Slam Corp. (SLAMF), a blank-check company pursuing an initial business combination, reported net income of $2,787,154 for the quarter ended September 30, 2025, compared with $2,763,417 a year earlier; nine-month net income was $4,971,272 versus $250,666. Nine-month results included a $2,925,000 gain on sale of payment rights and a $1,045,747 gain from extinguishing liabilities. The company had not commenced operations and used $3,669,000 in operating cash during the nine months.
At September 30, 2025, cash was $8,608, cash held in the Trust Account was $1,373,652, and total liabilities were $37,695,919. A total of 114,053 Class A shares remained subject to possible redemption. Management said liquidity and the mandatory liquidation date raise substantial doubt about the company’s ability to continue as a going concern, and plans to complete a business combination before December 25, 2026. Slam sold its deferred payment rights from the terminated Lynk business combination to Corbin ERISA Opportunity Fund, Ltd. for $2,925,000 and agreed to use the purchase price to satisfy creditor claims.
Slam Corp. issued a $15,514,982 amended and restated consolidated note to Slam Sponsor, LLC, combining ten prior notes. The amount equals the prior notes’ funded, outstanding balance and is not new borrowing. Unlike the non-interest-bearing prior notes, the consolidated note accrues noncompounding interest from October 1, 2026 at the Wall Street Journal prime rate and matures on the fifth anniversary of issuance.
Slam Corp. may prepay without penalty or settle amounts in shares at its option on or before maturity, subject to authorized-share capacity, required approvals and an exempt transaction; the Sponsor cannot require share settlement. If Slam Corp. liquidates without an initial business combination, amounts are not repaid and are forgiven except to the extent of funds outside the trust account; the Sponsor waived claims against the trust. The Sponsor also irrevocably terminated its right to convert up to $1,500,000 of working-capital loans into warrants at $1.50 per warrant. Michael Frisch resigned from the board and audit committee effective September 30, 2026; the audit committee now consists of Kain Warwick, and the board has not appointed a successor.
SLAM Corp. reported no operating revenue and said it had not yet commenced operations as of June 30, 2025. At quarter-end, cash outside the Trust Account was $8,773, and the Trust Account held $23,788,578. Net cash used in operating activities for the six months ended June 30, 2025, was $1,176,135, compared with $757,725 in the same 2024 period. Shareholders approved extending the business-combination deadline from June 25, 2025, to December 24, 2025, with up to five additional one-month extensions by board resolution if requested by the Sponsor and upon five days’ advance notice.
The business combination agreement with Lynk terminated as of June 30, 2025. In connection with the June extension vote, holders redeemed 1,885,947 public shares for $22,485,938, and SLAM said the redeeming shareholders had not been paid as of quarter-end. Total liabilities were $64,001,887, including that amount due to redeeming shareholders. Management said the company’s liquidity condition, mandatory liquidation date and subsequent dissolution raise substantial doubt about its ability to continue as a going concern.
First Trust entities filed an amended Schedule 13G reporting no current stake in Slam Corp. First Trust Merger Arbitrage Fund, First Trust Capital Management L.P., First Trust Capital Solutions L.P., and FTCS Sub GP LLC collectively reported 0 shares and 0.00% beneficial ownership of Slam Corp’s Class A Ordinary Shares as of September 30, 2025.
The filing shows 0 sole or shared voting power and 0 sole or shared dispositive power for each reporting person. The filers certify the holdings are in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.