0001104659-26-033348
SEC filingSilverBox Corp V (SBXE), a blank check company formed on May 29, 2025, reported a net loss of $7.7M for the period from inception through December 31, 2025, following its initial public offering on December 4, 2025. The loss was primarily driven by $8.3M in advisory fee expense and $153K in operating and formation costs, resulting in a $8.4M loss from operations. This was partially offset by $769K in interest earned on investments held in the Trust Account and a $744K other income net, including a -$102K change in warrant liabilities and $127K transaction costs. Total assets stood at $277.8M, dominated by $276.8M in the Trust Account at $10.03 per share for 27,600,000 Class A ordinary shares subject to redemption. Cash outside the Trust was $813K, with net cash used in operating activities at -$332K. Liabilities totaled $20.3M, including $8.3M advisory fee payable and $8.3M deferred underwriting fee. Accumulated deficit was -$19.3M. As a SPAC, the company has no operating revenues and is focused on identifying a business combination target within 24 months, leveraging management expertise in consumer, fintech, and other sectors. Liquidity relies on Trust proceeds post-combination.
SilverBox Corp V, a Cayman Islands blank check company, reported its first financial results from inception (May 29, 2025) to December 31, 2025, post-IPO on December 4, 2025. No revenues were generated as operations have not commenced. Net loss totaled -$7.7M, driven by $8.3M advisory fee expense, $153K operating costs, and $127K transaction costs, leading to -$8.4M loss from operations. Offsets included $769K interest from Trust investments and $744K other income net. Balance sheet shows total assets of $277.8M, primarily $276.8M Trust Account (27,600,000 shares at $10.03 redemption value). Liabilities $20.3M include $8.3M advisory payable, $8.3M deferred underwriting, and $3.6M warrant liabilities. Shareholders' deficit -$19.3M reflects accumulated deficit. Cash flows: operating -$332K, investing -$276.0M (Trust deposit), financing +$277.1M (IPO proceeds). No prior periods for comparison as newly formed.
No operating revenues reported, consistent with SPAC structure pre-business combination. All activity relates to formation, IPO, and target search. Interest income of $769K from Trust Account investments represents sole non-operating income source. No segment or geographic breakdowns disclosed.
Not applicable due to absence of revenues and operations. Loss from operations -$8.4M on zero revenue reflects formation and public company costs. Advisory fees dominate expenses at $8.3M, deemed earned per agreement. Warrant fair value change contributed -$102K to net loss.
Net cash used in operations -$332K, adjusted for non-cash items like $8.3M advisory payable increase and Trust interest. Investing outflow -$276.0M for Trust deposit. Financing inflow $277.1M from $275.8M Units sale (net underwriting), $1.9M private units, offset by $467K offering costs. Ending cash $813K; total current assets $960K. Balance sheet strong with $276.8M Trust; current liabilities $92K; long-term liabilities include deferred fees and warrants totaling $20.3M overall.
Management seeks initial business combination within 24 months from IPO, targeting enterprise values >$750M in sectors like consumer, fintech, SaaS, using Trust proceeds. Up to 80% Trust value required for target fair market value per NYSE rules. Potential Working Capital Loans up to $2.5M convertible at $10/unit. Going concern doubt noted due to liquidity needs pre-combination; plans rely on sponsor loans or combination. Risks include no identified target, competition from other SPACs, redemption impacts.