Weekly SPAC Review (Sep 16-20)

Headlines of the Week

De-SPAC M&A

• Complete Solar ($CSLR) is the Winning Bidder in SunPower Chapter 11 Proceedings — PR

Other De-SPAC News

• Bird Global’s (BRDSQ) existing shares were canceled worthless as its bankruptcy plan became effective.

• Stem ($STEM) and Lazydays ($GORV) announced their CEOs have stepped down and been replaced with interim CEOs.

• All of the independent directors of 23andMe ($ME) resigned from the Board of the company in a joint statement due to the CEO Wojcicki not submitting “an actionable'“ proposal to take the company private 5 months after she put the initial take-private proposal forward. (PR). Wojcicki then responded in a memo to employees saying she was committed to taking the company private. — BB

• Trump SPAC Founder Orlando Wins 800,000 More Shares in Trump Media & Technology ($DJT) — BB

• ANEW Medical, Inc. (WENA) performed a name and symbol change to Klotho Neurosciences, Inc. ($KLTO). — PR

• Short seller Wolfpack Research publishes a short report on SWVL ($SWVL) titled, ‘SWVL, a “Transportation-as-a-Service” Start-up Appears to Be a Few Breaths Away from Bankruptcy’ — Wolfpack Report

• HNR Acquisition Corp (HNRA) changed its name and symbol to EON Resources Inc. ($EONR) — PR

SPAC Coverage*

• Aura FAT Projects ($AFAR), which hasn't traded since its halting by Nasdaq on July 19, reported it has started the process of moving its listing to OTC and advises it is committed to an uplisting after closing its merger with Allrites. — 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:

  • Horizon Space I ($HSPO) & Chinese brand marketing firm, Squirrel Enlivened International at a $200M pre-money valuation. — PR / Pending IP / BCA

  • Chenghe II ($CHEB) & Indonesian B2B online grocery platform, Polibeli, at a $3.6 billion pre-money equity valuation. — 8-K / Pending IP / BCA

  • FutureTech II ($FTII) & Longevity Biomedical, a biotech roll-up, at a $100M pre-money equity valuation. — PR / IP / BCA

• Terminations:

  • Vaso (OTC:$VASO) issued a termination notice to $AVHI

  • $BACA & Custom Health

• Completions:

  • Plum I (PLMI) & Veea [$VEE]), +9.8% from IPO

  • Pono Capital Two (PTWO) & SBC Medical Group [$SBC], -45% from IPO

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • Insight [$INAQ] & Alpha Modus: Oct 14. — SF

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

  • Acri Capital [$ACAC] & Foxx Development

  • Nova Vision [$NOVV] & Real Messenger

  • Focus Impact [$FIAC] & DevvStream

Extensions

See more: Extension Votes Calendar

• Approvals:

  • BAYA: June 2025

• Votes set:

  • $OAKU: Sep 25

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• New IPOs:

  • YHN Acquisition I Limited ($YHNA-U) — PR

  • Cayson Acquisition Corp ($CAPN-U) — PR

• New registrations

  • Roman DBDR Acquisition Corp. II [DRDB] — S-1

  • Cohen Circle Acquisition Corp. I [CCIR] — S-1

  • Bold Eagle Acquisition Corp. [BEAG] — S-1

Liquidations

See more: Liquidations Dataset

• Last week, no new liquidations were announced

• 38 SPACs have liquidated in 2024

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

• Arqit Quantum [$ARQQ] will implement a 1-for-25 reverse stock split ahead of trading on Sep 25. — PR

• MultiPlan [$MPLN] will implement a 1-for-40 reverse stock split on Sep 23. — PR

The Deals

1) FutureTech II [$FTII] & Longevity Biomedical, a biotech roll-up. — PR / IP / BCA

• Target Description: Longevity Biomedical is a biopharmaceutical company focused on advancing technologies across therapeutics, health monitoring and digital health solutions to restore tissue form and function in order to increase and improve health span. Longevity’s mission is to become a consolidator and a leading provider of products and services designed to help people live longer, healthier lives. Longevity is acquiring a differentiated therapeutic pipeline of late-stage clinical technologies across ophthalmology, cardiovascular disease and soft tissue reconstruction and repair. Building on this platform, Longevity intends to acquire and/or partner with other health technology companies to become a leading provider of products and services designed to increase and improve health span amongst the rapidly growing aging patient population.

• Valuation: $100M Pre-money equity value

• Additional Deal Notes: Longevity Biomedical was in a BCA with Denali Capital (DECA), which was terminated in June.

SPAC Updates

Liquidations / Terminations

• Berenson I [$BACA] & Custom Health terminated the BCA. — SF

Merger Votes / Completions

• Clover Leaf Capital Corp. [$CLOE]: adjourned the merger vote to Sep 27. – SF

Extensions

• Atlantic Coastal II [$ACAB] was approved to extend up to Nov 2024. ~19% of the public SPAC shares were redeemed. Remaining in trust: ~$6.2M / 541,269 shares. — SF

• Metal Sky [$MSSA] stated that it filed the preliminary proxy for extension after its termination date (Aug 5) as it didn’t realize the deadline was approaching. Per the filing, it was preoccupied with preparing financial statements and changing its legal counsel. It has deposited $50,000 into the trust (~$0.015 per public share) each month for August and September and believes that is fair compensation for the delay. MSSA also reported that it is in talks with a “potential target in the telecommunications industry located in Armenia.” –SF

Listings

New Issues: IPOs, New S-1s

Filings

• Cohen Circle Acquisition Corp. I [CCIR] — S-1

  • Serial Sponsor: Becky Cohen

  • $200M, 1/3 Warrant

  • UW: Cantor

• Bold Eagle Acquisition Corp. [BEAG] — S-1

  • Serial Sponsor: Harry Sloan & Jeff Sagansky

  • $250M, 1 R (1/20 sh)

  • UW: UBS Investment Bank, Jefferies

Listing Warnings / Transfers:

• WinVest Acquisition Corp. [$WINV]: non-compliance warning. – SF'

• New Providence II [$NPAB]: non-compliance warning. — SF
  

Key Filings

Extensions:

• Western Acquisition Ventures Corp. [$WAVS] – DEF

• Integral Acquisition Corporation 1 [$INTE] – PRE

• Investcorp India Acquisition Corp. [$IVCA] – PRE

• Metal Sky Acquisition Corp [$MSSA] – PRE

• New Providence Acquisition Corp. II [$NPAB] – PRE

S-4 Filings*:

• Rigel Resource [$RRAC] & Aurous – 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