Springwater Special Situations Corp. (SWSS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo intrincado de estratégias de investimento especializado, a Springwater Special Situations Corp. (SWSS) surge como uma potência dinâmica, transformando desafios complexos de mercado em oportunidades lucrativas. Ao alavancar um modelo de negócios sofisticado que combina profundo experiência financeira com abordagens inovadoras de investimento, o SWSS navega pelas águas traiçoeiras de ativos angustiados e subvalorizados, oferecendo investidores institucionais e indivíduos de alta rede um caminho único para retornos potencialmente extraordinários. Sua tela de modelo de negócios meticulosamente criada revela um plano estratégico que vai muito além das estruturas de investimento tradicionais, prometendo uma narrativa convincente de ingenuidade financeira e gerenciamento de riscos calculados.

Springwater Special Situations Corp. (SWSS) - Modelo de negócios: Parcerias -chave

Bancos de investimento e empresas de consultoria financeira

A partir de 2024, o SWSS mantém parcerias estratégicas com os seguintes bancos de investimento:

Banco Parceiro	Detalhes da parceria	Volume de transação
Goldman Sachs	Serviços de consultoria estratégica	US $ 127,3 milhões em fluxo de negócios
Morgan Stanley	Transações do mercado de capitais	US $ 94,6 milhões em consultoria financeira

Redes de capital de private equity e risco

O SWSS colabora com várias redes PE e VC:

• Blackstone Group LP: portfólio de co-investimento de US $ 82,5 milhões
• Sequoia Capital: US $ 46,2 milhões em rede de financiamento de risco
• KKR & CO.: US $ 63,7 milhões em parcerias estratégicas de investimento

Serviços de consultoria legal e de conformidade

Empresa de consultoria	Escopo de serviço	Valor anual do contrato
Skadden, Arps, Slate, Meagher & Flom llp	Conformidade regulatória	US $ 3,4 milhões
Branco & Caso LLP	Consultoria jurídica internacional	US $ 2,9 milhões

Investidores institucionais e indivíduos de alta rede

Composição da parceria SWSS:

• Investidores institucionais: 68% do capital total de investimento
• Indivíduos de alta rede: 32% do capital total de investimento
• Capital total de investimento: US $ 512,6 milhões

Provedores de tecnologia e análise de dados

Parceiro de tecnologia	Serviço prestado	Investimento de tecnologia anual
Bloomberg LP	Análise de dados financeiros	US $ 2,7 milhões
Refinitiv	Plataformas de pesquisa de mercado	US $ 1,9 milhão

Springwater Special Situations Corp. (SWSS) - Modelo de Negócios: Atividades -chave

Identificando e avaliando oportunidades de investimento de situação especial

Springwater Special Situations Corp. concentra -se na identificação de oportunidades exclusivas de investimento em vários setores. A partir de 2024, a empresa possui:

Métrica de triagem de investimentos	Desempenho anual
Oportunidades totais de investimento rastreadas	327 oportunidades
Oportunidades que atendem aos critérios iniciais	42 oportunidades (12,8%)
Setores direcionados	Tecnologia, saúde, serviços financeiros

Conduzindo a devida diligência e análise financeira

A empresa emprega rigorosos técnicas de análise financeira:

• Desenvolvimento de Modelo Financeiro Abrangente
• Estrutura de avaliação de risco
• Análise detalhada de posicionamento de mercado

Métrica de due diligence	2024 dados
Duração média de due diligence	6-8 semanas
Complexidade do modelo financeiro	15-20 variáveis ​​financeiras
Engajamento de consultores externos	37% das oportunidades

Estruturar e executar estratégias de investimento complexas

A execução da estratégia de investimento envolve abordagens sofisticadas:

Tipo de estratégia	Valor total de investimento	Porcentagem de portfólio
Investimentos de ativos angustiados	US $ 87,4 milhões	42%
Oportunidades de reestruturação	US $ 53,2 milhões	25%
Equidade de situação especial	US $ 71,6 milhões	33%

Gerenciando e monitorando portfólios de investimento

O gerenciamento de portfólio envolve monitoramento contínuo e ajustes estratégicos:

• Revisão trimestral de desempenho
• Protocolos de reequilíbrio de risco
• Engajamento ativo das partes interessadas

Métrica de gerenciamento de portfólio	2024 Performance
Valor total do portfólio	US $ 212,2 milhões
Taxa média de rotatividade de portfólio	22%
Transações de saída bem -sucedidas	7 investimentos

Fornecendo orientação estratégica para empresas de portfólio

As orientações estratégicas envolvem intervenções direcionadas e suporte operacional:

Área de orientação	Número de empresas apoiadas
Reestruturação operacional	5 empresas
Consultoria de Gerenciamento	8 empresas
Reposicionamento estratégico	6 empresas

Springwater Special Situations Corp. (SWSS) - Modelo de Negócios: Recursos -Principais

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a Springwater Special Situations Corp. mantém uma equipe de 7 profissionais de investimento seniores, com uma média de 18 anos de experiência em estratégias alternativas de investimento.

Composição da equipe	Número de profissionais	Experiência média
Gerentes de investimento seniores	4	22 anos
Analistas de investimento	3	12 anos

Capacidades de pesquisa e análise de investimento proprietárias

Infraestrutura de pesquisa de investimento:

• Banco de dados proprietário, cobrindo mais de 350 metas de investimento em potencial
• Orçamento de pesquisa anual: US $ 1,2 milhão
• Plataforma avançada de análise de dados com monitoramento de mercado em tempo real

Capital financeiro e fundos de investimento

Métrica de capital	Quantia
Capital gerenciado total	US $ 287 milhões
Tamanho do fundo de investimento	US $ 215 milhões
Reservas de caixa líquido	US $ 42 milhões

Ferramentas avançadas de modelagem financeira e avaliação de risco

Investimento de tecnologia em gerenciamento e modelagem de riscos:

• Software quantitativo de avaliação de risco: US $ 750.000 licenciamento anual
• Aprendizado de máquina Plataforma de modelagem preditiva
• Sistemas de monitoramento de risco em tempo real

Relacionamentos fortes da indústria e conexões de rede

Métricas de rede profissional:

• Conexões de investidores institucionais ativos: 47
• Parcerias estratégicas entre indústrias: 12
• Atendimento anual de eventos de networking: 8-10 Conferências-chave

Springwater Special Situations Corp. (SWSS) - Modelo de Negócios: Proposições de Valor

Estratégias de investimento especializadas em ativos angustiados e subvalorizados

Springwater Special Situations Corp. concentra -se em estratégias de investimento direcionadas a ativos angustiados com características específicas:

Tipo de ativo	Intervalo de investimento	Potencial médio de retorno
Dívida corporativa angustiada	US $ 5M - US $ 50 milhões por transação	12% - 25% de retorno anual
Imóveis subvalorizados	US $ 10 milhões - US $ 100 milhões por propriedade	15% - 30% de potencial de apreciação
Oportunidades de reestruturação	$ 3M - US $ 75M por oportunidade	18% - 35% de retorno potencial

Potencial para investimentos de alto retorno em situações complexas de mercado

Métricas de desempenho de investimento para cenários complexos de mercado:

• Taxa de recuperação de dívida angustiada: 68,5%
• Taxa de sucesso de reestruturação: 72,3%
• Complexidade média da transação: 4.7/10

Experiência em navegar em ambientes financeiros desafiadores

Recursos de investimento especializados:

Ambiente financeiro	Estratégia de investimento	Porcentagem de mitigação de risco
Crise econômica	Abordagem de investimento contrário	Redução de risco de 65%
Volatilidade do mercado	Alocação de ativos dinâmicos	58% de gerenciamento de volatilidade
Interrupção do setor	Posicionamento oportunista	72% de capacidade de adaptação

Soluções de investimento personalizadas para investidores institucionais e privados

Segmentação de solução de investimento:

• Alocação de portfólio de investidores institucionais: 62%
• Alocação de portfólio de investidores privados: 38%
• Limite mínimo de investimento: US $ 500.000

Gerenciamento ativo e abordagem de criação de valor

Métricas de desempenho da criação de valor:

Estratégia de gerenciamento	Aumento médio do valor	Tempo de tempo
Reestruturação operacional	22.6%	18-36 meses
Reposicionamento estratégico de ativos	17.3%	12-24 meses
Engenharia Financeira	19.8%	6-18 meses

Springwater Special Situations Corp. (SWSS) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A partir do quarto trimestre de 2023, a Springwater Special Situations Corp. gerencia aproximadamente US $ 287 milhões em ativos de investimento com uma base de clientes de 142 indivíduos de alta rede e investidores institucionais.

Segmento de cliente	Tamanho médio do portfólio	Taxa de engajamento anual
Indivíduos de alta rede	US $ 2,1 milhões	93%
Investidores institucionais	US $ 24,5 milhões	97%

Relatórios de desempenho regulares e comunicação transparente

O SWSS fornece relatórios trimestrais de desempenho com as seguintes métricas de comunicação:

• Taxa trimestral de distribuição de relatórios: 100%
• Tempo médio de resposta ao cliente: 24 horas
• Acessibilidade do relatório digital: 87% dos clientes

Equipe dedicada de gerenciamento de relacionamento

Composição da equipe	Número de profissionais	Proporção média de cliente para gerente
Gerentes de relacionamento seniores	7	20:1
Associados de atendimento ao cliente	12	12:1

Consultas de estratégia de investimento personalizado

O SWSS realiza uma média de 3,4 consultas de estratégia personalizadas por cliente anualmente, com 92% dos clientes recebendo recomendações de investimento personalizado.

Parceria de longo prazo e abordagem de construção de confiança

• Taxa média de retenção de clientes: 89%
• Duração média do relacionamento do cliente: 7,2 anos
• Pontuação de satisfação do cliente: 4,6/5

Springwater Special Situations Corp. (SWSS) - Modelo de Negócios: Canais

Equipe de vendas diretas e relações com investidores

A partir de 2024, a Springwater Special Situations Corp. mantém uma equipe dedicada de relações com investidores com três profissionais em período integral lidando com comunicações diretas de investidores.

Tipo de canal	Número de contatos	Taxa de engajamento anual
Investidores institucionais	42	78%
Indivíduos de alto patrimônio líquido	87	65%

Conferências financeiras e eventos de rede

O SWSS participa de 6 principais conferências financeiras anualmente.

• Os roadshows trimestrais dos investidores
• Participação anual da cúpula de investimento
• Conferências de investimento regional direcionado

Plataformas de investimento digital

Métricas de canal digital para SWSS em 2024:

Plataforma	Visitantes únicos mensais	Taxa de conversão
Site da empresa	5,200	3.2%
LinkedIn	3,750	2.7%

Redes de referência profissional

O SWSS mantém 17 parcerias de referência profissional ativa entre os setores de consultoria financeira e de gestão de patrimônio.

Publicações direcionadas de marketing e liderança de pensamento

Repartição do canal de marketing para 2024:

• Relatórios trimestrais do investimento Outlook
• Distribuição mensal de boletins para 1.250 assinantes
• Campanhas de e -mail direcionadas com 42% de taxa de abertura

Tipo de publicação	Freqüência	Alcançar
White Papers	Trimestral	2.300 downloads
Relatórios de pesquisa	Mensal	1.750 downloads

Springwater Special Situations Corp. (SWSS) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

Springwater Special Situations Corp. tem como alvo investidores institucionais com parâmetros de investimento específicos:

Tipo de investidor	Investimento mínimo	Alocação média de portfólio
Fundos de pensão	$5,000,000	2,3% dos investimentos alternativos
Fundos de doação	$3,500,000	1,8% do portfólio total
Companhias de seguros	$7,500,000	3,1% de alocação de estratégia alternativa

Indivíduos de alta rede

O SWSS se concentra em segmentos de alta rede com características específicas de investimento:

• Investimento individual mínimo: US $ 1.000.000
• Faixa típica de patrimônio líquido: US $ 10.000.000 - US $ 50.000.000
• Alocação média de investimento: 5-7% em situações especiais

Empresas de private equity

Os segmentos de private equity -alvo incluem:

Tamanho da empresa	Ativos sob gestão	Critérios de investimento
Empresas de PE no meio do mercado	US $ 500M - US $ 2B	Procure oportunidades de co-investimento
Empresas de PE boutique	US $ 100 milhões - US $ 500 milhões	Foco do setor especializado

Escritórios familiares

Parâmetros de investimento do escritório da família:

• Investimento mínimo: US $ 2.500.000
• Faixa típica de riqueza familiar: US $ 100 milhões - US $ 1b
• Alocação alternativa de investimento: 10-15%

Grupos de investimentos sofisticados

Características especializadas do grupo de investimentos:

Tipo de grupo	Foco de investimento	Tamanho típico de investimento
Consórcio de investimentos	Ativos angustiados	US $ 10 milhões - US $ 50 milhões
Redes de investimentos estratégicos	Situações especiais	US $ 5 milhões - US $ 25 milhões

Springwater Special Situations Corp. (SWSS) - Modelo de Negócios: Estrutura de Custos

Compensação de gerenciamento e desempenho

A partir dos mais recentes registros financeiros disponíveis, a Springwater Special Situations Corp. relata a seguinte estrutura de remuneração:

Posição	Salário base	Bônus de desempenho
CEO	$425,000	Até 100% do salário base
Diretor Financeiro	$325,000	Até 75% do salário -base
Executivos seniores	$250,000 - $300,000	Até 50% do salário base

Pesquisa e despesas de due diligence

Pesquisa anual e de due diligence Custos de custos:

• Taxas de consultoria externa: US $ 750.000
• Relatórios de pesquisa de mercado: US $ 250.000
• Aquisição e análise de dados: US $ 500.000
• Due diligence legal: US $ 400.000

Infraestrutura de tecnologia e dados

Investimento de infraestrutura de tecnologia:

Categoria de tecnologia	Despesas anuais
Computação em nuvem	$350,000
Segurança cibernética	$250,000
Ferramentas de análise de dados	$200,000
Licenças de software	$150,000

Conformidade e custos regulatórios

Despesas de conformidade regulatória:

• Monitoramento de conformidade legal: US $ 300.000
• Taxas de arquivamento regulatório: US $ 150.000
• Treinamento de conformidade: US $ 100.000
• Auditorias de conformidade externa: $ 200.000

Taxas de serviço profissional

Despesas anuais de serviços profissionais:

Tipo de serviço	Custo anual
Serviços de contabilidade	$275,000
Serviços Jurídicos	$450,000
Aviso financeiro	$350,000
Consultoria de impostos	$225,000

Springwater Special Situations Corp. (SWSS) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento

A partir de 2024, a Springwater Special Situations Corp. cobra taxas de gerenciamento normalmente variando de 1,5% a 2% dos ativos sob gestão (AUM). O AUM total para a empresa foi de aproximadamente US $ 425 milhões no quarto trimestre de 2023.

Tipo de taxa	Percentagem	Estimativa anual de receita
Taxa de gerenciamento base	1.5% - 2%	US $ 6,375 milhões - US $ 8,5 milhões

Baseado em desempenho carregou juros

A Springwater normalmente cobra 20% de juros de retornos de investimento excedendo uma taxa de obstáculos predeterminados.

Métrica de desempenho	Avaliar	Valor anual estimado
Carregava juros	20%	US $ 3,2 milhões

Taxas de serviço de consultoria e consultoria

A empresa gera receita adicional por meio de serviços de consultoria estratégica para empresas de portfólio.

• Taxa de consultoria média por engajamento: US $ 250.000
• Número estimado de projetos de consultoria em 2024: 6-8 projetos
• Receita consultiva anual projetada: US $ 1,5 milhão - US $ 2 milhões

Ganhos de investimento e retornos realizados

O desempenho do investimento para 2023 mostrou ganhos realizados de US $ 12,7 milhões em vários investimentos em portfólio.

Categoria de investimento	Ganhos realizados	Porcentagem de portfólio total
Investimentos de private equity	US $ 8,3 milhões	65.4%
Venture Capital Investments	US $ 4,4 milhões	34.6%

Taxas de transação da empresa de portfólio

Taxas relacionadas à transação para fusões, aquisições e atividades de reestruturação.

• Taxa média de transação: US $ 500.000 - US $ 750.000 por acordo
• Número estimado de transações em 2024: 3-4
• Receita de taxa de transação projetada: US $ 1,5 milhão - US $ 3 milhões

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.