TPB Acquisition Corp I
TPBA · 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 TPB Acquisition Sponsor I, LLC, listed on Nasdaq in August 2021.
- What it's doing now
- It agreed to buy Lavoro Agro Limited, an Agricultural inputs and products distribution in Latin America 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
- Lavoro Agro Limited
- Industry
- Agricultural inputs and products distribution in Latin America
- 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
- 12 August 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 1 LETTERMAN DRIVE, SAN FRANCISCO, CA, 94128
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Friedberg David A (Chief Executive Officer) · Vasan Bharat (Director) · Underwood April (Director)
- Listed securities
- TPBA 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.
- 12 August 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.
- closedpost-close LVROSEC primary
The score
deterministic, from filed fieldsTPBA 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
TPB Acquisition Corp I was a blank-check company whose common shares, warrants, and units traded on the Nasdaq Stock Market under the ticker TPBA. The company priced its initial public offering on August 12, 2021, as reflected in 424B prospectus filing 0001104659-21-104240. Its SEC CIK is 0001847090 and its SIC industry code is 6770 (Blank Checks). The vehicle completed a business combination and no longer files, with its closing established by Form 25 filed on February 28, 2023, under accession 0001354457-23-000121, pursuant to 17 CFR 240.12d2-2(a)(3), indicating that its Class A Ordinary Shares, Warrants, and Units came to evidence other securities in substitution therefor. The TPBA ticker appears on the cover page of an 8-K filed on February 22, 2023, under accession 0001104659-23-024362.
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 minimum cash condition of US$180,000,000 sits barely below the US$181.4 million actually in trust, so almost any redemption at all breaks the condition unless the PIPE fills the gap or the parties waive it. That makes this one of the most redemption-sensitive deals of the cycle: the decision of a small number of holders can determine whether it closes. Public holders can redeem at about US$10.055, essentially the deposited value, so the cash alternative is intact for anyone unwilling to take Brazilian agricultural inputs exposure.
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: TPB Acquisition Corporation I filed a proxy and prospectus for up to 135,045,373 shares and 10,083,606 warrants of Lavoro Limited for an extraordinary general meeting on February 22, 2023, to approve the combination agreement dated September 14, 2022. The meeting may be adjourned if redemptions leave aggregate trust cash plus net PIPE proceeds below US$180,000,000 after transaction costs. Based on about US$181,358,178 in the trust at September 30, 2022, redemption would have amounted to about US$10.055 per public share, and no redemption may leave net tangible assets below US$5,000,001. Why it matters: The minimum cash condition of US$180,000,000 sits barely below the US$181.4 million actually in trust, so almost any redemption at all breaks the condition unless the PIPE fills the gap or the parties waive it. That makes this one of the most redemption-sensitive deals of the cycle: the decision of a small number of holders can determine whether it closes. Public holders can redeem at about US$10.055, essentially the deposited value, so the cash alternative is intact for anyone unwilling to take Brazilian agricultural inputs exposure.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- no earlier filing2023-03-31
SpacBrain reads this as the agreement may be terminated from 2023-03-31.
The clause “TPB SPAC or Lavoro Agro Limited if the Closing has not occurred on or prior to March 31, 2023 (the “Outside Date”); provided that such party shall not be entitled to terminate if such party’s action or failure to act has been a principal”…
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.
TPB Acquisition Sponsor 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 1284 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/3 · 100.0% of the $10 unit
from 424B4 0001104659-21-104240
Trading & liquidity
Company profile
Directors & officers
- Friedberg David AChief Executive Officer
- Vasan BharatDirector
- Underwood AprilDirector
- Renninger NeilDirector
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
11 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.
- TPB Acquisition Sponsor I, LLCwith 2 other reporting persons on the same schedule19.5% · SC 13GFeb 14, 2022 stale
- BlackRock Inc.11.1% · SC 13GFeb 13, 2023 stale
- Weiss Asset Management LPwith 3 other reporting persons on the same schedule9.6% · SC 13G/AJan 28, 2022 stale
- SPRING CREEK CAPITAL LLCwith 2 other reporting persons on the same schedule9.6% · SC 13G/AFeb 9, 2022 stale
- ARISTEIA CAPITAL LLC9.2% · SC 13GFeb 14, 2023 stale
- Polar Asset Management Partners Inc.8.3% · SC 13GFeb 11, 2022 stale
- Sandia Investment Management LPwith 1 other reporting person on the same schedule8.3% · SC 13G/AFeb 14, 2023 stale
- ADAGE CAPITAL PARTNERS GP, L.L.C.with 2 other reporting persons on the same schedule2.9% · SC 13G/AFeb 9, 2023 stale
- P SCHOENFELD ASSET MANAGEMENT LPwith 1 other reporting person on the same schedule2.5% · SC 13GFeb 14, 2023 stale
- Park West Asset Management LLCwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- SOROS FUND MANAGEMENT LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 13, 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
38 full SEC filing texts archived — searchable, never lost.
- Vault note — TPBA (TPB Acquisition Corp I)
vault-note · /vault/tickers/TPBA
- Vault deal note — Lavoro Agro Limited (TPBA)
vault-note · /vault/deals/lavoro-agro-limited
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 0001104659-21-104240 priced 2021-08-12; common ticker TPBA off 8-K 0001104659-23-024362 (2023-02-22); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-23-000121 (2023-02-28) — 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 Share, Warrant, Unit). 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 (0001104659-21-104240). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate
sponsor "TPB Acquisition Sponsor I, LLC" sourced from prospectus definition (10-K) acc 0001104659-22-040254.
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