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- The Morning SPAC Update (Mar 27, 2025) ๐
The Morning SPAC Update (Mar 27, 2025) ๐
The pre-market SPAC recap for ListingTrack Pro users.

SPAC & De-SPAC Daily Trading (prev. session)
SPAC Gainers & Losers
Ticker | DA Target | Price | Daily % Chg. |
---|---|---|---|
DePalma Companies | $16.26 | 11.37% | |
Terrestrial Energy | $10.80 | 6.51% | |
$10.78 | 1.22% | ||
Webull | $11.85 | 0.85% | |
BridgeBio Oncology | $10.75 | 0.84% | |
$10.07 | -0.30% | ||
$10.04 | -0.30% | ||
DRIVEiT Financial Auto Group | $11.40 | -0.78% | |
Global IBO Group | $11.20 | -1.06% | |
Shenzhen Qianzhi BioTech | $6.75 | -8.78% |
SPAC Volume Leaders
De-SPAC Gainers & Losers
Ticker | IPO Return | Price | Daily % Chg. |
---|---|---|---|
-62% | $3.79 | 136.88% | |
-99% | $0.08 | 47.36% | |
-87% | $1.30 | 26.21% | |
-97% | $0.28 | 19.03% | |
-91% | $0.93 | 18.34% | |
-94% | $0.64 | -19.40% | |
-47% | $5.29 | -26.73% | |
-47% | $5.29 | -26.73% | |
-80% | $2.00 | -30.56% | |
-99% | $0.25 |
De-SPACs listed from 2019-
De-SPAC Volume Leaders
News & De-SPAC Updates
23andMe (ME) provided updates on its bankruptcy process and reassurances around the handling of its customer data after it filed for Chapter 11 earlier in the week: The company received authorization to pay employees and critical vendors and to enter into a $35 million DIP financing facility with JMB Capital Partners. The Court also approved procedures for a potential sale of substantially all assets under a Chapter 11 plan or Section 363, requiring compliance with 23andMeโs privacy policy. Moelis will run a 45-day bid solicitation process, and any transaction involving customer data is subject to court and regulatory oversight. A second-day hearing is scheduled for April 22, 2025, to approve additional relief, including final DIP financing terms. โ PR
Benson Hill (BHIL --> BHILQ) was delisted by Nasdaq and began trading OTC under the new symbol BHILQ following its Chapter 11 bankruptcy filing.
Redwire (RDW) completed the redemption of its public warrants. โ PR
The Deals
1) HCM II Acquisition Corp. (HOND) & small modular nuclear power plant developer, Terrestrial Energy โ PR / IP
Target Details:
HQ: Charlotte, NC
Description (from PR): Terrestrial Energy is a developer of Generation IV nuclear plants that use its proprietary Integral Molten Salt Reactor (IMSR) technology. IMSR technology captures the full transformative operating benefits of molten salt reactor technology in a plant design that represents true innovation in cost reduction, versatility and functionality of nuclear energy supply. IMSR plants will supply zero-carbon, reliable, dispatchable, low-cost, high-temperature industrial heat and electricity for a dual-use energy role relevant to many industrial applications, such as chemical synthesis and desalination. In so doing, they extend the application of nuclear energy far beyond electric power markets.
IMSR plants have the potential to make substantial contributions to industrial competitiveness, energy security, and economic growth. Their deployment will support rapid global decarbonization of the primary energy system across a broad spectrum. Terrestrial Energy uses an innovative design, together with proven and demonstrated molten salt reactor technology, which offers a unique set of operating characteristics to deliver high and compelling commercial potential. Terrestrial Energy is engaged with regulators, suppliers and industrial partners to build, license and commission the first IMSR plants in the early 2030s.
Valuation: $925M Pre-money equity value / $1.02B Pro-forma enterprise value
Additional Financing / Deal Notes: $50M PIPE at $10/share
SPAC Updates
Deal Updates
Hudson I (HUDA) & Aiways Automobile Europe amended the BCA to remove the proposed change to HUDAโs Rights Agreement that would have reduced the conversion ratio from 1/5th to 1/50th of a share per right. As a result, each HUDA right will convert into 1/5th of a share upon the business combination closing. Additionally, the agreementโs outside termination date was extended from April 18, 2025 to July 18, 2025. โSF
SK Growth Opportunities (SKGR) & Webull reminds investors that it will issue one Incentive Warrant for each SKGR share not redeemed at closing, plus an aggregate of 20 million Incentive Warrants to certain Webull shareholders. Each warrant is exercisable at $10 per share. Shareholders must be record holders on the day of closing to receive warrants. The business combination is expected to close shortly after the March 30, 2025 shareholder vote. โSF
Extensions
NorthView (OTC: NVAC) was approved to extend up to Jun 2025. ~78% of the public SPAC shares were redeemed. Remaining in trust: ~$1.9M / 154,561 shares. โ SF
Oak Woods (OAKU) was approved to extend up to Sep 2025. ~16% of the public SPAC shares were redeemed. Remaining in trust: ~$41.3M / 3,577,425 shares. โSF
Listings
New Issues: IPOs, New S-1s
Filings
Armada Acquisition Corp. II filed for IPO. โ S-1
$200M, 1/2 Warrant
Focus: Financial services (FinTech), Software-as-a-Service (SaaS), or artificial intelligence (AI)
UW: Cohen & Company
Listing Warnings / Transfers:
Hudson I (HUDA) received a delisting notice from Nasdaq after failing to close its business combination by the required January 20, 2025 deadline. The filing featured an interesting footnote: "NOTE TO DRAFT: WHY IS THIS ONLY BE DISCLOSED NOW? THIS SHOULD HAVE BEEN DISCLOSED IN JANUARY." โSF
Key Filings
Extensions:
TLGY (OTC: TLGYF) โ PRE
S-4 Filings*:
โ
Post-Merger S-1 Filings**:
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*The latest S-4 filings can be found in the Announced Mergers dataset.
**Includes PIPE resale registrations where applicable โ the latest post-merger S-1 filings can be found in the De-SPAC Screener in the column group โDe-SPAC Profileโ.
Thanks for reading,
The team at ListingTrack (listingtrack.io)
Abbreviations: BC: Business Combination, BCA: Business Combination Agreement, DA: Definitive Agreement, PR: Press Release, SF: Company SEC filing, IP: Investor Presentation
DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. ListingTrack, SPAC Track, and the parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the ListingTrack or SPAC Track websites.