PWP Forward Acquisition Corp. I
Cash in trust
$213M
$212,873,704
Trust per share
—
Redemption value
IPO
Mar 2021
—
Combination deadline
Mar 12, 2023
Deadline passed
Filings on record
44
Latest Jan 24, 2023
Overview
PWP Forward Acquisition Corp. I is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001825739. It completed its initial public offering in Mar 2021. The vehicle is sponsored by PWP Forward through PWP Forward Sponsor I LLC. Deadline lapsed without a deal; trust returned to public shareholders.
“we intend to focus our search on target businesses that are founded by, led by or enrich the lives of women (“Women-Forward Companies”) and that would benefit from the expertise of our officers, directors and advisory board members.”
Reading the filings
Arithmetic on what PWP Forward Acquisition Corp. I 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.
Extension history
Shareholders have already approved 1 extension. 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-fifth 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
PWP Forward has launched 2 vehicles. Of the 2 that have resolved, 0 closed a combination and 2 liquidated, a 0% 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.
From listing to the date PWP Forward Acquisition Corp. I must close a deal, extend again, or return the trust. The marker is today.
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.
44 filings in all. 5 in the last three months, against a busiest month of 14.
News on PWP Forward Acquisition Corp. I
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- SC 13G/A
SC 13G/A
Accession 0001104659-23-006100
- 15-12G
Deregistration of securities
Accession 0001104659-22-125942
- 8-K
Notice of delisting or failure to satisfy a listing rule; Submission of matters to a vote of security holders; Other events
Items 3.01, 3.03, 5.07, 8.01, 9.01 · Accession 0001104659-22-122900
- 25-NSE
Notification of delisting
Accession 0001354457-22-000668
- 10-Q
Quarterly report
Accession 0001410578-22-003187
- DEF 14A
Definitive proxy statement
Accession 0001104659-22-112435
- 4
Statement of changes in beneficial ownership
Accession 0000312069-22-000124
- 3
Initial statement of beneficial ownership
Accession 0000312069-22-000123
- DEFA14A
Additional proxy soliciting material
Accession 0001104659-22-109449
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001104659-22-109448
- PRE 14A
PRE 14A
Accession 0001104659-22-109447
- 10-Q
Quarterly report
Accession 0001410578-22-002608
- 10-Q
Quarterly report
Accession 0001410578-22-001494
- 10-K
Annual report
Accession 0001410578-22-000725
- 10-Q/A
10-Q/A
Accession 0001410578-22-000180
- 10-Q/A
10-Q/A
Accession 0001410578-22-000178
- 10-Q/A
10-Q/A
Accession 0001410578-22-000176
- 8-K/A
Other events
Items 8.01, 9.01 · Accession 0001104659-22-023336
- SC 13G
Beneficial ownership report (passive)
Accession 0001104659-22-023095
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001172661-22-000655
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001319244-22-000086
- SC 13G
Beneficial ownership report (passive)
Accession 0001104659-22-008700
- 8-K
Current report
Item 4.02 · Accession 0001104659-21-150324
- 10-Q
Quarterly report
Accession 0001104659-21-135020
- 10-Q
Quarterly report
Accession 0001104659-21-106353
- 10-Q
Quarterly report
Accession 0001104659-21-071164
- NT 10-Q
Late quarterly report notification
Accession 0001104659-21-068618
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001104659-21-057140
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001104659-21-038440
- SC 13G
Beneficial ownership report (passive)
Accession 0001319244-21-000165
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PWP Forward Acquisition Corp. I: questions answered
What is PWP Forward Acquisition Corp. I?
PWP Forward Acquisition Corp. I is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001825739. It completed its initial public offering in Mar 2021. The vehicle is sponsored by PWP Forward through PWP Forward Sponsor I LLC. Deadline lapsed without a deal; trust returned to public shareholders.
How much does PWP Forward Acquisition Corp. I hold in trust?
Approximately $212,873,704, 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 PWP Forward Acquisition Corp. I complete a merger?
By Mar 12, 2023, after 1 shareholder-approved extension. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if PWP Forward Acquisition Corp. I 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 PWP Forward Acquisition Corp. I, 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. 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 PWP Forward Acquisition Corp. I?
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 PWP Forward Acquisition Corp. I's founder shares and warrants create?
Each unit also carried one-fifth 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 PWP Forward Acquisition Corp. I, and what is their track record?
PWP Forward Sponsor I LLC is the sponsor entity, part of the PWP Forward franchise. That franchise has launched 2 vehicles in total, of which 0 closed a combination and 2 liquidated, a 0% completion rate on resolved vehicles. Named principals: Joseph R. Perella, Stacia Ryan.
Which banks underwrote the PWP Forward Acquisition Corp. I IPO?
Citigroup, Telsey Advisory Group, Tigress Financial, Siebert Williams Shank. Citigroup was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is PWP Forward Acquisition Corp. I a good investment?
That is not a question this site answers. PWP Forward Acquisition Corp. I 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 PWP Forward Acquisition Corp. I data come from?
Filings PWP Forward Acquisition Corp. I submitted to the SEC under CIK 0001825739: 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.
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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.
PWP Forward: 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.
All liquidated spacs
Deadline lapsed without a deal; trust returned to public shareholders.
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.