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Locust Walk Acquisition Corp. is a blank-check company formed for the purpose of acquiring or merging with one or more businesses,LightWave Acquisition Corp. completed an initial public offering (IPO) and raised gross proceeds of $215,625,000 from the sale of 21,562,500 Units at $10.00 per Unit, including full exercise of a 2,812,500 Unit overallotment. A portion of the IPO proceeds and private placement proceeds ($215,723,309 reported) are held in a Trust Account invested in short-term U.S. Treasury obligations or certain money market funds pending a business combination.
The Company issued 606,250 Class A shares publicly (excluding 21,562,500 shares subject to possible redemption) and 606,250 Private Placement Units for $6,062,500 in the aggregate. The Sponsor holds 7,906,250 Class B (Founder) shares after recapitalizations. There are 10,781,250 public warrants and 303,125 private warrants exercisable at $11.50 per share, becoming exercisable 30 days after a business combination.
Significant offering-related amounts disclosed include a base underwriting fee of $4,312,500, a deferred underwriting fee of $7,546,875, and share-based compensation for 300,000 Founder Shares with a fair value of $372,000. As of June 30, 2025 the Company reported $1,140,316 due from the Sponsor (including $130,500 outstanding) and earned $98,309 of interest on Trust investments.
The filing discloses that Tenor Opportunity Master Fund, Ltd., Tenor Capital Management Company, L.P., and Robin Shah each report shared voting and dispositive power over 1,000,000 Units, which the filing states represents 4.6% of the Class A ordinary shares based on 21,562,500 Units outstanding. Each Unit consists of one Class A ordinary share and one-half of a redeemable warrant. The Units are held by the Master Fund; Tenor Capital is the Master Fund’s investment manager and Robin Shah is the managing member of the general partner. The reporting persons state they have no sole voting or dispositive power and disclaim beneficial ownership except to the extent of any pecuniary interest.
Three AQR entities report shared ownership of 1,400,000 Class A ordinary shares of LightWave Acquisition Corp., representing 6.32% of the class. The filing shows 0 shares with sole voting or dispositive power and 1,400,000 shares with shared voting and dispositive power, indicating the position is held jointly by the reporting persons rather than under sole control.
The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to influence control. Exhibit language clarifies that AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC is deemed controlled by AQR Capital Management, LLC.
LightWave Acquisition Corp. is a Cayman Islands blank check company formed January 22, 2025 to complete a business combination. At March 31, 2025 the company had $14,591 in cash, $151,743 of deferred offering costs and total assets of $166,334. Current liabilities exceeded assets, producing a working capital deficit of $173,929 and a shareholders' deficit of $(22,186). The company recorded a net loss of $47,186 for the inception period and a net loss per Class B share of $0.01 based on 6,875,000 weighted average Class B shares.
Subsequent events disclosed that on June 26, 2025 the company completed an Initial Public Offering of 21,562,500 Units at $10.00 producing gross proceeds of $215,625,000, plus a $6,062,500 private placement. Proceeds are held in a Trust Account to fund a future business combination. Transaction costs totaled $12,386,896.
Magnetar Financial LLC and related entities filed a Schedule 13G disclosing passive ownership of 1,022,800 Class A ordinary shares of LightWave Acquisition Corp. (CUSIP G5490M118) as of 30 Jun 2025. The position is held across eight Magnetar-managed funds and represents 5.29 % of the company’s 19.3 million shares outstanding, crossing the 5 % reporting threshold under SEC Rule 13d-1. All voting and dispositive power is shared; no reporting person holds sole power to vote or dispose of any shares. Magnetar Financial acts as investment adviser, with Magnetar Capital Partners as its parent, Supernova Management as general partner, and David J. Snyderman as ultimate control person. The filing states that the shares were acquired in the ordinary course of business and not with the intent to influence control of the issuer. Certifications and joint-filing agreements were signed by attorney-in-fact Hayley Stein on 8 Aug 2025.