Good morning!

If you are receiving this newsletter for the first time, welcome! You will find the Weekly SPAC Review in the first section below followed by an update on Friday’s SPAC activity.

While Friday's update is included in this Weekly newsletter, the other daily updates (covering Mon-Thurs) are sent in our SPAC Morning Update newsletter to ListingTrack Pro users on the morning of each trading day.

Weekly SPAC Review (Apr 28th - May 2nd)

Headlines of the Week*

De-SPAC M&A

• Casago, a vacation rental property management firm, completed its $129 million acquisition of Vacasa, one of North America's largest vacation rental platforms. PR

• WiseTech Global confirmed it is participating in a strategic review of U.S.-based cloud logistics firm E2open (ETWO), amid reports it may pursue a buyout valued up to A$3.5 billion (US$2.23 billion). The Australian logistics software provider, known for its CargoWise platform, emphasized that discussions are at an early, non-binding stage with no guarantee of a transaction. A successful acquisition would significantly expand WiseTech’s U.S. footprint and may help shift investor focus from past controversies involving co-founder Richard White. — Reuters / Deal Page

• Stryve Foods (OTC: SNAX) has launched a formal review process to evaluate strategic alternatives that aim to maximize shareholder value and secure capital. The company is actively pursuing additional financing. — PR

• Li-Cycle (OTC: LICYF), a Canadian battery recycling startup, is actively seeking buyers after a potential acquisition by Glencore Plc failed to materialize. The company disclosed it needs additional financing to meet debt obligations and warned it may need to restructure, liquidate assets, or seek insolvency protection. Li-Cycle has engaged Hilco Corporate Finance to assist in identifying potential acquirers as it navigates financial distress —Bloomberg

Other De-SPAC News

• Short seller Kerrisdale Capital published a report targeting D-Wave Quantum (QBTS) titled 'Past-Gen Computing'. — Kerrisdale Capital

• The court-supervised sale of bankrupt DNA databank 23andMe (OTC: MEHCQ) has been delayed as the company seeks a “stalking horse” bidder that can swiftly clear HSR and CFIUS reviews and guarantee adherence to existing privacy policies, missing its original Friday deadline and now targeting a binding bid by May 7 to unlock an additional $25 million of debtor-in-possession financing. Valued at $3.5 billion at its 2021 SPAC listing, 23andMe has never turned a profit despite 15 million customer samples, and the DOJ has signaled it may review the sale for national-security concerns. Founder Anne Wojcicki’s takeover offer was rejected in March, and bids from entities tied to “countries of concern” remain barred under the company’s strict data-protection requirements. — Bloomberg

• Heramba Electric plc (PITA --> OTC: PITEF) was delisted by Nasdaq.

SPAC Coverage

• Yotta Acquisition Corp (OTC: YOTA) was delisted by Nasdaq.

_{*Covering the notable activity not included in the section below}

Key Weekly SPAC Activity

Deal Announcements/ Terminations/ Closings

See more: SPAC Deal Pipeline

• Mergers announced:

  • Black Hawk Acquisition Corporation (BKHA) entered into a definitive agreement to merge with cancer therapeutics biotech Vesicor in a deal that values the company at a $70M pre-money equity value. — PR

• Terminations:

  • —

• Completions:

  • Liminatus Pharma (LIMN) closed its SPAC merger with Iris Acquisition Corp.'s (OTC: IRAA) on April 30. -19.6%

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • Distoken (DIST) & Youlife International: May 5. – SF

  • Chenghe II (CHEB) & Polibeli Group: May 23. – SF

• 11 Deals in limbo (merger approved & pending closing):

  • Focus Impact BH3 (OTC: BHAC) & XCF Global

  • ShoulderUp Technology (OTC: SUAC) & SEE ID

  • Bowen (BOWN) & Shenzhen Qianzhi BioTech (Emerald)

  • Global Star (OTC: GLST) & K Enter

  • Rigel Resources (OTC: RRACF) & Aurous

  • Perception Capital IV (OTC: RCFAF) & Blue Gold

  • Aimfinity I (AIMAU) & Docter

  • Integral 1 (OTC: INTE) & Flybondi

  • Finnovate (OTC: FNVTF) & Scage

  • Bukit Jalil Global 1 (BUJA) & Global IBO Group

  • Alpha Star (OTC: ALSAF) & XDATA (Approved last week)

Extensions

See more: Extension Votes Calendar

• Approvals:

  • Pyrophyte (OTC: PHYTF) was approved to extend up to Apr 2026.

  • AltEnergy Acquisition Corp. (OTC: AEAE) was approved to extend up to May 2026.

• Votes set:

  • Rigel Resource (OTC: RRACF): May 8 – DEF

  • Integrated Rail and Resources (OTC: IRRX): May 13 – DEF

  • Mountain & Co. I (MCAA): May 9. – DEF

  • Aquaron (AQUC): May 6. – SF

  • Crown PropTech (CPTK): May 9. – DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• New IPOs:

  • Real Asset Acquisition Corp. (RAAQU) priced its IPO. – PR

    $150M, 1/2 Warrant

    Focus: Real assets including metals and mining, real estate, and related technology infrastructure

    UW: Cohen & Company

  • Berto Acquisition Corp. (TACOU) priced its IPO. – PR

    $261M, 1/2 Warrant

    Focus: AI, Wellness, Longevity and Aesthetics

    UW: Cohen & Company

  • Lakeshore Acquisition III Corp. (LCCCU) priced its IPO. – PR

    $60M 1 R (1/6 sh)

    Focus: North America, South America, Europe, or Asia

    UW: A.G.P

  • Copley Acquisition Corp (COPLU) priced its IPO. – PR

    $150M, 1/2 Warrant

    Focus: Technology, Lifestyle

    UW: Clear Street

  • Republic Digital Acquisition Company (RDAGU) priced its IPO. – PR

    $220M, 1/2 Warrant

    Focus: Fintech, software, and cryptocurrency

    UW: Cantor

  • Cantor Equity Partners II, Inc. (CEPT) priced its IPO. – PR

    $240M

    Focus: Financial services, healthcare, real estate services, technology, software

    UW: Cantor

  • Cartesian Growth Corporation III (CGCTU) priced its $240 million IPO at $10 per unit. Units include 1 common share and 1/2 warrant. Focus: n/a. Lead Left underwriter: Cantor. —PR

  • Gores Holdings X, Inc. (GTENU) priced its $312 million IPO at $10 per unit. Units include 1 common share and 1/4 warrant. Focus: n/a. Lead Left underwriter: Santander. —PR

  • Digital Asset Acquisition Corp. (DAAQU) priced its $150 million IPO at $10 per unit. Units include 1 common share, 1/2 warrant. Focus: Digital asset, Cryptocurrency. Lead Left underwriter: Cohen & Company. —PR

• New registrations:

  • Wintergreen Acquisition Corp. (WTG) filed for IPO. – S-1

    $50M, 1 R (1/8th sh)

    Focus: Technology, Media, and Telecommunications ('TMT')

    UW: D. Boral Capital

  • Churchill Capital Corp X (CCCX) filed for IPO. – S-1

    $300M, ¼ Warrant

    Focus: N/A

    UW: BTIG

  • D. Boral ARC Acquisition I Corp. filed for IPO. – S-1

    $250M, 1/2 Warrant

    Focus: N/A

    UW: D. Boral Capital

  • ProCap Acquisition Corp (PCAP) filed for IPO. – S-1

    $200M, 1/3 Warrant

    Focus: Fintech & Healthcare Industries

    UW: BTIG

    Led by Anthony Pompliano (“POMP”, Prominent Bitcoin influencer)

  • Wen Acquisition Corp (WENN) filed for IPO. – S-1

    $261M, 1/2 Warrant

    Focus: Fintech Infrastructure (Digital Assets, Stablecoins, Blockchain Integration)

    UW: Cantor

  • MSM Frontier Capital Acquisition Corp. (MSMU) filed for IPO. – S-1

    $225M, 1 R (1/8 sh)

    Focus: Infrastructure (Africa)

    UW: Cohen & Company

Liquidations

See more: Liquidations Dataset

• Announcements/ Delistings

  • —

• 8 SPACs have liquidated YTD 2025, and 1 (CNGL - active litigation) is in the process of liquidating.

Current Stats:

See more: SPAC Stats

SPAC Update

The section below is the format for the SPAC Morning Update newsletter sent to ListingTrack Pro subscribers on the morning of each trading day. You can sign up for ListingTrack Pro here.

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

SPAC Updates

Merger Votes / Completions

• Alpha Star's (OTC: ALSAF) shareholders approved its merger with XDATA. Redemption details are pending. —SF

• Hennessy Capital Investment VI (OTC: HCVI) & Namib Minerals delayed its upcoming merger vote to 4 p.m. from 9 a.m. – SF

Extensions

• Aquaron (AQUC) filed a second supplement to its proxy ahead of the May 6 extension vote, increasing the proposed monthly extension contribution from the lesser to the greater of $20,000 or $0.033 per public share in light of significant redemption activity. – SF

• Northern Revival (Delisted: NRAC) adjourned its extension vote from May 2 at 10 a.m. to 4 p.m. the same day. – SF

Listings

New Issues: IPOs, New S-1s

IPOs

• Copley Acquisition Corp (COPLU) closed its $172.5M IPO, including the full exercise of the $22.5M greenshoe. —PR

• Republic Digital (RDAGU) closed its $300M IPO, including the $36M greenshoe exercise. —SF

• Lakeshore III (LCCCU) closed its $69M IPO, including the full greenshoe exercise. —SF

Listing Warnings / Transfers:

• Distoken (DIST) received a non-compliance warning from Nasdaq and has until Oct 27, to regain compliance. – SF

• Investcorp AI (IVCA) received a non-compliance warning from Nasdaq and will be delisted on May 6; its securities are expected to trade OTC. – SF

Key Filings

Extensions:

• Bayview (BAYA) – PRE

• Crown PropTech (CPTK) – DEF

S-4 Filings*:

• Future Vision II (FVN) & Viwo Technology – S-4

• Horizon Space I (HSPO) & Squirrel Enlivened International – F-4/A

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