Good evening!

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.

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Thanks,

ListingTrack Team

Weekly SPAC Review (Jun 2nd - Jun 6th)

Headlines of the Week*

De-SPAC M&A

• Merck (MRK) reportedly made a nonbinding offer to acquire MoonLake Immunotherapeutics (MLTX) for over $3B; the initial approach was rejected but talks may resume. —Reuters

• ConnectM (OTC: CNTM) received notice from buyout group Optimax Solutions, SriSid LLC, Arumilli LLC, and Win-Light Global that they’ve paused acquisition talks due to delayed filings, but may resume after ConnectM’s planned Nasdaq/NYSE relisting. —PR

• Shift4 extended its all-cash tender offer for all Global Blue shares to 11:59 p.m. NYC time on Jun 23 2025; the 90% minimum tender condition is met, with closing still contingent on remaining regulatory approvals. Global Blue’s board unanimously recommends shareholders tender, and the transaction is expected to close by Q3 2025.

Other De-SPAC News

• Bankrupt 23andMe (MEHCQ) asked a U.S. bankruptcy judge to reopen its asset auction after receiving a $305M bid from co-founder Anne Wojcicki’s TTAM Research Institute, surpassing Regeneron’s $256M offer; Regeneron is prepared to rebid but demands a $10M breakup fee if outbid. —Reuters

• REE Automotive will cut 50% of its ~300-person workforce by year-end to reduce operating expenses by 60% after a $70M annual loss and “going concern” warning; the EV company, which already cut 11% of staff in 2023, will reorganize and downsize management and has operations in Israel, the U.S., and the U.K. —Calcalistech

• iCoreConnect (OTC: ICCT) and its subsidiary iCore Midco filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida to restructure their balance sheets, preserve operations, and pursue long-term strategic repositioning, with motions filed for joint administration and continued access to cash and essential services. —SF

SPAC News

• BPGC Acquisition Corp. (Delisted: ROSS), which is backed by Wilbur Ross, entered into a non-binding LOI with Innovative Rocket Technologies (iRocket), a developer of next-generation reusable launch systems for aerospace and defense, that would list iRocket on Nasdaq at a pre-money equity valuation of $400 million. A definitive agreement is expected this summer. —SF

_{*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:

• Churchill Capital Corp IX (CCIX) entered into a definitive agreement to merge with autonomous trucking company Plus (formerly Plus.ai) in a deal that values Plus at a pre-money equity value of $1.2 billion. —PR / IP

• Quartzsea (QSEA) has entered into a definitive agreement to merge with Gaokai, a manufacturer of customized plastic cups and lids and a subsidiary of Broadway Technology, in a deal that values the company at $520 million. The combined company, Cuisine Universal, will list on Nasdaq under the symbol CUPS. —SF

Terminations:

• Integral 1 (OTC: INTE) & Flybondi mutually terminated the merger agreement. —SF

Completions:

• Focus Impact BH3 (BHAC) Focus Impact BH3 (OTC: BHAC) closed its merger with XCF Global Capital (SAFX), a sustainable aviation fuel company, with the common shares of thec ombined company set to begin trading on Nasdaq under the symbol SAFX on June 9, 2025. No information has been provided for trading in the public warrants. —PR

• Hennessy Capital Investment VI (HCVI) closed its merger with Namib Minerals (NAMM) and the combined company will begin trading on Nasdaq under the symbols NAMM and NAMMW for its common shares and warrants, respectively, on June 6, 2025. —PR

• Black Spade II (BSII) closed its SPAC merger with The Generation Essentials Group and the combined company will begin trading under the symbols TGE and TGE WS for its common shares and warrants, respectively, on Thursday, June 5. —PR

Merger Votes

See more: Merger Votes Calendar

Merger votes set:

• Integrated Rail and Resources (OTC: IRRX) & Tar Sands Holdings II / Uinta Infrastructure Group set the merger vote for June 30

• JVSPAC (JVSA) & Hotel101 (DoubleDragon subsidiary) set the merger vote for June 24

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

• ShoulderUp Technology (OTC: SUAC) & SEE ID

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

• Rigel Resources (OTC: RRACF) & Aurous

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

• Aimfinity I (AIMAU) & Docter

• Finnovate (OTC: FNVTF) & Scage

• Alpha Star (OTC: ALSAF) & XDATA

• Bannix (OTC: BNIX) & Visionwave (GBT Technologies subsidiary)

• Chenghe II (CHEB) & Polibeli Group

• Distoken (DIST) & Youlife International. — approved this week

Extensions

See more: Extension Votes Calendar

Votes set:

• Welsbach Technology Metals (OTC: WTMA) filed a DEF 14A in connection with its extension vote, set for Jun 26. Appx. redemption price: $11.28. – DEF

• Slam (OTC: SLAMF) filed a DEF 14A in connection with its extension vote, set for Jun 18. Appx. redemption price: $12.29. – DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

New IPOs:

• —

New registrations

1) HCM III Acquisition Corp. (HCMA) filed for IPO. – S-1

• $220M, 1/3 Warrant

• Focus: N/A

• UW: Cantor

2) Cantor Equity Partners III, Inc. filed for IPO. – S-1

• $200M, No Warrants, No Units, No Rights

• Focus: Financial services, digital assets, healthcare, real estate services, technology, and software

• UW: Cantor

3) Oxley Bridge Acquisition Limited (OBA) filed for IPO. – S-1

• $220M, 1/2 Warrant

• Focus: Consumer & Tech Asia (excluding China)

• UW: Cantor

Liquidations

See more: Liquidations Dataset

Announcements/ Delistings

• Perception III (PFTA) liquidated at an appx. redemption price of $11.1426 per share.

10 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)

$NAMM went vertical +174% on ticker change, $FAAS clawed back +40%. SPACs $DIST surged +20% and $CLBR clawed back +7%. De-SPAC laggards like $CAPT and $CYCU stayed under pressure.

SPACs (DA partner):
– $DIST (Youlife International) +20.4% to $11.11
– $CLBR (GrabAGun) +7.1% to $14.75 on 1.2M shares
– $DMYY (LOI: Horizon Quantum) +2.5% to $14.60
– $CHEB (Polibeli Group) -5.1% to $9.30

De-SPACs:
– $NAMM +173.9% to $31.22
– $BRLS +50.1% to $5.18; $FAAS +40.2% to $0.72 on 56M shares
– $CAPT -19.4% to $1.23; $CYCU -14.3% to $0.41

News & De-SPAC Updates

• Opendoor Technologies (OPEN) proposed a plan for a reverse stock split at a ratio between 1-for-10 and 1-for-50, in order to maintain its Nasdaq listing. — PR

The Deals

• Quartzsea (QSEA) has entered into a definitive agreement to merge with Gaokai, a manufacturer of customized plastic cups and lids and a subsidiary of Broadway Technology, in a deal that values the company at $520 million. The combined company, Cuisine Universal, will list on Nasdaq under the symbol CUPS. —SF

SPAC Updates

Liquidations / Terminations

• —

Merger Votes / Completions

• Integrated Rail and Resources (OTC: IRRX) & Tar Sands Holdings II / Uinta Infrastructure Group set the merger vote for Jun 30. – SF

Deal Updates

• Focus Impact BH3 (OTC: BHAC) & XCF Global entered into a waiver to their Business Combination Agreement, confirming that several conditions, including the finalized board composition of NewCo, certain operational and legal contingencies (e.g., pending agreements, right of first refusal by Phillips 66, and insurance coverage), will not constitute a failure of closing conditions for the merger; this follows three prior amendments to the agreement, with the latest dated May 30, 2025. —SF

Extensions

• Globalink Investment (OTC: GLLI) extended its business combination deadline from June 9 to July 9, 2025, by depositing $0.15 per public share (totaling $10,890.15) into the trust account. This is the first of up to six monthly extensions permitted under the charter as amended, following apparent shareholder approval of the extension proposal on June 4. Redemption results are pending. – SF

Other SPAC Updates

• Trailblazer Merger I (TBMC) & Cyabra: 'Cyabra Report Reveals Disinformation Campaign Against Target’s DEI Initiatives, Featured in USA Today' —SF

• JVSPAC (JVSA) & Hotel101 (DoubleDragon subsidiary): Nasdaq-bound Hotel101 eyes expansion into Latin America, Oceania, CEO says —SF

• Focus Impact BH3 (OTC: BHAC) & XCF Global; 'XCF Global Appoints Pamela Abowd as Chief Accounting Officer and Secures Equity Facility' —PR

Listings

New Issues: IPOs, New S-1s

IPOs

• Columbus Circle I (CCCMU) units to split on June 9. —SF

Filings

1) HCM III Acquisition Corp. (HCMA) filed for IPO. – S-1

• $220M, 1/3 Warrant

• Focus: N/A

• UW: Cantor

2) Cantor Equity Partners III, Inc. filed for IPO. – S-1

• $200M, No Warrants, No Units, No Rights

• Focus: Financial services, digital assets, healthcare, real estate services, technology, and software

• UW: Cantor

Listing Warnings / Transfers:

• AlphaTime (ATMC) received a non-compliance warning from Nasdaq and faces delisting on Jun 12, unless it appeals by June 10. – SF

Key Filings

Extensions:

• Welsbach Technology Metals (OTC: WTMA) filed a DEF 14A in connection with its extension vote, set for Jun 26. Appx. redemption price: $11.28. – DEF

• Slam (OTC: SLAMF) filed a DEF 14A in connection with its extension vote, set for Jun 18. Appx. redemption price: $12.29. – DEF

• Nabors Energy Transition II (NETD) filed a PRE 14A in connection with its extension proposal. – PRE

S-4 Filings*:

• Consilium I (OTC: CSLMF) & Fusemachines filed the 4th amended S-4/A in connection with their merger proposal. —S-4/A

• YHN I (YHNA) & Mingde Technology filed a F-4 in connection with their merger proposal. – F-4

Post-Merger S-1 Filings**:

• Classover Holdings, Inc. (KIDZ) Classover (KIDZ) filed a S-1/A (post-merger closing share registration amendment). —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