Aedryn
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The analyst that has read
every deal.

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Every de-SPAC since 2019 · primary sources only · never estimated
What happens if we miss the $250M minimum cash condition?
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Chat with the analyst about the rules, the terms, or any specific SPAC. Answers cite the filing — or say plainly that it is silent.
Aedryn · Askverified store
What happens if we miss the $250M minimum cash condition?
The deal can still close — the condition is waivable by the SPAC alone [1], and backstop financing can fill a redemption gap. Unmet and unwaived, either side may walk after the outside date [2]. 8 signed deals terminated this year — cases attached.
Termination reasons: not attributed until the filing says so.
⧉ Copy with citation2 citations
Match
Find the sponsors and investors that fit your deal — screened by track record, sector and size.
Match · sponsors & investors38 screened
Meridian Acquisition Partners6 SPACs since 2019 · industrials
Serial sponsor
Crestline Capital Sponsors2 completed de-SPACs · $400–700M range
Size fit
Northgate PartnersPIPE anchor in 11 de-SPACs
Investor
Halloran & Reeve LLPcounsel on 23 BCAs
Advisor
⧉ Save the shortlistsponsors · investors · advisors
Search
Any clause, from every business combination agreement on record — the operative sentence, highlighted in the original document.
Search · “minimum cash”8-K · Ex-2.1 · p.124

Section 9.03  Conditions to the Obligations of SPAC.

(c)  Available Cash shall be no less than $250,000,000 immediately prior to the Closing, after giving effect to the PIPE Investment…; provided, that this condition is for the sole benefit of SPAC…

Termmin_cash_condition
Vs market+67% · p96
Source0001104659-26-…
Evaluate
A report of the shareholding structure and the projected cash flows — under your own redemption, PIPE and cost assumptions.
Evaluate · pro-forma0% · 50% · max redemptions
Post-merger ownershipshares · %
Target rollover50.0M · 62.5%
Public (Class A)20.0M · 25.0%
Sponsor promote5.0M · 6.3%
PIPE5.0M · 6.3%
Implied equity value at $10.00$800M
Cash waterfall$200M trust − $60M redemptions + $50M PIPE − $22M costs
Cash to balance sheet$168M
⇩ Export the reportDOCX · slides — members
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