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 (Feb 3-7)

Headlines of the Week

De-SPAC M&A

• Altus Power (AMPS), a commercial-scale solar owner, will be acquired by TPG through its TPG Rise Climate Transition Infrastructure group for $5.00 per share in an all-cash transaction valuing the company at approximately $2.2 billion, including debt.

• Grab (GRAB) is in advanced talks to acquire its smaller Indonesian rival GoTo (GOTO.JK). Negotiations in previous years failed but talks resumed in December of last year.

Other De-SPAC News

• Nikola (NKLA) is nearing bankruptcy. The company is working with Pillsbury Winthrop Shaw Pittman on restructuring options, including a potential sale. Nikola continues to assess its financial position and liquidity needs. In December, it launched $300 million in debt and equity offerings to raise capital.

• CareMax’s (CMAXQ) shares were canceled worthless as its bankruptcy plan became effective.

• Stryve Foods (SNAX) was delisted from Nasdaq and is set to begin trading OTC.

• Procaps (PROC --> PROCF) was delisted by Nasdaq and began trading OTC as PROCF, with its warrants trading as PRCWF.

• Faraday Future (FFIE) announced it will change its symbol to FFAI on March 17.

Key Weekly SPAC Activity

Deal Announcements/ Terminations/ Closings

See more: SPAC Deal Pipeline

• No Mergers announced

• No Terminations

• No Completions

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • Focus Impact BH3 (BHAC) & XCF Global: Feb 27th — SF

  • Iris (IRAA) & Liminatus Pharma: March 4. — SF

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

  • RF (RFAC) & GCL Asia

  • Western Ventures (OTC: WAVS) & Cycurion

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

  • Global Star (GLST) & K Enter — Approved this week

Extensions

See more: Extension Votes Calendar

• Approvals:

  • Evergreen (EVGR): Aug 2025

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• IPOs

  • K&F Growth Acquisition Corp. II (KFIIU) priced its IPO. — PR

• Filings

  • Real Asset Acquisition Corp. (RAAQ) filed for IPO. — S-1

  • Digital Asset Acquisition Corp. (DAAQ) filed for IPO. — S-1

Liquidations

See more: Liquidations Dataset

• No new liquidations

• 4 SPACs have liquidated YTD 2025, and 1 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

News & De-SPAC Updates

• Grindr (GRND) has set the Redemption Fair Market Value for its warrant redemption, with each warrant redeemable at $0.10. The exercise deadline is Feb 24. —PR

SPAC Updates

Merger Votes / Completions

• Global Star (GLST) shareholders approved the merger with K Enter. 89% redeemed, leaving 40,043 public SPAC shares, prior to any potential reversals. —SF

• Iris (IRAA) & Liminatus Pharma set the merger vote for March 4. — SF

Extensions

• Aimei Health Technology (AFJK) was approved to adjust the contribution per extension month from $0.033 per public share to $150,000. ~42% of the public SPAC shares were redeemed. Remaining in trust: ~$43.1M / 3,995,733 shares. —SF

Listings

New Issues: IPOs, New S-1s

Filings

• Real Asset Acquisition Corp. (RAAQ) filed for IPO. — S-1

  • $150M, 1/4 Warrant

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

    UW: Cohen & Company

• Digital Asset Acquisition Corp. (DAAQ) filed for IPO. — S-1

  • $150M, 1/4 Warrant

  • Focus: Digital asset, Cryptocurrency

    UW: Cohen & Company

Listing Warnings / Transfers:

• Evergreen ($EVGR) received a non-compliance warning from Nasdaq and faces potential delisting on Feb 12. — SF

Key Filings

S-4 Filings*:

• Integrated Rail and Resources (IRRX) & Tar Sands Holdings II — S-4/A

• Marblegate (GATE) & DePalma Companies — S-4/A

Post-Merger S-1 Filings**:

• Crown LNG (CGBS) — F-1/A

• Abpro (ABP) — S-1/A

• TNL Mediagene (TNMG) — 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