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 (March 31st - April 4th)

Headlines of the Week*

De-SPAC M&A

• Nano Dimension (NNDM) has completed its $179.3 million acquisition of Desktop Metal (DM) at $5.295 per share.

• MDA Space Ltd. (TSX: MDA) has agreed to acquire all outstanding shares of SatixFy Communications Ltd. (NYSE American: SATX) in an all-cash transaction valued at US$2.10 per share, representing an equity value of approximately US$193 million

• Vacasa (VCSA) Davidson Kempner has submitted a fourth revised non-binding acquisition proposal to Vacasa’s Special Committee, increasing the offer price to $5.83 per share in cash.

• Getty Images (GETY) and Shutterstock (SSTK) have each received a Second Request from the DOJ, extending the antitrust review of their proposed merger under the Hart-Scott-Rodino Act.

• LanzaTech (LNZA) received a non-binding proposal from Carbon Direct Capital Management to acquire the company for $0.02 per share.

• NewGenIvf has terminated its binding term sheet with European Wellness Investment Holdings Limited (EWIHL) for a proposed reverse merger after EWIHL failed to deliver audited financials for 2023 and 2024 by the March 31, 2025 deadline.

_{*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:

  • YHN I (YHNA) entered into a definitive agreement to merge with Mingde Technology.

• No Terminations

• Completions:

  • Expected Friday: Battery Future Acquisition's (BFAC) & Classover (KIDZ)

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • Distoken (DIST) & Youlife International: Apr 30. – SF

  • WinVest (OTC: WINV) & Xtribe: May 15. – SF

  • Chenghe II (CHEB) & Polibeli Group: May 1. – SF

  • Alpha Star (OTC: ALSAF) & XDATA: May 2. – 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

  • Rigel Resources (OTC: RRACF) & Aurous

  • Iris (IRAA) & Liminatus Pharma

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

  • Aimfinity I (AIMAU) & Docter

  • Marblegate (GATE) & DePalma Companies

  • Integral 1 (INTE) & Flybondi

  • SK Growth Opportunities (SKGR) & WeBull — approved last week

  • Finnovate (OTC: FNVTF) & Scage — approved last week

  • Bukit Jalil Global 1 (BUJA) & Global IBO Group — approved last week

Extensions

See more: Extension Votes Calendar

• Approvals:

  • Metal Sky Star (MSSA): Jan 2026

• Votes set:

  • DT Cloud (DYCQ): Apr 18. – DEF

  • Ares II (AACT): Apr 22. – DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• New IPOs:

  • UY Scuti Acquisition Corp. (UYSCU) priced its IPO. – PR

    $50M, 1 R (1/15 sh)

    Focus: Asia

    UW: Maxim Group

  • Siddhi Acquisition Corp (SDHIU) priced its IPO. – PR

    $240M, 1 R (1/10 sh)

    Focus: High-Growth Consumer & Food Tech

    UW: Santander

  • Sizzle Acquisition Corp. II (SZZLU) priced its IPO. – PR

    $200M, 1 (1/10 sh)

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

    UW: Cantor

  • Soulpower Acquisition Corporation (SOULU) priced its IPO. — PR

    $220M, 1 R (1/10 sh)

    Focus: Insurance services, retirement savings, and other related financial services.

    UW: Cantor

• New registrations

  • Vickers Vantage II (VCKB) filed for IPO. – S-1

    $180M, 1 R (1/10 sh)

    Focus: Early-stage Deep-Tech (Biotech, Energy, Cleantech, and Fintech)

    UW: Cohen & Company

  • Lakeshore III (Pre-Listing: LCCC) filed for IPO. – S-1

    $60M, 1 R (1/6 sh)

    Focus: North America, South America, Europe, or Asia

    UW: A.G.P.

Liquidations

See more: Liquidations Dataset

• No Announcements/ Delistings

• 7 SPACs have liquidated in 2025 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

News & De-SPAC Updates

• P3 Health Partners (PIII) will implement a 1-for-50 reverse stock split ahead of trading on Monday, April 14. —SF

SPAC Updates

Merger Votes / Completions

• Battery Future Acquisition's (BFAC) merger with Classover was expected to close on Friday, April 4. Upon closing the combined company Classover Holdings, Inc. will trade under the symbols KIDZ and KIDZW for its common shares and warrants, respectively. —Nasdaq

• Alpha Star (OTC: ALSAF) & XDATA set the merger vote for May 2nd. – SF

Extensions

• DT Cloud (DYCQ) filed an amended proxy ahead of its upcoming extension vote to update the per-share trust value to $10.66 as of March 31. – SF

• Metal Sky Star (MSSA) was approved to extend up to Jan 2026. Pending redemption details. —SF

Listings

New Issues: IPOs, New S-1s

Filings

• Lakeshore III (Pre-Listing: LCCC) filed for IPO. – S-1

  • $60M, 1 R (1/6 sh)

  • Focus: North America, South America, Europe, or Asia

  • UW: A.G.P.

Listing Warnings / Transfers:

• Metal Sky Star (MSSA) received a non-compliance warning from Nasdaq and will be delisted on Apr 9, with plans to trade OTC. – SF

• Hennessy Capital Investment Corp. VI (HCVI) was delisted from Nasdaq and will begin trading OTC.

• Global Lights Acquisition Corp (GLAC) was delisted from Nasdaq and will begin trading OTC.

Key Filings

Extensions:

• Ares II (AACT) – DEF

• ClimateRock (CLRC) – PRE

• Pyrophyte (OTC: PHYTF) – PRE

• Aquaron (AQUC) – PRE

S-4 Filings*:

• —

Post-Merger S-1 Filings**:

• —

*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