{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-25-120791","form_type":"8-K","ticker":"BRR","cik":"0002076163","company_name":"ProCap Financial, Inc.","filed_at":"2025-12-11T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.545268+00:00","generated_at":"2026-05-16T13:34:34.396431+00:00","sec_items":["1.01","2.01","9.01","5.02","3.02","2.03","3.03","5.03","5.01","5.05","5.06","7.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":1.0,"confidence":"high","headline":"ProCap Financial completes de-SPAC; $516.5M preferred equity, $235M convertible notes, ~4,951 BTC acquired","bullets":["Closed de-SPAC with Columbus Circle Capital; common stock (BRR) and warrants (BRRWW) list on Nasdaq.","Raised $516.5M in preferred equity at $10/unit; proceeds purchased ~4,951 Bitcoin at ~$104,333.56 avg.","Issued $235M in convertible notes (97% par); zero interest, 130% conversion, 36-month maturity, 2x collateral.","Sponsor and seller earnout: 8.33M and 9.5M shares tied to stock price ≥$10.21 or BTC VWAP ≥$140k within 2 years.","Common unit holders locked up for 6 months; no Adjustment Shares issued at closing."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-25-120791","json":"https://secwatch.observer/filing/0001213900-25-120791.json","markdown":"https://secwatch.observer/filing/0001213900-25-120791.md","text":"https://secwatch.observer/filing/0001213900-25-120791.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/2076163/000121390025120791/0001213900-25-120791-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/2076163/000121390025120791/ea0268757-8k_procap.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T13:34:34.396431+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}