What you'd earn by handing shares back

These SPACs still have a redemption right on paper, but no election is on the calendar to exercise it at. The only dated event ahead of each is an outside date or the charter deadline — contractual long-stops that pay a holder nothing — so there is no date to measure a return to. The gap to cash is printed because it is a fact; the yield is absent because it would be an invention. The scenario column asks a different, honest question — if the company wound up at that long-stop and paid the accreted trust, what would the arithmetic be — and it is typeset as an estimate because that is all it is: SPACs routinely extend instead, and the date moves. The whole universe on one axis — real yields and scenarios together, never mixed — is drawn on the yield curve.

The window to hand these shares back for cash has closed. Whatever gap sits between the price and the cash in trust, that cash can no longer be claimed by you — so it is not a discount and there is no yield. The figures below are printed in plain ink on purpose: a number that looks like a bargain here would be a lie.

• IMIMAQInternational Media$2.01 below cash (est.)not claimable
• GPGPATGP-Act III Acquisition Corp.$-0.02 below cash (filed)not claimable

Buy a SPAC below the cash set aside for it, hand the shares back at a dated event that actually pays you — a redemption election, a vote that opens one, a liquidation — and the gap is what the trade pays. A contractual outside date or a charter deadline is not one of those: it hands a holder nothing, so no yield is quoted to it. Names with no election on the calendar are listed above with their facts and no number.

An annualized figure is a comparison unit, not a forecast. It exists so a two-week spread and a six-month one can be held against the same T-bill. Nobody earns it: there is no queue of consecutive SPAC redemptions to roll into, and each one’s upside is capped at the trust. So we always compute it, always print it in the Annualized column, and always judge beats or below on it — but the headline goes to the gross return whenever the window is 10 days or less, or whenever annualizing a window under 30 days pushes the figure past 100%. Nothing is capped, rounded down or withheld; the large type just goes to the number that was observed rather than the one that was multiplied.

Every input — which date, which cash basis, the hurdle and the broker cutoff — is listed in How this is calculated, beside the board above.