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Canli Capital

Research

Spin-off dislocation — initial Form 10 document-schema protocol

By , Canli Capital

Declared: 2026-08-16 after the Form 10 lineage pass and before opening any filing document in this stage. Market prices and returns remain forbidden.

Frozen sample

From the sealed 204 initial 10-12B registrations in 2016–2025, sort each year by SHA-256 of CIK|accession and retain the first ten, or all rows when a year has fewer than ten. The resulting sample is 98 filings: ten in 2016–2024 and eight in 2025. Difficult or non-spin registrations are not replaced.

Locked extraction

  1. Download and hash the official filing index page derived from the full-index archive filename.
  2. Extract the SEC acceptance timestamp and the document-table link whose type is exactly 10-12B.
  3. Download and hash that immutable primary document, normalize visible text with the existing sec-filing-sections-v2 parser, and record byte/word counts.
  4. Record fixed, non-exclusive evidence flags for spin-off/spinoff, separation and distribution, and pro-rata distribution-to-parent-stockholders language.
  5. Record diagnostic mentions of distribution ratio, record date, and distribution date. These diagnostics do not define an event and cannot be used to select a better parser after results.

No company names, filings, or years may be removed because they are not genuine spin-offs. Form 10 is deliberately being tested as a noisy discovery source.

Locked gates

All must pass for PASS_TO_AMENDMENT_CHAIN_AUDIT:

  • exactly 98 frozen filings;
  • 100% official filing-index downloads and exact 10-12B primary-document links;
  • 100% acceptance-timestamp coverage;
  • 100% primary-document downloads and immutable hashes;
  • at least 50% of documents contain explicit spin-off or separation-and-distribution language;
  • at least 30% contain pro-rata distribution-to-stockholder language; and
  • no market data, returns, or return hypotheses are opened.

Failure is DATA_GATED; patterns and thresholds are not revised after aggregate results are seen. A pass authorizes only a separately frozen amendment-chain and blind-accuracy audit. It does not authorize a return test or assert that flagged documents are tradable events.

Locked result

All 98 official filing indexes, acceptance timestamps, exact 10-12B primary-document links, and primary documents were recovered and hash-bound. Explicit spin-off or separation language appeared in 68 documents (69.39%), passing the 50% discovery-source gate. The terms needed to define an event were not present reliably in the initial registration:

  • pro-rata distribution language: 16/98 (16.33%), below the locked 30% gate;
  • ratio mentions: 8/98;
  • record-date mentions: 4/98; and
  • distribution-date mentions: 0/98.

Decision: DATA_GATED. The fixed patterns are not revised and the failed initial-registration identity is not advanced to an amendment-chain audit. A future route requires a materially new, preregistered amendment-known identity or licensed point-in-time corporate-action feed. No market data or returns were opened and zero return hypotheses were spent.