equal value, capped at $250 million.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
RCENTAGE OF OUTSTANDING ORDINARY SHARES Thoma Bravo Advantage Sponsor, 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 1280 tracked SPACs (24%) 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 424B4 0001193125-21-010142
Trading & liquidity
Company profile
Directors & officers
- Naude PierreDirector
- McMartin James CameronDirector
- BRUN LESLIE ADirector
- Schwab Steven AnthonyCorporate Secretary
- Redenbaugh Amy Luella ColemanChief Financial Officer
- Sayle Robert Armstrong IIIChief Executive Officer
- Bravo OrlandoDirector
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
1 filer 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.
- CITADEL ADVISORS LLCwith 5 other reporting persons on the same schedule5.1% · SC 13GMay 14, 2021 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.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- IronSource closes $100 million in new investment as it heads toward an IPO
Business Insiderundated by the source
- IronSource Founders' AI Startup Zyg Raises at $500 Million Value
Bloombergundated by the source
- ironSource Announces Combination with Thoma Bravo Advantage to ...
PR Newswireundated by the source
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
37 full SEC filing texts archived — searchable, never lost.
- Vault note — TBA (Thoma Bravo Advantage)
vault-note · /vault/tickers/TBA
- Vault deal note — ironSource Ltd. (TBA)
vault-note · /vault/deals/ironsource-ltd
- ironSource - Wikipedia
news · en.wikipedia.org
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 0001193125-21-010142 priced 2021-01-15; common ticker TBA off 8-K 0001193125-21-202203 (2021-06-28); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0000876661-21-000968 (2021-06-29) — 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 Ordinary Shares);
the successor named here was WRONG and is withdrawn — was: "the successor registrant SolarWinds Corp (SWI) (CIK 0001739942) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Thoma Bravo Advantage" — 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.
Thoma Bravo Advantage combined with ironSource Ltd (CIK 0001837430), not with SolarWinds Corp. TBA filed its own closing report: 8-K acc 0001193125-21-202203 (filed 2021-06-28, items 1.02/2.01/3.01/3.03/5.01/5.02/8.01/9.01) states that on June 28, 2021 Showtime Cayman merged with and into TBA and the surviving entity then merged into Showtime Cayman II, both wholly-owned subsidiaries of ironSource Ltd. The other side of the same closing is ironSource's 6-K acc 0001193125-21-203348 (filed 2021-06-29), which names "Thoma Bravo Advantage"; ironSource listed on the NYSE as IS by 8-A12B acc 0001193125-21-198097 (2021-06-24). ironSource is a foreign private issuer and reports on 6-K/20-F, which is why a check that looks only for an 8-K from the successor could not have confirmed it either. How the wrong name arrived: findSuccessor8K (scripts/_uni3/lib.mts) full-text-searched the phrase "Thoma Bravo Advantage" in 8-Ks, excluded the SPAC's own CIK — discarding the real closing 8-K, which is the top hit — and took the earliest remaining item-2.01 filer, SolarWinds Corp's 8-K acc 0001628280-21-014064 (2021-07-20, the N-able separation). The phrase appears once in that whole submission, in a director biography in the N-able information statement (exhibit 99.1): "Cam McMartin currently serves as a board member and a company and fund advisor of Thoma Bravo Advantage." Status is untouched: CLOSED still rests on Form 25 acc 0000876661-21-000968 (2021-06-29) under Rule 12d2-2(a)(3).
sponsor "RCENTAGE OF OUTSTANDING ORDINARY SHARES Thoma Bravo Advantage Sponsor, LLC" sourced from prospectus definition (10-K) acc 0001193125-21-096609.
[CLOSED-2.01] SEC accession 0001193125-21-202203 (Form 8-K, item 2.01 Completion of Acquisition or Disposition of Assets); the cover's date of earliest event reported is 2021-06-28. That is the SEC's own date for this report and NOT necessarily the closing day — an 8-K may cover several events, and where the two differ the closing date is in the quoted sentence below. Target read STRUCTURALLY from the merger agreement's party list — the party that is neither the registrant (identified by the filing's own cover page) nor a merger sub (identified by the clause making it a subsidiary of another party) nor an accommodation party (identified by a "solely for purposes of" joinder), and it was the only one left. The sentence it was read from: "As previously disclosed, on March 20, 2021, Thoma Bravo Advantage ( TBA ) entered into an Agreement and Plan of Merger (the Merger Agreement ), by and among TBA, ironSource Ltd., a company organized under the laws of the State of Israel (the Company or ironSource ), Showtime Cayman, a Cayman Islands exempted company and wholly-owned subsidiary of the Company ( Merger Sub ), and Showtime Cayman II, a Cayman Islands exempted company and wholly-owned subsidiary of the Company ( Merger Sub II )." No deal value is set — an item-2.01 heading is not a figure. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists.
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read