The Morning SPAC Update (May 13, 2025) 🔒

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ListingTrack Team

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

• New Home Co. has agreed to acquire Landsea Homes (Nasdaq: LSEA) in an all-cash deal valuing the homebuilder at roughly $1.2 billion enterprise value. Under the definitive agreement, New Home will launch a tender offer at $11.30 per Landsea Homes share—a 61% premium to Landsea’s May 12, 2025 closing price—to purchase all outstanding stock. — PR

• Longevity Health (XAGE) will implement a 1-for-30 reverse stock split ahead of trading on May 14. — PR

The Deals

1) Horizon Space Acquisition II (HSPT) entered into a definitive agreement to merge with SL Bio, a clinical-stage skin care and cancer recovery therapeutics company. —PR / SF

• Target Description (from PR): SL Bio is a biomedical company focused on developing innovative cellular and gene therapies for cancer treatment and regenerative medicine. Leveraging proprietary technologies and strategic partnerships, the company is advancing next-generation immunotherapies and exosome-based products for both medical and consumer applications. SL Bio’s approach combines scientific expertise with a commitment to improving patient outcomes and addressing unmet needs in healthcare. SL Bio also offers ISO-certified, dermatologically tested cow milk-derived exosome-based products and plant extract products for skin and hair care, with commercial distribution in Asia.

2) Alchemy Investments Acquisition Corp 1 (ALCY) entered into a non-binding LOI to merge with Cartiga, an alternative investment firm specializing in litigation finance. —PR / IP

SPAC Updates

Extensions

• Aquaron (OTC: AQUC) was approved to extend up to May 2026. ~87% of the public SPAC shares were redeemed. Remaining in trust: ~$1.3M / 107,987 shares. —SF 

• Finnovate (OTC: FNVTF) was approved to extend up to Nov 2025. ~86% of the public SPAC shares were redeemed. Remaining in trust: ~$1.5M / 122,458 shares. —SF

Listings

New Issues: IPOs, New S-1s

IPOs

1) Perimeter Acquisition Corp. I (PMTRU) priced its IPO. – PR

• $210M, 1/2 Warrant

• Focus: Defense and national security in the United States or an ally of the US.

• UW: Citi

Filings

1) Jena Acquisition Corporation II (JENA) filed for IPO. – S-1

• $200M, 1 R (1/20 sh)

• Focus: Fintech, Insurance, Real Estate

• UW: Santander

• Prominent Mgmt: Bill Foley

Listing Warnings / Transfers:

• Cartesian Growth II (RENE —> RENEF) was delisted from Nasdaq and began trading OTC under the symbols RENEF, REEUF, and REEWF, for its common, units, and warrants, respectively.

Key Filings

Extensions:

• Inception Growth (OTC: IGTA) – DEF

• Bayview (BAYA) – DEF

S-4 Filings*:

• Welsbach Technology Metals (OTC: WTMA) & Evolution Metals Corp – S-4/A

• AlphaVest (ATMV) & AMC Corporation – S-4/A

• Iron Horse (IROH) & Zhong Guo Liang Tou Group Limited, d/b/a China Food Investment — EFFECT

Post-Merger S-1 Filings**:

• WeBull (BULL) — 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