Data443 Signs Definitive $100M SPAC Merger with Four Leaf, Targets Nasdaq Listing
ATDS has more than doubled off its 52-week low of $0 on elevated volume (40× avg).
Summary
Data443 signed a definitive SPAC merger agreement with Four Leaf Acquisition Corporation, valuing Data443 at $100 million and targeting a Nasdaq listing. The deal requires converting at least $10 million of debt to equity and includes super-voting preferred shares for CEO Jason Remillard.
Key Events · M&A and Partnerships · ATDS
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Definitive SPAC Merger Agreement Signed
Data443 entered into a Business Combination Agreement with Four Leaf Acquisition Corporation (FORL) on August 27, 2026. The deal values Data443 at a $100 million base value, with merger consideration capped at 60 million shares of NewCo common stock at a $10.00 reference price.
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Debt Conversion Requirement
Prior to closing, Data443 must convert at least $10.0 million of its outstanding indebtedness into common stock. If less than $10 million is converted, the Base Value is reduced dollar-for-dollar by the shortfall.
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Nasdaq Listing Target
NewCo is expected to apply for listing of its common stock on The Nasdaq Stock Market in connection with the transactions. Listing approval is a closing condition.
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Super-Voting Preferred Shares for CEO
At closing, NewCo will issue 3,000,000 Class B Preferred Shares to Jason Remillard. Each share converts into 10 shares of NewCo common stock and carries 15 votes per share, with super-voting rights expiring after 36 months.
Analysis · ATDS · Technology
Data443, a company with zero cash and a going-concern warning from its last 10-Q, has signed a definitive business combination agreement with Four Leaf Acquisition Corporation. The deal values Data443 at a $100 million base value, with up to 60 million shares of NewCo common stock issued at a $10.00 reference price. Critically, the merger requires converting at least $10 million of Data443's outstanding debt into equity before closing, and the combined company intends to list on Nasdaq. The agreement also grants CEO Jason Remillard 3 million Class B Preferred Shares with super-voting rights (15 votes per share) that expire after 36 months, and includes up to 1.26 million contingent shares tied to NOL utilization. This is a transformative event for a distressed micro-cap: it provides a path to a major exchange listing and debt relief, but the deal is subject to significant closing conditions including SPAC stockholder approval, S-4 effectiveness, and Nasdaq listing approval. The conflicts of interest are notable — Remillard controls both sides of the transaction — though a special committee of independent directors and a fairness opinion were obtained.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 41.1% of the 372 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.38%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ATDS was trading at $0.00 on OTC in the Technology sector, with a market capitalization of approximately $197K. The 52-week trading range was $0.00 to $0.00. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.