Slam Corp.
Slam Corp., a blank-check company that raised $575M in its February 2021 IPO, filed its Q3 2025 10-Q showing a near-empty shell. The trust account has dwindled to $1.37M from $22.85M at year-end after $22.5M in redemptions. Operating cash stands at just $8,608 against $37.7M in total liabilities. The previously announced business combination was terminated as of June 30, 2025, and the company has not yet identified a new target.
- Only $8,608 in operating cash as of September 30, 2025, down from $518 at year-end 2024.
- Trust account collapsed to $1.37M from $22.85M after $22.5M in shareholder redemptions during the nine months.
- Total liabilities of $37.7M include $14.0M in related-party promissory notes and $20.1M in deferred underwriting commissions.
- The previously announced business combination agreement was terminated as of June 30, 2025, triggering extinguishment gains.
- Net income of $5.0M for the nine months was entirely non-operating, driven by warrant liability revaluations and one-time gains.
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A $575M SPAC reduced to $8,608 in cash and a terminated deal is a case study in post-IPO SPAC decay — the clock is effectively expired.
This SPAC has been searching for a target since its February 2021 IPO. With only 114,053 Class A shares remaining after mass redemptions and a terminated business combination, it joins the growing graveyard of post-2020 SPACs that failed to close a deal before their trust accounts evaporated.
The company has only $8,608 in operating cash and $37.7M in total liabilities, including $14.0M in related-party promissory notes. It states it "expects to incur significant costs in the pursuit of our initial business combination" and "cannot assure you that our plans to raise capital or to complete our initial business combination will be successful." The company also checked "No" on whether it has filed all required reports in the preceding 12 months.