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 10th - 14th)

Headlines of the Week

De-SPAC News

• Purple Innovation (PRPL) has initiated a review of strategic alternatives

• Anne Wojcicki reaffirmed her takeover offer for 23andMe (ME) at $2.94 per share, consisting of $0.41 per share in upfront cash and up to $2.53 per share in contingent value rights (CVRs) tied to revenue milestones through 2028. On March 10, 2025, she reiterated her willingness to finance the company’s operations at a 7% interest rate, maturing post-closing, and added a $20 million commitment to fund operations, offset by any future financing she secures. The proposal still requires Special Committee and non-affiliated shareholder approval and is not subject to a financing contingency. All other terms from the March 6 proposal remain unchanged.

Key Weekly SPAC Activity

Deal Announcements/ Terminations/ Closings

See more: SPAC Deal Pipeline

• No Mergers announced

• No Terminations, but a contested termination: Target Global I (OTC: TGAAF) & VenHub Global

• Completions:

  • Inflection Point II (IPXX) & USA Rare Earth (USAR), +85% from IPO

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • SK Growth Opportunities ($SKGR) & Webull: Mar 30th. – SF

  • Bukit Jalil Global 1 ($BUJA) & Global IBO Group: Mar 31st. – SF

  • Finnovate ($FNVTF) & Scage: Mar 27 – SF

• 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's (BFACF) & Classover

  • Rigel Resources (RRACF) & Aurous

  • Iris (IRAA) & Liminatus Pharma — approved last week

  • Perception Capital IV (RCFAF) & Blue Gold — approved last week

Extensions

See more: Extension Votes Calendar

• Approvals:

  • Bannix (BNIX) was approved to extend up to Jun 2025

• Votes set:

  • Oak Woods ($OAKU): Mar 20. – DEF

  • Direct Selling ($DSAQ): Mar 26. – DEF

  • Newbury Street ($NBST): Mar 21st. – DEF

  • SK Growth Opportunities ($SKGR): Mar 27th. – DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• No New IPOs

• New registrations:

  • Titan Acquisition Corp (TACH) filed for IPO. – S-1

    • $240M, 1/2 Warrant

      Focus: Financial technology

      UW: Cantor

  • Cantor Equity Partners II, Inc. (CEPT) filed for IPO. – S-1

    • $200M, No Units, No Warrants

      Focus: Financial services, healthcare, real estate services, technology, software

      UW: Cantor

  • Sizzle Acquisition Corp. II (SZZLU) filed for IPO. – S-1

    • $200M, 1 R (1/10 sh)

      Focus: Consumer & Lifestyle, Food & Agriculture Technology, Real Assets & Infrastructure, Technology & Innovation

      UW: Cantor

  • Thayer Ventures Acquisition Corporation II (TVAIU) filed for IPO. – S-1

    • $175M, 1 R (1/10 sh)

      Focus: Travel and transportation

      UW: Stifel

  • Renatus Tactical Acquisition Corp I (Pending symbol) filed for IPO. – S-1

    • $175M, 1/2 Warrant

      Focus: Cryptocurrency and blockchain, data security and dual use technologies markets in the United States

      UW: Clear Street

Liquidations

See more: Liquidations Dataset

• No Announcements/ Delistings

• 6 SPACs have liquidated in 2025 YTD 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

Liquidations / Terminations

• Target Global I (OTC: TGAAF) filed a lawsuit against its merger partner VenHub Global in the Delaware Court of Chancery on Feb 21, seeking to block VenHub from terminating the merger agreement. On March 12, the court granted a temporary restraining order, preventing VenHub from exiting the deal while litigation is ongoing. The BCA remains in effect until a final ruling is made. The case has been expedited, with trial dates under consideration for May and June 2025. —SF

Merger Votes / Completions

• Hennessy Capital Investment VI (HCVI) set April 7 for its merger vote with Namib Materials. — SF

Deal Updates

• SK Growth Opportunities ($SKGR) & Webull filed an investor presentation ahead of the upcoming merger vote. —SF

• Focus Impact BH3 ($BHAC) & XCF Global filed an updated investor presentation for the deal. —SF 

Other SPAC Updates

• International Media (IMAQ): In connection with its securities purchase agreement with JC Unify Capital, IMAQ’s sponsor executed a series of corporate actions, including debt-to-equity conversion, share transfer restrictions, and CEO replacement. —SF 

Listings

New Issues: IPOs, New S-1s

IPOs

• Quartzsea (QSEA-U) and Gesher II (GSHR-U) S-1s are expected.

Filings

• Sizzle Acquisition Corp. II (SZZLU) filed for IPO. – S-1

  • $200M, 1 R (1/10 sh)

  • Focus: Consumer & Lifestyle, Food & Agriculture Technology, Real Assets & Infrastructure, Technology & Innovation

  • UW: Cantor

• Thayer Ventures Acquisition Corporation II (TVAIU) filed for IPO. – S-1

  • $175M, 1 R (1/10 sh)

  • Focus: Travel and transportation

  • UW: Stifel

• Renatus Tactical Acquisition Corp I (Pending symbol) filed for IPO. – S-1

  • $175M, 1/2 Warrant

  • Focus: Cryptocurrency and blockchain, data security and dual use technologies markets in the United States

  • UW: Clear Street

Listing Warnings / Transfers:

• Bannix (BNIX) was delisted by Nasdaq and is set to begin trading OTC under its same symbols.

• Patria Latin American Opportunity Acquisition Corp. (PLAO) is set to be delisted by Nasdaq today due to the Company’s non-compliance with the 36-month SPAC deadline rule. —SF

Key Filings

S-4 Filings*:

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

Post-Merger S-1 Filings**:

• DevvStream (DEVS) — EFFECT

• Crown LNG Holdings (CGBS) — 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