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 (Jan 13-17)

Headlines of the Week

De-SPAC Updates

• Mondee Holdings (OTC: MOND) filed for Chapter 11 bankruptcy and has entered a restructuring support agreement to sell nearly all its assets to a new entity backed by TCW Asset Management and Wingspire Capital

• Velo3D, Inc. (OTC: VLDX) completed its strategic review initiated in Dec 2023, resulting in a debt-for-equity exchange where Arrayed Additive acquired 95% of Velo3D's common shares

SPAC Coverage*

• LOIs:

  • Cohen Circle I ($CCIRU) entered into an LOI with VEON ($VEON) to merge with Kyivstar, VEON's digital operator in Ukraine

  • YHN I ($YHNA) entered into a binding LOI to merge with Zhejiang Xiaojianren Internet Technology (XJR)

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

Key Weekly SPAC Activity

Deal Announcements/ Terminations/ Closings

See more: SPAC Deal Pipeline

• No Mergers Announced

• No Terminations

• Completions:

  • BurTech (BRKH) and Blaize ($BZAI) [-17% from SPAC IPO price]

  • Chenghe I (LATG) & FST Corp ($KBSX) [-36%]

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • PowerUp ($PWUP) & Aspire Biopharma: Feb 4

  • Rigel Resource (OTC: $RRACF) & Aurous Resources: Feb 4

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

  • Bowen ($BOWN) & Shenzhen Qianzhi BioTech (approved this week)

Extensions

See more: Extension Votes Calendar

• Approvals:

  • Aimfinity Investment I ($AIMAU): Oct 2025

  • Quetta ($QETA): Oct 2026

• Votes set:

  • ShoulderUP Technology ($SUAC)

  • Evergreen ($EVGR)

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• New IPOs:

  • Plum Acquisition Corp. IV (PLMK-U) priced its $150M IPO

  • Ribbon Acquisition Corp ($RIBB-U) priced its $50M IPO

  • Hennessy Capital Investment Corp. VII ($HVII-U) priced its $175M IPO

• New registrations:

  • Iron Horse Acquisitions Corp. II (Symbol TBA)

Liquidations

See more: Liquidations Dataset

• Announcements/ Delistings

  • Clover Leaf Capital (OTC: CLOE) liquidated

• 2 SPACs liquidated YTD (56 total liquidations in 2024), while 2 are in the process of liquidating.

Current Stats:

See more: SPAC Stats

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

SPAC Gainers & Losers

SPAC Volume Leaders

De-SPAC Gainers & Losers

De-SPACs listed from 2019- in descending order with the 3 Gainers followed by the 3 Losers

De-SPAC Volume Leaders

News & De-SPAC Updates

• Canoo ($GOEV) filed for insolvency through Chapter 7 bankruptcy. The company announced that it would cease operations immediately. —PR

SPAC Updates

Merger Votes / Completions

• ShoulderUP Technology ($SUAC) & SEE ID (dba Dot Ai) set the merger vote for Feb 6. — SF

Deal Updates

• Distoken (DIST) and its merger partner, Youlife International, amended the BCA to reflect that the post-merger company won't issue ADSs to Distoken or Youlife holders of restricted shares or shares with lock-up restrictions. Instead, those shareholders will receive ordinary shares. —SF

Extensions

• Papaya Growth Opportunity I ($PPYA) was approved to extend up to Dec 2025. ~87% of the public SPAC shares were redeemed. Remaining in trust: ~$1.1M / 90,050 shares. —SF

• Broad Capital ($BRAC) was approved to extend up to Jan 2026. ~94% of the public SPAC shares were redeemed. Remaining in trust: ~$1.3M / 101,216 shares. —SF

Listings

New Issues: IPOs, New S-1s

Filings

• Iron Horse Acquisitions Corp. II (Symbol TBA) filed for IPO. — S-1

  • $250M, 1/2 Warrant, 1 Right (1/8 sh)

  • Focus: Media and Entertainment in the US

  • UW: D. Boral Capital

Listing Warnings / Transfers:

• Papaya Growth Opportunity I ($PPYA) is set to be delisted by Nasdaq on Jan 23 due to failure to complete its business combination within 36 months. PPYA expects its securities list OTC following the Nasdaq delisting. —SF

Key Filings

Extensions:

• Concord II ($CNDA) — PRE

• Relativity ($RACY) — PRE

S-4 Filings*:

• ShoulderUP Technology ($SUAC) & SEE ID — EFFECT

• SK Growth Opportunities ($SKGR) & Webull — F-4/A

• Focus Impact BH3 ($BHAC) & XCF Global Capital — S-4/A

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

• Oak Woods ($OAKU) & Huajin (China) Holdings Limited — S-4/A

Post-Merger S-1 Filings**:

• Baird Medical ($BDMD) — F-1/A

• Crown LNG ($CGBS) — F-1/A

*Latest S-4 filings are found in the “Deal Details” view under the column “S-4 Link”

**including PIPE resale registrations where applicable — latest post-merger S-1 filings are found in the “De-SPAC" view under the column “Post-Close S-1”

Key Event Calendar:

See the full calendar with proxy links and view it in a sortable table form here.