Strata Critical Medical (SRTA) completed the $124 million acquisition of Keystone Perfusion Services, one of the largest providers of organ recovery and normothermic regional perfusion services. Consideration consisted of ~88% cash and ~12% stock, with stock subject to a four-year lockup (extendable to seven years if management departs within three years). The deal represents ~9x Keystone’s 2025E Adjusted EBITDA of $13 million, with ~80% expected free cash flow conversion. Earn-outs of up to $23 million are payable through 2028, contingent on growth targets. Keystone is expected to contribute ~$65 million of 2025 revenue, more than 50% growth vs. 2024, and positions Strata as a fully integrated platform for organ recovery, perfusion, and logistics services. —PR

Nukkleus (NUKK) signed an amended securities purchase agreement to acquire 100% of Star 26 Capital Inc., upgrading from its originally announced 51% stake in December 2024. The closing remains subject to shareholder approval and customary conditions. Star 26 has since expanded its holdings, acquiring Israeli defense supplier Rimon, a 67% stake in Water.io (TASE: WATR), and stakes in ITS/Positech and Zorronet. Post-closing, Nukkleus will integrate these assets with its AI, UAV, and GNSS subsidiaries to create a unified aerospace and defense platform. The deal is designed to deliver operational synergies, economies of scale, and a diversified defense technology portfolio spanning power systems, motion control, and C2 infrastructure. —PR

IonQ (IONQ) has completed its acquisition of Oxford Ionics, a quantum computing company in the United Kingdom, in a move that significantly accelerates its technology roadmap. This strategic acquisition brings a team of top-tier scientists and engineers to IonQ, along with patented innovations in trapped ion quantum systems that complement IonQ's existing technology. By integrating Oxford Ionics' record-breaking ion trap technology, which is manufactured using standard semiconductor chips, IonQ aims to develop more powerful and scalable quantum systems. The acquisition also establishes a new UK base of operations for IonQ, supporting its expansion into the UK, Europe, and Asia, and paving the way for future collaborations with leading research institutions and partners. —PR

Volato Group (SOAR) and M2i Global (MTWO) filed a confidential Form S-4 with the SEC on September 17, 2025, in connection with their proposed merger. The combination aims to transform Volato into a diversified industrial platform, aligning its aviation technology with M2i Global’s critical mineral supply chain strategy to support U.S. economic growth and mineral independence. The boards of both companies support the deal, which requires no cash consideration from Volato to M2i Global shareholders. —PR

Leafly Holdings, Inc. (LFLY) performed a 1 for 500 Reverse Split, and changed its ticker to LFLYD. This means shareholders will now hold 1 share of LFLYD for every 500 shares of LFLY previously held. Fractional shares resulting from the split will be paid as cash in lieu.

ECD Automotive Design, Inc. (ECDA) performed a 1 for 40 Reverse Split. This means shareholders now hold 1 share of ECDA for every 40 shares of ECDA previously held. Fractional shares resulting from the split will be retained. —ListingTrack

LakeShore Biopharma Co., Ltd. was delisted from Nasdaq effective September 19, 2025. Its ordinary shares transitioned to trade on the OTC Equity Market under the symbol LSBCF beginning September 22, 2025.

Kairous (OTC: KACLF) confirmed completion of trust account distributions to public shareholders, who remain holders of the company’s stock. The board plans to amend its charter to eliminate the dissolution requirement, allowing the company to stay listed on OTC Markets and pursue alternative transactions such as mergers or asset acquisitions. The board also intends to file a Form 15 to deregister from SEC reporting, citing benefits of broader shareholder liquidity and simplified processes, though no specific transaction has yet been identified. – SF

OTG I (OTGAU) announced the closing of its IPO and private placement, with $231.15M of net proceeds deposited into a U.S.-based trust account at Continental Stock Transfer & Trust Company. Funds will remain in trust until the earlier of a business combination, redemption if no deal is completed within 24 months (subject to extensions), or a shareholder-approved amendment allowing redemption. – SF

Talon (TLNCU) amended its administrative services agreement with its sponsor on September 16, 2025, to provide office space, utilities, and support services as needed. The Company had previously closed its $249 million IPO on September 10, 2025, issuing 24.9 million units (including partial over-allotment) at $10.00 each, alongside a $7.79 million private placement of 779,000 units to the sponsor and underwriters. Net proceeds, including $9.96 million in deferred underwriting commissions, were placed in a trust account with Odyssey Transfer & Trust. Following the partial over-allotment exercise, the sponsor forfeited 325,000 founder shares, reducing its holdings to 8,260,000 shares. – SF 

Dynamix (ETHM) and The Ether Machine, Inc. announced that Pubco confidentially submitted a draft registration statement on Form S-4 to the SEC for their pending business combination. – SF

UY Scuti (UYSC) issued a $1,000,000 unsecured, non-interest-bearing promissory note to its sponsor, UY Scuti Investments Limited, maturing on the earlier of March 31, 2026, or the completion of a business combination. The note is repayable at any time, includes standard default provisions, and may be converted by the sponsor into units of the Company’s securities at $10.00 per unit, each unit consisting of one ordinary share and one-fifth of a share right, with terms identical to the Company’s private placement units. – SF 

Trailblazer Acquisition Corp. (BLZRU) completed its IPO and a concurrent private placement, raising a total of $275 million in gross proceeds. As part of the private placement, the company sold 4,533,333 warrants at a price of $1.00 per warrant, generating $4.53 million. Trailblazer Sponsor LLC purchased 2,933,333 of these warrants, while Cantor Fitzgerald & Co. acquired the remaining 1,600,000. The combined proceeds from the IPO and the private placement, which included $11.7 million in deferred underwriting fees, were deposited into a U.S.-based trust account managed by Continental Stock Transfer & Trust Company. – SF

Melar I (MACI) amended its financing arrangements, increasing the principal of its secured promissory note with Everli Global Inc. and a pledging stockholder from $1.0M to $1.25M under a First Amendment to the Everli Note. MACI also issued a First Amendment to its amended and restated promissory note with its sponsor, Melar Acquisition Sponsor I LLC, raising the facility from $1.0M to $1.25M. Both amendments increased available funding, —SF

Chenghe III (CHECU) sold 408,000 private placement units to its co-sponsors and underwriter for $4.08M. Related agreements included underwriting, warrant, letter, trust, registration rights, private placement purchase, administrative services, and indemnification agreements. A total of $126.5M, including deferred underwriting discounts, was placed in a trust account. —SF

Cayson (CASY) announced that its sponsors, Cayson Holding LP and Mango Financial Limited, have loaned $600,000 to the company to extend the merger deadline. This loan, effective September 17, 2025, funds a trust deposit that pushes the merger deadline from September 23, 2025, to January 23, 2026. The loans are non-interest-bearing and will be repaid once a business combination is completed. —SF

Willow Lane (WLAC) signed a Business Combination Agreement with Boost Run Inc. and Boost Run Holdings LLC. The deal values Boost Run at $441.5M in stock plus an $8.5M installment note to CEO Andrew Karos. Karos is eligible for up to 7.875M earnout shares if Pubco’s stock trades above $12.50, $15.00, and $17.50 for 20/30 days within three years. The sponsor and Goodrich ILMJS LLC may receive up to 1.6875M earnout shares on the same terms. Upon closing, Willow Lane and Boost Run will become wholly owned subsidiaries of Pubco, which will be publicly traded. – SF

ESH Acquisition Corp. (NASDAQ: ESHA) entered into a definitive merger agreement with The Original Fit Factory, Ltd. valuing the target at $500 million. Upon closing, the combined company will be renamed The Original Fit Factory, Inc., domiciled in the U.S., and listed on Nasdaq. The transaction structure includes a share exchange and merger into a new Delaware entity, TOFF Holdings, with former Fit Factory shareholders receiving newly issued shares. Closing is expected by Q1 2026, subject to shareholder and regulatory approvals. —PR

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GSR III (GSRT) & Terra Innovatum: Oct 7th. – SF 

Globalink Investment (OTC: GLLI) & Alps Global Holding Berhad: Oct 7. – SF 

Aimfinity I (AIMAU) & Docter

Alpha Star (OTC: ALSAF) & XDATA

AlphaVest (ATMV) & AMC Corporation

Bowen (BOWN) & Shenzhen Qianzhi BioTech (Emerald)

CSLM (CSLMF) & Fusemachines

Denali Capital (DNQAF) & Semnur Pharmaceuticals

Inception Growth (OTC: IGTA) & AgileAlgo.

Integrated Rail and Resources & Tar Sands Holdings II / Uinta Infrastructure Group

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

Rigel Resources (OTC: RRACF) & Aurous

WinVest (OTC: WINV): Mar 2026

Welsbach Technology Metals (OTC: WTMA): Sep 29

Healthcare AI (OTC: HAIAF): Oct 6.

$60M, 1 R (1/7 sh)

Focus: Health & Wellness, Hospitality, Media/Entertainment, Shipping Infrastructure, Waterways Tourism;

UW: Polaris

$200M, 1/2 Warrant

Focus: Financial Services

UW: Stifel

$100M, No Warrants, No Units, No Rights

Focus: China and Asia-Pacific

UW: —

$100M, 1 right (1/8th of a share)

Focus: Physical AI & Nuclear Energy

UW: D. Boral Capital

$200M, 1/2 Warrant

Focus: Fintech, Crypto, AI Infra, Energy, Auto/Mobility, Technology, Consumer, Healthcare, Mining

UW: Clear Street

$150M, 1 right (1/7th of a share)

Focus: Digital assets, technology, healthcare

UW: D. Boral Capital

Patria (OTC: PLAOF) will redeem all outstanding Class A ordinary shares from its IPO. Public shares will be cancelled and redeemed at approximately $12.35 per share, with payment expected by Sept. 26, 2025. Proceeds will be distributed via Continental Stock Transfer & Trust Company; street-name holders need to take no action. Warrants will expire worthless with no redemption rights or distributions. – SF

Leafly Holdings, Inc. (LFLY) performed a 1 for 500 Reverse Split, and changed its ticker to LFLYD. This means shareholders will now hold 1 share of LFLYD for every 500 shares of LFLY previously held. Fractional shares resulting from the split will be paid as cash in lieu.

LakeShore Biopharma Co., Ltd. was delisted from Nasdaq effective September 19, 2025. Its ordinary shares transitioned to trade on the OTC Equity Market under the symbol LSBCF beginning September 22, 2025.

Patria (OTC: PLAOF) will redeem all outstanding Class A ordinary shares from its IPO after failing to complete a business combination by Sept. 14, 2025. Public shares will be cancelled and redeemed at approximately $12.35 per share, with payment expected by Sept. 26, 2025. Proceeds will be distributed via Continental Stock Transfer & Trust Company; street-name holders need to take no action. Warrants will expire worthless with no redemption rights or distributions. – SF

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Integrated Rail and Resources (OTC: IRRX) amended its Merger Agreement with Uinta Integrated Infrastructure Inc., Uinta Infrastructure Group Corp., and Tar Sands Holdings II, LLC on Sept.. – SF

ESH (ESHA) has entered into a business combination agreement with The Original Fit Factory, Ltd. (TOFF). The deal involves ESHA merging into a new public entity, with both ESHA stockholders and TOFF shareholders receiving shares in the new company. The transaction values TOFF at $500 million. A portion of the sponsor's founder shares may be canceled based on performance, and there's a potential earnout if the stock price rises. The new company will be publicly traded with a seven-member board. The deal is expected to close by April 30, 2026. – SF

Willow Lane (WLAC) & Boost Run Inc. have agreed to a two-step merger involving WLAC’s redomicile to Delaware and both the WLAC SPAC and Boost Run merging into Pubco, making each a Pubco subsidiary; public shareholders receive equivalent Pubco securities, while Boost Run sellers (led by CEO Andrew Karos) get an $8.5 million Pubco note, $441.5 million in Pubco stock at $10/share, and up to 7,875,000 additional earnout shares for Karos vesting at $12.50, $15.00, and $17.50 VWAP targets over three years. Other key terms include: reps ending at closing, interim covenants, a seven-member Pubco board (5 Boost Run/2 WLAC, ≥4 independents), the Boost Run CEO/CFO leading Pubco, customary deal conditions and outside date (March 10, 2026), six-month lock-ups with early release features, a 3-year non-compete for Karos, and supporting agreements on seller support, sponsor lock-ups, registration rights, transfer rights for Goodrich ILMJS LLC, and additional sponsor/SPV earnouts at the same price hurdles. – SF

Integrated Rail and Resources (OTC: IRRX) was approved to extend up to Dec 2025. ~0.04% of the public SPAC shares were redeemed. Remaining in trust: ~$0.4M / 25,561 shares. – SF

OTG I (OTGAU) completed private placements of 775,000 units to its sponsor and IPO underwriters at $10.00 per unit, raising $7.75M (including $2.0M still outstanding as a subscription receivable). A total of $231.15M from the IPO and private placements was deposited into a U.S.-based trust account at Continental Stock Transfer & Trust Company. – SF

$150M, 1 right (1/7th of a share)

Focus: Digital assets, technology, healthcare

UW: D. Boral Capital

Consilium I (OTC: CSLMF) filed a PRE 14A in connection with its extension proposal. – PRE

Yotta (YOTA) filed a PRE 14A in connection with its extension proposal. – PRE

Cartica (OTC: CRTAF) filed a DEF 14A in connection with its extension vote, set for Oct 3rd. Appx. redemption price per share: $12.44 – DEF

Spring Valley II (SVII) filed a PRER14A in connection with its extension proposal. – PRER

AlphaTime (ATMC) & HCYC Group Company filed the 7th amended F-4/A in connection with their merger proposal. – F-4/A

ECD Automotive Design (ECDA) filed the 3rd amended S-1/A (post-merger closing share registration amendment). – S-1/A