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Slam Corp. (SLMUF) delays 2025 10-K; expects lower 2025 net income

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
NT 10-K

Rhea-AI Filing Summary

Slam Corp. filed a Form 12b-25 notification that it will be late in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 because additional time is needed to finalize the Annual Financial Statements and deliver them to the company’s auditors. The company states it anticipates a decrease in net income for 2025 versus 2024 but cannot reasonably estimate the amount until the audit is complete. The notification indicates the company is working to complete the Annual Report as soon as possible and includes standard forward-looking statement disclaimers.

Positive

  • None.

Negative

  • None.

Insights

Late 10-K filing due to unfinished audited financials; materiality depends on final results.

The filing states the Annual Financial Statements for the year ended December 31, 2025 are not finalized and could not be provided to auditors without unreasonable effort or expense. This is a procedural disclosure that notifies stakeholders of a delayed audited filing.

Key risks include timing uncertainty for audit completion and a disclosed expectation of a decrease in net income for 2025; precise impact requires the completed audited statements and the auditor's review.

Fiscal year end December 31, 2025 Annual Report on Form 10-K for fiscal year ended 2025
Form 12b-25 signature date March 31, 2026 Notification signed by Executive Chairman Maulin Shah
Quarterly periods referenced June 30, 2025; September 30, 2025 Quarterly Reports noted in the filing
Rule 12b-25 cure windows 15 days (annual) / 5 days (quarterly) Statutory cure periods referenced for late filings
Form 12b-25 regulatory
"filed a Form 12b-25 notification that it will be late"
Form 12b-25 is a notice a publicly traded company files with the U.S. Securities and Exchange Commission when it cannot deliver a required periodic report (like a quarterly or annual financial report) on time. It explains the reason for the delay and gives the company a short, temporary window to finish the report without being marked as delinquent; investors watch it because late filings can signal accounting, operational, or control issues that may affect a company’s reliability and stock risk, much like a missed homework deadline can raise concerns about a student’s preparedness.
Annual Financial Statements financial
"additional time was required to finalize the Company’s financial statements"
forward-looking statements regulatory
"This Notification of Late Filing contains “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SEC FILE NUMBER: 001-40094 

 

CUSIP NUMBER: G8210L 105

 

FORM 12b-25

 

NOTIFICATION OF LATE FILING

 

(Check one): Form 10-K Form 20-F Form 11-K

Form 10-Q Form 10-D Form N-CEN Form N-CSR

 

For Period Ended: December 31, 2025
Transition Report on Form 10-K
Transition Report on Form 20-F
Transition Report on Form 11-K
Transition Report on Form 10-Q
For the Transition Period Ended:

 

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: N/A

 

 

 

PART I — REGISTRANT INFORMATION

 

SLAM CORP.

 

Full Name of Registrant

 

N/A

 

Former Name if Applicable

 

1930 Village Center Circle #3-5891

 

Address of Principal Executive Office (Street and Number)

 

Las Vegas, NV 89134

 

City, State and Zip Code

 

 

PART II — RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

    (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
  (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
    (c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

PART III — NARRATIVE

 

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period. 

 

Slam Corp. (the “Company) has determined that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”) by the prescribed due date because additional time was required to finalize the Company’s financial statements and related disclosures required to be included in the Annual Report (the “Annual Financial Statements”) in order to deliver them in a timely manner to the Company’s auditors.

 

The Company is working diligently to complete the Annual Report as soon as possible.

 

PART IV — OTHER INFORMATION

 

(1) Name and telephone number of person to contact in regard to this notification

 

Maulin Shah   917   658-6601
(Name)   (Area Code)   (Telephone Number)

 

(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). Yes No

 

Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2025
Quarterly Report on Form 10-Q for the quarterly period
ended September 30, 2025

 

     

 

(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? Yes ☐ No

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

The Company anticipates that there will be a decrease in the Company's net income for the year ended December 31, 2025, as compared to the year ended December 31, 2024, however, the Company cannot provide a reasonable estimate of such results because its Annual Financial Statements have not been completed.

 

The information above is preliminary and subject to change and does not present all information necessary for an understanding of the Company's results of operations for these periods. The Company's actual results may differ from the preliminary estimates above and are subject to the completion of the review of the Annual Financial Statements by the Company's independent registered public accounting firm.

 

Disclosure Regarding Forward-Looking Statements

 

This Notification of Late Filing on Form 12b-25 contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “expect,” “will,” “anticipates,” “estimates” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company's expected net income for the year ended December 31, 2025. Forward-looking statements are based on management's current plans, estimates, assumptions and projections based on information currently available to the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and assumptions, and actual results or outcomes may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to the important factors discussed under the caption “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as any such factors may be updated from time to time in the Company's other filings with the SEC, accessible on the SEC's website at www.sec.gov. All forward-looking statements speak only as of the date of this Notification of Late Filing on Form 12b-25 and, except as required by applicable law, the Company has no obligation to update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

 

2

 

Slam Corp.

 

(Name of Registrant as Specified in Charter)

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 31, 2026 SLAM CORP.
     
  By: /s/ Maulin Shah
  Name: Maulin Shah
  Title: Executive Chairman

 

3

FAQ

Why did Slam Corp. (SLMUF) file a Form 12b-25 for its 2025 10-K?

Because the company needs more time to finalize audited financial statements. Management says additional time was required to complete the Annual Financial Statements and deliver them to auditors prior to filing the Form 10-K for the year ended December 31, 2025.

Does the Form 12b-25 say Slam Corp. (SLMUF) will miss regulatory cure deadlines?

The company invoked Rule 12b-25 relief, which allows a short extension. Rule 12b-25 contemplates filing within the next 15 calendar days for annual reports or 5 calendar days for quarterly reports, as applicable.

Will Slam Corp.'s (SLMUF) 2025 net income be higher or lower than 2024?

The company expects a decrease in net income for 2025 versus 2024. No numerical estimate is provided because the Annual Financial Statements remain incomplete and await the auditor's review.

What disclosures did Slam Corp. (SLMUF) include about forward-looking statements?

The filing contains standard forward-looking disclaimers. It identifies terms like “expects,” “anticipates,” and warns results may differ due to risks described in prior filings, including the 2024 Form 10-K risk factors.

Who signed the Form 12b-25 for Slam Corp. (SLMUF)?

The notification was signed by Maulin Shah, Executive Chairman. The signature block is dated March 31, 2026, certifying the notification on the company’s behalf.