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 (Sep 23-27)

Headlines of the Week

De-SPAC M&A

• Presto's [OTC: $PRST] senior lender Metropolitan is running a sale process for the company's business and assets with the existing Presto shares to be canceled worthless and the company wound up. — PR

• PayMate India entered into a binding term sheet to acquire DigiAsia [$FAAS] at a proposed enterprise valuation of $400M. — PR

• Markforged [$MKFG] announced it will be acquired by Nano Dimension in an all-cash transaction for $5.00 per share or an aggregate total consideration of $115M. — PR

• Target Hospitality [$TH] announced it disbanded its special committee which was formed to evaluate TDR Capital’s (affiliate Arrow Holdings) unsolicited non-binding offer to acquire the company for $10.80 per share. No new formal offers were received, and TDR/ Arrow did not reaffirm its offer. — PR

Other De-SPAC News

• Caravelle [$CACO] will change its ticker to HTCO prior to trading on Sep 30. — PR

• African Agriculture [OTC: $AAGR] was delisted by Nasdaq and began trading OTC.

• Co-founders of Trump Media & Technology [$DJT], Andy Litinsky and Wes Moss, sold all of the 7.5 million DJT shares owned by their company, United Atlantic Ventures, within a week after a lock-up agreement expired last week. — BB

• AvePoint [$AVPT] announced that only 9.1% of the warrants were tendered at the expiration of the warrant tender offer. In addition, the warrant amendment, which would have permitted AVPT to redeem the remaining non-tendered warrants for 20% less than the offer, did not pass due to holders of only 9.1% of warrants consenting. — PR

SPAC Coverage*

• American Battery Materials, Inc. [OTC: $BLTH] entered into a non-binding LOI with an unnamed Nasdaq-listed SPAC. BLTH was teed up to merge with another SPAC, Seaport Global II, but the deal was terminated in Nov 2023. — PR

• A SPAC II [ASCB —> OTC: $ASCBF] was delisted by Nasdaq and began trading OTC.

_{*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:

  • Breeze Holdings [OTC: $BRZH] & Taiwan-based biotech, YD Biopharma, at a $647M pre-money equity valuation. — PR / IP / BCA

• Terminations:

  • Invest Europe I [$IVCB] & Zacco Holdings

  • Everest Consolidator [$MNTN] & Unifund Financial Technologies (disputed termination)

• Completions:

  • Acri Capital [ACAC] & Foxx Development [$FOXX], +9% from SPAC IPO

Merger Votes

See more: Merger Votes Calendar

• No Merger votes set

• Deals in limbo — merger approved & pending closing:

  • ExcelFin [$XFIN] & Baird Medical (approved last week)

  • Nova Vision [$NOVV] & Real Messenger

  • Focus Impact [$FIAC] & DevvStream

Extensions

See more: Extension Votes Calendar

• Approvals:

  • $NVAC: March 2025

  • $RFAC: March 2025

  • $NBST: March 2025

  • ROSS (Delisted): March 2026

  • $MITA: Dec 2024

• Votes set:

  • $FRLA, $IXAQ

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• No new IPOs

• New registrations

  • Charlton Aria [CHAR] — S-1

  • Jackson Acquisition Company II [JACS] – S-1

Liquidations

See more: Liquidations Dataset

• Liquidations Announced

  • Berenson I [BACA]: the last trading day was expected to be Sep 27. Appx. red. price: $10.69. — SF

• 39 SPACs have liquidated in 2024, while 1 is 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

• Doma [DOMA: Acquired] closed its acquisition by Title Resources Group (TRG). — PR

• SEC Charges Former CEO of Romeo Power [RMO: Acquired] for misleading investors — SEC

• Arqit Quantum [$ARQQ] announced it replaced its co-founder and CEO, David Williams, with a new CEO. Williams will also step down from the Board. — PR

SPAC Updates

Liquidations / Terminations

• Ault Disruptive Technologies [$ADRT] will liquidate with the last day of trading set for Oct 10. Appx. red. price: $11.18. – PR

• Everest Consolidator [$MNTN] received a termination notice from its merger partner, Unifund Financial Technologies. MNTN responded with a letter stating it believes the termination to be invalid due to Unifund's "previous and existing breach of certain key representations and warranties under the BCA.” — SF

Merger Votes / Completions

• Clover Leaf Capital [$CLOE] adjourned the merger vote again from Sep 27 to Oct 11. – SF

• ExcelFin [$XFIN] & Baird Medical: the expected redemption price per share to be appx. $11.07 and expects the merger to close on Sep 30. — SF

Extensions

• Hennessy Capital VI [$HCVI] postponed the extension vote from Sep 20 to Sep 30. – SF

Listings

New Issues: IPOs, New S-1s

Filings

•  Jackson Acquisition Company II [JACS] – S-1

  • $200M, 1/3 Warrant

  • Focus: Healthcare

    UW: Roth Capital

Key Filings

Extensions:

• Alchemy Investments Acquisition Corp 1 [$ALCY] – PRE

• Finnovate Acquisition Corp. [$FNVT] – PRE

• Southport Acquisition Corp [$PORT] – PRE

• Cactus Acquisition Corp. 1 Ltd [$CCTS] – PRER

• Chain Bridge I [$CBRG] – PRER

S-4 Filings*:

• Global Star Acquisition, Inc. [$GLST] – F-4/A

• TMT Acquisition Corp [$TMTC] – F-4/A 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