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 (Mar 24th - 28th)

Headlines of the Week*

De-SPAC M&A

• Grab Holdings (GRAB) is seeking to raise up to $2 billion in a 12-month bridge loan to support its potential acquisition of Indonesian rival GoTo Group. The Singapore-based ride-hailing and delivery platform is in early discussions with banks, and final terms are still being negotiated. The loan would provide short-term financing for the deal as Grab continues its due diligence and takeover talks with GoTo. — Bloomberg

• Wag! Group (PET) announced that its Board is advancing a strategic alternatives review aimed at maximizing shareholder value. The process may include potential investments, partnerships, a sale, merger, or other strategic transactions. No timeline has been set. BofA Securities is serving as the company's financial advisor. — PR

Other De-SPAC News

• 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 23andMe’s 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. — PR

• 23andMe (MEHCQ) was delisted from Nasdaq and is set to begin trading OTC under the new symbol MEHCQ, following its Chapter 11 bankruptcy filing.

• Trevor Milton, Founder and former CEO of Nikola, announced on X that he received a full pardon from President Trump after being charged with securities fraud.

Key Weekly SPAC Activity

Deal Announcements/ Terminations/ Closings

See more: SPAC Deal Pipeline

• Mergers announced:

  • HCM II Acquisition Corp. (HOND) & small modular nuclear power plant developer, Terrestrial Energy — PR / IP

• No Terminations

• No Completions

Merger Votes

See more: Merger Votes Calendar

• No Merger votes set

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

  • Focus Impact BH3 (BHAC) & XCF Global

  • ShoulderUp Technology (SUAC) & SEE ID

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

  • Global Star (GLST) & K Enter

  • Battery Future (BFACF) & Classover

  • Rigel Resources (RRACF) & Aurous

  • Iris (IRAA) & Liminatus Pharma

  • Perception Capital IV (RCFAF) & Blue Gold

  • Aimfinity I (AIMAU) & Docter — approved last week

  • Marblegate (GATE) & DePalma Companies — approved last week

  • Integral 1 (INTE) & Flybondi — approved last week

Extensions

See more: Extension Votes Calendar

• Approvals:

  • DT Cloud (DYCQ): May 2026.

  • Newbury Street (OTC: NBST): Sep 2025.

  • NorthView (OTC: NVAC): Jun 2025.

  • Oak Woods (OAKU): Sep 2025.

• Votes set:

  • Clean Energy Special Situations (OTC: SWSS): Apr 30. – DEF

  • Compass Digital (OTC: CDAQF): Apr 16. – DEF

  • Denali Capital (DECA): Apr 10. – DEF

  • Bowen (BOWN): Apr 14. – DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• No New IPOs

• New registrations

  • Armada Acquisition Corp. II filed for IPO. – S-1

    $200M, 1/2 Warrant

    Focus: Financial services (FinTech), Software-as-a-Service (SaaS), or artificial intelligence (AI)

    UW: Cohen & Company

  • BEST SPAC I Acquisition Corp. (BSAA) filed for IPO. – S-1

    $55M, 1 R (1/10 sh)

    Focus: Consumer Goods, Global Growth

    UW: Maxim Group

Liquidations

See more: Liquidations Dataset

• Announcements/ Delistings

  • DUET Acquisition Corp. (DUET)

• 7 SPACs have liquidated in 2024, 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)

SPAC Gainers & Losers

SPAC Volume Leaders

De-SPAC Gainers & Losers

De-SPACs listed from 2019-

De-SPAC Volume Leaders

SPAC Updates

Merger Votes / Completions

• Aimfinity Investment I (AIMAU) shareholders approved the merger with Docter. Pending redemption details. —SF

• Integral Acquisition Corporation 1 (INTE) shareholders approved the merger with Flybondi. ~96% of the public SPAC shares were redeemed, leaving 14,168 public shares ($0.2M) prior to any potential reversals. — SF

Deal Updates

• SK Growth Opportunities (SKGR) & Webull filed a presentation detailing the incentive warrants. —SF 

• SK Growth Opportunities (SKGR) & Webull filed an investor presentation for the deal. – SF

Extensions

• Bowen (BOWN) filed a DEF 14A in connection with its extension vote, set for Apr 14. Bowen also provided the redemption details in connection with its previous extension (prior to merger vote): ~88% of the public SPAC shares were redeemed. Remaining in trust: ~$9.4M / 847,905 shares. – SF

Listings

New Issues: IPOs, New S-1s

Filings

• BEST SPAC I Acquisition Corp. (BSAA) filed for IPO. – S-1

  • $55M, 1 R (1/10 sh)

  • Focus: Consumer Goods, Global Growth

    UW: Maxim Group

Key Filings

Extensions:

• Bowen (BOWN) – DEF

• AltEnergy (OTC: AEAE) – PRE

• Alpha Star (OTC: ALSAF) – PRE

• Healthcare AI (OTC: HAIAF) – PRE

S-4 Filings*:

• Chenghe II (CHEB) & Polibeli Group – F-4/A

• WinVest (OTC: WINV) & Xtribe – F-4/A

• Plum III (PLMJF) & Tactical Resources (OTC: USREF) – F-4/A

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

Post-Merger S-1 Filings**:

• Bolt Projects (BSLK) — 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