Hercules Capital Management (SPAC series)
#91 of 117Unproven — 2 vehicles, none resolved yet. Held at the neutral 50; no record is not a bad record.
Sponsor DNA
what has happened before, with its sample size- Completion rate—n=0 resolved vehiclesderived
- Liquidation rate—n=0 resolved vehiclesderived
- Median post-close return—n=0 priced completed deSPACsderived
- Median redemption57%n=3 redemption events with a stated ratederived
- Deals terminated0terminated dealscounted
- Extension votes on record3extension votescounted
3 of 6 statistics carry a figure for this sponsor. A rate is published from 3 resolved vehicles and a median from 3 observations: two points have no middle, and a rate over two can only be 0, 50 or 100. Counts have no threshold — a count is an observation, not an estimate.
Everything marked derived is arithmetic we did to rows we hold, not a figure any filing states.
What this panel will not tell you, and why (6)›
Score breakdown
every component, what it measured, and what it could not- Deal completion20% weightnot measurable
No vehicle has reached a final outcome yet — nothing to measure, held neutral.
Held at the neutral 50 across its full 20% weight — missing data is never scored as a failure, but it never earns credit either.
- Liquidation / termination drag16% weightn=2100/100
0 liquidations and 0 terminations across 2 vehicles raised → 0% attrition (terminations 1.25×, stale shells 0.75×).
- Post-close outcome quality40% weightnot measurable
No completed deSPAC yet — nothing to measure, held neutral.
Held at the neutral 50 across its full 40% weight — missing data is never scored as a failure, but it never earns credit either.
- Redemption behaviour10% weightn=346/100
Median 57% of public shares redeemed across 3 filed events (lower is better).
- Extension reliance8% weightn=350/100
3 extension votes across 2 in-DB vehicles (1.5 per vehicle; 3+ scores zero).
- Live fleet vs trust6% weightn=250/100
1/2 live vehicles trading at or above the trust value they filed.
- Measured weak recordflat penaltynot measurable
No measured prior-vehicle outcome — the weak-record rule cannot engage (absence of data is never a penalty).
How the number is built: weighted mean of the six components above = 58, then pulled 100% of the way back to the neutral 50 for small sample size (0 resolved vehicles) = 50.
2 components are not measurable for this sponsor (deal completion, post-close outcome quality) — 60% of the weight is a neutral placeholder rather than evidence. That is why the confidence chip reads low.
How the Sponsor Score worksoutcome-first weighting
The score answers one question: did this sponsor make money for the people who held through the merger? Not “did they get a deal signed”. Those are different questions, and most sponsor rankings quietly answer the second one.
So post-close outcome quality carries 40% — the realised return of every prior vehicle we can price from a primary filing, measured against the $10.00 trust baseline. Deal completion carries 20%, and it is gated: closing deals that ended below trust value only earns part of the completion credit, because closing is a precondition for a return, not a return. Liquidation and termination drag takes 16%, redemption behaviour 10%, extension reliance 8%, and what the tape says about the live fleet just 6% — a quote is an opinion, not evidence.
A component with no data is never guessed. It is held at the neutral 50 across its full weight and labelled “not measurable”. Dropping it and re-weighting the rest would quietly reward a sponsor for having no verifiable record — exactly backwards. The consequence: a sponsor with no post-close evidence at all cannot read above 71, and cannot be labelled a strong operator no matter how many deals it closed.
Experience never inflates the score. There is no “years in business” component. A first-time sponsor sits at exactly 50 and reads “unproven” with low confidence — new is not bad. Sample size only pulls a score toward or away from that neutral 50, so nobody is called great or terrible on one vehicle.
Every input is a row already in the database, sourced from SEC primary filings: prior vehicles verified on EDGAR, redemption results read out of 8-Ks, prices from public feeds. The arithmetic is deterministic — no model, no LLM, no judgement call. Research tooling, not investment advice.
Current fleet
the vehicles running today- COLAColumbus Acquisition Corp/Cayman Islands$8.30Deal announced$60M→ WISeSat.Space Holdings Corp.
- EURKEureka$11.66Deal announced$58M→ Marine Thinking Inc.
Research profile
synthesized from SEC filings + sourced researchEureka Acquisition Corp (EURK) is sponsored by Hercules Capital Management Corp and Columbus Acquisition Corp (COLA) by Hercules Capital Management VII Corp — the same sponsor-name series, with Johnson Cameron Richard filing Section 16 forms at both. Unrelated to the BDC Hercules Capital, Inc. (HTGC). No resolved prior vehicle exists, so this entity carries coverage only.
Data 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.
Raw SEC identifiers lifted out of the public prose above (the sentences are unchanged); verbatim, each shown with the words it followed: "…ponsored by Hercules Capital Management Corp (CIK 0002026879)" · "…OLA) by Hercules Capital Management VII Corp (CIK 0002046110)"
Family asserted from primary SEC data only (Form 3/4 reporting-owner XML, EDGAR submissions formerNames, sponsor-LLC registered addresses, and the vehicles' own prospectuses).
The Sponsor Score is a deterministic research heuristic over primary-sourced rows — never a recommendation, and never a prediction. It cannot tell you whether this sponsor’s next deal will work; it tells you, precisely and with its own uncertainty attached, what the last ones did.