Thunder Bridge Capital Partners III Inc.
TBCP · Nasdaq
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 Thunder Bridge (Simanson Gary A), listed on Nasdaq in February 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
- 9 February 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 9912 GEORGETOWN PIKE SUITE D203, GREAT FALLS, NY, 22066
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Simanson Gary A (Director) · Hartheimer Robert Herman (Director) · Stikker Allerd D. (Director)
- Listed securities
- TBCP 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 4 August 2023 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
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.
- 9 February 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
redemption rate not stated in the filing
Who has already taken their money back
2 filed eventsEach 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
40.79M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Aug 4, 2023Extensionno rate stated
Show the other 1 cash-out event
- Dec 16, 2022Extensionno rate stated
The score
deterministic, from filed fieldsTBCP 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
Thunder Bridge Capital Partners III Inc. (Nasdaq: TBCP) was a blank-check company that priced its initial public offering on February 9, 2021, as documented in a 424B prospectus. The company's common ticker TBCP appeared on the cover page of an 8-K filed on December 7, 2023. Thunder Bridge Capital Partners III Inc. subsequently liquidated, winding up and returning trust cash to shareholders. The liquidation was established by a Form 25 filed on December 11, 2023, under 17 CFR 240.12d2-2(a)(1), covering its Class A Common Stock, Warrants, and Units.
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.
A trust of $11.2 million at $10.24 per share implies only about 1.1 million public shares remain, so the first extension already took roughly 90% of the money out. The founder conversion then hands the sponsor 10,349,999 Class A shares against that tiny public float, meaning the sponsor would control the common stock outright while holding no claim on the trust. Public holders can still redeem at about $10.24, which is the entire remaining economic value of the position; whoever stays owns a minority stub of a shell the sponsor controls.
With the stock at $10.01 and the redemption value stated before removing accrued interest reserved for taxes, the market is pricing the shares essentially at trust, so there is no discount to capture and the decision is purely about whether to wait. The company warns liquidity may be insufficient to sell in the open market even at a premium to the redemption price, which makes the redemption right rather than the market the dependable exit. The sponsor's 10.35 million founder shares recover nothing on liquidation.
This is the full-redemption-value presentation that only became universal across the sector later, appearing here in May 2021, which is why this balance sheet cannot be compared like-for-like with its peers in the same quarter. Two defects: the cash flow statement ends the period at $773,917 while the balance sheet and MD&A both say $768,359, a $5,558 gap that is exactly the quarter's trust interest income; and the trust deposit line is captioned 'Net cash used in financing activities' inside the investing section.
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 2023-08-18trust $11.2M → $6.3M -44%sponsor loan $640K → $803Kshares 1.10M → 611K -44%
trust account, sponsor loans outstanding, redeemable shares +23 moved · 2 with no prior record of ours
- Trust account
- $11.2M$6.3M
- Sponsor loans outstanding
- $640K$803K
- Redeemable shares
- 1.10M611K
- Combination deadline
- 2024-02-10 · unchanged
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $4,904,312 left the trust between the two filings.
The clause …“current assets 85,792 210,122 Other assets: Cash and marketable securities held in Trust Account 6,306,990 12,263,483 Total assets $ 6,392,782 $ 12,473,605 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts”…
SpacBrain reads this as the sponsor has advanced $163,000 more.
The clause …“from the Sponsor to us, of up to $1,500,000. At September 30, 2023 there was $803,000 outstanding under the Promissory Note and $647,000 remains available to finance transaction costs in connection with the initial Business”…
SpacBrain reads this as 486,584 shares are no longer redeemable.
The clause …“authorized; 11,352,999 and 1,003,000 shares issued and outstanding (excluding 611,157 and 41,400,000 shares subject to possible redemption), at September 30, 2023 and December 31, 2022, respectively 1,135 100 Class B common stock, $”…
The clause …“of Incorporation to (i) extend the Combination Period from August 10, 2023 to February 10, 2024 (or such earlier date as determined by the Board) (the “Second Extension Amendment Proposal”) and (ii) provide for the right of a holder of”…
The clause …“determined that the uncertainty surrounding its liquidity condition raises substantial doubt about its ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any adjustments”…
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 vs 2023-05-15trust $12.0M → $11.2M -6%deadline 2023-08-10 → 2024-02-10sponsor loan $475K → $640K
trust account, combination deadline, sponsor loans outstanding +23 moved · 2 with no prior record of ours
- Trust account
- $12.0M$11.2M
- Combination deadline
- 2023-08-102024-02-10
- Sponsor loans outstanding
- $475K$640K
- Redeemable shares
- not previously extracted1.10M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $739,139 left the trust between the two filings.
The clause …“current assets 65,651 210,122 Other assets: Cash and marketable securities held in Trust Account 11,211,302 12,263,483 Total assets $ 11,276,953 $ 12,473,605 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities:”…
SpacBrain reads this as 184 days later than the previous record.
The clause …“of Incorporation to (i) extend the Combination Period from August 10, 2023 to February 10, 2024 (or such earlier date as determined by the Board) (the “Extension Amendment Proposal”) and (ii) provide for the right of a holder of shares”…
SpacBrain reads this as the sponsor has advanced $165,000 more.
The clause …“Loan from the Sponsor to us, of up to $1,500,000. At June 30, 2023 there was $640,000 outstanding under the Promissory Note and $860,000 remains available to finance transaction costs in connection with the initial Business”…
The clause “000 shares authorized; 1,003,000 and 0 shares issued and outstanding (excluding 1,097,741 and 41,400,000 shares subject to possible redemption), at June 30, 2023 and December 31, 2022, respectively 100 100 Class B common stock, $ 0.0001”…
The clause …“determined that the uncertainty surrounding its liquidity condition raises substantial doubt about its ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any adjustments”…
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: Thunder Bridge Capital Partners III, Inc. set a special meeting in lieu of an annual meeting for August 4, 2023 at 10:00 a.m. Eastern at the offices of Ellenoff Grossman & Schole, seeking a second extension after a first extension moved the deadline from February 10, 2023 to August 10, 2023. Sponsor TBCP III, LLC owns 10,350,000 Class B shares and 1,003,000 private placement units, and expects to convert 10,349,999 Class B shares one-for-one into Class A stock if the charter amendments pass. Why it matters: A trust of $11.2 million at $10.24 per share implies only about 1.1 million public shares remain, so the first extension already took roughly 90% of the money out. The founder conversion then hands the sponsor 10,349,999 Class A shares against that tiny public float, meaning the sponsor would control the common stock outright while holding no claim on the trust. Public holders can still redeem at about $10.24, which is the entire remaining economic value of the position; whoever stays owns a minority stub of a shell the sponsor controls.
What changed vs 2022-11-29deadline 2023-08-10 → 2024-02-10combination deadline, sponsor loans outstanding1 moved · 1 with no prior record of ours
- Combination deadline
- 2023-08-102024-02-10
- Sponsor loans outstanding
- not previously extracted$640K
SpacBrain reads this as 184 days later than the previous record.
The clause …“redeem 100% of such shares if the Corporation has not consummated an initial Business Combination by February 10, 2024 or such earlier date as may be determined by the Board in its sole discretion (or, if the Office of Delaware”…
The clause …“prior to our initial Business Combination. As of July 19, 2023, we had borrowed $640,000 and had $860,000 available to us under the Promissory Note. You are not being asked to vote on the Business Combination at this time. If the”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2022-11-14trust $416.3M → $12.0M -97%deadline 2023-02-10 → 2023-08-10sponsor loan $440K → $475K
trust account, combination deadline, sponsor loans outstanding +23 moved · 2 with no prior record of ours
- Trust account
- $416.3M$12.0M
- Combination deadline
- 2023-02-102023-08-10
- Sponsor loans outstanding
- $440K$475K
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 41.4Mnot matched in this filing
SpacBrain reads this as $404,321,394 left the trust between the two filings.
The clause …“current assets 405,833 210,122 Other assets: Cash and marketable securities held in Trust Account 11,950,441 12,263,483 Total assets $ 12,356,274 $ 12,473,605 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities:”…
SpacBrain reads this as 181 days later than the previous record.
The clause …“Unit in the Initial Public Offering. In addition, if we fail to complete our Business Combination by August 10, 2023 , there will be no redemption rights or liquidating distributions with respect to the warrants, which will expire”…
SpacBrain reads this as the sponsor has advanced $35,000 more.
The clause …“Note”). At March 31, 2023 and December 31, 2022 there was $ 425,000 and $ 475,000 outstanding under the Promissory Note, respectively. 14 THUNDER BRIDGE CAPITAL PARTNERS III, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS”…
The clause …“that the uncertainty surrounding the Company’s liquidity condition raises substantial doubt about its ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any adjustments”…
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.
Deal completion: 2/3 resolved vehicles closed a deal (67%); 1 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty.
Mixed record · medium confidence
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/5 · 100.0% of the $10 unit
from 424B4 0001213900-21-007604
Trading & liquidity
Company profile
Directors & officers
- Simanson Gary ADirector
- Hartheimer Robert HermanDirector
- Stikker Allerd D.Director
- HOULIHAN WILLIAM AChief Financial Officer
- Gillespie Mary AnneDirector
- MANGUM DAVID EDirector
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
5 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.
- TBCP III, LLCwith 1 other reporting person on the same schedule95.7% · SC 13D/AAug 14, 2023 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule2.8% · SC 13G/AJan 31, 2022 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- ARISTEIA CAPITAL LLC0.0% · SC 13G/AFeb 10, 2023 stale
- Weiss Asset Management LPwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 6, 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 — TBCP (Thunder Bridge Capital Partners III Inc.)
vault-note · /vault/tickers/TBCP
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 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 0001213900-21-007604 priced 2021-02-09; common ticker TBCP off 8-K 0001213900-23-094114 (2023-12-07); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per Form 25 0001354457-23-000923 (2023-12-11) — Form 25 filed under 17 CFR 240.12d2-2(a)(1) — 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, Unit). 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 "TBCP III, LLC" (SEC CIK 0001815731) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-006917.