Completed · 26 Aug 2022SWAGU · NasdaqCIK 1841800Sponsor at IPO: Software Acquisition Holdings III LLC
Software Acquisition Group Inc. III
Now Nogin, Inc. · Name history
$231MTrust raised at IPO · 25% of public shares left after its last counted vote
Merged with Nogin, Inc. (NOGN) · Business services
- IPO28 Jul 2021
- Searching18 months
- Deal announcedAgreement signed
- Closed26 Aug 2022
- 01
Smaller than 62% of 2021’s SPAC IPOs.
$228M raised, against a median of $239M for the 610 SPACs that priced in 2021.
- 02
$10.15 in trust per unit, above the 2021 median.
The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.
- 03
75% of public shares redeemed across 1 vote.
The merger vote, counted from the SPAC’s 8-Ks. 25% of the public shares remained after the last one.
- 04
Closed its merger 13 months after its IPO.
The combined company is Nogin, Inc. (NOGN). Sector: Business services.
Worked out from checked figures in snapshot 14 · no forecasts or advice
Key terms
Other 2021 SPAC IPOs →- IPO priced
- 28 Jul 2021
- IPO closed
- 2 Aug 2021
- Raised
- $228M1
- Units sold
- 22,807,868
- Trust raised
- $231M2
- Trust per unit
- $10.153
- Unit
- 1 sh + ½ warrant4
- Months to complete
- 185
- Deadline before extensions
- 2 Feb 2023
- Over-allotment
- Exercised in part
Each unit: “one share of Class A common stock and one-half of one redeemable warrant”
Name history
The same company under every name it has filed with the SEC, tracked by its CIK, 1841800. This page keeps its IPO name; the others lead here.
- Software Acquisition Group Inc. IIIAt IPO18 Feb 2021 – 30 Aug 2022
- Nogin, Inc.Now30 Aug 2022 – today
Dates are those EDGAR records for each name, as of 16 October 2026. A name change follows a shareholder vote or a merger’s closing, and is reported in an 8-K.
How it compares
Software Acquisition Group Inc. III against the 610 SPACs that priced in 2021.
- Raised
- $228M
- 62% of 2021 SPACs are above it
- 2021 median: $239M
- Trust per unit
- $10.15
- 76% of 2021 SPACs are below it
- 2021 median: $10.00
- Months to complete
- 18
- 56% of 2021 SPACs are above it
- 2021 median: 24
- Redeemed across its votes
- 75%
- 85% of 2021 SPACs are above it
- 2021 median: 94%
Trust and redemptions
- Merger vote · 22 Aug 202217,021,595 of 22,807,868 redeemed (75%)
Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.
Firms named in the prospectus
Bookrunners
Company counsel
Underwriters’ counsel
Auditor
Other SPACs from Software Acquisition Group
Software Acquisition Group’s track record →Software Acquisition Group has brought 3 SPACs to market since 1 January 2019, $550M in all: 3 completed. 3 of the 3 that reached an end completed a merger.
| SPAC | IPO | Raised | Status | Outcome | Months |
|---|---|---|---|---|---|
| Software Acquisition Group Inc. III This SPAC | 28 Jul 2021 | $228M | Completed | Nogin, Inc. (NOGN) | 13 |
| Software Acquisition Group Inc. IIIPO before 2021 | 14 Sept 2020 | $173M | Completed | Otonomo Technologies Ltd. (OTMO) | 11 |
| Software Acquisition Group Inc.IPO before 2021 | 19 Nov 2019 | $150M | Completed | CuriosityStream Inc. (CURI) | 11 |
Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.
Peers
Other 2021 SPAC IPOs with Jefferies LLC as bookrunner.
| SPAC | IPO | Raised | Unit | Status |
|---|---|---|---|---|
| Healthcare AI Acquisition Corp. | 9 Dec 2021 | $216M | 1 sh + ½ warrant | Deal announced |
| LF Capital Acquisition Corp. II | 16 Nov 2021 | $259M | 1 sh + ½ warrant | Liquidated |
| Hunt Companies Acquisition Corp. I | 8 Nov 2021 | $230M | 1 sh + ½ warrant | Liquidated |
| Perception Capital Corp. II | 27 Oct 2021 | $230M | 1 sh + ½ warrant | Completed |
| TKB Critical Technologies 1 | 26 Oct 2021 | $230M | 1 sh + ½ warrant | Deal announced |
Sources
- PFinal prospectus: 0001140361-21-026225
- 1Gross proceeds: 0001140361-21-026915
resulting in gross proceeds of $28,078,680 and bringing the total gross proceeds of the initial public offering to $228,078,680.
- 2Trust raised: 0001140361-21-027354
A total of $28,499,860 (see Note 8) was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $231,499,860.
- 3Trust per unit: 0001140361-21-026225
$203.0 million or $233.5 million if the underwriters’ over-allotment option is exercised in full ($10.15 per unit in either case) will be deposited into a trust account in the United States at Morgan Stanley
- 4Unit composition: 0001140361-21-026225
$10.00 and consists of one share of our Class A common stock and one-half of one redeemable warrant.
- 5Months to complete: 0001140361-21-026225
If we are unable to complete our initial business combination within 18 months from the closing of this offering, we will redeem 100% of the public shares
Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.
How the figures are compiled
- Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
- Dated by. The date of the final prospectus.
- Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
- Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
- Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
- Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
- Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
- Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
- Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
- Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
- Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
- Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
- Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
- Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
- Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
- Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.
Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026
For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.