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.
Digital Investment Strategy LLC and Slam Sponsor, LLC report beneficial ownership of 14,212,000 Slam Corp. Class A ordinary shares, representing about 99.5% of the class. The shares include 14,211,000 Class A shares and 1,000 Class B shares convertible one-for-one into Class A.
Digital Investment Strategy acquired 100% of Slam Sponsor’s equity interests on March 2, 2026, giving it indirect control of Slam Corp.’s sponsor stake. The sponsor previously obtained founder shares for a nominal price and also holds 11,333,333 private placement warrants exercisable at $11.50 per share, alongside multiple working-capital loan arrangements.
Digital Investment Strategy LLC filed an initial ownership report for its indirect stake in Slam Corp.. Through Slam Sponsor, LLC, it holds 1,000 Class B ordinary shares, which automatically convert into Class A ordinary shares at no less than a one-to-one ratio after Slam Corp.'s initial business combination or earlier at the holder's option.
The filing also shows indirect ownership of 14,211,000 Class A ordinary shares and private placement warrants exercisable for 11,333,333 Class A ordinary shares at an exercise price of $11.50 per share. These private placement warrants are restricted from transfer until 30 days after completion of the initial business combination and will expire worthless if no business combination is completed by the deadline in Slam Corp.'s governing documents.
Slam Corp. filed a Form 12b-25 notification that it will be late in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 because additional time is needed to finalize the Annual Financial Statements and deliver them to the company’s auditors. The company states it anticipates a decrease in net income for 2025 versus 2024 but cannot reasonably estimate the amount until the audit is complete. The notification indicates the company is working to complete the Annual Report as soon as possible and includes standard forward-looking statement disclaimers.
Slam Corp. director Karen Marie Snow has filed an initial insider report, confirming her status as a board member. This Form 3 does not record any recent purchases or sales of Slam Corp. securities, serving instead as a baseline disclosure of her insider position.
Slam Corp. filed an initial insider ownership report for Joseph Casto Abundo Buttram, who is identified as both a director and the Chief Executive Officer. The filing is a Form 3, which serves as his baseline disclosure as an insider of the company.
Slam Corp. filed an initial insider ownership report for Scott Raoul, who serves as both a director and as President and Chief Financial Officer. This Form 3 establishes his status as a reporting insider, and the provided data shows no reported transactions or derivative positions at this time.
Slam Corp. filed an initial Form 3 for director Michael David Frisch. This filing establishes his status as an insider of the company. The summary data in the filing shows no reported purchases, sales, derivative exercises, gifts, or other transactions, and no current holdings or derivative positions.