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July 21, 2025
News From the Past Week

Deal News

  • Cayson Acquisition Corp (CAPN) announced a deal to acquire Mango Financial Limited, a boutique investment bank in Hong Kong. The company intends to raise a $5mm common stock PIPE in connection with the deal, which reflects an equity value of $300mm and is expected to close in 2H 2025.

  • Cantor Equity Partners I, Inc. (CEPO) announced a deal to acquire BSTR, Holdings Inc., a company formed to catalyze the fusion of Bitcoin and capital markets. The deal includes a $1.5bn PIPE investment and is expected to close in Q4 2025.


Deal Closings & Approvals

  • Bannix Acquisition Corp. (formerly BNIX) closed its acquisition of VisionWave Technologies on Monday 7/14/2025 with less than 1% of public shares remaining. Ordinary shares and warrants are now trading on the NASDAQ as “VWAV” and “VWAVW.”
IPOs
Name Ticker Raised ($mm) Sector Cash in Trust Coverage
Pyrophyte II PAII 175 Energy 100.0% W/2
Silver Pegasus SPEG 100 Technology 100.0% R

New S-1's
Name Ticker Size ($mm) Underwriter Trust Funding Coverage
Cantor Equity Partners IV CEPF 400 Cantor 100.0% 0

Liquidations

Charter Extensions

  • SPKL extended its charter through 9/29/2026 with a monthly $0.015 per share sponsor contribution to trust. Approximately 22% of public shares remain, representing $24mm in trust.
  • BKHA extended its charter through 12/22/2025 with a monthly $150,000 ($0.07 per share) sponsor contribution to trust. Approximately 31% of public shares remain, representing $23mm in trust.
  • IRRX extended its charter through 9/15/2025 with a monthly $1 sponsor contribution to trust. Less than 1% of public shares remain, representing approximately $300k in trust.
  • NETD extended its charter through 7/18/2026 with a monthly $250,000 ($0.02 per share) sponsor contribution to trust. Approximately 45% of public shares remain, representing $152mm in trust.
  • CSLMF extended its charter through 10/18/2025 with a semi-monthly $150,000 ($0.02 per share) sponsor contribution to trust. Approximately 5% of public shares remain, representing $12mm in trust.
  • PLMJF extended its charter through 7/30/2026 with no sponsor contribution to trust. Redemption statistics were not provided.


Upcoming Meetings and Deadlines

  • 7/21/2025 BLUAF Charter extension meeting (liquidation deadline 8/2/2025)
  • 7/22/2025 KVAC Charter extension meeting (liquidation deadline 7/27/2025)
  • 7/24/2025 HYAC Charter extension meeting (liquidation deadline 7/28/2025)
  • 7/25/2025 WINV Xtribe approval meeting
  • 7/25/2025 IGTA AgileAlgo Holdings approval meeting (merger outside date 7/31/2025)
Disclosures: Information is provided for informational purposes only and should not be relied upon as the basis for any investment decision nor considered as a recommendation or solicitation to buy or sell any securities. Site administrators may hold and trade in SPAC securities without notice.


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Copyright © 2025 SPAC Research. All rights reserved.
June 23, 2025

SPAC Conference
The 2025 SPAC Conference was a great success. See below for a copy of the slides from SPAC Research Founder Benjamin Kwasnick's presentation.
News From the Past Week

Deal Closings & Approvals

  • ShoulderUp Technology Acquisition Corp. (formerly SUAC) closed its acquisition of SEE ID on Friday 6/20/2025. Redemption statistics were not provided. Ordinary shares and warrants are set to begin trading on the NASDAQ as “DAIC” and “DAICW” Monday 6/23/2025.
IPOs
Name Ticker Raised ($mm) Sector Cash in Trust Coverage
Pioneer I PACH 220 General 100.0% 1/2
Axiom Intelligence AXIN 175 Industrial 100.0% R

New S-1's
Name Ticker Size ($mm) Underwriter Trust Funding Coverage
CSLM Digital Asset III KOYN 200 Cohen 100.0% 1/2
Solarius Capital SOCA 150 Stifel 100.5% 1/2
BM Acq BMOK 60 D. Boral 100.0% 1/2


Liquidations
None.

Charter Extensions

  • BAYA extended its charter through 12/19/2025 with a single $10,000 ($0.006 per share) sponsor contribution to trust. Approximately 29% of public shares remain, representing $19mm in trust.
  • WINV extended its charter through 9/17/2025 with a monthly $30,000 ($0.116 per share) sponsor contribution to trust. Approximately 2% of public shares remain, representing $3mm in trust.


Upcoming Meetings and Deadlines

  • 6/23/2025 BKHA Charter extension meeting (liquidation deadline 6/22/2025)
  • 6/24/2025 SLAMF Charter extension meeting (liquidation deadline 6/25/2025)
  • 6/24/2025 JVSA Hotel101 approval meeting (liquidation deadline 7/23/2025)
  • 6/25/2025 EURK Charter extension meeting (liquidation deadline 6/23/2025)
  • 6/26/2025 WTMA Charter extension meeting (liquidation deadline 6/30/2025)
  • 6/26/2025 WTMA Evolution Metals approval meeting (liquidation deadline 6/30/2025)
  • 6/26/2025 BRZH Charter extension meeting (liquidation deadline 6/26/2025)
  • 6/27/2025 GMFI Charter extension meeting
  • 6/27/2025 WINV Xtribe approval meeting (liquidation deadline 9/17/2025)
  • 6/28/2025 IROH Liquidation Deadline
Disclosures: Information is provided for informational purposes only and should not be relied upon as the basis for any investment decision nor considered as a recommendation or solicitation to buy or sell any securities. Site administrators may hold and trade in SPAC securities without notice.


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Copyright © 2025 SPAC Research. All rights reserved.
June 16, 2025

SPAC Conference
We hope to see you this week at the 2025 SPAC Conference at Westchester Country Club! SPAC Research Founder Benjamin Kwasnick will present SPACs by the Numbers at 2pm on Wednesday.
News From the Past Week

Deal News

  • SilverBox Corp IV (SBXD) signed an LOI with Parataxis Holdings, a multi-strategy investment management firm focused on the digital asset sector.

Deal Closings & Approvals
IPOs
Name Ticker Raised ($mm) Sector Cash in Trust Coverage
Blue Water III BLUW 220 Healthcare 100.0% 1/2
Blue Acq BACC 175 General 100.0% R
BEST SPAC I BSAA 55 General 100.0% R

New S-1's
Name Ticker Size ($mm) Underwriter Trust Funding Coverage
EQV Ventures II EVAC 350 BTIG 100.0% 1/3
1RT Acq ONCH 150 Cantor 100.0% 1/4
Indigo Acq INAC 100 EarlyBirdCapital 100.0% R
Starry Sea SSEA 50 A.G.P. 100.0% R

Liquidations
None.

Charter Extensions

  • GLLI extended its charter through 12/9/2025 with a monthly $0.15 per share sponsor contribution to trust. Less than 1% of public shares remain, representing $1mm in trust.
  • IGTA extended its charter through 10/13/2025 with a $0.075 per share sponsor contribution to trust. Less than 1% of public shares remain, representing 2mm in trust.
  • TGAAF extended its charter through 12/9/2026 with no sponsor contribution to trust. Less than 1% of public shares remain, representing $1mm in trust.
  • ALSA extended its charter through 12/15/2025 with a monthly $35k sponsor contribution to trust. Redemption statistics were not provided.


Upcoming Meetings and Deadlines

  • 6/16/2025 WINV Charter extension meeting (liquidation deadline 6/17/2025)
  • 6/16/2025 KACLF Liquidation deadline
  • 6/17/2025 EVE Liquidation deadline
  • 6/18/2025 SLAMF Charter extension meeting (liquidation deadline 6/25/2025)
  • 6/18/2025 GDST Charter extension meeting (liquidation deadline 6/21/2025)
  • 6/19/2025 BAYA Liquidation deadline
  • 6/20/2025 BKHA Charter extension meeting (liquidation deadline 6/22/2025)
  • 6/20/2025 IROH Charter extension meeting and China Food Investment approval meeting (liquidation deadline 6/28/2025)
  • 6/20/2025 EURK Charter extension meeting (liquidation deadline 7/3/2025)
  • 6/22/2025 FORL Liquidation deadline
Disclosures: Information is provided for informational purposes only and should not be relied upon as the basis for any investment decision nor considered as a recommendation or solicitation to buy or sell any securities. Site administrators may hold and trade in SPAC securities without notice.


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Copyright © 2025 SPAC Research. All rights reserved.
May 27, 2025

Why Are SPACs Surging?

We've been asked this question frequently in 2025: Why is the market enthusiastic for SPACs right now?

The broader market is volatile at the moment and the IPO climate has been challenging for most of the year. But retail remains enthusiastic for stocks, and a number of investment themes continue to garner speculative interest.

You can see on the chart below that SPAC front ends are racing forward at the fastest pace in three years.
Some deals are getting a welcome reception from the market. We're even seeing a handful of deals that feature common stock PIPE financing rather than the heavily structured financing that teams needed back in 2023-2024.

There are some pretty straightforward reasons why sponsors are coming back to the market right now:
  • Yields are down.
  • Pre-deal warrant prices are up.
  • IPO terms are friendlier to sponsors than they've been in years.
SPAC yields (in green, above) have edged lower this year, which means investors are paying a higher price for the same common shares. When yields were 6% last fall, investors might pay $9.75 for a generic SPAC with $10 in trust and two years remaining. Now at 5% yields, those same shares could be worth closer to $9.90.
Warrant prices are up. The SPAC Research Warrant Index measures the value of pre-deal SPAC warrants which have more than tripled in the past year off of all-time lows.
And the market is giving sponsors more time to complete their deal, while requiring less trust overfunding. Back in 2022, the average SPAC sponsor was overfunding their trust at 102% and getting just over a year to close a deSPAC. Now, trust overfunding is down to almost zero, and sponsors are mostly getting 21 months or greater for their vehicle.

A generic SPAC IPO unit now delivers greater value from both common shares and warrants to investors, so sponsors are no longer required to overfund their trust account to satisfy investors.

Demand for SPAC front ends never went away, even through the toughest times for SPACs. But IPO conditions have gotten much easier for sponsors and supply has finally come rushing back.
News From the Past Week

Deal News

Deal Closings & Approvals

  • Bannix Acquisition Corp. (BNIX) shareholders approved the company’s acquisition of VisionWave Technologies at a meeting Thursday 5/22/2025 with less than 1% of public shares remaining. No closing timeline was given.

IPOs
Name Ticker Raised ($mm) Sector Cash in Trust Coverage
Oyster Enterprises II OYSE 220 General 100.0% R
ProCap Acq PCAP 220 General 100.0% 1/3
Armada II AACI 200 Technology 100.5% 1/2
Cal Redwood CRA 200 Media & Entertainment 100.0% R
Pelican Acq PELI 75 Technology 100.0% R

New S-1's
Name Ticker Size ($mm) Underwriter Trust Funding Coverage
Cohen Circle II CCII 220 Clear Street 100.0% R
A Paradise APAD 200 Cohen 100.0% R
LightWave Acq LWAC 150 BTIG 100.3% 1/2
FIGX Capital FIGX 131 Cantor 100.0% 1/2
InFinT 2 * 100 Roth Capital 100.5% R

Liquidations
None.

Charter Extensions

  • IRRX extended its charter through 7/15/2025 with a monthly $5,000 ($0.12 per share) sponsor contribution to trust. Less than 1% of public shares remain, representing $570k in trust.

Upcoming Meetings and Deadlines

  • 5/30/2025 BSII World Media and Entertainment Universal Inc. approval meeting (merger outside date 7/10/2025)
  • 5/30/2025 DIST Youlife International Holdings Inc. approval meeting
  • 5/30/2025 WINV Xtribe approval meeting
  • 5/30/2025 GMFI Charter extension meeting
Disclosures: Information is provided for informational purposes only and should not be relied upon as the basis for any investment decision nor considered as a recommendation or solicitation to buy or sell any securities. Site administrators may hold and trade in SPAC securities without notice.


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Copyright © 2025 SPAC Research. All rights reserved.