SPACSphere Sponsor (SSAC) reports 5.25M Class B founder shares
Filing Impact
Filing Sentiment
Form Type
3
Rhea-AI Filing Summary
SPACSphere Sponsor LLC, the sponsor of SPACSphere Acquisition Corp., reports beneficial ownership of 5,250,000 Class B ordinary shares, described as Founder Shares. These Class B shares automatically convert into Class A ordinary shares on a one-for-one basis at the time of the company’s initial business combination or earlier at the holder’s option.
The Founder Shares have no expiration date and an exercise price of $0.00 per share. Footnotes explain the Sponsor initially held 5,750,000 Founder Shares at the effectiveness of the registration statement and later transferred 500,000 Founder Shares to direct institutional investors in a private placement that closed simultaneously with the initial public offering.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
SPACSphere Sponsor LLC
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Class B Ordinary Shares | -- | -- | -- |
Holdings After Transaction:
Class B Ordinary Shares — 5,250,000 shares (Direct)
Footnotes (1)
- As described in the registration statement on Form S-1 (File No. 333-290414) of SPACSphere Acquisition Corp. (the "Issuer") under the heading "Description of Securities-Founder Shares," the Class B ordinary shares ("Founder Shares") will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments. The Class B ordinary shares have no expiration date. These shares represent the Founder Shares held by SPACSphere Sponsor LLC (the "Sponsor"). The Sponsor held 5,750,000 shares at the effectiveness of the Issuer's registration statement. Upon the closing of a private placement that closed simultaneously with the initial public offering, the Sponsor sold, assigned and transferred an aggregate of 500,00 Founder Shares to the direct institutional investors. Bala Padmakumar and SPACCatalyst LLC are the sole managing members of the Sponsor and hold voting and investment discretion with respect to the ordinary shares held of record by the Sponsor. Through their control of SPACCatalyst LLC, each of Messrs. Das and Patel may be deemed to share voting and investment discretion with respect to such shares held indirectly by SPACCatalyst LLC. Each of SPACCatalyst LLC and Messrs. Padmakumar, Das and Patel disclaim beneficial ownership of any shares other than to the extent they may have a pecuniary interest therein, directly or indirectly.
FAQ
What does SPACSphere Sponsor LLC report owning in SPACSphere Acquisition Corp. (SSAC)?
SPACSphere Sponsor LLC reports beneficial ownership of 5,250,000 Class B ordinary shares, referred to as Founder Shares. These shares are directly held and represent a significant sponsor stake in SPACSphere Acquisition Corp. ahead of its initial business combination process.
Who has voting and investment discretion over the SPACSphere Acquisition Corp. (SSAC) Founder Shares?
Footnotes state that Bala Padmakumar and SPACCatalyst LLC are the sole managing members of the Sponsor and hold voting and investment discretion over the shares, while certain associated individuals and entities disclaim beneficial ownership beyond any pecuniary interest.