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Weekly SPAC Review (Jun 23rd - 27th)

Headlines of the Week*

De-SPAC M&A

• SomaLogic (SLGC): Sequencing leader Illumina will acquire SomaLogic from Standard BioTools for $350M cash plus up to $75M in near-term milestones and royalties, folding the SomaScan proteomics assay into its NovaSeq X/DRAGEN/Connected Multiomics ecosystem and targeting a broad commercial launch in Q3 2025. —PR

• Landsea Homes (LSEA): New Home Co. closed its $11.30-per-share cash acquisition of Landsea Homes (LSEA), funding the deal with an Apollo-backed equity contribution, Millrose Properties’ $522M land-banking of homesites, and New Home senior notes; Landsea’s stock was delisted from Nasdaq on June 24, 2025, and CEO Matthew Zaist now leads the combined privately held top-25 U.S. homebuilder. —PR

• Inspirato (ISPO) and Buyerlink have agreed to merge via a reverse merger valuing Buyerlink at approximately $326 million, forming One Planet Platforms, a diversified online marketplace operator spanning luxury travel, automotive, and home services. The combined company, expected to generate ~$350 million in revenue and ~$30 million in adjusted EBITDA in 2025, will trade on Nasdaq under a new ticker symbol and be led by Payam Zamani, with Inspirato continuing as its luxury travel division. PR

Other De-SPAC News

• Stem (STEM) implemented a 1-for-20 reverse split effective ahead of trading on Monday, June 23.

• TruGolf Holdings, Inc. (TRUG) implemented a 1-for-50 reverse split effective ahead of trading on Monday, June 23.

SPAC Coverage

• Pelican (PELI) has entered into a non-binding LOI to merge with Greenland Exploration Limited, a Texas-based entity focused on developing North American energy assets. Greenland Exploration has the right to invest up to $70 million in Greenland’s Jameson Land Basin through a partnership with March GL Company, which holds rights to over 2 million acres and has seen more than $200 million in historical oil exploration. The deal contemplates a share-for-share exchange, with Pelican issuing 21.5 million shares and granting

• M3-Brigade V (MBAV), a SPAC backed by former Blackstone dealmaker Chinh Chu and Tether co-founder Reeve Collins, is seeking to raise up to $1B—advised by Cantor Fitzgerald—to create a listed vehicle that will hold a diversified portfolio of tokens such as Bitcoin, Ether and Solana, with fundraising terms still subject to change. —Bloomberg

_{*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:

• Columbus Circle Capital Corp. I (CCCM): Anthony Pompliano’s ProCap BTC will merge with SPAC Columbus Circle Capital Corp I to create ProCap Financial, raising $516.5M of non-voting preferred equity (guaranteed 1.25× share issuance) and $235M of 0% senior secured convertible notes (130% conversion, 2× collateralized) alongside any unredeemed SPAC cash, then deploying up to $1B to buy bitcoin so the newly listed company opens trading as the largest public bitcoin-treasury vehicle. —PR

• Launch One (LPAA): Clinical-stage longevity biotech Minovia Therapeutics agreed to merge with SPAC Launch One (LPAA), valuing Minovia at $180M pre-money (plus at least $5M in bridge funding, at least $18M in PIPE proceeds, and up to $57.5M in earn-outs). The deal will create Nasdaq-listed Mito US One, using the proceeds to finance Phase 2/1b MAT trials and broader longevity programs, with closing slated for Q4 2025. —PR

Terminations:

• AltEnergy (AEAE) disclosed that Car Tech terminated their merger agreement on June 16, 2025, but AltEnergy responded on June 18 disputing the validity of the termination and reserving rights to seek legal remedies due to Car Tech’s alleged prior breaches. —SF

• Slam (OTC: SLAMF) filed a lawsuit on June 19, 2025, against its merger partne, Lynk Global, Inc. and Lynk Global Holdings, Inc., alleging breach of the Business Combination Agreement and seeking to compel transaction closing. – SF

Completions:

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

• Finnovate Acquisition Corp. (OTC: FNVTF) & Scage International (SCAG)

• ShoulderUp Technology (OTC: SUAC) & SEE ID (DAIC)

Merger Votes

See more: Merger Votes Calendar

Merger votes set:

• Inception Growth (OTC: IGTA) & AgileAlgo: Jul 14 – SF 

Deals in limbo (merger approved & pending closing):

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

• Rigel Resources (OTC: RRACF) & Aurous

• Aimfinity I (AIMAU) & Docter

• 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

• Iron Horse (IROH) & Zhong Guo Liang Tou Group Limited

• JVSPAC (JVSA) & Hotel101 (DoubleDragon subsidiary) — approved last week

• Welsbach Technology Metals (OTC: WTMA) & Evolution Metals — approved last week

Extensions

See more: Extension Votes Calendar

Approvals:

• Cartesian Growth II (OTC: RENEF) was approved for its seventh of twelve monthly extensions, moving the completion deadline to July 5, 2025, with a $250,000 draw from a sponsor-backed promissory note deposited into trust. – SF

• Goldenstone (OTC: GDST) was approved to extend up to Jun 2026. ~72% of the public SPAC shares were redeemed. Remaining in trust: ~$5.3M / 442,996 shares. – SF

Votes set:

• Bowen (BOWN): Jul 11– DEF

• Black Hawk (BKHA): Jul 1 – SF

• Eureka (EURK): Jun 30 — SF

• Black Hawk (BKHA): Jun 27 — SF

• Four Leaf (FORL): Jun 27 – SF

• Iron Horse (IROH): Jun 25 — SF

IPOs and New S-1s

See more: IPO Calendar & Pre-IPO Dataset

New IPOs:

1) Oxley Bridge Acquisition Limited (OBAWU) priced its $220 million IPO at $10 per unit. Units include 1 common share, and 1/2 Warrant. Focus: Consumer & Tech Asia (excluding China). Lead Left underwriter: Cantor. —PR

2) LightWave Acquisition Corp. (LWACU) priced its $187.5 million IPO at $10 per unit. Units include 1 common share, and 1/2 Warrant. Focus: Technology Industry. Lead Left underwriter: BTIG. —PR

3) Cantor Equity Partners III, Inc. (CAEP) priced its upsized $240 million IPO at $10 per share. Focus: Financial services, digital assets, healthcare, real estate services, technology, and software. Lead Left underwriter: Cantor. —PR

4) Yorkville Acquisition Corp. (YORKU) priced its $150 million IPO at $10 per unit. Units include 1 common share, and 1/3 Warrant. Focus: Media, technology, and entertainment. Lead Left underwriter: Clear Street. —PR

5) FIGX Capital Acquisition Corp. (FIGXU) priced its $131 million IPO at $10 per unit. Units include 1 common share, and 1/2 Warrant. Focus: Financial Industry Group (Private Wealth Managers). Lead Left underwriter: Cantor. —PR

6) Indigo (Pre-Listing: INAC) filed its 8-A12B and could price its IPO as early as tomorrow, though the exact date remains subject to change. – 8-A12B

New registrations:

1) Blueport (Pre-Listing: BPAC) filed for IPO. – S-1

• $69M, 1 R (1/6 sh)

• Focus: N/A

• UW: A.G.P.

2) Pyrophyte Acquisition Corp. II (Pre-Listing: PAII) filed for IPO. – S-1

• $175M, 1/2 Warrant

• Focus: Energy & Transition Tech

• UW: UBS

Liquidations

See more: Liquidations Dataset

Announcements/ Delistings

• —

Current Stats:

See more: SPAC Stats

Daily 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)

Bifurcated session—hotel-play SPAC $JVSA ripped +13%, while micro-cap De-SPAC $DAIC cratered 47%. Heavy churn in $ICU (276 M shares) and a rebound in guns-to-crypto names like $CLBR kept volumes lively.

SPACs (DA partner):
– $JVSA (Hotel101) +13.4% to $10.70
– $IROH +11.3% to $11.00
– $CLBR (GrabAGun) +7.8% to $14.66 on 1.5 M shares
– $DMYY (LOI: Horizon Quantum) -5.7% to $13.15

De-SPACs:
– $SOND +41.9% to $2.27
– $CTOR +28.6% to $4.50
– $ICU +17.6% to $0.42 on 276 M shares
– $DAIC -47.2% to $8.67

News & De-SPAC Updates

• 23andMe Holding (MEHCQ) has secured U.S. Bankruptcy Court approval to sell substantially all of its assets and ongoing operations to TTAM Research Institute, a nonprofit public benefit corporation led by 23andMe Co-Founder and former CEO Anne Wojcicki. The $305 million transaction, covering its Personal Genome Service, Research Services, and Lemonaid Health businesses, is expected to close in the coming weeks. As a nonprofit, TTAM will carry forward 23andMe’s mission while enhancing consumer privacy safeguards, upholding existing policies, and offering users continued choice and transparency around genetic data participation. —PR

• Nuburu (BURU) announced continued progress in its strategic transformation toward defense and security markets, highlighting regulatory momentum in its acquisition of Italy-based Tekne SpA, a defense technology firm. Tekne is actively deploying its €50 million “Tactical Bubble” system—an integrated, real-time battlefield communications and counter-threat platform—for the Italian Ministry of Defense. NUBURU sees this system as the foundation of a broader Defense & Security Hub, which also includes the acquisition of a SaaS company focused on operational resilience. The company continues due diligence and audits for both acquisitions, while also investing in technologies such as Agentic AI and fintech solutions to enhance its defense-tech footprint and long-term growth strategy. —PR

• Abacus Global (ABL) plans to launch an exchange offer allowing holders of its public (ABLLW) and private placement warrants to receive 0.23 shares of common stock per warrant tendered. Concurrently, the company will solicit consent to amend the warrant agreement to mandatorily exchange all remaining warrants at a reduced ratio of 0.207 shares per warrant—a 10% discount to the voluntary exchange ratio, if the amendment is approved. – SF 

The Deals

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SPAC Updates

Liquidations / Terminations

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Merger Votes / Completions

• WinVest (OTC: WINV) & Xtribe adjourned the merger vote meeting to July 25, 2025. – SF

• Finnovate Acquisition Corp. (OTC: FNVTF) has completed its business combination with Scage International, a zero-emission heavy-duty vehicle and e-fuel solution provider. The combined company, named Scage Future, will begin trading on Nasdaq under the symbol “SCAG” on June 30, 2025. The transaction provides Scage with public market access and capital to scale production of its battery-electric, hybrid, and hydrogen fuel cell trucks, invest in hydrogen infrastructure, and expand globally across China, Southeast Asia, the Middle East, and eventually North America. – PR

• Welsbach Technology Metals (OTC: WTMA) shareholders approved its merger with Evolution Metals. Additionally, WTMA was approved to extend up to Sep 2025 with ~48% of the public SPAC shares redeemed. Remaining in trust: ~$6.4M / 564,687 shares. To date, 506,634 public shares have been presented for redemption in connection with the merger, which leaves 58,053 public shares prior to any reversals, which continue to be accepted. —SF

• Prop-tech operator Hotel101 will list on Nasdaq under “HBNB” on July 1, 2025, after shareholders of JVSPAC Acquisition Corp (JVSA) approved their merger on June 24, 2025, giving the first Filipino-owned Nasdaq entrant a deemed equity value of $2.3B. — PR

Deal Updates

• Colombier II (CLBR): The deal is expected to close on July 15, with the combined company trading under the PEW ticker on the New York Stock Exchange. – SF 

• Bowen (BOWN) & Shenzhen Qianzhi BioTech entered into a second amendment to its merger agreement with Qianzhi Group Holding (Cayman) Limited, extending the outside date (deadline to consummate the merger) from July 14, to December 14, 2025. – SF

• Cantor Equity (CEP) & Twenty One Capital, Inc. expanded their proposed business combination involving Tether and SoftBank by securing a $165 million equity PIPE (partially funded in Bitcoin), executing agreements to convert that cash into Bitcoin to be purchased from Tether, and amending sponsor agreements and SoftBank’s share purchase terms to reflect the updated transaction structure, bringing total PIPE funding to $851.5 million. – SF

• Cohen Circle I (CCIR) & Kyivstar (VEON's Ukrainian subsidiary) amended their business combination agreement with Kyivstar Group on June 24, 2025, to adjust PubCo's share par value, expand its board to up to eleven directors (ten designated by the seller), and postpone the equity incentive plan approval until after closing. – SF

• Columbus Circle I (CCCM) filed the business combination agreement (BCA) for its merger with ProCap BTC to form ProCap Financial, a publicly traded bitcoin acquisition and management company. – SF

Extensions

• Eureka (EURK) amended its proxy statement to revise its Charter Amendment Proposal, increasing the monthly extension fee to $150,000, adding a 30-day cure period for missed payments, and clarifying that trust account interest will not be used for dissolution expenses, all ahead of its June 30, 2025 shareholder meeting. – SF

• Constellation I (OTC: CSTAF) deposited $5,000 into its trust account on June 26, 2025, extending its deadline to complete a business combination from June 29 to July 29, 2025, marking the fifth of up to eleven permitted one-month extensions under its governing documents. – SF

• Black Hawk (BKHA) adjourned its extension vote meeting, originally scheduled for June 27, to July 1, 2025. Only shareholders of record as of June 2, 2025 may vote. Previously submitted proxies remain valid unless revoked. – SF

• Keen Vision (KVAC) extended its business combination deadline to July 27, 2025, by depositing $200,000 into its trust account via an unsecured, non-interest-bearing promissory note from its sponsor, which is convertible into IPO-identical units at $10.00 per unit upon business combination closing. – SF

• dMY Squared Technology Group (DMYY) deposited $50,000 into its trust account to enact the 18th of 23 allowed one-month extensions, pushing its business combination deadline from June 29 to July 29, 2025. – SF

• International Media (OTC: IMAQ) deposited $2,000 into its trust account to extend its deadline to complete an initial business combination from July 2, 2025 to August 2, 2025. – SF

• Spark I (SPKL) announced that its sponsor, SLG SPAC Fund LLC, committed to monthly trust account contributions of up to $825,000 via a $2.5 million non-interest bearing promissory note, conditioned on shareholder approval to extend the SPAC’s deadline to complete a merger with AI firm Kneron through September 2026. – SF

• Breeze Holdings (OTC: BRZH) was approved to extend up to Sep 2025. ~18% of the public SPAC shares were redeemed. Remaining in trust: ~$2.6M / 224,413 shares. – SF

• Aimfinity Investment I (OTC: AIMTF) issued a $55,823.80 promissory note to fund the sixth of nine permitted monthly extensions, extending the merger deadline to July 28, 2025. – SF

• Horizon Space I (HSPO) deposited a $120,000 Monthly Extension Fee, funded via a promissory note issued to Squirrel Shenzhen under its merger agreement, to extend its business combination deadline with Squirrel Enlivened entities from June 27 to July 27, 2025. – SF

Listings

New Issues: IPOs, New S-1s

IPOs

1) Indigo (Pre-Listing: INAC) filed its 8-A12B and could price its IPO as early as tomorrow, though the exact date remains subject to change. – 8-A12B

2) Vendome I (Pre-Listing: VNME) filed its 8-A12B and could price its IPO as early as tomorrow, though the exact date remains subject to change. – 8-A12B

Filings

1) Pyrophyte Acquisition Corp. II (PAII) filed for IPO. – S-1

• $175M, 1/2 Warrant

• Focus: Energy & Transition Tech

• UW: UBS

Key Filings

Extensions:

• A SPAC II (OTC: ASCBF) filed a PRE 14A in connection with its extension proposal. – PRE

• BlueRiver (OTC: BLUAF) filed a PRE 14A in connection with its extension proposal. – PRE

S-4 Filings*:

• AlphaVest (ATMV) & AMC Corporation filed the 5th amended S-4/A in connection with their merger proposal. – S-4/A

• Plum III (OTC: PLMJF) & Tactical Resources (OTC: USREF) filed the 4th amended F-4/A in connection with their merger proposal. – F-4/A

• Ares II (AACT) filed the 1st amended S-4/A in connection with their merger proposal. – S-4/A

Post-Merger S-1 Filings**:

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*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