Piermont Valley Acquisition CorpCMCAF
Cash in trust
$2.5M
$2,478,814
Trust per share
$11.13
Redemption value
IPO
Dec 2021
$230M raised
Combination deadline
—
Not disclosed
Filings on record
140
Latest Oct 2, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Mar 1, 2023
Overview
Piermont Valley Acquisition Corp is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001865248. It completed its initial public offering in Dec 2021, raising $230M in gross proceeds and listing on OTC. Class A shares trade under the ticker CMCAF on OTC. The vehicle is sponsored by CEMAC through CEMAC Sponsor LP. The mandate targets technology, energy transition. Definitive business-combination agreement signed, closing pending.
“we intend to focus our search on high-growth companies operating in select emerging markets (excluding China), with the ability to replicate their business models sustainably across other emerging markets or translate their products, services or technologies to developed markets.”
Reading the filings
Arithmetic on what Piermont Valley Acquisition Corp 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.
Trading at a premium to trust
At $13.00 the shares trade 16.80% above the $11.13 redemption floor. Above trust the market is paying for the announced or expected deal rather than for the cash, so the premium is what is at risk if the combination does not close.
Trust versus the $10 unit
The trust holds $11.13 per public share, 11.3% 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.
Extension history
Shareholders have already approved 4 extensions. Each one opened a redemption window, so the public float and the trust are almost certainly smaller than at IPO, and each typically came with a sponsor contribution that lifts trust per share. A vehicle on its second or third extension is one where the sponsor is paying to keep the search alive.
Warrant coverage
Each unit carried one-half of one 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.
Underwriting
Barclays led the offering. It has been named on 53 SPAC IPOs, book-running 43 of them, and 62% 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.
At every shareholder vote holders may hand their shares back for their cash. Each bar is one vote, read out of the 8-K that reported it.
22M shares handed back across 2 votes, 10629% of the shares sold at IPO.
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.
140 filings in all. 3 in the last three months, against a busiest month of 14.
Scores
Recomputed 2d agoThree readings of Piermont Valley Acquisition Corp, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ModerateHow much does the structure protect a holder right now?
46/100
- Discount to trust0
-16.80%
- Trust accretion91
$11.13 per share
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
ModerateHow much attention is this vehicle attracting right now?
39/100
- Filing activity46
2 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust100
16.80%
- Deal freshness9
announced 1325 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ModerateHow likely is this vehicle to complete a combination, and at what scale?
45/100
- Lead bank record39
45.7%
- Bank franchise47
38 SPAC mandates
- Trust scale7
$2M
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Piermont Valley Acquisition Corp
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- 425
Business-combination communication
Accession 0001477932-26-006022
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001477932-26-006019
- 10-Q
Quarterly report
Accession 0001477932-26-005097
- 10-K
Annual report
Accession 0001477932-26-003931
- 425
Business-combination communication
Accession 0001477932-26-002396
- 8-K
Entry into a material definitive agreement; Regulation FD disclosure
Items 1.01, 7.01, 9.01 · Accession 0001477932-26-002395
- 8-K
Current report
Item 5.02 · Accession 0001477932-26-001263
- 8-K
Submission of matters to a vote of security holders
Items 5.03, 5.07 · Accession 0001477932-26-001144
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001477932-26-001011
- 10-Q
Quarterly report
Accession 0001477932-26-000912
- 10-Q
Quarterly report
Accession 0001477932-26-000911
- 10-Q
Quarterly report
Accession 0001477932-26-000910
- DEF 14A
Definitive proxy statement
Accession 0001477932-26-000704
- 10-K
Annual report
Accession 0001477932-26-000659
- PRE 14A
PRE 14A
Accession 0001477932-26-000457
- 8-K
Other events
Items 2.03, 4.01, 8.01, 9.01 · Accession 0001477932-25-005927
- 3
Initial statement of beneficial ownership
Accession 0001062993-25-012918
- 3
Initial statement of beneficial ownership
Accession 0001062993-25-012915
- SCHEDULE 13D
Beneficial ownership report (activist)
Accession 0001094891-25-000015
- 4
Statement of changes in beneficial ownership
Accession 0001477932-25-005069
- SCHEDULE 13D/A
SCHEDULE 13D/A filing
Accession 0001477932-25-005068
- 8-K
Entry into a material definitive agreement
Items 1.01, 5.01, 5.02, 5.03, 9.01 · Accession 0001477932-25-005004
- 8-K
Submission of matters to a vote of security holders
Items 5.03, 5.07 · Accession 0001929980-25-000116
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001929980-25-000089
- DEF 14A
Definitive proxy statement
Accession 0001929980-25-000070
- PRE 14A
PRE 14A
Accession 0001929980-25-000058
- 8-K
Notice of delisting or failure to satisfy a listing rule
Item 3.01 · Accession 0001104659-24-099776
- 25-NSE
Notification of delisting
Accession 0001354457-24-000645
- NT 10-Q
Late quarterly report notification
Accession 0001104659-24-089748
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001085146-24-003323
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Piermont Valley Acquisition Corp: questions answered
What is Piermont Valley Acquisition Corp (CMCAF)?
Piermont Valley Acquisition Corp is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001865248. It completed its initial public offering in Dec 2021, raising $230M in gross proceeds and listing on OTC. Class A shares trade under the ticker CMCAF on OTC. The vehicle is sponsored by CEMAC through CEMAC Sponsor LP. The mandate targets technology, energy transition. Definitive business-combination agreement signed, closing pending.
How much does Piermont Valley Acquisition Corp hold in trust?
Approximately $2,478,814, or about $11.13 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 Piermont Valley Acquisition Corp 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 Piermont Valley Acquisition Corp 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 Piermont Valley Acquisition Corp, 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 $11.13 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.
What tickers does Piermont Valley Acquisition Corp trade under?
Class A shares trade as CMCAF on OTC. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Piermont Valley Acquisition Corp?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $11.13, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $13.00, a premium of 16.80% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do Piermont Valley Acquisition Corp's founder shares and warrants create?
Each unit also carried one-half of one 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 Piermont Valley Acquisition Corp, and what is their track record?
CEMAC Sponsor LP is the sponsor entity, part of the CEMAC franchise. This is the only vehicle we have attributed to that sponsor. Named principals: Roberta Brzezinski.
Which banks underwrote the Piermont Valley Acquisition Corp IPO?
Barclays. Barclays was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Piermont Valley Acquisition Corp tradeable, and where?
Yes. CMCAF returned a live quote of $13.00 on OTC. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Piermont Valley Acquisition Corp a good investment?
That is not a question this site answers. Piermont Valley Acquisition Corp 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 Piermont Valley Acquisition Corp data come from?
Filings Piermont Valley Acquisition Corp submitted to the SEC under CIK 0001865248: 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 Oct 19, 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.
Read the full methodology · What is in the dataset · Report a correction
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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.
CEMAC: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Barclays in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
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.