Methodology

Where every number comes from.

The sources, the definitions and the limits. If a figure on this site matters to a decision you are making, this page tells you exactly what it means.

See the figures

The pipeline

01IngestEvery new filing from SEC EDGAR, polled continuously.

02ExtractDocuments parsed to text and tables, including scanned exhibits.

03Parse XBRLTagged financial facts read straight from the filer’s own XBRL.

04NormaliseFigures reconciled across periods into one comparable schema.

05ClassifyRisk signals derived, and each SPAC placed on a risk band.

06PublishMarket aggregates recomputed and released every six hours.

Definitions

What each figure means

Trust valueThe balance of the trust account as reported on the most recent balance sheet, read from the filer’s XBRL where tagged and from the statement itself where not.10-Q / 10-K balance sheet

Trust per shareTrust value divided by the count of shares subject to possible redemption. Founder shares are excluded — they have no claim on the trust.Balance sheet and mezzanine equity

Current deadlineThe date by which a business combination must close under the charter as most recently amended, including any extensions already exercised.Charter, extension proxies, 8-K

Extensions usedThe number of deadline extensions approved and exercised to date, counted from the amendments themselves rather than from the original charter terms.DEF 14A, 8-K

Redemption rateShares redeemed at a vote as a percentage of public shares outstanding immediately before it. Reported per event and averaged across completed votes.8-K reporting vote results

IPO sizeGross proceeds at pricing, including the over-allotment where exercised. Stated in USD at the time of the offering with no inflation adjustment.424B4, 8-K

Risk signals

How each signal is derived

Going concernThe auditor has expressed substantial doubt about the entity continuing for twelve months.Auditor’s opinion, 10-K

Material weaknessManagement has reported a deficiency in internal control over financial reporting.Item 9A, 10-K

OTC migration riskListing standards are at risk, or the security has already moved off a major exchange.Exchange notices, 8-K

Extension riskThe deadline is close and the extensions available under the charter are running out.Charter terms and deadline

Low redemption bufferLittle trust value remains above the minimum cash condition after prior redemptions.Trust balance and share count

No committed PIPEA deal is announced but no private placement financing has been committed alongside it.Merger agreement, 8-K

Limits

What this method cannot do

Classification bands summarise disclosure. They are not forecasts, not ratings, and not advice — a SPAC classified as speculative may complete an excellent deal, and one classified investment grade may liquidate.

XBRL tagging varies in quality between filers. Where a value cannot be read reliably we show nothing rather than an estimate, so gaps in the data are real gaps and not zeros.

Everything here moves at filing speed. An event the market knows about before it reaches EDGAR reaches us afterwards. And when a company restates prior figures, our record changes with it — a number can legitimately differ from the one you saw last month.

Always verify against the original filing before acting. Every figure links to the document it came from precisely so that you can.

Found something wrong?

Corrections cited against a source filing are the fastest way to improve this dataset, and they are always welcome.

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