Silverbox Corp IV filed its Form 10-Q for the quarter ended September 30, 2026 with the SEC on November 13, 2026, reporting a sharp decline in Trust Account assets and a large reduction in shares subject to redemption.

Key Highlights

  • Trust Account balance: Investments held in Trust fell to $10,640,121 as of September 30, 2026, down from $213,347,170 at December 31, 2025, according to the filing.
  • Redeemable shares: Class A ordinary shares subject to possible redemption dropped to 967,334 shares at a redemption value of $11.00 per share, compared with 20,000,000 shares at $10.67 per share at year-end 2025.
  • Class B conversion: During Q3 2026, 4,999,999 Class B ordinary shares were converted into Class A ordinary shares, leaving only 1 Class B share outstanding as of September 30, 2026.
  • Net income: The company reported net income of $609,994 for the three months ended September 30, 2026, and $3,639,731 for the nine months ended September 30, 2026.
  • Interest income: Interest earned on investments held in Trust Account was $978,242 for Q3 2026 and $4,765,300 for the nine months ended September 30, 2026.
  • Shareholders' deficit: Total shareholders' deficit widened to $(13,952,574) as of September 30, 2026, from $(12,827,005) at December 31, 2025.
  • Shares outstanding: As of November 13, 2026, there were 6,422,333 Class A ordinary shares and 1 Class B ordinary share issued and outstanding.

Silverbox Corp IV Trust and Share Structure Shift in Third Quarter 2026

According to the filing, Silverbox Corp IV, a Cayman Islands blank-check company trading on the OTC Basic Market under symbols SBXDF (Class A ordinary shares), SBXUF (units), and SBXWF (redeemable warrants), reported a significant reduction in its Trust Account balance during the nine months ended September 30, 2026. The Trust Account declined from $213,347,170 at December 31, 2025 to $10,640,121 at September 30, 2026, reflecting large-scale redemptions by shareholders. The number of Class A ordinary shares subject to possible redemption fell from 20,000,000 to 967,334 over the same period.

The filing disclosed that during the three months ended September 30, 2026, 4,999,999 Class B ordinary shares were converted into Class A ordinary shares, leaving only 1 Class B share outstanding at quarter end. Total Class A ordinary shares issued and outstanding (excluding those subject to possible redemption) rose to 5,454,999 as of September 30, 2026, compared with 455,000 at December 31, 2025. The company reported general and administrative expenses of $368,248 for Q3 2026 and $1,125,569 for the nine-month period, with no compensation expense recorded in either period of 2026, the filing stated.

The filing also reported that advances from a related party increased to $730,000 as of September 30, 2026, up from $275,000 at December 31, 2025. Deferred legal fees rose to $2,943,321 from $2,387,237 over the same period, while the deferred underwriting fee remained at $10,300,000. Cash on hand stood at $9,567 at September 30, 2026, down from $20,931 at December 31, 2025. The company is classified as a smaller reporting company and an emerging growth company, and confirmed its shell company status in the filing.

What Was Disclosed

Silverbox Corp IV disclosed its unaudited condensed financial statements for Q3 2026, showing a Trust Account reduced to $10.6 million following extensive redemptions, a near-complete conversion of Class B shares to Class A, and a total shareholders' deficit of $(13,952,574).