Form 10-K (Annual Report)

Form 10-K is the annual disclosure filing required of all SEC-reporting companies, including SPACs. For a SPAC that has not yet completed a business combination, the 10-K is relatively straightforward: it reports the trust account balance, interest earned, operating expenses funded from outside the trust, outstanding liabilities, and the status of the target search.

The trust-related data in SPAC 10-Ks is particularly valuable. The filing includes the per-share trust value (the redemption price floor), the investment composition of the trust (T-bills, money-market funds, or other permitted investments), and any withdrawals for tax payments or working capital. SpacDesk uses these quarterly anchor points to model daily per-share trust values by accreting interest at the prevailing T-bill rate between filing dates.

For post-merger companies (former SPACs), the 10-K contains the full operating business disclosure: revenue, cost of goods sold, operating expenses, balance sheet, cash flow statement, segment reporting, and management's discussion and analysis (MD&A). These filings are the foundation for fundamental analysis of de-SPAC companies.

10-K filings are due 60 days after fiscal year-end for large accelerated filers, 75 days for accelerated filers, and 90 days for non-accelerated filers (which includes most SPACs). Late filings trigger delinquency notices and can result in exchange listing compliance issues. SpacDesk monitors filing deadlines and flags overdue 10-Ks for every tracked entity.