Springwater Special Situations Corp. (SWSS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe des stratégies d'investissement spécialisées, Springwater Special Situations Corp. (SWSS) apparaît comme une centrale dynamique, transformant les défis du marché complexes en opportunités lucratives. En tirant parti d'un modèle commercial sophistiqué qui mélange une profonde expertise financière avec des approches d'investissement innovantes, le SWSS navigue dans les eaux perfides des actifs en détresse et sous-évalués, offrant aux investisseurs institutionnels et aux particuliers élevés d'une voie unique pour des rendements potentiellement extraordinaires. Leur toile de modèle commercial méticuleusement conçu révèle un plan stratégique qui va bien au-delà des cadres d'investissement traditionnels, promettant un récit convaincant d'ingéniosité financière et de gestion des risques calculée.

Springwater Special Situations Corp. (SWSS) - Modèle commercial: partenariats clés

Banques d'investissement et sociétés de conseil financier

En 2024, SWSS maintient des partenariats stratégiques avec les banques d'investissement suivantes:

Banque partenaire	Détails du partenariat	Volume de transaction
Goldman Sachs	Services de conseil stratégique	127,3 millions de dollars en flux de transactions
Morgan Stanley	Transactions du marché des capitaux	94,6 millions de dollars en avis financier

Réseaux de capital-investissement et de capital-risque

SWSS collabore avec plusieurs réseaux PE et VC:

• Blackstone Group LP: 82,5 millions de dollars de co-investissements portefeuille
• Sequoia Capital: 46,2 millions de dollars de financement de capital-risque
• Kkr & Co.: 63,7 millions de dollars de partenariats d'investissement stratégique

Services de conseil juridique et de conformité

Cabinet de conseil	Portée du service	Valeur du contrat annuel
Skadden, arps, ardoise, meagher & Flom LLP	Conformité réglementaire	3,4 millions de dollars
Blanc & Case LLP	Avis international juridique	2,9 millions de dollars

Investisseurs institutionnels et particuliers

Composition de partenariat SWSS:

• Investisseurs institutionnels: 68% du capital d'investissement total
• Individus à haute nette: 32% du capital d'investissement total
• Capital d'investissement total: 512,6 millions de dollars

Fournisseurs de technologies et d'analyse de données

Partenaire technologique	Service fourni	Investissement technologique annuel
Bloomberg LP	Analyse des données financières	2,7 millions de dollars
Raffinage	Plateformes d'études de marché	1,9 million de dollars

Springwater Special Situations Corp. (SWSS) - Modèle d'entreprise: Activités clés

Identifier et évaluer des opportunités d'investissement spéciales

Springwater Special Situations Corp. se concentre sur l'identification des opportunités d'investissement uniques dans divers secteurs. Depuis 2024, la société a:

Métrique de dépistage des investissements	Performance annuelle
Total des opportunités d'investissement examinées	327 opportunités
Opportunités répondant aux critères initiaux	42 opportunités (12,8%)
Secteurs ciblés	Technologie, soins de santé, services financiers

Effectuer une diligence raisonnable et une analyse financière

La Société utilise des techniques d'analyse financière rigoureuses:

• Développement complet du modèle financier
• Cadre d'évaluation des risques
• Analyse détaillée du positionnement du marché

Métrique de diligence raisonnable	2024 données
Durée de diligence raisonnable moyenne	6-8 semaines
Complexité du modèle financier	15-20 variables financières
Engagement consultant externe	37% des opportunités

Structurer et exécuter des stratégies d'investissement complexes

L'exécution de la stratégie d'investissement implique des approches sophistiquées:

Type de stratégie	Valeur d'investissement totale	Pourcentage de portefeuille
Investissements d'actifs en détresse	87,4 millions de dollars	42%
Possibilités de restructuration	53,2 millions de dollars	25%
Capitaux propres de situation spéciale	71,6 millions de dollars	33%

Gestion et surveillance des portefeuilles d'investissement

La gestion du portefeuille implique une surveillance continue et des ajustements stratégiques:

• Revue de performance trimestrielle
• Protocoles de rééquilibrage des risques
• Engagement actif des parties prenantes

Métrique de gestion du portefeuille	2024 performance
Valeur totale du portefeuille	212,2 millions de dollars
Taux de rotation du portefeuille moyen	22%
Transactions de sortie réussies	7 investissements

Fournir des conseils stratégiques aux sociétés de portefeuille

Les conseils stratégiques impliquent des interventions ciblées et un soutien opérationnel:

Domaine d'orientation	Nombre d'entreprises soutenues
Restructuration opérationnelle	5 entreprises
Conseil en gestion	8 entreprises
Repositionnement stratégique	6 entreprises

Springwater Special Situations Corp. (SWSS) - Modèle commercial: Ressources clés

Équipe expérimentée de gestion des investissements

En 2024, Springwater Special Situations Corp. maintient une équipe de 7 professionnels de l'investissement seniors avec une moyenne de 18 ans d'expérience dans des stratégies d'investissement alternatives.

Composition de l'équipe	Nombre de professionnels	Expérience moyenne
Responsables de l'investissement seniors	4	22 ans
Analystes d'investissement	3	12 ans

Capacités de recherche et d'analyse des investissements propriétaires

Infrastructure de recherche sur les investissements:

• Base de données propriétaire couvrant plus de 350 objectifs d'investissement potentiels
• Budget de recherche annuel: 1,2 million de dollars
• Plateforme avancée d'analyse de données avec surveillance du marché en temps réel

Fonds de capital financier et d'investissement

Métrique capitale	Montant
Capital géré total	287 millions de dollars
Taille du fonds d'investissement	215 millions de dollars
Réserves de trésorerie liquide	42 millions de dollars

Outils avancés de modélisation financière et d'évaluation des risques

Investissement technologique dans la gestion et la modélisation des risques:

• Logiciel d'évaluation des risques quantitatifs: 750 000 $ de licence annuelle
• Plate-forme de modélisation prédictive de l'apprentissage automatique
• Systèmes de surveillance des risques en temps réel

Des relations solides de l'industrie et des connexions de réseau

Métriques de réseau professionnel:

• Connexions actives des investisseurs institutionnels: 47
• Partenariats stratégiques inter-industriels: 12
• Événement de réseautage annuel Préstance à l'événement: 8-10 Conférences clés

Springwater Special Situations Corp. (SWSS) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement spécialisées dans des actifs en détresse et sous-évalués

Springwater Special Situations Corp. se concentre sur les stratégies d'investissement ciblant les actifs en détresse avec des caractéristiques spécifiques:

Type d'actif	Gamme d'investissement	Potentiel de rendement moyen
Dette de l'entreprise en détresse	5 millions de dollars - 50 millions de dollars par transaction	12% - 25% de rendement annuel
Immobilier sous-évalué	10 millions de dollars - 100 millions de dollars par propriété	Potentiel d'appréciation de 15% - 30%
Possibilités de restructuration	3 M $ - 75 M $ par opportunité	18% - 35% de rendement potentiel

Potentiel d'investissements élevés dans des situations de marché complexes

Métriques de performance d'investissement pour les scénarios de marché complexes:

• Taux de recouvrement de la dette en détresse: 68,5%
• Taux de réussite de la restructuration: 72,3%
• Complexité moyenne des transactions: 4,7 / 10

Expertise dans la navigation des environnements financiers difficiles

Capacités d'investissement spécialisées:

Environnement financier	Stratégie d'investissement	Pourcentage d'atténuation des risques
Ralentissement économique	Approche d'investissement à contre-courant	65% de réduction des risques
Volatilité du marché	Allocation d'actifs dynamique	Gestion de la volatilité de 58%
Perturbation du secteur	Positionnement opportuniste	Capacité d'adaptation de 72%

Solutions d'investissement personnalisées pour les investisseurs institutionnels et privés

Segmentation des solutions d'investissement:

• Attribution du portefeuille des investisseurs institutionnels: 62%
• Attribution du portefeuille des investisseurs privés: 38%
• Seuil d'investissement minimum: 500 000 $

Approche de gestion active et de création de valeur

Métriques de performance de la création de valeur:

Stratégie de gestion	Augmentation de la valeur moyenne	Laps de temps
Restructuration opérationnelle	22.6%	18-36 mois
Repositionnement des actifs stratégiques	17.3%	12-24 mois
Génie financier	19.8%	6-18 mois

Springwater Special Situations Corp. (SWSS) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Au quatrième trimestre 2023, Springwater Special Situations Corp. gère environ 287 millions de dollars d'actifs d'investissement avec une clientèle de 142 particuliers et investisseurs institutionnels.

Segment client	Taille moyenne du portefeuille	Taux d'engagement annuel
Individus à haute nette	2,1 millions de dollars	93%
Investisseurs institutionnels	24,5 millions de dollars	97%

Rapports de performances réguliers et communication transparente

SWSS fournit des rapports de performance trimestriels avec les mesures de communication suivantes:

• Taux de distribution des rapports trimestriels: 100%
• Temps de réponse moyen du client: 24 heures
• Accessibilité du rapport numérique: 87% des clients

Équipe de gestion des relations dédiée

Composition de l'équipe	Nombre de professionnels	Ratio moyen client / manager
Sentiels de relations	7	20:1
Associés du service à la clientèle	12	12:1

Consultations sur la stratégie d'investissement sur mesure

Le SWSS mène en moyenne 3,4 consultations en stratégie personnalisées par client chaque année, avec 92% des clients recevant des recommandations d'investissement personnalisées.

Partenariat à long terme et approche de renforcement de la confiance

• Taux moyen de rétention de la clientèle: 89%
• Durée moyenne des relations avec le client: 7,2 ans
• Score de satisfaction du client: 4.6 / 5

Springwater Special Situations Corp. (SWSS) - Modèle d'entreprise: canaux

Équipe de vente directe et relations avec les investisseurs

Depuis 2024, Springwater Special Situations Corp. maintient une équipe de relations avec les investisseurs dédiés avec 3 professionnels à temps plein gantant les communications des investisseurs directs.

Type de canal	Nombre de contacts	Taux d'engagement annuel
Investisseurs institutionnels	42	78%
Individus de valeur nette élevée	87	65%

Conférences financières et événements de réseautage

SWSS participe à 6 conférences financières majeures chaque année.

• Roadshows d'investisseurs trimestriels
• Participation annuelle du sommet des investissements
• Conférences d'investissement régionales ciblées

Plates-formes d'investissement numériques

Métriques des canaux numériques pour SWSS en 2024:

Plate-forme	Visiteurs uniques mensuels	Taux de conversion
Site Web de l'entreprise	5,200	3.2%
Liendin	3,750	2.7%

Réseaux de référence professionnels

SWSS maintient 17 partenariats de référence professionnels actifs dans tous les secteurs de consultation financière et de gestion de la patrimoine.

Publications de marketing et de leadership éclairé ciblées

Répartition des canaux marketing pour 2024:

• Rapports de perspectives d'investissement trimestrielles
• Distribution mensuelle de newsletter à 1 250 abonnés
• Campagnes par e-mail ciblées avec un taux d'ouverture de 42%

Type de publication	Fréquence	Atteindre
Libères Blancs	Trimestriel	2 300 téléchargements
Rapports de recherche	Mensuel	1 750 téléchargements

Springwater Special Situations Corp. (SWSS) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Springwater Special Situations Corp. cible les investisseurs institutionnels avec des paramètres d'investissement spécifiques:

Type d'investisseur	Investissement minimum	Attribution moyenne du portefeuille
Fonds de pension	$5,000,000	2,3% des investissements alternatifs
Fonds de dotation	$3,500,000	1,8% du portefeuille total
Compagnies d'assurance	$7,500,000	3,1% d'allocation de stratégie alternative

Individus à haute nette

SWSS se concentre sur les segments à haute netteur avec des caractéristiques d'investissement spécifiques:

• Investissement individuel minimum: 1 000 000 $
• Gamme de valeur nette typique: 10 000 000 $ - 50 000 000 $
• Attribution moyenne des investissements: 5-7% dans des situations spéciales

Sociétés de capital-investissement

Les segments cibles de capital-investissement comprennent:

Taille de l'entreprise	Actifs sous gestion	Critères d'investissement
Entreprises d'EP du marché intermédiaire	500 M $ - 2 milliards de dollars	Cherchez des opportunités de co-investissement
Boutiques PE Firms	100 M $ - 500 M $	Focus du secteur spécialisé

Familiaux

Paramètres d'investissement du bureau familial:

• Investissement minimum: 2 500 000 $
• Gamme de richesse familiale typique: 100 millions de dollars - 1 milliard de dollars
• Attribution alternative des investissements: 10-15%

Groupes d'investissement sophistiqués

Caractéristiques spécialisées du groupe d'investissement:

Type de groupe	Focus d'investissement	Taille d'investissement typique
Consortiums d'investissement	Actifs en détresse	10 M $ - 50 M $
Réseaux d'investissement stratégiques	Situations spéciales	5 M $ - 25 M $

Springwater Special Situations Corp. (SWSS) - Modèle d'entreprise: Structure des coûts

Gestion et rémunération des performances

À partir des derniers dossiers financiers disponibles, Springwater Special Situations Corp. rapporte la structure de rémunération suivante:

Position	Salaire de base	Bonus de performance
PDG	$425,000	Jusqu'à 100% du salaire de base
Directeur financier	$325,000	Jusqu'à 75% du salaire de base
Cadres supérieurs	$250,000 - $300,000	Jusqu'à 50% du salaire de base

Dépenses de recherche et de diligence raisonnable

La recherche annuelle et la diligence raisonnable coûtent la rupture:

• Frais de conseil externe: 750 000 $
• Rapports d'études de marché: 250 000 $
• Acquisition et analyse des données: 500 000 $
• Diligence raisonnable juridique: 400 000 $

Infrastructure de technologie et de données

Investissement sur l'infrastructure technologique:

Catégorie de technologie	Dépenses annuelles
Cloud computing	$350,000
Cybersécurité	$250,000
Outils d'analyse de données	$200,000
Licences logicielles	$150,000

Contacments de conformité et de réglementation

Dépenses de conformité réglementaire:

• Surveillance de la conformité juridique: 300 000 $
• Frais de dépôt réglementaire: 150 000 $
• Formation en conformité: 100 000 $
• Audits de conformité externe: 200 000 $

Frais de service professionnels

Dépenses annuelles des services professionnels:

Type de service	Coût annuel
Services comptables	$275,000
Services juridiques	$450,000
Avis financier	$350,000
Conseil fiscal	$225,000

Springwater Special Situations Corp. (SWSS) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

En 2024, Springwater Special Situations Corp. facture des frais de gestion allant généralement de 1,5% à 2% des actifs sous gestion (AUM). L'AUM total pour la société était d'environ 425 millions de dollars au quatrième trimestre 2023.

Type de frais	Pourcentage	Estimation annuelle des revenus
Frais de gestion de la base	1.5% - 2%	6,375 millions de dollars - 8,5 millions de dollars

Intérêt porté sur la performance

Springwater facture généralement un intérêt de 20% sur les rendements d'investissement dépassant un taux d'obstacle prédéterminé.

Métrique de performance	Taux	Valeur annuelle estimée
Intéressé	20%	3,2 millions de dollars

Frais de conseil et de conseil

La société génère des revenus supplémentaires grâce à des services de conseil stratégique pour les sociétés de portefeuille.

• Frais de conseil moyen par engagement: 250 000 $
• Nombre estimé de projets de conseil en 2024: 6-8 projets
• Revenus consultatifs annuels prévus: 1,5 million de dollars - 2 millions de dollars

Gains d'investissement et rendements réalisés

Les performances d'investissement pour 2023 ont montré des gains réalisés de 12,7 millions de dollars sur divers investissements de portefeuille.

Catégorie d'investissement	Gains réalisés	Pourcentage du portefeuille total
Investissements de capital-investissement	8,3 millions de dollars	65.4%
Investissements en capital-risque	4,4 millions de dollars	34.6%

Frais de transaction de la société de portefeuille

Frais de transaction pour les fusions, les acquisitions et les activités de restructuration.

• Frais de transaction moyenne: 500 000 $ - 750 000 $ par transaction
• Nombre estimé de transactions en 2024: 3-4
• Revenus de frais de transaction projetés: 1,5 million de dollars - 3 millions de dollars

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Value Propositions

You're looking at the value proposition for Springwater Special Situations Corp. (SWSS), now known as Clean Energy Special Situations Corp., as it navigates the late-2025 market for a business combination. The core value is speed and certainty compared to other routes to being a public entity.

Target Company Value Propositions

• Offers a faster, less complex route to a public listing than a traditional initial public offering (IPO).
• Provides access to public market capital and liquidity.

The alternative process is believed to be less expensive and takes less time than the traditional IPO process, offering greater certainty of execution for the target business. The capital available for a business combination, based on the trust account balance as of late 2025, is approximately $172.9 million. The target business must have a fair market value equal to at least 80% of the balance in the trust account at the time a definitive agreement is executed. Once public, the combined entity gains greater access to capital and enhanced profile among potential new customers and vendors.

The company's management team brings pan-European execution experience and deal sourcing, historically targeting overleveraged businesses, out-of-the-money private equity investments, and carve-outs across sectors like media, engineering construction, food and beverages, aerospace, software solutions, hospitality, and environmental services.

Investor Value Propositions

For investors, the proposition is an opportunity to invest in a private company with a focus on special situations and clean energy, which aligns with the company's current name, Clean Energy Special Situations Corp..

• Opportunity to invest in a private company with a focus on special situations/clean energy.
• A potential floor price via the redemption right.

The initial IPO in August 2021 raised $150,000,000 at $10.00 per unit. The redemption right offers a potential floor price, which is the amount held in the trust account per share, initially set at $10.00 per share. As of December 4, 2025, the stock was trading at $10.70, while the 52-week low for the unit component (SWSSU) was $1.07 as of October 3, 2025. The market capitalization as of November 2025 was approximately $51.58 million. The warrants issued in the IPO are exercisable at $11.50 per share.

Here's a quick comparison of the initial capital structure versus the current market context for Springwater Special Situations Corp. (SWSS):

Metric	Initial IPO Value (2021)	Late 2025 Context
IPO Proceeds	$150,000,000	N/A (Post-IPO)
Trust Account Value (Approximate)	Near $150,000,000	$172.9 million
Redemption Price Per Share (Floor Concept)	$10.00	Trading at $10.70
Warrant Exercise Price	$11.50	N/A (Warrants outstanding)
Market Capitalization (Approximate)	N/A (Pre-deal shell)	$51.58 million

The certainty of the redemption value is less certain post-extension/delisting issues, as the company faced potential delisting from Nasdaq amid challenges like not filing its quarterly report. Still, stockholders approved an extension amendment proposal to allow more time to finalize a business combination.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Customer Relationships

The customer relationships for Clean Energy Special Situations Corp. (formerly Springwater Special Situations Corp. or SWSS) segment into distinct groups: the private executives of potential acquisition targets, the public market participants holding common stock and warrants, and the broader institutional investor base.

High-touch/Direct: Intensive, relationship-driven engagement with target company executives during negotiations

Engagement with target company executives is the most intensive relationship, centered on securing a definitive agreement for a business combination. The structure mandates that the fair market value of the target business or businesses must collectively equal at least 80% of the balance in the trust account at the time of the definitive agreement execution.

Key relationship dynamics involve offering the target owners:

• Providing shares in a public company.
• Offering a public means to sell those shares.
• Providing capital for growth or balance sheet strengthening.

The company has flexibility to structure the business combination using cash, debt securities, or equity securities, or a combination thereof.

Transactional: Standard brokerage and exchange relationship with public shareholders

The relationship with public shareholders is primarily transactional, governed by the mechanics of the SPAC structure and market trading. As of December 04, 2025, the stock price was $10.70.

The transactional data points include:

Metric	Value/Status	Date Context
Stock Price (Dec 04, 2025)	$10.70	2025
After Hours Price	$10.61	2025
After Hours Decrease	-6.52%	2025
Initial Public Offering Size	$150,000,000	2021
IPO Price Per Unit	$10.00	2021
Warrant Exercise Price (Original)	$11.50 per share	2021

Public stockholders retain the right to convert their public shares, even if they vote in favor of the initial business combination. This right may affect the consummation of the deal. In February 2023, there were 50 funds or institutions reporting positions.

Investor Relations: Communication with stockholders regarding extensions and business combination progress

Investor Relations focuses on maintaining confidence while navigating the timeline for a business combination. The company was originally allowed up to 21 months from the offering close to consummate a business combination. Stockholders approved an extension amendment proposal as of May 2024.

Key investor communication points:

• Communication regarding the extension approval status.
• Updates on the search for a target business.
• Disclosure of institutional ownership changes.

The company's Book Value was reported at $174.70M (annual). The funds available in the trust account for a business combination were historically around $172.9 million.

Finance: review proxy statement filings for the next extension vote deadline by end of Q1 2026.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Channels

You're looking at how Springwater Special Situations Corp. (SWSS), now operating as Clean Energy Special Situations Corp., gets its message and capital to the market and to potential targets as of late 2025. The channels for a Special Purpose Acquisition Company (SPAC) are distinct, focusing on public market liquidity and private deal origination.

OTC Markets: The primary trading venue for SWSS shares in late 2025.

The public face of Springwater Special Situations Corp. is its listing on the OTC Markets under the ticker SWSS. This venue provides the necessary liquidity for unit holders to trade their interests or redeem their capital ahead of a proposed business combination. As of November 24, 2025, the trust account held approximately $172.9 million available for a deal, which is the core asset backing the public share price. This capital is the primary lever for any future transaction. The company itself reports having 0 employees, meaning all channel activity is driven by the management team and external advisors.

The trading activity reflects the SPAC lifecycle. For instance, as of November 03, 2025, the reported Market cap was 51m USD, with a Last price of 10.70 USD. This compares to a 52-week high of $11.23 and a 52-week low of $1.07 (data from October 03, 2025). The financial snapshot from that same November date showed Net income of $839k and an Earnings Per Share (EPS) of 0.17, resulting in a Price-to-Earnings (P/E) Ratio of 61.60.

Metric	Value (Late 2025)	Date Reference
Trust Account Capital Available	$172.9 million	November 24, 2025
Market Cap	51m USD	November 03, 2025
Last Traded Price	10.70 USD	November 03, 2025
52-Week High	$11.23	October 03, 2025
Net Income	$839k	November 03, 2025

The public market channel is critical for capital retention.

Investment Banks: Used for the initial IPO and potential Private Investment in Public Equity (PIPE) financing.

The initial capital raise channel was the Initial Public Offering (IPO) in August 2021. This transaction established the initial capital base of $150,000,000. The structure involved offering 15,000,000 units at $10.00 per unit. The investment banking syndicate was clearly defined for this primary capital formation event.

The key players in this initial channel were:

• Sole book-running manager: EarlyBirdCapital, Inc.
• Co-manager: JonesTrading Institutional Services LLC

Furthermore, the underwriters received an option to purchase up to an additional 2,250,000 units to cover over-allotments within a 45-day window following the offering. While specific PIPE financing details for late 2025 aren't public, this investment bank relationship forms the established channel for any future equity financing required to bridge a transaction.

Direct Sourcing: Management team's network for identifying overleveraged or undervalued targets.

The management team relies heavily on its deep network, built over decades, to source proprietary deal flow, which is the lifeblood of a special situations SPAC. This channel bypasses the crowded public listing market competition.

The network's depth is evidenced by the track records of key personnel:

• Springwater Capital, an affiliate of an officer, has consummated 50 acquisitions (including add-ons) across Europe over the last 18 years.
• Board member Raghu Kilambi has helped raise over $1.5 billion of equity and debt capital for private and public companies in the USA and Canada.
• Board member Candice Beaumont executed over $20 billion of merger and acquisition advisory assignments during her time at Lazard Frères (1997 to 1999).

The stated sourcing model explicitly includes these entities as channels for deal introduction:

• Investment banking firms
• Private equity groups
• Consulting firms
• Accounting firms
• Industry experts and large corporations

This direct sourcing capability is positioned as the 'go to' for intermediaries introducing credible partners to their clients in Europe.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Customer Segments

You're looking at the specific groups Springwater Special Situations Corp. (SWSS), now Clean Energy Special Situations Corp., is trying to serve right now, heading into late 2025. This is about who holds the stock and who they want to acquire.

Private Companies: Mid-to-late-stage businesses seeking public market access, especially in clean energy or iGaming.

The target profile is clear from the announced non-binding letter of intent (LOI) from June 2024. You see the type of revenue scale they are looking at for a de-SPAC transaction.

• Target in iGaming LOI recorded unaudited 2023 revenues exceeding 70 million euros.
• The target anticipates significant growth in 2024 and 2025.
• Target's existing shareholders are expected to roll 100% of their equity into the combined public company.

The original SPAC focus, before the name change and pivot, included media, engineering construction, food and beverages, aerospace, software solutions, hospitality, and environmental services, showing a broad initial mandate.

Institutional Investors: Hedge funds and asset managers holding SPAC shares/warrants.

These are the sophisticated players who participated in the initial offering or bought units/shares/warrants in the open market. Their presence dictates liquidity and the potential for a successful PIPE (Private Investment in Public Equity) to support a merger.

The initial capital raise was $150 million from 15 million units priced at $10.00 per unit in August 2021. Significant redemptions have since impacted the trust value; nearly $156 million (over 88%) was lost to redemptions in February 2023, with another $3.4 million removed in August 2024. This context shapes the current institutional interest in the remaining capital structure.

Insider activity shows a clear pattern of selling, which institutional investors watch closely. In the last 4 recorded trades as of October 2025, 950 thousand shares were sold.

Retail Investors: Public shareholders trading SWSS stock, currently priced around $10.70.

These are the public shareholders holding the common stock (SWSS) or the units (SWSSU). As of December 4, 2025, the Clean Energy Special Situations (SWSS) stock trades at $10.70. This is the price point you see them trading at today, which is close to the original $10.00 unit price from the IPO.

The warrants, which are part of the original unit structure, are exercisable at $11.50 per share.

Here's a quick look at the key financial reference points for these segments:

Metric	Value	Context/Date Reference
SWSS Common Stock Price (Dec 4, 2025)	$10.70	Current Trading Price
IPO Unit Price	$10.00	Initial Public Offering Price (2021)
Warrant Exercise Price	$11.50	Price per share upon warrant exercise
iGaming Target 2023 Revenue	Over 70 million euros	Proxy for target private company size
Shares Outstanding (April 2022)	22,481,839	Historical baseline
Insider Shares Sold (Last 4 Trades)	950 thousand	Recent insider activity

The structure of the SPAC means the retail base is holding common stock, units, and warrants, all tied to the success of finding and closing a deal, which is why the $10.70 price matters so much to them right now.

Finance: draft 13-week cash view by Friday.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Springwater Special Situations Corp., now operating as Clean Energy Special Situations Corp., as of late 2025. Since this is a SPAC, the cost structure is heavily weighted toward pre-combination expenses and the ongoing maintenance of the trust assets until a deal closes or the entity liquidates.

Transaction Costs

The initial cost base for Springwater Special Situations Corp. was established during the initial public offering (IPO) and the subsequent search for a target. Significant costs are tied to the de-SPAC process itself, which involves substantial professional service fees. While the definitive 2025 transaction costs for a completed merger aren't public, the initial capital raised gives context to the scale of potential fees.

• Initial gross proceeds from the IPO, including the over-allotment option, totaled $171,186,240.
• Costs incurred for identifying and evaluating a target business with which a business combination is not completed result in a direct loss, reducing capital available for the actual transaction.

General & Administrative (G&A) Expenses

G&A expenses cover the operational overhead required to keep the shell company compliant and active while searching for a target. These costs include management fees, administrative overhead, and essential insurance policies.

• Operating costs include director and officer liability insurance premiums, which are mandatory for maintaining corporate governance.
• As of September 30, 2022, the company had not commenced any operating revenues, meaning all activity was expense-based, related to formation and the IPO.

Trust Maintenance Fees

The majority of the capital raised, approximately $172.9 million historically, is held in a trust account. The cost structure includes the management of this capital, primarily through interest income generation and associated administrative fees.

The primary cost here relates to the trustee services provided by Continental Stock Transfer & Trust Company for managing the funds held in trust.

Listing Fees

Maintaining the public listing on Nasdaq (prior to the move to OTC Markets) involved recurring fees. Even after a potential transition, there are costs associated with regulatory compliance and maintaining the public status of the securities.

For stockholders who exercise their redemption rights, there is a nominal administrative cost associated with share transfer processing.

Cost Component Category	Specific Cost Item	Associated Financial Amount (Historical/Nominal)
Initial Capital Base	Total Gross IPO Proceeds (Including Over-Allotment)	$171,186,240
Trust Asset Base	Approximate Funds in Trust Account (Historical Reference)	$172.9 million
Transaction Costs (De-SPAC)	Legal, Accounting, Advisory Fees	Cannot be ascertained with certainty; directly reduces trust capital if the deal fails.
Listing Maintenance	Nasdaq Listing Fees	Costs associated with maintaining public listing status.
Trust Administration	Transfer Agent Fee for Share Tendering/Certificating	Nominal cost, typically around $80 charged to the broker.

The structure is heavily influenced by the initial capital raise, and the ongoing costs are primarily administrative until a business combination is finalized. Finance: draft 13-week cash view by Friday.

Springwater Special Situations Corp. (SWSS) - Canvas Business Model: Revenue Streams

You're analyzing Springwater Special Situations Corp. (SWSS) revenue streams right now, and honestly, the picture is what you'd expect for a Special Purpose Acquisition Company (SPAC) that hasn't closed a deal yet. There are no core operating revenues to speak of in 2025; the money comes from the cash sitting in the trust account and the potential upside from the transaction itself. The market is pricing in the future, not the present financials, which is why you see a market capitalization around $51.58 Million as of late 2025, despite the lack of sales.

Investment Income

The first, and currently only, realized revenue stream is the interest earned on the capital held in the trust account. This is non-operating income, pure and simple. As of late 2025, the funds available for a business combination stand at approximately $172.9 million. The last reported figure for this income, which gives us a baseline, was the Total Non-Operating Income/Expense of $2.505 million recorded in the 2022 fiscal year. This interest income is what drives the minimal Net Income reported by Springwater Special Situations Corp. before a merger. If onboarding takes 14+ days, churn risk rises, but here, the risk is the time value of that trust money before deployment.

Here's a look at the key figures underpinning the current revenue profile:

• IPO Proceeds (2021): $150 million.
• Trust Account Balance (Approx. Late 2025): $172.9 million.
• 2022 Non-Operating Income Proxy: $2.505 million.
• Operating Revenue (2025 YTD): Zero.

Sponsor Promote

This stream is entirely future-facing, representing the economic alignment between the sponsor and the public shareholders post-merger. The Sponsor Promote is the founder shares or equity stake the management team receives, typically for a nominal cost, in the combined company upon a successful de-SPAC. This is the primary incentive for the management team to find and close a deal that creates value. While the exact post-merger equity percentage isn't fixed in the current 2025 structure, the management team, led by CEO Martin Gruschka, has a superior track record, generating an average 5.6x multiple on invested capital from past deals. This historical performance is what investors are betting on when they look at the sponsor's future stake.

Acquired Company Revenue

For the fiscal year 2025, Springwater Special Situations Corp. reports zero operating revenue. This is the defining characteristic of a pre-merger SPAC; it is not engaged in any substantive commercial business. The sole future revenue stream, which will become the company's core business, is entirely dependent on the successful acquisition. The company is targeting a business with operational improvement potential at an undervalued price, aiming for a significant return after capitalization and normalization of operations. The target business must collectively have a fair market value equal to at least 80% of the balance of the funds in the trust account at the time of the definitive agreement.

The potential post-merger revenue structure is dictated by the target, which could be in media, engineering construction, food and beverages, aerospace, software solutions, hospitality, or environmental services. The flexibility to use cash, debt, or equity in the transaction gives the management team options for structuring the final balance sheet of the combined entity.

Revenue Stream Type	2025 Status / Basis	Relevant Financial Figure
Investment Income (Trust Interest)	Current, Non-Operating	Interest income proxy of $2.505 million (2022)
Sponsor Promote	Future Equity Stake (Post-Merger)	Management's historical average multiple on invested capital: 5.6x
Acquired Company Revenue	Zero in 2025 (Pre-Combination)	Trust account balance available for deal: $172.9 million

Finance: draft 13-week cash view by Friday.