NYSE Suspends SilverBox Corp IV, Commences Delisting Proceedings
Spac Wind Down
Company Background
SilverBox Corp IV is a blank-check company — a special purpose acquisition company, or SPAC — incorporated in the Cayman Islands and based in Austin, Texas. Since August 2025, it has been working toward a business combination with Parataxis Holdings LLC, a Bitcoin-focused entity, with the intent that Parataxis Holdings Inc. would emerge as the publicly listed successor company.
The proposed post-merger structure is unusual. Parataxis used proceeds from a $31 million preferred equity private placement to purchase Bitcoin, and in October 2025 amended its investor agreements to permit that Bitcoin to serve as collateral for future debt or financing. In December 2025, Parataxis separately entered a definitive agreement to acquire a controlling interest in Sinsiway Co. Ltd. — a KOSDAQ-listed company — for up to KRW 35 billion, with Sinsiway to be renamed Parataxis ETH, Inc. following closing. The post-merger entity was therefore designed to combine a U.S.-listed Bitcoin treasury with a South Korean operating company.
The path to closing has been slow. Parties to the original August 6, 2025 Business Combination Agreement pushed the outside date once, from May 6 to August 6, 2026, and then a second time, from August 6 to December 31, 2026. As of September 25, 2026, the deal remains unclosed.
What Was Disclosed
NYSE Regulation notified SBXD on September 25, 2026, that it had determined to commence delisting proceedings for the company's units, Class A ordinary shares, and warrants. The stated basis was Section 802.01B of the NYSE Listed Company Manual: SBXD's average aggregate global market capitalization attributable to its publicly-held shares fell below $40 million over a consecutive 30-trading-day period, violating the exchange's minimum continued listing standard for acquisition companies. Trading was suspended the same day the notice was issued.