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 (Aug 19th -23rd)

Headlines of the Week

De-SPAC M&A

• Allego’s (ALLG) was acquired by its majority shareowner, Meridiam, via a tender offer. — PR

Other De-SPAC News

• Nuvo Group ($NUVO) filed for Chapter 11 bankruptcy. — SF / Bloomberg

• Trump Is About to Get the All-Clear to Cash In on Media ($DJT) Shares — Bloomberg

• AvePoint ($AVPT) is considering a secondary listing in Singapore that could take place in the next 12 months. — Bloomberg

• BurgerFi International ($BFI) warns of possible bankruptcy, joins growing list of embattled restaurant brands in 2024 — FastCompany

• Sonder ($SOND) jumped 130% upon announcing a licensing agreement with Marriott and a capital injection, including $43M of new convertible preferred equity and adjusted financing. — PR

SPAC Coverage*

• Corner Growth ($COOL) and Corner Growth 2 ($TRON) entered into sponsor handover deals with a new group. The existing officers and directors resigned. — COOL SF // TRON SF

_{*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:

  • Inflection Point II ($IPXX) & rare earth miner USA Rare Earth — PR / IP

  • Plum Acquisition III ($PLMJ) & rare earth miner Tactical Resources (OTC: USREF) — PR / IP

  • AlphaVest ($ATMV) & security and consumer electronics company AMC Corporation — PR

  • Yotta ($YOTA) & EV retail company DRIVEiT Financial Auto Group — PR

• Terminations:

  • Global Technology I ($GTAC) & Tyfon Culture Holdings

  • TortoiseEcofin III ($TRTLF) & One Energy Enterprises

  • Vision Sensing ($VSAC) & Mediforum

  • Israel Acquisitions ($ISRL) & Pomvom (TASE: PMVM) — SF / CTech

• No new Completions

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • $NOVV & Real Messenger: Sep 10

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

  • $IFIN & Seamless Group (CURRENC Group)

  • $PLMI & Veea

Extensions

See more: Extension Votes Calendar

• Approvals:

  • $CSLM: July 2025

• Votes set:

  • $MNTN

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• No new IPOs

• No new registrations

Liquidations

See more: Liquidations Dataset

• Last week, 1 new liquidation was announced ($TRTLF)

• 33 SPACs have liquidated YTD 2024, and 2 are in the process of liquidating.

Current Stats:

See more: SPAC Stats

Friday’s 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- in descending order with the 3 Gainers followed by the 3 Losers

News & De-SPAC Updates

• Cantor, Lutnick Pay $12 Million to Settle View Inc. (VIEW: Bankruptcy Delisting) SPAC Case — Bloomberg Law

• ESS Tech ($GWH) implemented a 1-for-15 reverse stock split that will be effective on Aug 26. — PR

The Deals

Plum Acquisition III ($PLMJ) & Tactical Resources (OTC: USREF) — PR

• Target Details:

  • HQ: Vancouver, Canada

  • Description: Tactical Resources is a mineral exploration and development company focused on U.S.-made rare earth elements used in semiconductors, electric vehicles, advanced robotics, and most importantly, national defense. The Company is also actively involved in the development of innovative metallurgical processing techniques to further unlock REEs development potential.

• Valuation: $500M Pre-money equity value / $589M Pro-forma enterprise value

• Investor Presentation

SPAC Updates

Merger Votes / Completions

• Iris ($IRAA) & Liminatus Pharma canceled the Aug 29 merger vote. IRAA intends to call a new meeting. — SF

• Pono Capital Two ($PTWO) & SBC Medical Group reported that, pursuant to the non-redemption agreement, an investor purchased 1,512,575 public shares. At present, 135,471 public shares, representing 8% of the total, have been redeemed, leaving 1,513,945 public SPAC shares ($17.6M), including the NRA shares, prior to any potential reversals. — SF

Deal Updates

• AlphaTime ($ATMC) & HCYC Group Company amended the BCA to increase the minimum PIPE commitment to $9M. — SF

• Coliseum ($MITA) & Rain Enhancement Technologies amended the BCA to, among other things, permit the sponsor to exclude a portion of its shares from lock-up restrictions and to reflect changes in RET's capital structure. — SF

• ExcelFin ($XFIN) & Baird Medical extended the outside date to Sep 30. — SF

Extensions

• Maquia Capital ($MAQC) was approved to extend up to Jan 2025. ~86% of the public SPAC shares were redeemed. Remaining in trust: ~$1.6M / 135,663 shares. — SF

• SilverBox III ($SBXC) adjourned its extension vote meeting from Aug 23 to Aug27 — SF

Listing Warnings / Transfers:

• Mars ($MARX) will transfer from Nasdaq Global to Nasdaq Capital. MARX has until Sep 30 to gain compliance with the 300 public holder rule. — SF 

• Blue Ocean ($BOCN): non-compliance. — SF

Key Filings

Extensions:

• NorthView ($NVAC) — PRE

• Trailblazer Merger I ($TBMC) — PRE

S-4 Filings*:

• Global Star ($GLST) & K Enter — F-4/A

*The latest S-4 filings can be found in the Announced Mergers dataset.

Key Event Calendar:

See the full calendar: SPAC Calendar