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 (Apr 7th - 11th)

Headlines of the Week*

De-SPAC M&A

• Altus Power shareholders approved the previously announced acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy. Under the terms of the merger agreement, Altus stockholders will receive $5.00 per share in cash. The transaction is expected to close on April 16, 2025. —PR

• MoneyLion's (ML) acquisition by Gen Digital is expected to close on April 15.

• Vincerx Pharma (VINC) terminated its non-binding LOI to merge with Global Digital Holdings (QumulusAI). The board has authorized management to initiate wind-down activities and pursue monetization and out-licensing opportunities for its assets. — PR

Key SPAC Activity

• TLGY (OTC: TLGYF) entered into a non-binding LOI with the Ethena Foundation to explore a potential business combination involving the acquisition of a validator business serving the Ethena crypto ecosystem, including the upcoming Converge network. The proposed transaction includes a right for TLGY to purchase up to $100M in ENA tokens at a discounted price, funded through a mix of TLGY trust account cash and PIPE equity from Ethena, with the ratio to be determined later. TLGY may also gain rights to participate in future discounted ENA token sales. The contemplated partnership would span five years, with TLGY’s sponsors potentially forfeiting most founder shares in favor of performance-based earnout shares to mitigate dilution. — SF

Key Weekly SPAC Activity

Deal Announcements/ Terminations/ Closings

See more: SPAC Deal Pipeline

• Mergers announced:

  • International Media (OTC: IMAQ) entered into a definitive merger agreement with VCI Biofuels Group, the chemicals and ethanol producer of parent company VCI Holdings — PR / 8-K

• Terminations:

  • Chain Bridge I (OTC: CBRRF) and Phytanix Bio

  • Agriculture & Natural Solutions (ANSC) and Australian Food & Agriculture Company

• Completions:

  • SK Growth Opportunities Corporation (SKGR) closed its merger with WeBull (BULL). [+33% from SPAC IPO]

  • Marblegate Acquisition Corp (GATE) closed its merger with Marblegate Capital Corp. (OTC: MGTE) with the combined company trading OTC. [-76% from IPO]

Merger Votes

See more: Merger Votes Calendar

• No Merger votes set

• 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

  • Iris (OTC: IRAA) & Liminatus Pharma

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

  • Aimfinity I (AIMAU) & Docter

  • Integral 1 (OTC: INTE) & Flybondi

  • Finnovate (OTC: FNVTF) & Scage

  • Bukit Jalil Global 1 (BUJA) & Global IBO Group

Extensions

See more: Extension Votes Calendar

• Approvals:

  • Focus Impact BH3 (OTC: BHAC) was approved to extend up to Oct 2025

• Votes set:

  • TLGY (OTC: TLGYF): Apr 15. – DEF

  • Technology & Telecommunication (TETEF): Apr 16. – DEF

  • AltEnergy (OTC: AEAE): Apr 23. – DEF

  • Healthcare AI (OTC: HAIAF): Apr 28. – DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• New IPOs:

  • Titan Acquisition Corp (TACH-U) priced its IPO —PR

    $240M, 1/2 Warrant

    Focus: Financial technology

    UW: Cantor

• New registrations

  • New Providence Acquisition Corp. III (NPAC) filed for IPO. – S-1

    • $260M, 1/3 Warrant

    • Focus: Consumer

    • UW: Cantor

  • Twelve Seas Investment Company III (TWLV) filed for IPO. – S-1

    • $150M, 1 R (1/10 sh)

    • Focus: International Oil & Gas

    • UW: Cohen & Company

  • Pelican Acquisition Corporation (PELI) filed for IPO. $75M, 1 right (1/10th of a share); Focus: Global Technology; UW: EarlyBirdCapital – S-1

    • $75M, 1 R (1/10 sh)

    • Focus: Global Technology

    • UW: EarlyBirdCapital

  • Gores Holdings X, Inc. (GTEN) filed for IPO. – S-1

    • $260M, 1/2 Warrant

    • Focus: N/A

    • UW: Santander

Liquidations

See more: Liquidations Dataset

• Announcements/ Delistings

  • Global Blockchain (GBBK) announced it will liquidate effective April 14.

• 7 SPACs have liquidated YTD 2025 and 2 are 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

• Scilex Holding Company (SCLX) will implement a 1-for-35 reverse split ahead of trading on April 15. —PR

• Lucid (LCID) has agreed to acquire select manufacturing and development facilities from Nikola following a bankruptcy auction, pending court approval. The acquisition includes Nikola's former Coolidge, AZ manufacturing plant and Phoenix, AZ headquarters, adding over 884,000 square feet of industrial space to Lucid’s Arizona operations. The deal excludes Nikola’s business operations, customer base, and hydrogen truck technology. Lucid intends to offer jobs to over 300 former Nikola employees in various technical and support roles, aligning with its expansion strategy in EV manufacturing and engineering. —PR

• ConnectM confirmed ongoing discussions with a group of institutional investors who submitted a $1.60 per share buyout offer on March 31, 2025. The Buy-Out Group initially based their $46.5 million equity valuation on outdated share count figures. ConnectM has since clarified that its outstanding shares total 38.76 million, implying a revised equity value of approximately $62 million. The Buy-Out Group affirmed its commitment to proceed with the proposed per-share consideration despite the updated share count. —PR

SPAC Updates

Liquidations / Terminations

• Agriculture & Natural Solutions (ANSC) and Australian Food & Agriculture Company mutually determined to terminate their merger agreement, citing "increasingly volatile equity market conditions". —SF

Extensions

• Focus Impact BH3 (OTC: BHAC) was approved to extend up to Oct 2025. 99.99% of the public SPAC shares were redeemed. Remaining in trust: ~$0.1M / 3,489 shares. —SF

• TLGY Acquisition Corp. (OTC: TLGYF) announced it will waive its right to withdraw up to $100,000 of interest from its trust account for dissolution expenses if its shareholders approve the proposed extension of the deadline to complete a business combination at the April 15 meeting. —SF

Listings

New Issues: IPOs, New S-1s

IPOs

• Titan Acquisition Corp (TACHU) closed its $276 million IPO, including the full exercise of the $36 million greenshoe. —PR

Filings

• Gores Holdings X, Inc. (GTEN) filed for IPO. – S-1

  • $260M, 1/2 Warrant

  • Focus: N/A

  • UW: Santander

Listing Warnings / Transfers:

• Patria's (PLAO) units and warrants have been delisted by Nasdaq. The company's securities have been suspended since March 19, and its common shares will continue to be suspended. —SF 

Key Filings

Extensions:

• AltEnergy (OTC: AEAE) – DEF

• Healthcare AI (OTC: HAIAF) – DEF

• Finnovate (OTC: FNVTF) – PRE

• Aquaron (AQUC) – PRER

S-4 Filings*:

• Keen Vision (KVAC) & Medera Inc. – F-4/A

• Black Spade II (BSII) & World Media and Entertainment Universal – F-4

Post-Merger S-1 Filings**:

• BiomX (PHGE) – S-1

*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