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Newsletter Contents

• Weekly SPAC Review

• Friday's Recap (Sent to ListingTrack Pro users in the morning of each trading day)

Weekly SPAC Review (Feb 17th - 21st)

Headlines of the Week

De-SPAC M&A

• Shift4 (FOUR), founded and led by Jared Isaacman (the nominee for NASA administrator), announced it will acquire Global Blue (GB) for $7.50 per share, or an enterprise value of $2.5 billion. — PR / Deal Page

Other De-SPAC News

• Nikola (NKLA) filed for Chapter 11 bankruptcy.

• Redwire (RDW) announced it will redeem its public warrants with an exercise deadline of March 24.

Key Weekly SPAC Activity

Deal Announcements/ Terminations/ Closings

See more: SPAC Deal Pipeline

• Mergers announced:

  • Arogo Capital (AOGO) & Thai telecom company, Bangkok Tellink

• Terminations:

  • Broad Capital (BRAC) reported that it received a termination notice from its merger partner, Openmarkets Group

• Completions:

  • PowerUp (PWUP) & Aspire Biopharma (ASBP), -74% from SPAC IPO

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • Inflection Point II (IPXX) & USA Rare Earth set the merger vote for March 10

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

  • ShoulderUp Technology (OTC: SUAC) & SEE ID

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

  • Global Star (GLST) & K Enter

  • Battery Future's (OTC: BFACF) shareholders approved the merger with Classover — Approved this week

Extensions

See more: Extension Votes Calendar

• Approvals:

  • Relativity (RACY: Delisted) was approved to extend up to Feb 2026

  • Mountain & Co. I (MCAA) was approved to extend up to May 2025

• Votes set:

  • Capitalworks Emerging Markets (CMCAF): Feb 28

  • Bannix (BNIX): March 7

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• No New IPOs

• New registrations:

  • CCIS Acquisition Corp (CCAC) filed for IPO. — S-1

    $60M, 1 R (1/10 sh)

    Focus: N/A

    UW: Benjamin Securities

  • Blue Water III (BLUW) filed for IPO. — S-1

    $200M, 1/2 Warrant

    Focus: Biotechnology, healthcare and technology

    UW: BTIG

Liquidations

See more: Liquidations Dataset

• No New Liquidation Announcements/ Delistings

• 6 SPACs have liquidated in 2025, and 1 is in the process of liquidating.

Current Stats:

See more: SPAC Stats

Daily 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

News & De-SPAC Updates

• GDEV (GDEV) Declares One-Time, Nonrecurring Special Cash Dividend of $3.31 Per Share — PR

SPAC Updates

Merger Votes / Completions

• Battery Future's (OTC: BFACF) shareholders approved the merger with Classover. Pending redemption details. —SF

Listings

Listing Warnings / Transfers:

• FutureTech II ($FTII) received a non-compliance warning from Nasdaq and will be delisted on Feb 26, with plans to trade OTC. — SF

Key Filings

Extensions:

• Bannix ($BNIX) — DEF

• DT Cloud ($DYCQ) — PRE

S-4 Filings*:

• Plum III ($PLMJF) & Tactical Resources — F-4/A

Post-Merger S-1 Filings**:

• MKDWELL ($MKDW) — F-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