Form 10-Q (Quarterly Report)

Form 10-Q is the quarterly counterpart to the annual 10-K, providing interim financial statements (unaudited) and an abbreviated management discussion and analysis. SPACs file 10-Qs for the first three quarters of each fiscal year, with the fourth quarter covered by the annual 10-K.

For searching SPACs, the 10-Q's most important data point is the updated trust account balance. Each quarter, the SPAC reports the total trust value, accrued interest, and any withdrawals for tax payments. The per-share trust value — calculated as total trust divided by public shares outstanding — establishes the current redemption floor and is the benchmark against which SPAC shares trade in the market.

The balance sheet in a SPAC 10-Q also reveals the company's cash position outside the trust (working capital available for operating expenses), outstanding promissory notes from the sponsor, and accrued liabilities. When working capital turns negative — a common occurrence in SPACs with extended search periods — it signals that the sponsor will need to advance additional loans to keep the entity solvent.

SpacDesk processes 10-Q filings through its iXBRL extraction pipeline, pulling trust values, share counts, and balance sheet items from the structured financial data embedded in the filing. These quarterly data points feed the daily trust-value model and the financial snapshot displayed on each SPAC's detail page.