What is form 425 in a SPAC?

Filings

Form 425

A filed communication about a pending business combination, including press releases and investor decks.

Also written: 425

Rule 425 requires that written communications about a proposed merger be filed. In practice a wave of 425s is the clearest early signal that a deal has been announced.

They are marketing documents rather than disclosure documents, so they are worth reading alongside the S-4 rather than instead of it.

Related terms

Definitive agreement
The signed, binding contract to combine, the point at which a target stops being a rumour.
Form S-4
The registration statement covering the shares issued in the merger, containing the full deal terms.

See the term in the wild: the screener shows trust size, per-share value and deadlines for every U.S. SPAC, and each profile links to the filings the numbers came from.

Definitions describe market practice and are not investment, legal or tax advice.