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 9-13)

Headlines of the Week

De-SPAC M&A

• 23andMe ($ME) CEO Wojcicki open to third-party takeover proposals for firm, filing shows — Reuters

Other De-SPAC News

• BurgerFi ($BFI) filed for Chapter 11 bankruptcy. — PR

• Convicted Nikola ($NKLA) founder Milton owes electric truck maker $168 million, judge rules — Reuters

• Digital Media Solutions (OTC: $DMSL) filed for Chapter 11 bankruptcy and entered into an asset sale with its existing lenders. — PR

• US auto safety regulator opens probe into some VinFast ($VFS) cars — Reuters

• SAI.TECH Global (SAI —> $SAIH) changed its name and symbol to SAIHEAT Limited (SAIH). — PR

SPAC Coverage*

• Denali ($DECA) reported that, in connection with the merger with Scilex subsidiary Semnur, DECA’s sponsor group sold its interest in the sponsor to Scilex for $2M cash and 300,000 Scilex shares. — SF

• Zalatoris ($ZLS) reported that its CEO resigned without a replacement. — SF

• DevvStream, Focus Impact’s ($FIAC) merger partner, announced the transaction is expected to close on Sep 16. — PR

_{*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:

  • Southport Acquisition Corp (OTC: $PORT) & Angel Studios, a mission-driven film studio that produced Sound of Freedom — PR / IP / BCA

  • Alpha Star ($ALSA) & Estonia-based software developer, XDATA — PR / Pending IP / BCA

• No Terminations

• No Completions

Merger Votes

See more: Merger Votes Calendar

• Merger votes set:

  • Learn CW ($LCW) & Innventure: Sep 30 — SF

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

  • Acri Capital ($ACAC) & Foxx Development

  • Pono Capital Two ($PTWO) & SBC Medical Group

  • Plum I ($PLMI) & Veea

  • Approved this week:

    • Achari Ventures I ($AVHI) & Vaso Corporation

    • Nova Vision ($NOVV) & Real Messenger

    • Focus Impact ($FIAC) & DevvStream

Extensions

See more: Extension Votes Calendar

• Approvals:

  • $BNIX: Mar 2025

• Votes set:

  • $TMTC, $ROSS, $HCVI, $NVAC

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

• New IPOs:

  • Andretti II ($POLE-U)

  • Future Vision II ($FVN-NU)

• No new registrations

Liquidations

See more: Liquidations Dataset

• Last week, 2 new liquidations were announced (NNAG & PMGM), with 1 implementing its share cancelation/ delisting per its liquidation plan (NNAG)

• 37 SPACs have liquidated thus far 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

• Shares of Trump Media ($DJT) shot up by more than 25% on Friday, minutes after majority owner Donald Trump said he is not selling his stake. “I have absolutely no intention of selling,” said the Republican presidential nominee, who will be free to start cashing in his nearly 57% stake in less than a week when a lockup agreement expires. — CNBC

• Nuuve ($NVVE) will implement a 1-for-10 reverse stock split that will go into effect ahead of trading on Sep 17. — PR

The Deals

1) Alpha Star ($ALSA) & Estonia-based software developer, XDATA — PR / Pending IP / BCA

• Target Description: XDATA is an innovative software development company based in Estonia, known for its expertise in financial technology solutions. The company provides a range of specialized products, including an Internet Banking Suite, Mobile Banking Apps for banks and EMIs, the AI-enhanced transaction monitoring solution ComplyControl, and a comprehensive CRM solution.

• Valuation: $180M Pre-money equity value

SPAC Updates

Liquidations / Terminations

• Priveterra II ($PMGM) reported it is liquidating at an appx redemption price of $11.20 as it opts not to extend its deadline to Oct 12. PMGM was already suspended from trading since July. — SF

Merger Votes / Completions

• Focus Impact ($FIAC) & DevvStream: merger approved. The transaction is expected to close on Monday, per a DevvStream PR. — SF 

• Plum I ($PLMI) & Veea: the merger was expected to close on Friday with the combined company trading under the symbol VEEA starting Tuesday, Sep 17.

Extensions

Upcoming Vote Updates:

• Atlantic Coastal II ($ACAB) increased the monthly contribution to trust to $0.03 per public share. — SF

• Bayview ($BAYA) increased the monthly contribution to $125,000. — SF

• Ross II ($ROSS) filed a proxy supplement that includes the proposal to change the company name to BPGC Acquisition Corp. — SF

Shareholder Approvals:

• Marblegate ($GATE) was approved to extend up to Apr 2025. ~42% of the public SPAC shares were redeemed. Remaining in trust: ~$4.1M / 368,879 shares. — SF

Listings

New Issues: IPOs, New S-1s

IPOs

• Future Vision II ($FVN-NU) closed its $57.5M IPO, including the full $7.5M greenshoe. — PR

Listing Actions/ Warnings:

• Nova Vision ($NOVV), which announced earlier this week that it had only 9,919 public shares remaining after merger vote redemptions (prior to any potential subsequent reversals), was T12 halted by Nasdaq. This follows the trend of Nasdaq T12 halting SPACs with floats well below the listing requirements. NOVV has received shareholder approval to consummate its BC with Real Messenger, but is pending closing.

•  Chain Bridge I ($CBRG) regained compliance. — SF

• Gores Holdings IX ($GHIX): non-compliance warning. — SF

• NorthView ($NVAC): non-compliance warning. — SF

Key Filings

Extensions:

• Newbury Street ($NBST) — DEF

• Fortune Rise ($FRLA) — PRE

S-4 Filings*:

• Global Star ($GLST) & K Enter — F-4/A

• Insight ($INAQ) & Alpha Modus — S-4/A

• Roth CH V ($ROCL) & New Era Helium — S-4/A

Post-Merger S-1 Filings**:

• Adagio Medical ($ADGM) — S-1

• ANEW Medical ($WENA) — S-1/A

• Conduit Pharmaceuticals Limited ($CDT) — S-1/A

*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