Twin Ridge Capital Acquisition Corp.
TRCA · 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, listed on NYSE in March 2021.
- What it's doing now
- It agreed in September 2023 to buy Carbon Revolution Limited, a carbon fiber automotive wheel manufacturing 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
- Carbon Revolution Limited
- Industry
- Consumer Discretionary — carbon fiber automotive wheel manufacturing
- Deal value
- not stated in the filings we hold
- announced 11 September 2023
- 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
- 5 March 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 999 VANDERBILT BEACH ROAD, SUITE 200, NAPLES, FL, 34108
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Gerber Sander · Toler William Douglas (Director) · Morey Sanjay Krishnakumar (Co-CEO and President)
- Listed securities
- TRCA 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 12 October 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 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
4 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.
redemption rate not stated in the filing
- 11 September 2023Deal announcedpassed
Combination with Carbon Revolution Limited
redemption rate not stated in the filing
Show the earlier 1 milestone
- 5 March 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.
- Carbon Revolution Limited— · announced 11 September 2023closedConsumer Discretionarypost-close CREVSEC primary
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
21.24M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Oct 12, 2023Deal voteno rate stated
Show the other 1 cash-out event
- Mar 6, 2023Extensionno rate statedredeemed 15.04M sh0001140361-23-025313
The score
deterministic, from filed fieldsTRCA 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
Twin Ridge Capital Acquisition Corp. (NYSE: TRCA) was a blank-check company whose IPO was priced on March 5, 2021, per 424B prospectus 0001140361-21-007350. The company's SEC CIK is 0001840353 and its SIC industry code is 6770. Its securities included Class A ordinary shares, units (each consisting of one Class A ordinary share and one-third of one redeemable warrant), and warrants (each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50). The common ticker TRCA appears on the cover page of 8-K 0001140361-23-048221, filed October 13, 2023. The company completed a business combination and no longer files, with its closed status established by Form 25 0001143362-23-000485 filed on November 3, 2023, under 17 CFR 240.12d2-2(a)(3), reflecting that the shares came to evidence other securities in substitution therefor.
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.
Completion does not turn on the SPAC vote alone: Carbon Revolution's own shareholders must approve an Australian scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) together with a capital reduction under Part 2J.1, and the Federal Court of Australia must approve it. Under the Sponsor Side Letter the sponsor waives its Class B anti-dilution protections, agrees not to redeem, and forfeits 327,203 of its 5,267,203 Class B ordinary shares for no consideration. On September 1, 2023 the Class A shares closed at $10.73, the warrants at $0.0406 and the units at $10.76.
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 2023-08-17deadline 2023-10-31 → 2024-03-08sponsor loan $960K → $1.1M
combination deadline, sponsor loans outstanding, trust account +12 moved · 2 with no prior record of ours
- Combination deadline
- 2023-10-312024-03-08
- Sponsor loans outstanding
- $960K$1.1M
- Trust account
- $216.1M · unchanged
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as 129 days later than the previous record.
The clause …“the date by which it has to consummate an initial Business Combination to March 8, 2024, as applicable under the Amended and Restated Articles of Association. Carbon Revolution or the Sponsor (or one or more of their affiliates,”…
SpacBrain reads this as the sponsor has advanced $160,000 more.
The clause …“will be deposited in the Trust Account. As of September 30, 2023, there was $ 1,120,000 outstanding under the Promissory Note. Subsequent to the nine-month period ended September 30, 2023 and as of the issuance date of these financial”…
The clause …“Significant Other Unobservable Inputs (Level 3) Assets: Marketable securities held in Trust Account $ 216,069,362 $ 216,069,362 $ — $ — $ 216,069,362 $ 216,069,362 $ — $ — Liabilities: Warrant Liability – Public Warrants $ 213,799 $”…
The clause …“The Company’s management has determined that the liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the Company’s carrying amounts of assets or”…
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
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
No sponsor entity is named in the filings parsed for this SPAC so far.
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/3 · 100.0% of the $10 unit
from 424B4 0001140361-21-007350
Trading & liquidity
Company profile
Directors & officers
- Gerber Sander10% owner
- Toler William DouglasDirector
- Morey Sanjay KrishnakumarCo-CEO and President
- MORRISON DALE FDirector
- Russell William Peter JRCo-CEO and CFO
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
8 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.
- Twin Ridge Capital Sponsor, LLCwith 3 other reporting persons on the same schedule32.9% · SC 13GFeb 10, 2022 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 4 other reporting persons on the same schedule4.8% · SC 13G/AFeb 3, 2023 stale
- Radcliffe Capital Management, L.P.with 5 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2024 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/ADec 11, 2023 stale
- Hudson Bay Capital Management LPwith 1 other reporting person on the same schedule0.0% · SC 13G/AOct 10, 2023 stale
- SCOPUS ASSET MANAGEMENT, L.P.with 4 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2022 stale
- YA II PN, Ltd.with 6 other reporting persons on the same schedulenot stated · SC 13G/AFeb 14, 2024 stale
- COWEN AND COMPANY, LLCwith 1 other reporting person on the same schedulenot stated · SC 13G/AFeb 2, 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 — TRCA (Twin Ridge Capital Acquisition Corp.)
vault-note · /vault/tickers/TRCA
- Vault deal note — Carbon Revolution Limited (TRCA)
vault-note · /vault/deals/carbon-revolution-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 trail5 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 0001140361-21-007350 priced 2021-03-05; common ticker TRCA off 8-K 0001140361-23-048221 (2023-10-13); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001143362-23-000485 (2023-11-03) — 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; Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant; Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50). 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.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER confirmed, on 425 0001140361-23-050508: "Carbon Revolution is an Australian technology company, which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fi"