Gunpowder Alerts has analyzed 1,886 425 filings since December 2025 — 38% scored neutral, 33% positive, and the median materiality score is 8 out of 10.
Form 425 is how companies file the written communications they make about a merger or acquisition — press releases, investor decks, and similar materials — when stock is being offered in the deal. Required by Rule 425 under the Securities Act, 425s start appearing from a deal’s first public announcement, which makes their volume a rough proxy for how busy the stock-deal market is.
Every figure below is computed from the Form 425 filings Gunpowder has analyzed, each scored for sentiment and materiality at analysis time. They describe our analyzed corpus — concentrated on filings tied to the major US indices — not a census of every 425 on EDGAR.
New to this form? Read What is a Form 425? — or see how Gunpowder scores filings.
1,886
425 filings analyzed
8/10
median materiality
67%
high materiality (8+)
33%
scored positive
Monthly filing volume
425 filings analyzed by Gunpowder per calendar month, by filing date.
| Month | Filings | Relative volume |
|---|---|---|
| Dec 2025 | 2 | |
| Jan 2026 | 0 | |
| Feb 2026 | 0 | |
| Mar 2026 | 616 | |
| Apr 2026 | 340 | |
| May 2026 | 361 | |
| Jun 2026 | 337 | |
| Jul 2026 | 67 | |
| Aug 2026 | 34 | |
| Sep 2026 | 105 | |
| Oct 2026 | 24 | |
Sentiment distribution
Pipeline-assigned sentiment at analysis time across 1,836 scored filings.
| Positive | 609 (33%) | |
|---|---|---|
| Neutral | 691 (38%) | |
| Mixed | 532 (29%) | |
| Negative | 4 (0%) | |
Materiality score distribution
Scores run 0 (routine) to 10 (highly material); 1,886 filings scored. Median 8, 67% at 8 or above. Definitions in the methodology.
| 0 | 0 | |
|---|---|---|
| 1 | 0 | |
| 2 | 4 | |
| 3 | 35 | |
| 4 | 11 | |
| 5 | 106 | |
| 6 | 241 | |
| 7 | 234 | |
| 8 | 521 | |
| 9 | 623 | |
| 10 | 111 | |
Most frequent filers
Companies with the most 425 filings in the analyzed corpus.
| Company | Ticker | Filings |
|---|---|---|
| AParadise Acquisition Corp. | APADU | 66 |
| NCS Multistage Holdings, Inc. | NCSM | 59 |
| AVALONBAY COMMUNITIES INC | AVB | 53 |
| Spring Valley Acquisition Corp. III | SVACW | 49 |
| NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND | NMZ | 43 |
| Corebridge Financial, Inc. | CRBD | 36 |
| New Providence Acquisition Corp. III/Cayman | NPACU | 33 |
| Bleichroeder Acquisition Corp. II | BBCQU | 31 |
| Medtronic plc | MDT | 29 |
| SPACSphere Acquisition Corp. | SSAC | 29 |
What this page counts
EDGAR form types rolled into these statistics.
| 425 | 1,886 |
|---|
Recent 425 coverage
When a deal breaks, the 425s start flying. Gunpowder analyzes merger communications as they file, so you catch a combination forming from its first public filing — not the next morning’s headlines.
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