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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.

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ListingTrack Team

Weekly SPAC Review (Jun 9th - 13th)

Headlines of the Week*

De-SPAC M&A

• 23andMe's (OTC:MEHCQ) Founder Anne Wojcicki and her nonprofit TTAM Research Institute won a court-ordered re-auction for 23andMe’s DNA-data assets with a $305M bid, topping Regeneron’s prior $256M offer; Regeneron is backup bidder at $151M if the sale to Wojcicki/TTAM fails. The deal, which adds stricter limits on data use, still requires bankruptcy-court approval later this month amid state objections over privacy. — BB

• Shutterstock (SSTK) shareholders have approved the proposed merger with Getty Images (GETY), with approximately 82% of outstanding shares voting in favor. The merger aims to combine the strengths of both companies to form a premier visual content platform, enhancing investment in content, event coverage, and technological innovation. The transaction is expected to close in the second half of 2025, pending regulatory approvals and customary closing conditions. —PR

• Volato Group, Inc. (NYSE American: SOAR) has signed a non-binding term sheet to acquire M2i Global, Inc. (OTCQB: MTWO) via a reverse triangular merger. M2i Global shareholders will own approximately 90% of the combined company on a fully diluted basis, excluding SOAR public warrants. The combined entity will focus on critical minerals infrastructure and aviation software. —PR

SPAC Coverage

• BOXABL signed a non-binding LOI to merge with an unnamed Nasdaq-listed SPAC; BOXABL equity holders would roll 100% of their ownership into the combined company, which would continue to trade on Nasdaq. The transaction is subject to due diligence, a definitive agreement, and board and shareholder approvals. BOXABL has raised >$200M from ~50,000 investors to date; closing and final terms remain uncertain. – 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 (including LOIs)

• SilverBox IV (SBXD) has entered into a non-binding LOI to merge with Parataxis Holdings (see more in Friday’s update)

• BPGC Acquisition Corp. (Delisted: ROSS), which is backed by Wilbur Ross, entered into a non-binding LOI with Innovative Rocket Technologies (iRocket), a developer of next-generation reusable launch systems for aerospace and defense, that would list iRocket on Nasdaq at a pre-money equity valuation of $400 million. A definitive agreement is expected this summer. —SF

Terminations:

• —

Completions:

• —

Merger Votes

See more: Merger Votes Calendar

Merger votes set:

• —

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

• ShoulderUp Technology (OTC: SUAC) & SEE ID

• Bowen (BOWN) & Shenzhen Qianzhi BioTech (Emerald)

• Rigel Resources (OTC: RRACF) & Aurous

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

• Aimfinity I (AIMAU) & Docter

• Finnovate (OTC: FNVTF) & Scage

• Alpha Star (OTC: ALSAF) & XDATA

• Bannix (OTC: BNIX) & Visionwave (GBT Technologies subsidiary)

• Chenghe II (CHEB) & Polibeli Group

• Distoken (DIST) & Youlife International.

• NorthView (OTC: NVAC) & Profusa — approved this week

Extensions

See more: Extension Votes Calendar

Approvals:

• Alpha Star (OTC: ALSAF): Dec 2025, —SF

• Target Global I (OTC: TGAAF) Dec 2026. —SF

• Inception Growth (OTC: IGTA): Oct 2025. —SF

• Globalink Investment (OTC: GLLI): Dec 2025. —SF

Votes set:

• Black Hawk (BKHA): Jun 20. – DEF

• Breeze Holdings (OTC: BRZH) : Jun 26. —DEF

• Aetherium (Delisted: GMFI): Jun 27. —DEF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

New IPOs:

1) Blue Water Acquisition Corp. III (BLUWU) priced its upsized $220 million IPO at $10 per unit. Units include 1 common share, 1/2 warrant; Focus: Biotechnology, healthcare and technology. Lead Left underwriter: BTIG. —PR

2) BEST SPAC I Acquisition Corp. (BSAAU) priced its $55 million IPO at $10 per unit. Units include 1 common share, and 1 right (1/10th of a share). Focus: Consumer Goods, Global Growth. Lead Left underwriter: Maxim Group. —PR

3) Blue Acquisition Corp. (BACCU) priced its $175 million IPO at $10 per unit. Units include 1 common share, and 1 right (1/10th of a share). Focus: Green Manufacturing & Energy. Lead Left underwriter: BTIG. —PR

New registrations:

1) EQV Ventures Acquisition Corp. II (EVAC) filed for IPO. – S-1

• $350M, 1/3 Warrant

• Focus: Upstream energy assets in North America and Europe

• UW: BTIG

2) 1RT Acquisition Corp. (ONCH) filed for IPO. – S-1

• $150M, 1/4 Warrant

• Focus: Digital Asset Ecosystem

• UW: Cantor

3) Indigo Acquisition Corp. (INAC) filed for IPO. —S-1

• $100M, 1 R (1/10 sh)

• Focus: N/A

• UW: EarlyBirdCapital

4) Starry Sea Acquisition Corp (SSEA) filed for IPO. —S-1

• $50M, 1 R (1/6 sh)

• Focus: N/A

• UW: A.G.P.

Liquidations

See more: Liquidations Dataset

Announcements/ Delistings

• —

10 SPACs have liquidated, 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)

CCCM surged +24% on an FT report of a potential merger with Pompliano's ProCapBTC, while CGBS ripped +34% on 764M volume. KWM collapsed -51% as small-cap De-SPACs whipsawed again.

SPACs (DA partner):
– $CCCM (Rumor: ProCapBTC) +23.6% to $13.01 on 2.1M shares
– $ISRL (Gadfin) +7.3% to $13.33
– $CEP (Twenty One Capital) +4.2% to $36.56
– $CHEB (Polibeli Group) -7.1% to $8.00

De-SPACs:
– $CGBS +33.9% to $0.11 on 764M shares
– $HOVR +36.5% to $1.87; $CRML +26.1% to $2.03
– $KWM -50.6% to $2.90; $LIMN -29.0% to $14.42

News & De-SPAC Updates

• 23andMe (OTC: MEHCQ) has entered into a $305M asset sale agreement with TTAM Research Institute, a nonprofit led by co-founder Anne Wojcicki, following a court-supervised bidding process. The deal includes 23andMe’s Personal Genome Service, Research Services, and Lemonaid Health units, and supersedes a prior $256M agreement with Regeneron, now the backup bidder. TTAM has committed to honoring and enhancing 23andMe’s privacy policies, including restrictions on data sales, opt-out rights, identity theft protection, and the creation of a Privacy Advisory Board. The transaction is subject to U.S. Bankruptcy Court approval, with a hearing scheduled for June 17, 2025. - PR

• Columbus Circle Capital Corp I (CCCM): Anthony Pompliano is in talks to become CEO of ProCapBTC, which plans to merge with Columbus Circle Capital 1 (a recently listed $250M SPAC backed by Cohen & Company) and raise $500M in equity plus $250M in convertible debt (total $750M). ProCapBTC would use the proceeds to buy Bitcoin, mirroring strategies used by MicroStrategy and others. Terms are still being negotiated and there is no certainty the transaction will be completed. —FT

• Redwire (RDW) has completed its acquisition of Edge Autonomy, following shareholder approval on June 13, 2025. The combination creates a scaled and profitable global aerospace and defense tech company, focused on multi-domain operations across space and airborne systems. The deal expands Redwire’s workforce to over 1,300 employees and its manufacturing footprint to 628,000+ sq. ft. worldwide. The merged entity is expected to generate $535M–$605M in FY2025 revenue and $70M–$105M in Adjusted EBITDA. The acquisition is accretive to revenue, EBITDA, and free cash flow, and positions Redwire as a key player in autonomous, AI-enabled defense technologies bridging Earth to space. - PR

• ESGL (ESGL) shareholders approved all proposals at the June 10, 2025 EGM in support of the proposed business combination with De Tomaso Automobili, a luxury Italian performance car brand. Approved items included an increase in authorized share capital, potential share consolidation, a corporate name change, a revised charter, and authority to adjourn the EGM if needed. The transaction now awaits Nasdaq's continued listing approval and other closing conditions. Upon completion, the deal will position the combined company to pursue cross-industry expansion and long-term value creation. - PR

The Deals

1) SilverBox IV (SBXD) has entered into a non-binding LOI to merge with Parataxis Holdings, an affiliate of Parataxis Capital Management, to create a publicly traded institutional digital asset management platform. The proposed combination aims to offer proprietary investment strategies focused on Bitcoin and select digital assets, targeting institutional investors. As part of the transaction, Parataxis may contribute interests in an ongoing digital asset initiative in South Korea, intended as a model for broader global expansion. The deal remains subject to due diligence, definitive agreements, and customary closing conditions. Clear Street is acting as SBXD’s lead financial advisor. —PR

SPAC Updates

Liquidations / Terminations

• —

Merger Votes / Completions

• NorthView (OTC: NVAC) shareholders approved the merger with Profusa. ~34% of the public SPAC shares were redeemed, leaving 101,777 public shares ($1.3M) prior to any potential reversals. – SF

Deal Updates

• Welsbach Technology Metals (OTC: WTMA) & Evolution Metals Corp entered into Amendment No. 4 to its Amended and Restated Merger Agreement, extending the merger agreement’s end date to September 30, 2025, and incorporating detailed revisions to the agreement's recitals, merger structure, defined terms, and pre-closing transactions; the revised structure includes a complex multi-step cross-border transaction framework involving multiple subsidiaries and trust entities, culminating in Welsbach’s post-merger rebranding as Evolution Metals & Technologies Corp. – SF

Extensions

• Aetherium (Delisted: GMFI) postponed its upcoming extension vote from Jun 13 to Jun 27, and extended the redemption deadline to June 25. – SF

• Inception Growth (OTC: IGTA) deposited $13,249.65 into its trust account to extend the deadline to complete a business combination from June 13, 2025 to July 13, 2025, providing the company with an additional one-month period to finalize a transaction. – SF

• Pyrophyte (OTC: PHYTF) deposited $75,697.70 into the company’s trust account, representing the first monthly payment under its commitment to fund monthly extensions through April 29, 2026, following shareholder approval to extend the company’s business combination deadline. – SF

Listings

New Issues: IPOs, New S-1s

IPOs

—

Filings

1) Indigo Acquisition Corp. (INAC) filed for IPO. – S-1

• $100M, 1 R (1/10 sh)

• Focus: N/A

• UW: EarlyBirdCapital

Listing Warnings / Transfers:

• Breeze Holdings (BRZH) received a non-compliance warning from OTC Markets for its warrants (BRZHW) and rights (BRZHR), which will transition to the OTCQB on June 16, after failing to meet OTCQX continued listing standards. – SF

Key Filings

Extensions:

• Plum III (OTC: PLMJF) filed a PRE 14A in connection with its extension proposal. – PRE

• Bowen (BOWN) filed a PRE 14A in connection with its extension proposal. – PRE

S-4 Filings*:

• DT Cloud (DYCQ) & Maius Pharmaceutical filed the 1st amended F-4/A in connection with their merger proposal. – F-4/A

• APx I (OTC: APXIF) & OmnigenicsAI filed the 2nd amended F-4/A in connection with their merger proposal. – F-4/A

• AlphaTime (ATMC) & HCYC Group Company filed the 4th amended F-4/A in connection with their merger proposal. – F-4/A

• Southport (OTC: PORT) & Angel Studios filed the 3rd amended S-4/A in connection with their merger proposal. – S-4/A

Post-Merger S-1 Filings**:

• Gamehaus (GMHS) filed the 1st amended F-1/A (post-merger closing share registration amendment). – F-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