{
  "ticker": "AFRM",
  "company": "Affirm Holdings, Inc.",
  "cik": "0001820953",
  "exchange": null,
  "gics_sector": "Financials",
  "industry": "Financials",
  "logo_url": "https://www.google.com/s2/favicons?domain=affirm.com&sz=128",
  "from_state": "DE",
  "to_state": "NV",
  "effective_date_iso": "2025-07-01",
  "actual_effective_date_iso": "2025-07-01",
  "proposed_effective_date_iso": null,
  "source_confidence": "VERIFIED_VOTE",
  "is_legal_precedent": 0,
  "vote_mechanism": "MEETING",
  "approval_basis": "For \u00f7 (For + Against)",
  "threshold_result": "PASSED",
  "event_type": "REINCORPORATION",
  "two_attempt_flag": 0,
  "prior_failed_vote_flag": 0,
  "governance_concession_redo_flag": 0,
  "subsequent_event_flag": 0,
  "subsequent_event_type": null,
  "subsequent_event_date_iso": null,
  "subsequent_event_note": null,
  "public_tier": "VERIFIED_TRACKER",
  "event_study_announcement_json": "{\"event_date\":\"2025-05-08\",\"event_tag\":\"announcement\",\"estimation_window\":\"2024-05-22 to 2025-05-07 (240 days)\",\"specifications\":[{\"name\":\"Synthetic control (10-donor Financials peer pool)\",\"day0_ar\":0.031372962615557255,\"p_value\":null,\"p_label\":\"no inference (point estimate)\",\"extra\":{\"pre_rmspe\":0.038533789669990534,\"n_donors\":10,\"top_weights\":{\"SOFI\":0.7481,\"SYF\":0.1932,\"GPN\":0.0396,\"UPST\":0.0191,\"FIS\":0.0},\"r2_pre\":0.8616468002236694}},{\"name\":\"Market model (SPY benchmark)\",\"day0_ar\":0.03393068219120198,\"p_value\":0.447059962717113,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.0024734729392167656,\"beta\":2.3494302271017857,\"r2\":0.31629770336660457}},{\"name\":\"Sector-augmented model (SPY + Bank sector ETF (KBE))\",\"day0_ar\":0.021171052209467703,\"p_value\":0.6170070373170642,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.0021726674159071426,\"beta_mkt\":1.3456037839081922,\"beta_sector\":1.010141660831655,\"r2\":0.3840992556980526},\"is_headline\":true},{\"name\":\"Matched pair (vs SOFI, market-model-adjusted)\",\"day0_ar\":0.03205182045857954,\"p_value\":0.5392828202674682,\"p_label\":\"two-sided p-value\",\"extra\":{\"se\":0.05221034673429409,\"t\":0.6138978662925919}},{\"name\":\"Raw differential vs SOFI\",\"day0_ar\":0.03355850541257244,\"p_value\":null,\"p_label\":\"no inference\",\"extra\":{}}],\"robustness\":{\"pretrend_test\":{\"slope_pct_per_day\":-0.001438219776422267,\"p_slope\":0.77425293258502,\"verdict\":\"no_pretrend_detected\"},\"sign_test\":{\"n_same_direction\":9,\"n_total\":10,\"binomial_p_two_sided\":0.021484375},\"synth_fit\":{\"pearson_corr\":0.9307878354440438,\"r_squared_levels\":0.8616468002236694,\"durbin_watson\":1.832796540485468}},\"per_window\":[],\"_source\":\"Source A: phase4v cohort runner (5 specs + robustness, 2026-04-28 yfinance pull); joined into data.json by phase5z_join_full_battery.py\",\"event_kind\":\"announcement\",\"t0_source_field\":\"announcement_date_iso\"}",
  "announcement_date_iso": "2025-05-12",
  "meeting_date_iso": "2025-06-25",
  "vote_result": "APPROVED",
  "status_label": "COMPLETED",
  "market_cap_usdmm": 19800.0,
  "bucket_class": "B2",
  "public_bucket_code": "C",
  "public_bucket_label": "Post-SB29 DExit completed (Nevada)",
  "public_bucket_subcode": "C-NV",
  "panel_eligibility": "PANEL_A_post_SB29",
  "transaction_status": "COMPLETED",
  "audit_status": "VERIFIED_PROXY",
  "audit_notes": "No primary-source EDGAR accession in v6 rev78; manual EDGAR pull required. | Phase 2 EDGAR verification 2026-04-28: DEF 14A 2025-10-24 accession 0001628280-25-046264. Reclassified from A/PANEL_E_DE_baseline -> D/PANEL_A_post_SB29. | Phase 2.6 correction 2026-04-27: Phase 2.5 had set bucket_class=D (pending), but legacy NV_eff_dt / TX_eff_dt columns already held completed effective dates. Corrected bucket_class=C (post-SB29 completed mover). Set Panel_A_reincorporator_flag=1, Panel_A_completed_effective_flag=1, bucket_C_post_SB29_DExit=1, and zeroed out bucket_A / bucket_Z / Panel_A_unverified flags. | Phase 3F: cleared future meeting_date_iso=2026-06-26 \u2014 firm already moved (eff_date=2025-06-26); the future date was the next annual meeting at the new domicile, not the reincorporation vote. | Phase 3F vote-result inferred APPROVED from status=COMPLETED + populated eff date (2025-06-26). Original vote_result was 'SCHEDULED'. Verify with 8-K if uncertain. | [2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investors.affirm.com/ | [2026-04-28] Phase 4K: corrected year error (announcement 2026-04-24 -> 2025-05-08). Vote 2025-06-25 special meeting; eff 2025-07-01 12:01am PT. Vote totals: For 675.2M (84.3%) / Against 124.9M; voting power present 89.62%. | [2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis.\n[2026-04-28] phase5c: vote source 8-K 0001820953-25-000064 (2025-06-26, \u0394=1d) applied from EDGAR pull (status=AUTO_RESOLVED)\n[2026-04-28] phase5c: vote source 8-K 0001820953-25-000064 (2025-06-26, \u0394=1d) applied from EDGAR pull (status=AUTO_RESOLVED)\n[2026-04-29] phase5r: bucket 'C' -> 'B2' (DE->NV effective 2025-07-01 >= SB29 -> bucket B2)\n[2026-04-29] phase5t: row independently validated by external Reviewer A; bucket and key dates match current dataset (v3.55)\n[2026-04-29] phase5u: row independently validated by external Reviewer (full-residual pass, 78/276 substantive answers); validations applied: V_DATE_ANN=CONFIRM; V_DATE_EFF=CONFIRM; V_BUCKET=WRONG=B2; primary-source URLs all under https://www.sec.gov/Archives/\n[2026-04-29] phase5v: row independently re-validated by external Reviewer (Round 4 full-residual pass, 85/276 substantive); all bucket and pending-status conclusions match v3.57\n[2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v4 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58) | [2026-04-29] v3.75: approval_basis='For \u00f7 (For + Against)' and approval_standard='majority of votes cast' confirmed by computed/stored pct match within 1pp. Pincite verification pending. | [2026-04-29] v3.75: math match: stored 84.39% = computed For/(For+Against) within 0.01pp. Tally per 8-K Item 5.07 (acc 0001820953-25-000017). Standard label provisional pending exact 8-K Item 5.07 quote. | v3.84-rev2 MINOR date correction (provisional): announcement_date_iso changed from 2025-05-08 to 2025-05-12. May 8 was board-approval date; DEF 14A filed May 12, 2025. PRE 14A verification still pending. | v3.84-rev5 [2026-04-30] cell-audit reconciliation verified: DEF 14A filing date (source_type=DEF14A, quality=HIGH).",
  "edgar_accession": null,
  "edgar_accession_note": null,
  "links": [
    {
      "label": "IR",
      "url": "https://investors.affirm.com/",
      "link_type": "ir"
    },
    {
      "label": "EDGAR",
      "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001820953&type=&dateb=&owner=include&count=40",
      "link_type": "search"
    },
    {
      "label": "Proxy",
      "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001820953&type=DEF+14A&dateb=&owner=include&count=40",
      "link_type": "search"
    }
  ],
  "car": {
    "value": -0.01175322282130577,
    "significant_5pct": 0,
    "specification": "panel_A_pooled_3primary",
    "source": "05_REVIEWER_AUDIT_PACKAGE/code/panelA_CAR_BHAR_matrix_v2.3.csv",
    "status": "ESTIMATED",
    "bhar_3mo": -0.075146,
    "bhar_6mo": -0.966051,
    "pooled_3primary": -0.01175322282130577,
    "t0_a": 0.01592031193939815,
    "t0_b": 0.02731508931682014,
    "t0_c": -0.05498862407752406,
    "announce": {
      "value": 0.01592031193939815,
      "pvalue": null,
      "specification": "panel_A_T0_announcement",
      "event_date": null
    },
    "vote": {
      "value": 0.02731508931682014,
      "pvalue": null,
      "specification": "panel_A_T0_vote",
      "event_date": null
    }
  },
  "votes_for": 675200000.0,
  "votes_against": 124900000.0,
  "votes_abstain": null,
  "votes_broker_nonvote": null,
  "approval_pct": 84.39,
  "votes_for_disinterested": null,
  "votes_against_disinterested": null,
  "votes_abstain_disinterested": null,
  "votes_broker_nonvote_disinterested": null,
  "approval_pct_disinterested": null,
  "approval_basis_disinterested": null,
  "announcement_PRE_14A_accession": null,
  "announcement_PRE_14A_url": null,
  "vote_source_8k_accession": "0001820953-25-000064",
  "vote_source_8k_url": "https://www.sec.gov/Archives/edgar/data/1820953/000182095325000064/afrm-20250625.htm",
  "vote_proposal_title": null,
  "meeting_type": null,
  "approval_standard": "majority of votes cast (provisional \u2014 pincite pending)",
  "companion_proposal": null,
  "proxy_advisors": null,
  "management_response": null,
  "press_coverage": [],
  "prior_vote": null,
  "panel_a_tx_incumbent": 0,
  "panel_b_dexit_mover": 1,
  "texas_statutory_adoptions": {
    "tboc_21_552": {
      "name": "SB 29 \u2014 TBOC \u00a721.552 derivative threshold",
      "adopted": 0,
      "source": null,
      "url": null,
      "date": null
    },
    "tboc_21_373": {
      "name": "SB 1057 \u2014 TBOC \u00a721.373 shareholder-proposal threshold",
      "adopted": null,
      "source": null,
      "url": null,
      "date": null
    }
  },
  "event_study_outcome_json": "{\"event_date\":\"2025-07-01\",\"event_kind\":\"outcome\",\"event_tag\":\"outcome\",\"t0_source_field\":\"actual_effective_date_iso\",\"estimation_window\":\"trailing 240 days; 240 valid after NaN drop\",\"specifications\":[{\"name\":\"Market model (SPY benchmark)\",\"day0_ar\":-0.03200627562134607,\"p_value\":0.46475973462261155,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.0032952875521056533,\"beta\":2.4542096868404353,\"r2\":0.35473690779209566,\"sigma\":0.043691015888060056},\"is_headline\":true}],\"_meta\":{\"n_valid_pre_days\":240},\"_source\":\"Source B: phase4v3 NaN-safe runner (outcome/vote window, 2026-04-29 yfinance pull); joined by phase5z_join_full_battery.py\"}",
  "first_sec_disclosure_date": "2025-05-12",
  "first_sec_disclosure_form": "DEF 14A (provisional)",
  "first_sec_disclosure_accession": "0001820953-25-000057",
  "first_sec_disclosure_url": "https://www.sec.gov/Archives/edgar/data/1820953/000182095325000057/",
  "announcement_source_type": "DEF14A",
  "announcement_accession_verified": "Y",
  "date_quality_flag": "HIGH",
  "controlled": 1,
  "controller_pct_voting_power": 44.4,
  "controller": "Max Levchin",
  "controller_source": "Dual-class B",
  "event_study_longrun_json": "{\"event_kind\":\"longrun\",\"event_date\":\"2025-07-01\",\"t0_source_field\":\"actual_effective_date_iso\",\"horizons\":[{\"label\":\"BHAR_21d\",\"lay_label\":\"1 month\",\"horizon_days\":21,\"n_days_available\":21,\"bhar_vs_spy\":-0.0016041266996986714,\"bhar_vs_sector\":0.0272655633956963,\"sector_etf\":\"XLF\",\"patell\":{\"car\":-0.0680111656480859,\"z\":-0.35163942523183084,\"p_value\":0.7251086941353877,\"n\":21}},{\"label\":\"BHAR_63d\",\"lay_label\":\"3 months\",\"horizon_days\":63,\"n_days_available\":63,\"bhar_vs_spy\":0.007558563385613448,\"bhar_vs_sector\":0.0627755854762162,\"sector_etf\":\"XLF\",\"patell\":{\"car\":-0.20522128348645644,\"z\":-0.6126029943480574,\"p_value\":0.5401388778501244,\"n\":63}},{\"label\":\"BHAR_126d\",\"lay_label\":\"6 months\",\"horizon_days\":126,\"n_days_available\":126,\"bhar_vs_spy\":0.011726193102398641,\"bhar_vs_sector\":0.07542438925103512,\"sector_etf\":\"XLF\",\"patell\":{\"car\":-0.3509996075511185,\"z\":-0.7408808149264159,\"p_value\":0.4587657089227277,\"n\":126}},{\"label\":\"BHAR_252d\",\"lay_label\":\"12 months\",\"horizon_days\":252,\"n_days_available\":209,\"bhar_vs_spy\":null,\"bhar_vs_sector\":null,\"sector_etf\":\"XLF\",\"patell\":null}],\"calendar_time_alpha\":{\"vs_spy\":{\"alpha_daily\":-0.0022626114561205856,\"alpha_annualized\":-0.4349404229701448,\"t_stat\":-1.0505461499852453,\"p_value\":0.29346708449268366,\"n_days\":209,\"se_type\":\"Newey-West HAC, lag=5\"},\"vs_sector\":{\"alpha_daily\":-0.00022293729486985673,\"alpha_annualized\":-0.05463715438407368,\"t_stat\":-0.10335587087250617,\"p_value\":0.917680534454479,\"n_days\":209,\"se_type\":\"Newey-West HAC, lag=5\"}},\"estimation_window\":\"trailing 240 days; market-model alpha+beta for Patell-z baseline\",\"_meta\":{\"n_post_days_available\":209,\"elapsed_days\":303,\"as_of\":\"2026-04-30\"},\"_source\":\"phase5z_compute_longrun.py; yfinance pull at run time\"}",
  "_evidence_strength": {
    "badge": "GOLD",
    "score": 80,
    "max": 100,
    "components": {
      "source_confidence": 25,
      "vote_totals": 25,
      "effective_date": 20,
      "car_estimate": 10,
      "edgar_accession": 0
    }
  },
  "_context_callout": "Mid-to-large-cap firm ($19.8B) with sufficient market depth for reliable event-study identification.",
  "_generated_at": "2026-04-30"
}