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Weekly SPAC Review (Jun 30th - Jul 3rd)

Headlines of the Week*

De-SPAC M&A

• ReNew Energy Global Plc has received a final non-binding offer from a consortium led by Masdar, alongside CPP Investments, ADIA subsidiary Platinum Hawk, and ReNew CEO Sumant Sinha, to acquire all outstanding shares not already owned by the group for $8.00 per share in cash. This revised offer, submitted on July 2, 2025, represents a 13.2% increase from the original December 2024 proposal and values the company at a 26.2% premium to its undisturbed share price and a 38.9% premium to the 30-day VWAP prior to the initial bid. The ReNew Board's Special Committee of independent directors, supported by Rothschild & Co and Linklaters LLP, is actively reviewing the proposal, with ongoing discussions under way, though there is no assurance a definitive transaction will result. — PR

• Global Blue Group (GB) Global Blue (NYSE: GB), a leading provider of tax-free shopping, dynamic currency conversion, and payments technology, has been acquired by Shift4 Payments (NYSE: FOUR) through a $7.50 per share tender offer, marking Shift4’s largest acquisition to date. With approximately 97.37% of shares tendered, Shift4 plans to delist Global Blue and pursue a squeeze-out under Swiss law to acquire the remaining shares. This acquisition integrates Global Blue’s technology, used by hundreds of thousands of retail and hospitality locations worldwide, into Shift4’s global commerce platform, enhancing its capabilities in cross-border luxury and travel retail markets. The combined entity aims to launch an all-in-one payment terminal that combines VAT refund, dynamic currency conversion, and payment processing services, while also leveraging strategic partnerships with Ant International and Tencent to incorporate Alipay+ and WeChat Pay, expanding Shift4’s reach to over 1.7 billion users and strengthening its presence in Asia. —PR

Other De-SPAC News

• Abacus Global Management is under investigation by Wolf Popper LLP for potential securities fraud claims following two critical short seller reports by Morpheus Research in June 2025. These reports alleged that Abacus manipulated revenue by underestimating life expectancies in its life insurance portfolio, and raised concerns about questionable valuation practices, related-party dealings, and the credibility of its life expectancy data provider, Lapetus Solutions. After the first report was released on June 4, Abacus’ stock dropped over 21%. A follow-up report on June 12 claimed that the company’s rebuttal failed to address core issues and contradicted its SEC filings. Investors who incurred losses exceeding $50,000 are encouraged to contact Wolf Popper LLP for legal consultation. — PR

• Revelation Biosciences, Inc. (NASDAQ: REVB) will implement a 1-for-3 reverse stock split of its common stock, effective Monday, July 7, 2025. Alongside the reverse split, the company's CUSIP number will change to 76135L705. —Nasdaqtrader

• Banzai International, (BNZI) will implement a 1-for-10 reverse stock split of its Class A and Class B Common Stock effective at market open on July 8, 2025, to regain Nasdaq compliance by boosting its share price. The Class A stock will continue trading under the "BNZI" ticker but will adopt a new CUSIP number (06682J407). The split will proportionally reduce the outstanding shares to approximately 2.47 million combined, without issuing fractional shares, and will uniformly affect all shareholders while adjusting options and warrants accordingly. – PR

• Wallbox NV (WBX) will enact a 20-for-1 reverse stock split of all classes of its ordinary shares on July 3, 2025, to regain compliance with NYSE's minimum bid price requirement. The reverse split, approved by shareholders and finalized by the Board on June 30, will reduce the number of shares outstanding proportionally, with no change to individual shareholders’ percentage ownership (except for adjustments due to fractional shares). Wallbox’s Class A shares will continue trading under the “WBX” ticker but will adopt a new CUSIP number (N94209 124). Fractional shares will be aggregated and sold, with cash payments distributed in lieu. – PR

SPAC Coverage

• Ribbon Acquisition Corp. (NASDAQ: RIBB) has announced a definitive business combination agreement with Tokyo-based healthcare innovator, DRC Medicine Ltd., that will result in DRC Medicine becoming a publicly traded company. The deal values DRC at a pre-money equity valuation of $350 million and is expected to yield up to $50 million in cash proceeds, assuming no redemptions. —PR

_{*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:

• Integrated Rail and Resources (OTC: IRRX) shareholders approved the merger with Tar Sands Holdings II / Uinta Infrastructure Group. ~39% of the public SPAC shares were redeemed, leaving 25,372 public shares ($0.4M) prior to any potential reversals. – SF

Terminations:

• —

Completions:

• JVSPAC (JVSA) & Hotel101 Global Holdings Corp. (HBNB) closed their business combination, and HBNB’s ordinary shares began trading on Nasdaq following the transaction. – SF 

Merger Votes

See more: Merger Votes Calendar

Merger votes set:

• Consilium I (OTC: CSLMF) & Fusemachines: Jul 28. – SF

Deals in limbo (merger approved & pending closing):

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

• Rigel Resources (OTC: RRACF) & Aurous

• Aimfinity I (AIMAU) & Docter

• Alpha Star (OTC: ALSAF) & XDATA

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

• Chenghe II (CHEB) & Polibeli Group

• Distoken (DIST) & Youlife International

• NorthView (OTC: NVAC) & Profusa

• Iron Horse (IROH) & Zhong Guo Liang Tou Group Limited

• Welsbach Technology Metals (OTC: WTMA) & Evolution Metals

• Integrated Rail and Resources (OTC: IRRX) & Tar Sands Holdings II / Uinta Infrastructure Group.— approved this week

Extensions

See more: Extension Votes Calendar

Approvals:

• Slam (OTC: SLAMF) was approved to extend up to Dec 2025. ~94% of the public SPAC shares were redeemed. Remaining in trust: ~$1.5M / 114,053 shares. – SF

• Eureka (EURK) was approved to extend up to Jul 2026. ~53% of the public SPAC shares were redeemed. Remaining in trust: ~$28.2M / 2,711,278 shares. – SF 

Votes set:

• Haymaker 4 (HYAC): Jul 24. – DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

New IPOs:

1) Cohen Circle Acquisition Corp. II (CCIIU) priced its $220 million IPO at $10 per unit. Units include 1 common share, and 1/4 Warrant. Focus: Fintech & Adjacent. Lead Left underwriter: Clear Street. —PR

2) Indigo Acquisition Corp. (INACU) priced its $100 million IPO at $10 per unit. Units include 1 common share, and 1 right (1/10th of a share). Focus: N?A. Lead Left underwriter: EarlyBirdCapital. —PR

3) Origin Investment Corp I (ORIQ) priced its $60 million IPO at $10 per unit. Units include 1 common share, and 1/2 Warrant. Focus: Asia (excluding China). Lead Left underwriter: ThinkEquity. —PR

4) 1RT Acquisition Corp.(ONCHU) priced its $150 million IPO at $10 per unit. Units include 1 common share, and 1/4 Warrant Focus: Digital Asset Ecosystem. Lead Left underwriter: Cantor. —PR

5) EQV Ventures Acquisition Corp. II (EVACU) priced its upsized $420 million IPO at $10 per unit. Units include 1 common share, and 1/3 Warrant. Focus: Upstream energy assets in North America and Europe. Lead Left underwriter: BTIG. —PR

6) Vendome Acquisition Corporation I (VNMEU) priced its $200 million IPO at $10 per unit. Units include 1 common share, and 1/2 Warrant. Focus: N/A. Lead Left underwriter: D. Boral Capital. —PR

New registrations:

1) McKinley Acquisition Corporation (MKLYU) filed for IPO. – S-1

• $150M, 1 R (1/10 sh)

• Focus: Progressive Tech

• UW: Clear Street

2) D. Boral ARC Acquisition II Corp. (ARBCU) filed for IPO. – S-1

• $250M, 1/2 Warrant

• Focus: Tech, Healthcare, Logistics

• UW: D. Boral Capital

3) Emmis Acquisition Corp. (EMISU) filed for IPO. – S-1

• $100M, 1 R (1/10 sh)

• Focus: Services, Manufacturing & Distribution (North America & Southeast Asia)

• UW: I-Bankers Securities

Liquidations

See more: Liquidations Dataset

Announcements/ Delistings

• Kairous (OTC: KACLF) failed to deposit $50,000 into its trust account by May 16, 2025, missing the deadline to extend its business combination period to June 16, 2025. As a result, it will liquidate and redeem all public shares from its IPO, with proceeds distributed by Continental Stock Transfer & Trust Company. Redemption is expected within ten business days after June 30, 2025. Warrants and rights will expire worthless. The sponsor, officers, and directors waived their redemption rights. The company plans to amend its Charter post-redemption to eliminate liquidation requirements and seek alternative business opportunities on the OTC Markets. – SF

Current Stats:

See more: SPAC Stats

Daily SPAC Update

The content below is the SPAC Daily Update newsletter. This is sent to ListingTrack Pro subscribers each trading day. You can sign up for ListingTrack Pro here.

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

Summer chop continued—$CLBR clawed out a +6 % rebound, but big-cap $CEP slid 6 %. De-SPAC flows favored small-caps like $NPWR (+24 %) and $AENT, while biotech high-flyer $BGL finally cooled off.

SPACs (DA partner):
– $CLBR (GrabAGun) +5.8 % to $15.82 on 1.0 M shares
– $CEP (Twenty One Capital) –6.0 % to $30.00 on 0.5 M shares
– $IROH –7.9 % to $8.29; $DMYY (Horizon Quantum LOI) –1.1 % to $13.05
– $SBXD (Parataxis LOI) +1.4 % to $10.97

De-SPACs:
– $NPWR +24.0 % to $3.15
– $AENT +17.3 % to $5.35; $CURR +16.5 % to $1.05
– $BGL –19.1 % to $107.64; $DAIC –26.3 % to $6.04

SPAC GAINERS & LOSERS

SPAC VOLUME LEADERS

DE-SPAC GAINERS & LOSERS

DE-SPAC VOLUME LEADERS

News & De-SPAC Updates

1) ReNew Energy Global Plc has received a final non-binding offer from a consortium led by Masdar, alongside CPP Investments, ADIA subsidiary Platinum Hawk, and ReNew CEO Sumant Sinha, to acquire all outstanding shares not already owned by the group for $8.00 per share in cash. This revised offer, submitted on July 2, 2025, represents a 13.2% increase from the original December 2024 proposal and values the company at a 26.2% premium to its undisturbed share price and a 38.9% premium to the 30-day VWAP prior to the initial bid. The ReNew Board's Special Committee of independent directors, supported by Rothschild & Co and Linklaters LLP, is actively reviewing the proposal, with ongoing discussions under way, though there is no assurance a definitive transaction will result. — PR

The Deals

1) Crown PropTech (CPTK) and Mkango Resources Ltd. (AIM:MKA / TSX-V:MKA) have entered into a definitive agreement to merge and form Mkango Rare Earths Limited (MKAR), a vertically integrated, pure-play global rare earth platform that will own and operate the Songwe Hill project in Malawi and the Pulawy separation plant in Poland—both designated as strategic projects under the EU Critical Raw Materials Act. The combined entity, MKAR, is expected to list on Nasdaq upon closing and aims to supply mined, refined, and separated rare earth oxides to global supply chains across North America, Europe, and Asia. Mkango will retain a significant equity interest in MKAR, with an implied pre-transaction valuation of $400 million, excluding potential PIPE proceeds and SPAC trust funds. The transaction, expected to close in Q4 2025, follows the signing of a Business Combination Agreement on July 2, 2025, and is backed by support agreements from both parties. MKAR's development plan includes scaling Songwe Hill—a DFS-stage, MSP-backed project—and commissioning Pulawy with expedited EU permitting. The deal excludes Mkango’s recycling assets held through Maginito. – SF

SPAC Updates

Liquidations / Terminations

• Newbury Street (OTC: NBST) & [Terminated 12/20/24: Infinite Reality] executed a General Release and Settlement Agreement to resolve their dispute over the Termination Fee outlined in a prior Mutual Termination Agreement. Under the settlement, Infinite Reality agreed to pay the Company a total of $5.25 million in installments through September 18, 2025. The agreement includes an incentive clause allowing Infinite Reality to receive a discount of up to $300,000 if interim payments are made ahead of schedule. – SF

Merger Votes / Completions

• Consilium I (OTC: CSLMF) & Fusemachines set the merger vote for Jul 28. Appx. redemption price per share: $12.06 – SF

Deal Updates

• Columbus Circle I (CCCM)’s merger partner, ProCap BTC, was spotlighted in a July 2, 2025, Bloomberg TV interview with CEO Anthony Pompliano, who described ProCap’s aggressive Bitcoin-focused strategy ahead of its public listing. Pompliano positioned Bitcoin as the new generational investment benchmark, highlighting its outperformance of traditional assets and rising adoption by institutional and sovereign investors. He detailed ProCap’s plan to acquire up to $1 billion in Bitcoin, funded by $750 million in equity and convertibles, and $250 million from the SPAC merger, with over 4,900 Bitcoin already purchased. Pompliano argued that Bitcoin’s volatility is essential for preserving purchasing power amid fiat debasement, and he expects eventual central bank adoption to drive a major global shift toward Bitcoin as a preferred store of value. – SF 

• Chenghe II (CHEB) & Polibeli Group filed an investor presentation for the deal. – SF

• Israel (ISRL) & Gadfin amended their business combination agreement (BCA) on July 2, 2025, introducing several key changes: the requirement for ISRL to liquidate post-merger was removed; the Company Equity Value was revised to $180 million; the PCAOB-related default and Threshold Raised Amount provisions were eliminated; dilution calculations were clarified; and the Benchmark Analysis deadline was extended to September 30, 2024. Additionally, Gadfin gained the right to terminate the agreement without penalty if ISRL fails to secure a full cash waiver of deferred underwriting fees within 30 days. The amendment also added Gadfin Regev Holdings Ltd. (NewPubco) as a party to the BCA. – SF

• Finnovate (OTC: FNVTF) and Scage International, in connection with the closing of their business combination, had Finnovate and PubCo execute a Seller Lock-Up Agreement restricting the transfer of 28,103,818 PubCo Ordinary Shares held by certain Scage shareholders for six months post-closing, subject to limited exceptions; some shares held by non-affiliates were released early to satisfy Nasdaq listing requirements. Additionally, Finnovate, PubCo, the Sponsor, EarlyBirdCapital, and other holders amended the existing Registration Rights Agreement to add PubCo as a party and provide customary demand and piggyback registration rights, along with new resale shelf registration obligations. – SF

Extensions

• Cartesian Growth II (OTC: RENEF) approved its eighth of twelve allowable one-month extensions to the business combination deadline, extending the period through August 5, 2025. To facilitate this extension, the company drew $250,000 from an unsecured promissory note with its sponsor, CGC II Sponsor LLC, bringing the total drawn from the note, which is up to $2.4 million, closer to full utilization to date. The funds were deposited into the trust account, per CGCII’s amended charter. – SF

• NorthView (OTC: NVAC) has extended its deadline to complete a business combination from June 22, 2025, to August 22, 2025, following stockholder approval via written consent on June 27, 2025, with a supermajority vote. A previous filing had mistakenly cited July 22, 2025, as the new deadline, but this was corrected in the final amendment filed on July 1, 2025. – SF

• Oak Woods (OAKU) has extended its deadline to complete an initial business combination to July 28, 2025, following a timely $172,500 deposit into the trust account by its Sponsor. This marks the fourth of six one-month extensions authorized by shareholders to allow for such extensions through September 28, 2025, contingent on timely monthly deposits. – SF

• Eureka (EURK) entered into a Trust Amendment with Continental Stock Transfer & Trust Company following its extension vote. The amendment allows the Company to extend its business combination deadline from July 3, 2025, up to 12 additional one-month periods, through July 3, 202, by depositing $150,000 per month into its trust account. On July 2, 2025, the Company deposited $150,000 to extend its deadline to August 3, 2025. – SF

• Black Hawk (BKHA) has adjourned its extension vote meeting from Jul 3 to July 8, 2025. – SF

Other SPAC Updates

• Cohen Circle II (CCIIU) completed a private placement of 720,000 Placement Units at $10.00 each, raising $7.2 million alongside its IPO. Of these, 275,000 units were bought by Clear Street and 445,000 by Cohen Circle Sponsor II, LLC. The proceeds, combined with IPO funds, were placed in a trust account managed by Continental Stock Transfer & Trust Company and are restricted until a business combination or other specified events. – SF 

• Cantor Equity Partners III (CAEP) raised $276 million through its IPO of 27.6 million Class A shares at $10.00 each, including the full over-allotment. It also raised $5.8 million via a private placement of 580,000 shares to its sponsor. All proceeds were placed in a U.S.-based trust account. – SF

• Vendome I (VNMEU) completed a private placement of 2,648,000 warrants alongside its $200 million IPO on July 3, 2025. The units, priced at $10.00 each, included one Class A ordinary share and one-half of a warrant exercisable at $11.50. Proceeds from the IPO and private placement were deposited into a trust account. The sponsor also issued a $840,000 convertible note, with conversion terms based on either $8.00 or a 20-day VWAP. – SF

• EQV Ventures II (EVACU) completed a private placement of 400,000 units to its sponsor and 387,857 units to underwriter BTIG on July 3, 2025, raising a total of $7.88 million alongside its $460 million IPO. Each unit includes one Class A ordinary share and one-third of a warrant exercisable at $11.50. – SF

• 1RT (ONCHU) completed a private placement of warrants in conjunction with its IPO, raising a total of $172.5 million, including $8.2 million in deferred underwriting discounts, with proceeds deposited into a U.S.-based trust account. – SF

Listings

New Issues: IPOs, New S-1s

IPOs

—

Filings

1) Emmis Acquisition Corp. (EMISU) filed for IPO. – S-1

• $100M, 1 R (1/10 sh)

• Focus: Services, Manufacturing & Distribution (North America & Southeast Asia)

• UW: I-Bankers Securities

Key Filings

Extensions:

• NorthView (OTC: NVAC) filed a PRE 14C in connection with its extension proposal. – PRE

• Keen Vision (KVAC) filed a DEF 14A in connection with its extension vote, set for Jul 22. Appx. redemption price per share: $11.33 – DEF

• Four Leaf (FORL) was approved to extend up to Jun 2026. ~64% of the public SPAC shares were redeemed. Remaining in trust: ~$11.2M / 960,307 shares. – SF

S-4 Filings*:

• APx I (OTC: APXIF) & OmnigenicsAI filed the 3rd amended F-4/A in connection with their merger proposal. – F-4/A

Post-Merger S-1 Filings**:

• Generation Essentials (TGE) filed the 1st amended F-1/A (post-merger closing share registration amendment). – F-1/A

• USA Rare Earth (USAR) filed an EFFECT notice for S-1 (post-merger closing share registration). – EFFECT

*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