Digital Media Solutions, Inc.
Cash in trust
$201M
$200,768,225
Trust per share
$10.04
Redemption value
IPO
Feb 2018
$200M raised
Combination deadline
—
Not disclosed
Filings on record
477
Latest Aug 16, 2024
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Apr 8, 2019
- Closed
- Apr 6, 2021
Overview
Digital Media Solutions, Inc. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001725134. It completed its initial public offering in Feb 2018, raising $200M in gross proceeds. The vehicle is sponsored by Leo Investors through Leo Investors Limited. The mandate targets consumer. Business combination closed; the company trades under a new ticker.
“We intend to focus our search for a target business in the consumer sector and believe our management team is well suited to identify opportunities that have the potential to generate attractive risk-adjusted returns for our shareholders, although we may pursue a business combination opportunity in any business or industry.”
Reading the filings
Arithmetic on what Digital Media Solutions, Inc. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $10.04 per public share, 0.4% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Warrant coverage
Each unit carried one-half warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Sponsor record
Leo Investors has launched 2 vehicles. Of the 2 that have resolved, 2 closed a combination and 0 liquidated, a 100% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Citigroup led the offering. It has been named on 170 SPAC IPOs, book-running 114 of them, and 53.6% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
477 filings in all. 10 in the last three months, against a busiest month of 45.
News on Digital Media Solutions, Inc.
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- EFFECT
Notice of effectiveness
Accession 9999999995-24-002536
- EFFECT
Notice of effectiveness
Accession 9999999995-24-002535
- EFFECT
Notice of effectiveness
Accession 9999999995-24-002534
- EFFECT
Notice of effectiveness
Accession 9999999995-24-002533
- 15-12G
Deregistration of securities
Accession 0001213900-24-068287
- S-8 POS
POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8
Accession 0001213900-24-068286
- POS AM
POST-EFFECTIVE AMENDMENT TO FORM S-3
Accession 0001213900-24-068284
- POS AM
POST-EFFECTIVE AMENDMENT TO FORM S-3
Accession 0001213900-24-068281
- POS AM
POST-EFFECTIVE AMENDMENT TO FORM S-3
Accession 0001213900-24-068274
- POS AM
POST-EFFECTIVE AMENDMENT TO FORM S-3
Accession 0001213900-24-068268
- 10-Q
Quarterly report
Accession 0001628280-24-023625
- 8-K
Current report
Items 2.02, 9.01 · Accession 0001628280-24-023606
- 10-K/A
10-K/A
Accession 0001628280-24-019023
- 8-K
Entry into a material definitive agreement
Items 1.01, 2.03, 9.01 · Accession 0001628280-24-016841
- 10-K
Annual report
Accession 0001628280-24-016708
- 8-K
Current report
Items 2.02, 9.01 · Accession 0001628280-24-016705
- SC 13D/A
SC 13D/A
Accession 0001193125-24-097812
- 4
Statement of changes in beneficial ownership
Accession 0000950170-24-044770
- NT 10-K
Late annual report notification
Accession 0001628280-24-014393
- 3
Initial statement of beneficial ownership
Accession 0001628280-24-012764
- SC 13D
Beneficial ownership report (activist)
Accession 0000930413-24-000961
- 4
Statement of changes in beneficial ownership
Accession 0001628280-24-009608
- 4
Statement of changes in beneficial ownership
Accession 0001628280-24-009607
- 4
Statement of changes in beneficial ownership
Accession 0001628280-24-009606
- SC 13D
Beneficial ownership report (activist)
Accession 0000930413-24-000901
- SC 13D/A
Amended beneficial ownership report (activist)
Accession 0000930413-24-000900
- 4
Statement of changes in beneficial ownership
Accession 0001628280-24-002073
- 4
Statement of changes in beneficial ownership
Accession 0001628280-24-000513
- 4
Statement of changes in beneficial ownership
Accession 0001628280-23-039801
- 4
Statement of changes in beneficial ownership
Accession 0001628280-23-039797
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Digital Media Solutions, Inc.: questions answered
What is Digital Media Solutions, Inc.?
Digital Media Solutions, Inc. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001725134. It completed its initial public offering in Feb 2018, raising $200M in gross proceeds. The vehicle is sponsored by Leo Investors through Leo Investors Limited. The mandate targets consumer. Business combination closed; the company trades under a new ticker.
How much does Digital Media Solutions, Inc. hold in trust?
Approximately $200,768,225, or about $10.04 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Digital Media Solutions, Inc. complete a merger?
No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.
What happens if Digital Media Solutions, Inc. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Digital Media Solutions, Inc., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.04 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
Is the trust value the same as the share price for Digital Media Solutions, Inc.?
No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.
How much dilution do Digital Media Solutions, Inc.'s founder shares and warrants create?
Each unit also carried one-half warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Digital Media Solutions, Inc., and what is their track record?
Leo Investors Limited is the sponsor entity, part of the Leo Investors franchise. That franchise has launched 2 vehicles in total, of which 2 closed a combination and 0 liquidated, a 100% completion rate on resolved vehicles. Named principals: Ed Forst, Lyndon Lea.
Which banks underwrote the Digital Media Solutions, Inc. IPO?
Citigroup. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Digital Media Solutions, Inc. a good investment?
That is not a question this site answers. Digital Media Solutions, Inc. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Digital Media Solutions, Inc. data come from?
Filings Digital Media Solutions, Inc. submitted to the SEC under CIK 0001725134: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Nov 1, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Leo Investors: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Citigroup in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Consumer SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All completed de-spac transactions
Business combination closed; the company trades under a new ticker.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.