The Morning SPAC Update (Apr 15, 2025) 🔒

SPAC & De-SPAC Daily Trading (prev. session)

SPAC Gainers & Losers

SPAC Volume Leaders

De-SPAC Gainers & Losers

De-SPACs listed from 2019-

De-SPAC Volume Leaders

News & De-SPAC Updates

• Longevity Health Holdings (XAGE) announced a merger of equals with 20/20 BioLabs, Inc., a provider of laboratory tests for chronic disease risk management, in an all-stock transaction. The combined company will retain the XAGE ticker on Nasdaq and is expected to have a post-closing equity valuation of approximately $99 million. Pre-merger, 20/20 is valued at $50 million, and its shareholders will own about 50.1% of the combined entity, while Longevity shareholders will own 49.9%, subject to adjustments tied to earnout milestones. —PR

• MicroCloud Hologram (HOLO) will implement a 1-for-40 reverse split ahead of trading on April 21. —PR

The Deals

1) Ares II (AACT) entered into a definitive agreement to merge with Kodiak Robotics, an autonomous trucking technology company, at a pre-money equity value of approximately $2.5 billion. — 8-K / PR / IP

• Target Description (from PR): “Kodiak Robotics, Inc. was founded in 2018 and has become a leader in autonomous ground transportation committed to a safer and more efficient future for all. The company has developed an artificial intelligence (AI) powered technology stack purpose-built for commercial trucking and the public sector. The company delivers freight daily for its customers across the southern United States using its autonomous technology. In 2024, Kodiak became the first known company to publicly announce delivering a driverless semi-truck to a customer. Kodiak is also leveraging its commercial self-driving software to develop, test and deploy autonomous capabilities for the U.S. Department of Defense.”

• Valuation: $2.5 billion Pre-money equity value / $2.65 billion Pro-forma enterprise value

SPAC Updates

Liquidations / Terminations

• Global Blockchain (Delisted: GBBK) reported its redemption price per share will be appx. $11.49. in connection with its liquidation. GBBK will cease trading and cease operations today, April 14. —SF

Deal Updates

• ClimateRock (OTC: CLRCF) reported that upon closing of the merger with GreenRock Corp, it intends to list on Nasdaq under the symbols CLRC and CLRCW, for its common shares and warrants, respectively. —SF 

Extensions

• Bowen (BOWN) was approved to extend up to Jul 2025. Pending redemption details. BOWN's merger with Shenzhen Qianzhi BioTech was approved on Jan 13, 2025. —SF 

Listings

New Issues: IPOs, New S-1s

Filings

• Timber Road Acquisition Corp. (Pre-Listing: TMRDU) filed for IPO.

  • $200M, 1 Right (1/8th of a share)

  • Focus: N/A

  • UW: Roth Capital Partners – SF

Key Filings

Extensions:

• Aquaron (OTC: AQUC) filed a DEF 14A in connection with its extension vote, set for May 2. —SF

• Investcorp AI (IVCA) filed a PRE 14A in connection with its extension proposal. —SF

S-4 Filings*:

• Iron Horse (IROH) & Zhong Guo Liang Tou Group Limited, d/b/a China Food Investment filed a S-4/A in connection with their merger proposal.

Post-Merger S-1 Filings**:

• —

*The latest S-4 filings can be found in the Announced Mergers dataset.

**Includes PIPE resale registrations where applicable — the latest post-merger S-1 filings can be found in the De-SPAC Screener in the column group “De-SPAC Profile”.

Key Event Calendar:

See the full calendar: SPAC Calendar