These Form 3 filings confirm insider ownership structure for a pre-business-combination SPAC. Monitor for a definitive business combination announcement, which would trigger conversion of these founder shares and potential price discovery.
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Executive Summary
Beth Michelson, Graeme B. Shaw, and Michael E. Leitner filed initial statements of beneficial ownership (Form 3) with the SEC, disclosing insider holdings in Karman Line Acquisition Corp., a blank-check company. Michelson and Leitner each directly own 20,000 Class B ordinary shares, while Shaw indirectly holds 500,000 Class B shares through ArgoSat Consulting LLC, where he shares voting and dispositive power with the CEO. These filings are routine for a newly public SPAC and indicate insider alignment ahead of a potential business combination.
Key Facts
- Beth Michelson directly owns 20,000 Class B ordinary shares of Karman Line Acquisition Corp.
- Michael E. Leitner directly owns 20,000 Class B ordinary shares of Karman Line Acquisition Corp.
- Graeme B. Shaw indirectly owns 500,000 Class B ordinary shares through ArgoSat Consulting LLC, sharing voting and dispositive power with CEO Richard C. Davis.
- All Class B shares convert to Class A shares on a one-for-one basis at the time of the issuer's initial business combination.
- The filings reference the issuer's S-1 registration statement (File No. 333-297706) and the 'Founder Shares' description.
Financial Impact
No financial impact from these routine insider ownership disclosures.
Risk Factors
- SPACs carry inherent risk of failing to complete a business combination within the required timeframe.
- Founder share conversion adjustments and potential dilution from the business combination are not yet quantified.
Documents Analyzed
This report is based on 15 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 3 Filing (XTER) — Batch item 1 | 0001829126-26-008977 |
| Document: 0001829126-26-008977-index.html | 0001829126-26-008978 |
| Document: 0001829126-26-008977.txt | 0001829126-26-008978 |
| 3 Filing (XTER) — Batch item 4 | 0001829126-26-008978 |
| Document: 0001829126-26-008978-index.html | 0001829126-26-008980 |
| Document: 0001829126-26-008978.txt | 0001829126-26-008977 |
| 3 Filing (XTER) — Batch item 7 | 0001829126-26-008978 |
| Document: 0001829126-26-008978-index.html | 0001829126-26-008977 |
| Document: 0001829126-26-008978.txt | 0001829126-26-008977 |
| 3 Filing (XTER) — Batch item 10 | 0001829126-26-008977 |
| Document: 0001829126-26-008977-index.html | 0001829126-26-008977 |
| Document: 0001829126-26-008977.txt | 0001829126-26-008977 |
| 3 Filing (XTER) — Batch item 13 | 0001829126-26-008980 |
| Document: 0001829126-26-008980-index.html | 0001829126-26-008977 |
| Document: 0001829126-26-008980.txt | 0001829126-26-008977 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $9.78 | awaiting T+20 | — | $9.79 (+0.10%) |
Sep 25, 2026 4w ago | DEF 14A | $9.79 $9.78 | ▼ −0.10% | ▼ −0.07% | $9.79 (−0.00%) |
Aug 26, 2026 8w ago | 8-K | — | awaiting T+20 | — | — |
Aug 18, 2026 10w ago | EFFECT | — | awaiting T+20 | — | — |
Aug 17, 2026 10w ago | 3 | — | awaiting T+20 | — | — |
Aug 17, 2026 10w ago | 3 | — | awaiting T+20 | — | — |
US Market Status
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