The Morning SPAC Update (Apr 4, 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

• LanzaTech (LNZA) received a non-binding proposal from Carbon Direct Capital Management to acquire the company for $0.02 per share. The Board of Directors will evaluate the offer as part of its broader review of strategic options to maximize stakeholder value, with no immediate action required from shareholders. — PR

The Deals

1) YHN I (YHNA) entered into a definitive agreement to merge with Mingde Technology (LOI was reported on 1/15/25) in a deal that values Mingde at $396M pre-money equity. —SF

SPAC Updates

Merger Votes / Completions

• Chenghe II (CHEB) & Polibeli Group set the merger vote for May 1st. – SF

• Hennessy Capital Investment VI (OTC: HCVI) indefinitely postponed the merger vote previously scheduled for April 7 and will announce the new date when it has been determined. — SF

Deal Updates

• Bukit Jalil Global 1 (BUJA) shareholders approved the merger with Global IBO Group. ~97% of the public SPAC shares were redeemed, leaving 97,092 public shares ($1.1M) prior to any potential reversals. —SF

Extensions

• DT Cloud (DYCQ) filed an amendment to its proxy, revising the “Risk Factors” section ahead of its April 18 extension vote. – DEFR

Other SPAC Updates

• Hennessy Capital Investment VI (OTC: HCVI) was delisted by Nasdaq and is set to begin trading OTC. — SF

Listings

New Issues: IPOs, New S-1s

IPOs

• Soulpower (SOULU) closed its $250M IPO, including the $30M partial exercise of the greenshoe. —SF

Filings

• Vickers Vantage II (VCKB) filed for IPO. – S-1

  $180M, 1 R (1/10 sh)

  Focus: Early-stage Deep-Tech (Biotech, Energy, Cleantech, and Fintech)

  UW: Cohen & Company

Listing Warnings / Transfers:

• Hennessy Capital Investment VI (HCVI) received a non-compliance warning from Nasdaq and will be delisted on April 4, with plans to trade OTC. – SF

• Metal Sky Star (MSSA) reported it will be delisted by Nasdaq ahead of trading on April 9. MSSA is working on an OTC listing. —SF

Key Filings

Extensions:

• DT Cloud (DYCQ) – DEF

• Ares II (AACT) — DEF

S-4 Filings*:

• Healthcare AI (OTC: HAIAF) & Leading Group – F-4/A

• NorthView (OTC: NVAC) & Profusa – S-4/A

Post-Merger S-1 Filings**:

• GCL Global Holdings Ltd (GCL) – F-1

• Binah Capital Group (BCG) – S-1/A

*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