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 (May 5th - 9th)

Headlines of the Week*

De-SPAC M&A

• Hall of Fame Resort & Entertainment Company (HOFV) has agreed to be taken private in a cash-out merger at $0.90 per share by HOFV Holdings LLC, an affiliate of Industrial Realty Group led by director Stuart Lichter. The transaction, which will delist the company, is subject to approval by a majority of outstanding shares, $20 million of financing for the investor, completion of a lease restructuring, at least $125 million of project-level financing, and various third-party consents. A sale-leaseback arrangement for certain properties is also planned. —PR

• Geely Automobile Holdings offered to take its premium EV brand Zeekr (ZK) private by acquiring all remaining Zeekr Intelligent Technology shares at $2.566 per share (or $25.66 per ADS)—a 14 % premium to the last close—implying a $6.4 billion valuation. Shareholders can elect cash or 1.23 new Geely shares (based on a HK$16.14 VWAP). The move, nearly a year after Zeekr’s $1 billion NYSE IPO, aims to simplify Li Shufu’s auto empire amid Western trade tensions and intense pricing competition in China. —SF

Other SPAC Activity

• Nakamoto David Bailey, CEO of BTC Inc. and a crypto adviser to President Trump, will form a publicly traded Bitcoin investment vehicle called Nakamoto, named after Bitcoin’s pseudonymous creator. The company will list via a merger with an existing Nasdaq-listed shell, in a deal expected to be announced next week, per The Information and CNBC.

  The reports did not mention the particular shell the company will be merging with, or if it is a SPAC or non-SPAC entity; however, the merger is expected to close with Nakamoto becoming a public company at some point in the summer. The deal has been in the works since January and is set to include $200 million in equity funding and $100 million in convertible debt. The funds will be used for long-term holding of Bitcoin and strategic equity investments in companies across Brazil, Thailand, and South Africa, leveraging Bitcoin assets. Nakamoto’s advisory board reportedly features high-profile crypto figures. —CNBC

_{*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:

• —

Terminations:

• —

Completions:

• Global IBO Group closed its merger with Bukit Jalil Global Acquisition 1 Ltd. (BUJA) to form GIBO Holdings Limited (GIBO) that will trade under the symbol GIBO, starting Friday, May 9, 2025. April 30. -30.2%

Merger Votes

See more: Merger Votes Calendar

Merger votes set:

• Hennessy Capital Investment VI (OTC: HCVI) & Namib Minerals: May 6. – SF

• Black Spade II (BSII) & World Media and Entertainment Universal: May 30. – SF

• Bannix (OTC: BNIX) & Visionwave: May 22. – SF

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

• Focus Impact BH3 (OTC: BHAC) & XCF Global

• ShoulderUp Technology (OTC: SUAC) & SEE ID

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

• Global Star (OTC: GLST) & K Enter

• Rigel Resources (OTC: RRACF) & Aurous

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

• Aimfinity I (AIMAU) & Docter

• Integral 1 (OTC: INTE) & Flybondi

• Finnovate (OTC: FNVTF) & Scage

• Alpha Star (OTC: ALSAF) & XDATA

• Hennessy Capital VI (OTC: HCVI) & Namib Materials — Approved this week

Extensions

See more: Extension Votes Calendar

Approvals:

• Crown PropTech (CPTK): Mar 2026

• Goal (OTC: PUCK): Feb 2026

• Healthcare AI (OTC: HAIAF): Oct 2025

• Clean Energy Special Situations (OTC: SWSS): Jan 2026

Votes set:

• —

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

New IPOs:

1) Dune Acquisition Corp II (IPODU) priced its IPO. – PR

• $125M 1 R (1/10 sh)

• Focus: Software as a service, artificial intelligence, medtech or asset management and consultancy.

• UW: Clear Street.

2) EGH Acquisition Corp. (EGHAU) priced its IPO. – PR

• $150M, 1 R (1/10 sh)

• Focus: Energy transition technologies

• UW: Cohen & Company

New registrations:

1) StoneBridge Acquisition II Corporation (APAC) filed for IPO. – S-1

• $5.00M, 1 R (1/10 sh)

• Focus: Ecommerce, Fintech, SaaS, Renewable Energy, Mining, IT

• UW: Maxim Group

2) NMP Acquisition Corp. (NMP) filed for IPO. – S-1

• $100M, 1 R (1/5 sh)

• Focus: N/A

• UW: Maxim Group

3) Oyster Enterprises II Acquisition Corp (OYSE) filed for IPO. – S-1

• $200M, 1 R (1/10 sh)

• Focus: Technology, Media, & AI

• UW: BTIG

4) Lake Superior Acquisition Corp. (LKSP) filed for IPO. – S-1

• $100M, 1 R (1/6 sh)

• Focus: N/A

• UW: Cohen & Company

Liquidations

See more: Liquidations Dataset

Announcements/ Delistings

• —

8 SPACs have liquidated YTD 2025, and 1 (CNGL - active litigation) 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)

SPAC Gainers & Losers

SPAC Volume Leaders

De-SPAC Gainers & Losers

De-SPACs listed from 2019-

De-SPAC Volume Leaders

SPAC Updates

Merger Votes / Completions

• Black Spade II (BSII) & World Media and Entertainment Universal set the merger vote for May 30. – SF

• Bannix (OTC: BNIX) & Visionwave set the merger vote for May 22. – SF

Deal Updates

• Integrated Rail and Resources (OTC: IRRX) signed a definitive Crude Oil Supply, Offtake, and Processing Agreement with Shell Trading (US) Company (STUSCO) on May 7, 2025, contingent on the closing of its merger with Uinta Infrastructure Group (Tar Sands Holdings II). Under the agreement, STUSCO will serve as the exclusive crude supplier and refined product purchaser for the Vernal, Utah facility over an initial seven-year term, with automatic two-year renewals. The deal includes pricing tied to market indices, exclusivity rights, and standard commercial protections. —SF

• YHN I (YHNA) and its merger partner, Mingde Technology, filed a Joinder Agreement on May 8, 2025, adding the newly formed Purchaser and Merger Sub as parties to the original Business Combination Agreement, fully binding them to its terms. —SF

Extensions

• Crown PropTech (CPTK) was approved to extend up to Mar 2026. ~4% of the public SPAC shares were redeemed. Remaining in trust: ~$5.7M / 491,806 shares. —SF

• Goal (OTC: PUCK) was approved to extend up to Feb 2026. ~61% of the public SPAC shares were redeemed. Remaining in trust: ~$0.8M / 67,963 shares. —SF

Listings

New Issues: IPOs, New S-1s

IPOs

• Dune II (IPODU) closed its $143.75M IPO, including the full greenshoe exercise. —SF

Filings

1) Lake Superior Acquisition Corp. (LKSP) filed for IPO. – S-1

• $100M, 1 R (1/6 sh)

• Focus: N/A

• UW: Cohen & Company

Listing Warnings / Transfers:

• Cartesian Growth II (RENE) received a non-compliance warning from Nasdaq and will be delisted on May 13; the company expects to trade OTC. – SF

Key Filings

Extensions:

• Globalink Investment (OTC: GLLI) – PRE

S-4 Filings*:

• NorthView (OTC: NVAC) & Profusa – S-4/A

• Consilium I (OTC: CSLMF) & Fusemachines – S-4/A

• JVSPAC (JVSA) & Hotel101 – F-4

• Integrated Rail and Resources (OTC: IRRX) & Tar Sands Holdings II – S-4/A

• Inception Growth (OTC: IGTA) & AgileAlgo – S-4/A

Post-Merger S-1 Filings**:

• Australian Oilseeds (COOT) – 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