Clover Leaf Capital Corp. (CLOE): BCG Matrix [Dec-2025 Updated]

You're looking at Clover Leaf Capital Corp. (CLOE) through the Boston Consulting Group lens, which is a strange exercise since this SPAC announced its intent to liquidate back in late 2024. Honestly, we have to map the matrix to the trust and the shell, not traditional products. We'll show you how the stable US Treasury holdings function as a reliable Cash Cow, while the defunct operating entity is clearly a Dog, leaving the final redemption value-with the stock hovering near $12.47 against a $12.59 redemption floor-as the main Question Mark you need to track. Keep reading for the full, clear-eyed assessment of this winding-down portfolio.

Background of Clover Leaf Capital Corp. (CLOE)

Clover Leaf Capital Corp. (CLOE) was established in 2021 and is headquartered in Miami, Florida. The company was organized as a special purpose acquisition company, or SPAC, meaning its primary purpose was to acquire or merge with an operating business.

The stated intention for Clover Leaf Capital Corp. was to focus its search for a business combination target within the legalized cannabis industry. The sponsor of Clover Leaf Capital Corp. is controlled by Yntegra Capital Management LLC, which has ownership in a portfolio that includes cannabis and real estate investments.

As of the search cutoff, Clover Leaf Capital Corp. did not have significant operations, nor did it generate any revenues. The company's financial performance, based on available trailing twelve months data, showed a Net Income of -$1.05 million and an EPS (Trailing Twelve Months) of ($0.23).

A significant development occurred in November 2024 when Clover Leaf Capital Corp. announced the termination of its merger agreement with Kustom Entertainment, Inc. Following this, the Board of Directors determined to liquidate the Company and expected to redeem all of its outstanding shares of Class A common stock sold in its initial public offering.

As of November 23, 2025, the share price for Clover Leaf Capital Corp. was reported at $12.47. The Market Cap was listed around $61.85 million, with outstanding shares noted near 4,960,000.

Clover Leaf Capital Corp. (CLOE) - BCG Matrix: Stars

You're looking at Clover Leaf Capital Corp. (CLOE) as a special purpose acquisition company (SPAC), which by nature is an asset with high-growth potential that consumes cash while searching for a target. The realization of this potential is tied directly to the initial capital structure.

The initial public offering (IPO) capital, which was the high-growth potential asset, is now being realized as a guaranteed return, primarily through the liquidation value held in trust. Clover Leaf Capital Corp. closed its initial public offering in July 2021, raising $138.3 million in gross proceeds from the sale of 13,831,230 units at an offering price of $10.00 per unit. This capital pool represents the initial investment into the high-growth search mandate.

The trust value per share, which is the high-relative-market-share asset being returned to shareholders in the absence of a combination, is anchored by the initial offering price, less any expenses and redemptions. As of October 2024 redemptions, shareholders exercised their right to redeem shares for approximately $12.59 each. This value is the floor for the liquidation value of the Class A common stock, which is the asset being returned to shareholders if the business combination fails or is not approved by the extended deadline of October 22, 2025.

The potential for the final redemption price to exceed the approximate $12.59 per share redemption value from October 2024 redemptions rests entirely on the successful consummation of a business combination. The current market price as of November 2025 is $12.47, which is below the recent redemption price, suggesting the market is currently valuing the asset closer to its trust value floor. However, the 52-week high for the stock reached $14.75, indicating that the market has previously priced in a higher value based on the potential for a successful acquisition, which is the true 'Star' scenario for a SPAC.

The current financial snapshot, while not defining a 'Star' business unit in the traditional sense for a pre-combination SPAC, shows the valuation context surrounding the trust value:

The investment thesis for a 'Star' in this context relies on the high-growth market Clover Leaf Capital Corp. intends to enter, specifically the legalized cannabis industry. The key figures related to the capital structure and potential realization are:

• IPO Gross Proceeds: $138.3 million.
• IPO Unit Price: $10.00.
• October 2024 Redemption Value: Approximately $12.59 per share.
• Shares Remaining Post-October 2024 Redemption: 692,684 public shares.
• Potential Upside to Redemption Price (based on 52-Week High): $14.75 per share.

The strategy here is to invest in the 'Star' by holding the security past the redemption date, hoping the management team secures a target that justifies a market price above the $12.59 liquidation value. If onboarding takes too long, the risk of the asset reverting to its floor value rises.

Clover Leaf Capital Corp. (CLOE) - BCG Matrix: Cash Cows

The Trust Account assets, primarily held in low-risk, stable interest-earning securities, represent the Cash Cow component of Clover Leaf Capital Corp. (CLOE). This pool of capital is characterized by its high market share-representing nearly all of the company's operational value as a SPAC-within the mature, pre-acquisition phase, coupled with low growth prospects until a business combination is finalized.

This cash pool is the only high-market-share, low-growth asset, holding a market capitalization of roughly $61.91M as of November 2025. This valuation reflects the capital held in trust, less any accrued expenses or redemptions up to that point.

The predictable, low-volatility return of capital to public shareholders upon liquidation is a defining feature. The initial public offering on July 22, 2021, involved the deposit of $125.0 million or up to $143.75 million if the underwriters' over-allotment option was exercised in full, into this trust account, with units priced at $10.00 each.

The interest earned on the trust assets is the defintely reliable, albeit low-growth, cash flow. This interest income is what supports the minimal administrative costs while the search for a target business in the cannabis industry continues.

Here are the key financial metrics defining this Cash Cow position:

• Market capitalization as of November 2025: $61.91M.
• Initial trust account deposit range: $125.0 million to $143.75 million.
• IPO Unit Price: $10.00.
• Shares of Class B common stock held by sponsor (subject to forfeiture): Up to 468,750 shares.

You can see the structure of the initial capital deployment below:

The purpose of this asset is to maintain shareholder capital until a definitive agreement for a business combination is signed, at which point 80% of the trust account value must be met or exceeded by the transaction's aggregate fair market value. This structure ensures that the cash position remains the core, stable asset base.

Clover Leaf Capital Corp. (CLOE) - BCG Matrix: Dogs

You're looking at the remnants of a Special Purpose Acquisition Company (SPAC) shell that has failed to secure a business combination, placing its core entity firmly in the Dogs quadrant. These units, characterized by low market share and low growth, are where capital goes to stagnate, and honestly, Clover Leaf Capital Corp. fits that description right now.

The primary operating entity, Clover Leaf Capital Corp., shows clear signs of being a cash consumer without a growth engine. Its financial performance over the last twelve months (TTM) reflects this drag. You should note the following key figures:

The SPAC's entire reason for existence-finding a merger-has officially failed. The planned business combination with Kustom Entertainment, Inc. was mutually terminated effective as of November 7, 2024. This termination followed several postponements of the required stockholder meeting, which was last rescheduled for November 8, 2024. As a direct result of this failure, the Board of Directors determined to liquidate the Company.

The liquidation process means the focus shifts to winding down operations, not growth. This involves handling residual liabilities against the non-trust assets. The initial public offering structure involved trust assets, where the per-share redemption amount was targeted at $10.00 per share, but negative interest rates could reduce this value. The current state confirms this is a wind-down scenario, not a growth play.

The stock's trading characteristics, while often associated with high volatility in struggling shells, present a specific statistical profile for Clover Leaf Capital Corp. as of late 2025. You can see the relative price movement metric below:

• Shares Outstanding: 4.96M
• Market Capitalization: $61.91M
• 52-Week Stock Price High: $14.75
• 52-Week Stock Price Low: $10.00
• Stock Beta (5Y): 0.07

The stock's Beta of 0.07 suggests that, historically, the stock's price movement has been significantly less volatile than the broader market, which is an interesting counterpoint to the typical SPAC shell behavior you might expect. The last reported closing price on November 23, 2025, was $12.47.

For you, the immediate action is clear: these Dog assets should be minimized. The entity is moving toward redemption of public shares following the liquidation decision. Consider the following elements that define this Dog status:

• The failed merger with Kustom Entertainment, Inc.
• The formal decision by the Board to liquidate the Company.
• Negative TTM Net Income of -$1.17 million.
• A Current Ratio of 0.02, indicating tight liquidity relative to short-term obligations.

Finance: draft the projected cash required for final liquidation expenses by next Wednesday.

Clover Leaf Capital Corp. (CLOE) - BCG Matrix: Question Marks

You're looking at the remnants of a Special Purpose Acquisition Company (SPAC) that has decided to liquidate, which places its remaining assets squarely in the Question Marks quadrant-high potential value tied up in a low-market-share, uncertain outcome scenario. These are the assets that consume cash (the trust account balance) while awaiting a definitive, final action, which here is the liquidation distribution.

The final, exact value of the cash redemption per share is still pending the final liquidation costs, which will reduce the gross trust value. As of the July 2024 extension vote, a prior redemption saw shareholders receive approximately $12.33 per share. However, the market price as of November 23, 2025, was quoted at $12.47.

The remaining 692,684 public shares outstanding, following the redemptions that occurred around October 2024, are now awaiting the final payout date, which has not been explicitly announced in the latest available filings regarding the liquidation decision made in November 2024.

The small, non-core assets outside the trust are difficult to quantify because Clover Leaf Capital Corp. is fundamentally a shell company whose primary asset was the trust account intended for a business combination that was terminated. Since the company intends to liquidate, any assets not held in the trust are likely minimal, with an uncertain and low-market-share value, as the focus shifts entirely to returning capital to shareholders.

The market's reaction to this liquidation process is reflected in the stock price. As of November 2025, the stock traded at $12.47, which is very near the redemption value established in prior events. This proximity suggests the market has largely priced in the expected return of capital, treating the stock as a proxy for the liquidation value of the trust account.

Here's a quick look at the key figures related to this liquidation phase:

For you, as a decision-maker, understanding the timeline and the final deduction for liquidation costs is key to valuing these remaining units. The strategy here is simple: wait for the final distribution, as investment in the underlying 'product' (the SPAC structure itself) is over.

Key liquidation data points to consider include:

• The company announced its intention to liquidate in November 2024.
• The prior redemption price was approximately $12.33 per share.
• The current trading price is $12.47.
• The company does not report significant operations outside the trust.
• The final redemption value is subject to final liquidation costs.

Finance: draft the expected cash-in-hand per share calculation, net of estimated final administrative costs, by next Tuesday.