I'd be seriously looking at the edges for signs of any delamination. If that happened before it was plywood, I really wonder how it survived the picking phase? That would be to them a defect, and they don't become plywood usually. If it happened after it was plywood, most likely, then at one point it was pretty saturated. That can and will affect the glue used, and it may become unstable.
Just throwing that out there in case you do use it as a panel on something nice, and it goes to $#!) on you.
Is the panel flat, without sponginess where you see the spalt? How do the edges look. lot of gappy stuff?
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