One company met our criteria from the six 10-K annual reports filed with the SEC on 21 August 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for Parker-Hannifin Corp, SYSCO CORP, OSI SYSTEMS INC, Ubiquiti Inc. and Kearny Financial Corp., so they are excluded from the ranking.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- Integrated Wellness Acquisition Corp (High) — The key change is that Integrated Wellness now has a named target in Btab, but the deal still faces deadline, financing, and listing-risk pressure.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Integrated Wellness Acquisition Corp | 1877557 | 0.978 | 0.964 | 1 | 1 | Business | high |
Integrated Wellness Acquisition Corp
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Integrated Wellness Acquisition Corp’s filing shifts from a generic SPAC search story to a named deal with Btab Ecommerce Group, Inc. It also confirms the company extended its deadline to complete a business combination to December 15, 2025. The update signals progress on a transaction, but the redemptions and delisting underscore that the clock is still ticking and the capital pool is much smaller.
Main Changes
- The company now says it entered into a "Business Combination Agreement" on August 26, 2024 with "Btab Ecommerce Group, Inc." and related merger entities, making Btab the named target for its planned acquisition.
- The filing removes the prior emphasis on a generic search for a target and instead frames the business around completing the "Btab Business Combination," signaling a more specific transaction path.
- The company also updates its deadline language to say it extended the time to complete an initial business combination to December 15, 2025, while noting the earlier December 2024 extension approval and related redemptions.
- The business section reflects the post-extension capital structure and trading status, including the loss of NYSE listing and continued OTC trading after the delisting process began.
Watch Items
- Naming Btab as the target is a concrete step toward a deal, but it also raises execution risk if the transaction fails to close on time or on the stated terms.
- The extension buys time, yet the heavy redemptions and NYSE delisting show the SPAC has already lost a large part of its original capital base and market support.
- Investors should watch whether the company can secure financing and satisfy closing conditions, since the filing still implies the business combination is the only path to value creation.
Important Filing Changes
An “independent director” is defined generally as a person that satisfies the applicable objective standards set forth in the listing rules and that, in the opinion of the company’s board of directors, has no material relationship with the listed company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the company). We currently have four “independent directors” as defined in the NYSE listing rules and applicable SEC rules.
Business.” Director Independence NYSE listing rules require that a majority of a company’s board of directors be independent within one year of its initial public offering. An “independent director” is defined generally as a person that satisfies the applicable objective standards set forth in the listing rules and that, in the opinion of the company’s board of directors, has no material relationship with the listed company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the company).
An “independent director” is defined generally as a person that satisfies the applicable objective standards set forth in the listing rules and that, in the opinion of the company’s board of directors, has no material relationship with the listed company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the company). We currently have four “independent directors” as defined in the NYSE listing rules and applicable SEC rules. Our board has determined that each of John Zhong Chen, Yueh Eric Seto, Donald Fell and Michael Peterson is an independent director under applicable SEC and the NYSE listing rules.
An “independent director” is defined generally as a person that satisfies the applicable objective standards set forth in the listing rules and that, in the opinion of the company’s board of directors, has no material relationship with the listed company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the company). We currently have two “independent directors” as defined in the NYSE listing rules and applicable SEC rules. Our board has determined that each of John Zhong Chen and Yueh Eric Seto is an independent director under applicable SEC and the NYSE listing rules.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
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