T3 Defense Inc.DFNS
Cash in trust
$176M
$175,889,000
Trust per share
$10.00
Redemption value
IPO
Jun 2020
$173M raised
Combination deadline
—
Not disclosed
Filings on record
396
Latest Oct 23, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Feb 23, 2022
- Closed
- Jan 2, 2024
Overview
T3 Defense Inc. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001787518. It completed its initial public offering in Jun 2020, raising $173M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker DFNS, warrants under DFNSW on Nasdaq. The vehicle is sponsored by Nisun through Nisun Investment Holding Limited. The mandate targets generalist. Business combination closed; the company trades under a new ticker.
“we intend to focus on businesses that have their primary operations located in the Asia -pacific region.”
Reading the filings
Arithmetic on what T3 Defense 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 $10.00 per public share, effectively the $10.00 the units were sold at, so little or no interest has accrued to the account yet.
Sponsor promote
The sponsor's founder block is 150,000 shares against 403,696 public shares, or 27.1% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Warrant coverage
Each unit carried 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
EarlybirdCapital led the offering. It has been named on 72 SPAC IPOs, book-running 1 of them, and 65.5% 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.
395 filings in all. 27 in the last three months, against a busiest month of 17.
News on T3 Defense Inc.
Last 90 days- Neutral
- T3 Defense Files Prospectus To Offer Securities Up To $250MNeutral
Benzinga · 4d ago
- Neutral
- T3 Defense Files $250M Universal Shelf Registration Statement For Stock, Debt, And UnitsNeutral
Benzinga · 1mo ago
- DFNS: T3 Defense Reports 2nd Quarter 2026 Financial ResultsNeutral
Yahoo · 1mo ago
- T3 Defense wins $1.3 Million Power-Generation Order for European Air-Defense ProductionNeutral
Yahoo · 1mo ago
News sentiment
NeutralAcross 10 recent stories, weighted towards the newest. Scored by our own headline classifier using finance- and SPAC-specific terms. It reads what a story is about, not what the shares are worth.
SEC filing history
Free tier: filings older than 24 hours- 8-K
Regulation FD disclosure
Item 7.01 · Accession 0001185185-26-004951
- 424B3
Prospectus supplement
Accession 0001185185-26-004949
- 424B3
Prospectus supplement
Accession 0001185185-26-004948
- EFFECT
Notice of effectiveness
Accession 9999999995-26-003318
- EFFECT
Notice of effectiveness
Accession 9999999995-26-003317
- S-1MEF
Registration of additional IPO securities
Accession 0001185185-26-004932
- S-3/A
FORM S-3/A
Accession 0001185185-26-004892
- S-1/A
FORM S-1/A
Accession 0001185185-26-004866
- S-1/A
FORM S-1/A2
Accession 0001185185-26-004865
- 8-K
Current report
Items 5.02, 9.01 · Accession 0001185185-26-004634
- S-1/A
FORM S-1/A
Accession 0001185185-26-004529
- S-1/A
FORM S-1/A
Accession 0001185185-26-004526
- S-3/A
FORM S-3/A
Accession 0001185185-26-004523
- S-3
FORM S-3
Accession 0001185185-26-004031
- SCHEDULE 13D/A
SCHEDULE 13D/A filing
Accession 0001213900-26-100121
- 8-K
Current report
Items 2.03, 9.01 · Accession 0001185185-26-003953
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001185185-26-003911
- S-1
Registration statement for the initial public offering
Accession 0001185185-26-003839
- S-1
Registration statement for the initial public offering
Accession 0001213900-26-097287
- 8-K
Termination of a material definitive agreement; Other events
Items 1.02, 8.01, 9.01 · Accession 0001185185-26-003774
- 8-K
Notice of delisting or failure to satisfy a listing rule
Item 3.01 · Accession 0001185185-26-003654
- 10-Q
Quarterly report
Accession 0001185185-26-003604
- 8-K
Other events
Item 8.01 · Accession 0001185185-26-003572
- NT 10-Q
Late quarterly report notification
Accession 0001185185-26-003558
- S-8
FORM S-8
Accession 0001185185-26-003364
- 8-K
Submission of matters to a vote of security holders
Item 5.07 · Accession 0001185185-26-003302
- DRS
Draft registration statement (confidential)
Accession 0001185185-26-003231
- DRS
Draft registration statement (confidential)
Accession 0001213900-26-083537
- DRS
Draft registration statement (confidential)
Accession 0001213900-26-082925
- SCHEDULE 13D
Beneficial ownership report (activist)
Accession 0001213900-26-081482
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T3 Defense Inc.: questions answered
What is T3 Defense Inc. (DFNS)?
T3 Defense Inc. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001787518. It completed its initial public offering in Jun 2020, raising $173M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker DFNS, warrants under DFNSW on Nasdaq. The vehicle is sponsored by Nisun through Nisun Investment Holding Limited. The mandate targets generalist. Business combination closed; the company trades under a new ticker.
How much does T3 Defense Inc. hold in trust?
Approximately $175,889,000, or about $10.00 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 T3 Defense 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 T3 Defense 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 T3 Defense 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 $10.00 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 T3 Defense Inc. trade under?
Class A shares trade as DFNS on Nasdaq, and the warrants as DFNSW. 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 T3 Defense Inc.?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.00, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $4.11, a spread to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do T3 Defense Inc.'s founder shares and warrants create?
The founder block is 150,000 shares against 403,696 public shares, so roughly 27.1% of the combined count sits with the sponsor at nominal cost. Each unit also carried 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 T3 Defense Inc., and what is their track record?
Nisun Investment Holding Limited is the sponsor entity, part of the Nisun franchise. This is the only vehicle we have attributed to that sponsor.
Which banks underwrote the T3 Defense Inc. IPO?
EarlyBirdCapital, I-Bankers Securities. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is T3 Defense Inc. tradeable, and where?
Yes. DFNS returned a live quote of $4.11 on Nasdaq. 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 T3 Defense Inc. a good investment?
That is not a question this site answers. T3 Defense 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 T3 Defense Inc. data come from?
Filings T3 Defense Inc. submitted to the SEC under CIK 0001787518: 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 25, 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.
Nisun: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
EarlyBirdCapital in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Generalist 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.