March 9, 2026
Warrant Exchange
Last week, Haymaker Acquisition Corp. 4 (HYAC) announced an exchange offer in which the company will buy back 11.5mm warrants from public shareholders, paying $2.25 in cash and 0.075 shares per warrant.
We've seen exchange offers at deal closing before, but this one is more generous than most. It's hard to predict which businesses will be willing to pay up at deSPAC to clean up outstanding warrants, but:
- You wouldn't expect a company to lay out cash and stock to reduce dilution if they didn't have high conviction the warrants would ultimately expire in-the-money.
- The target, Suncrete, is an industrial supply business with less than 10% organic top-line growth.
- HYAC common shares still trade at a discount to our estimated redemption value.
- The deal's max redemption scenario still requires roughly $40mm from trust.
But the most interesting thing about this scenario might be the book of warrantholders. If you select the "Warrants/Rights" checkbox on our shareholder view, you can see that Harraden Circle Investments owns almost 4mm warrants, over one-third of the public float!
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There's no good way to peer into private conversations between the sponsor and individual shareholders. But we'd love to have been a fly on the wall during these negotiations. Are 13F holders engaging in light shareholder activism on warrant tender offers? Harraden Circle has acquired significant positions in a number of other warrants and rights. We'll be watching closely to see if they end up in other cap table cleanup scenarios.
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News From the Past Week
Deal News
-
Bleichroeder Acquisition Corp. II (BBCQ) announced a deal to acquire Pasqal, a neutral atom quantum computing company. The deal reflects an enterprise value of $2bn and includes $200mm convertible financing anchored by sponsor-affiliated investor Inflection Point, existing Pasqal anchor investor BPIfrance Large Venture and several other new institutional investors. The transaction is expected to close in H2 2026.
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Newbridge Acquisition Ltd (NBRG) entered into a memorandum of understanding with Starcoin Group Limited, a company incorporated in the Cayman Islands and continued in Bermuda with limited liability, the shares of which are listed on The Stock Exchange of Hong Kong Limited.
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Keen Vision Acquisition Corporation (KVAC) and Medera terminated their business combination agreement and KVAC entered into an LOI with Medera Inc. and Novoheart Group Limited. The LOI sets NVH’s enterprise valuation at $100mm.
Deal Closings & Approvals
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IPOs
| Name |
Ticker |
Size ($mm) |
Underwriter |
Trust Funding |
Coverage |
| Apogee Acq |
AACP |
250 |
ARC Group |
100.0% |
1/2 |
| Mercator Acq |
MRCO |
250 |
Clear Street |
100.0% |
1/3 |
| ACP Holdings |
ACGC |
200 |
Roth |
100.0% |
1/3 |
| KPET Ultra Paceline |
KPET |
200 |
Deutsche Bank |
100.0% |
1/6 |
| Patriot Acq |
PTAC |
200 |
KBW |
100.0% |
1/2 |
| QuasarEdge Acq |
QRED |
100 |
Kingswood |
100.0% |
R=S/5 |
New S-1's
| Name |
Ticker |
Raised ($mm) |
Sector |
Cash in Trust |
Coverage |
| Kensington Capital VI |
KCA.U |
230 |
Automotive |
100.0% |
1/4 + 3/4 |
| GalaxyEdge Acq |
GLED |
100 |
General |
100.0% |
R=S/4 |
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Charter Extensions
- VMCAF extended its charter through 3/3/2027 with a $0.03 per share sponsor contribution to trust. Approximately 2% of public shares remain representing $6mm in trust.
- CMCAF extended its charter through 3/3/2027 with no sponsor contribution to trust. Less than 1% of public shares remain representing approximately $2.4mm in trust.
Upcoming Meetings and Deadlines
- 3/9/2026 CPTK Charter extension meeting (liquidation deadline 3/11/2026)
- 3/10/2026 TLGYF StablecoinX Assets approval meeting
- 3/12/2026 WELNF Charter extension meeting (liquidation deadline 3/16/2026)
- 3/12/2026 RIBB Extension deposit reduction meeting
- 3/12/2026 BACQ Merlin approval meeting
- 3/12/2026 VACH VERAXA Biotech approval meeting
- 3/13/2026 WINV Charter extension meeting (liquidation deadline 3/17/2026)
- 3/13/2026 FVN Liquidation deadline (optional $0.0333 per share deposit extension)
- 3/16/2026 ROSS Liquidation deadline
- 3/17/2026 GDST Charter extension meeting
- 3/17/2026 DMYY Horizon Quantum approval meeting
- 3/17/2026 PELI Greenland Energy Company approval meeting
- 3/18/2026 CAPN Charter extension meeting (liquidation deadline 3/23/2026)
- 3/19/2026 CHAC Xanadu approval meeting
- 3/19/2026 UYSC Charter extension meeting (liquidation deadline 4/1/2026)
- 3/20/2026 GIG Hadron Energy approval meeting
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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.
You can contact us here.
Update your email preferences or unsubscribe from this email.
Copyright © 2026 SPAC Research. All rights reserved.
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News From the Past Week
Deal News
-
Andretti Acquisition Corp. II (POLE) announced a deal to acquire StoreDot, an Israeli company developing Extreme Fast Charging (XFC) battery technology for electric vehicles. The deal reflects an enterprise value of $882mm and is expected to close in Q2 2026.
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Perceptive Capital Solutions Corp (PCSC) announced a deal to acquire Freenome, an early cancer detection company developing blood-based screening tests. The deal reflects an enterprise value of $643mm and includes a $240mm PIPE investment anchored by Perceptive Life Sciences Master Fund Ltd. The deal is expected to close in 1H 2026.
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WinVest Acquisition Corp. (WINV) announced a deal to acquire Embed Financial Group Cayman Holdings, a Singapore-headquartered Finternet infrastructure company operating across emerging markets in Africa and Asia. The deal reflects an enterprise value of $425mm. No closing timeline was given.
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FACT II Acquisition Corp. (FACT) announced a deal to acquire Precision Aerospace & Defense Group, a high-growth aerospace and defense engineering and manufacturing firm. The deal reflects an enterprise value of $320mm and includes a non-binding term sheet with BC Partners for a potential credit facility and equity financing of up to $80mm. The transaction is expected to close in H1 2026.
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CSLM Digital Asset Acquisition Corp III, Ltd (KOYN) signed an LOI with First Digital Group, a programmable stablecoin capable of enabling the execution of financial contracts, escrow services, and insurance without intermediaries.
Deal Closings & Approvals
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Columbus Circle Capital Corp. I (BRR) closed its acquisition of ProCap BTC on Friday 12/5/2025. Redemption statistics were not provided. Ordinary shares and warrants are set to trade on the NASDAQ as “BRR” and “BRRWW” beginning Monday 12/8/2025.
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Cantor Equity Partners, Inc. (CEP) shareholders approved the company’s acquisition of Twenty One at a meeting Wednesday 12/3/2025 with almost 100% of shares remaining. Ordinary shares are set to trade on the NASDAQ as “XXI” beginning Tuesday 12/9/2025.
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Cartica Acquisition Corp (CRTAF) shareholders approved the company’s acquisition of Nidar Infrastructure Limited at a meeting Thursday 12/4/2025. Redemption statistics were not provided. Closing is expected as soon as practicable.
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IPOs
| Name |
Ticker |
Raised ($mm) |
Sector |
Cash in Trust |
Coverage |
| New America |
NWAX |
300 |
Dominari |
100.0% |
1/2 |
| SilverBox V |
SBXE |
276 |
Santander |
100.0% |
1/3 |
| Activate Energy Acq |
AEAQ |
200 |
BTIG |
100.0% |
1/2 |
| Bitcoin Infrastructure |
BIXI |
200 |
Cohen |
100.0% |
1/2 |
| General Purpose |
GPAC |
200 |
Jefferies |
100.0% |
1/2 |
| Safeguard Acq |
SAC |
200 |
Jefferies |
100.0% |
1/2 |
| Leapfrog Acq |
LFAC |
125 |
BTIG |
100.0% |
1/2 |
New S-1's
| Name |
Ticker |
Size ($mm) |
Underwriter |
Trust Funding |
Coverage |
| Art Technology |
ARTC |
220 |
Clear Street |
100.0% |
1/4 |
| GigCapital9 |
GIX |
220 |
D. Boral |
100.0% |
R=S/5 |
| Hennessy VIII |
HCIC |
175 |
Barclays |
100.0% |
R=S/15 |
| Muzero Acq |
* |
175 |
BTIG |
100.0% |
1/2 |
| Blue Water Acquisition Corp. IV |
BWIV |
125 |
BTIG |
100.0% |
1/2 |
| United Acq |
UAC |
100 |
Chardan |
100.0% |
1/4 |
| APEX Tech |
TRAD |
60 |
A.G.P. |
100.0% |
R=S/6 |
| Mammon Omicron Acq |
* |
60 |
Chardan |
100.3% |
R=S/8 |
Liquidations
None.
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Upcoming Meetings and Deadlines
- 12/8/2025 RACY Instinct Brothers Co. approval meeting
- 12/8/2025 WELNF Btab Ecommerce Group, Inc. approval meeting (liquidation deadline 12/15/2025)
- 12/8/2025 YHNA Charter extension meeting (liquidation deadline 12/19/2025)
- 12/9/2025 APXIF Liquidation deadline
- 12/11/2025 ALSAF Charter extension meeting (liquidation deadline 12/15/2025)
- 12/12/2025 BAYA Charter extension meeting (liquidation deadline 12/19/2025)
- 12/12/2025 RDAC Charter extension meeting
- 12/12/2025 WELNF Charter extension meeting (liquidation deadline 12/15/2025)
- 12/12/2025 IVCBF Charter extension meeting (liquidation deadline 12/17/2025)
- 12/12/2025 BOWN Charter extension meeting (liquidation deadline 12/14/2025)
- 12/15/2025 DTSQ Extension deposit reduction meeting
- 12/15/2025 DMYY Charter extension meeting (liquidation deadline 12/29/2025)
- 12/16/2025 ATMC Charter extension meeting (liquidation deadline 1/4/2026)
- 12/16/2025 PPHP Liquidation deadline
- 12/20/2025 SACQF Liquidation deadline
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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.
You can contact us here.
Update your email preferences or unsubscribe from this email.
Copyright © 2025 SPAC Research. All rights reserved.
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News From the Past Week
Deal News
-
Crane Harbor Acquisition Corp. (CHAC) announced a deal to acquire Xanadu, a photonic quantum computing company. The deal reflects an enterprise value of $3.1bn and includes a $275mm PIPE anchored by AMD, BMO Global Asset Management, and CIBC Asset Management Inc. No closing timeline given.
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Cantor Equity Partners III, Inc. (CAEP) announced a deal to acquire AIR, a hookah company and a pioneer in advanced inhalation technologies. The deal reflects an enterprise value of $1.75bn and is expected to close in H1 2026.
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Eureka Acquisition Corp (EURK) announced a deal to acquire Marine Thinking, a provider of autonomous ship and fleet solutions. The deal reflects a pre-money valuation of $130mm. No closing timeline was given.
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Rigel Resource Acquisition Corp. (RRACF) shareholders and Aurous mutually agreed to terminate their business combination agreement with no fees payable, with RRACF liquidating as soon as practicable.
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Compass Digital Acquisition Corp. (CDAQ) received a notice of termination from EEW Renewables, citing breach of contract. CDAQ disputes the claim and maintains EEW’s purported termination is invalid.
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IPOs
| Name |
Ticker |
Raised ($mm) |
Sector |
Cash in Trust |
Coverage |
| Cantor Equity Partners V |
CEPV |
220 |
General |
100.0% |
0 |
| Crown Reserve I |
CRAC |
150 |
General |
100.0% |
1/2+(R=S/5) |
| Tailwind 2.0 |
TDWD |
150 |
Energy |
100.0% |
R=S/10 |
| Westin Acq |
WSTN |
50 |
General |
100.0% |
R=S/6 |
New S-1's
| Name |
Ticker |
Size ($mm) |
Underwriter |
Trust Funding |
Coverage |
| Crane Harbor II |
CRAN |
250 |
Cohen |
100.0% |
R=S/15 |
| HCM IV |
HACQ |
250 |
Cantor |
100.0% |
1/4 |
| Launchpad Streetlight |
LPSL |
200 |
Cantor |
100.0% |
1/2 |
| Safeguard Acq |
SAC |
200 |
Jefferies |
100.0% |
1/2 |
| ARC Group Securities |
FJDI |
150 |
ARC Group |
100.0% |
1/2 |
| ARC Group Securities II |
FDAR |
150 |
ARC Group |
100.0% |
1/2 |
| Bluerock Acq |
BLRK |
150 |
Cantor |
100.0% |
1/3 |
Liquidations
None.
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Charter Extensions
- CBRRF extended its charter through 11/15/2026 with a monthly $0.01 per share sponsor contribution to trust. Less than 1% of public shares remain, representing $1mm in trust.
- INTE extended its charter through 11/5/2026 with a monthly $0.05 per share sponsor contribution to trust. Approximately 2% of public shares remain, representing $2mm in trust.
- IXAQF extended its charter through 10/12/2026 with a monthly $0.04 per share sponsor contribution to trust. Approximately 3% of public shares remain, representing $9mm in trust.
- MCAG extended its charter through 11/16/2026 with a $0.10 sponsor contribution for each 3-month extension. Approximately 1% of public shares remain, representing $1mm in trust.
- YOTA extended its charter through 4/22/2027 with a monthly $7,500 sponsor contribution to trust. Redemption statistics were not provided.
- RENEF extended its charter through 11/5/2026 with no sponsor contribution to trust. Approximately 13% of public shares remain, representing $38mm in trust.
- CLRCF extended its charter through 5/2/2026 with no sponsor contribution to trust. Less than 1% of public shares remain, representing $154k in trust.
- CCTSF extended its charter through 11/2/2026 with no sponsor contribution to trust. Less than 1% of public shares remain, representing $1mm in trust.
Upcoming Meetings and Deadlines
- 11/10/2025 RFAI Charter extension meeting
- 11/10/2025 ANSC Charter extension meeting (liquidation deadline 11/13/2025)
- 11/10/2025 AITR Liquidation deadline
- 11/12/2025 DPCS Charter extension meeting (liquidation deadline 11/12/2025)
- 11/14/2025 NETD Articles amendment meeting
- 11/16/2025 PPHP Liquidation deadline
- 11/18/2025 HSPT Liquidation deadline
- 11/19/2025 MAYA Name change proposal meeting
- 11/20/2025 RDAC HZJL approval meeting
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Disclosures: Information is provided for informational purposes only and should not be relied upon as the basis for any investment decision nor considered as a recommendation or solicitation to buy or sell any securities. Site administrators may hold and trade in SPAC securities without notice.
You can contact us here.
Update your email preferences or unsubscribe from this email.
Copyright © 2025 SPAC Research. All rights reserved.
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News From the Past Week
Deal News
|
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IPOs
None.
New S-1's
| Name |
Ticker |
Size ($mm) |
Underwriter |
Trust Funding |
Coverage |
| Colombier III |
CLBR |
260 |
Roth Capital |
100.0% |
1/8 |
| Bleichroeder II |
BBCQ |
250 |
Cohen |
100.0% |
1/3 |
| Aeon Acq |
AESP |
250 |
D.Boral |
100.0% |
1/2+(R=S/8) |
| FG Imperii |
FGII |
200 |
ThinkEquity |
100.0% |
1/2 |
| General Purpose |
GPAC |
200 |
Jefferies |
100.0% |
1/2 |
| SC II Acq |
SCII |
150 |
D.Boral |
100.0% |
R=S/5 |
| RF Acq III |
RFAM |
100 |
EarlyBirdCapital |
100.0% |
R=S/10 |
| GalaxyEdge Acq |
GLED |
60 |
Kingswood |
100.0% |
R=S/7 |
| White Pearl |
WPAC |
50 |
D.Boral |
100.0% |
R=S/10 |
Liquidations
None.
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Charter Extensions
- IGTA extended its charter through 2/13/2026 with a monthly $0.075 per share sponsor contribution to trust. Less than 1% of public shares remain, representing $1mm in trust.
- OAKU extended its charter through 3/28/2026 with a monthly $0.033 per share sponsor contribution to trust. Approximately 23% of public shares remain, representing $16mm in trust.
- HUDA extended its charter through 7/15/2026 with no sponsor contribution to trust. Less than 1% of public shares remain, representing approximately $400k in trust.
- CSLMF extended its charter through 12/18/2025 with a semi-monthly $15,000 ($0.02 per share) sponsor contribution to trust. No shares were redeemed.
- HAIAF extended its charter through 10/14/2026 with a monthly $0.10 per share sponsor contribution to trust. Redemption statistics not provided.
Upcoming Meetings and Deadlines
- 10/20/2025 HOND Terrestrial Energy approval meeting
- 10/20/2025 FSHP Liquidation deadline (optional $60k deposit extension)
- 10/20/2025 DTSQ Charter extension meeting (liquidation deadline 10/26/2025)
- 10/21/2025 RFAI Liquidation deadline
- 10/21/2025 BACQ Name change approval meeting
- 10/22/2025 YOTA Liquidation deadline
- 10/27/2025 AIMTF Charter extension meeting (liquidation deadline 10/28/2025)
- 10/27/2025 HSPO Charter extension meeting
- 10/27/2025 ASPC Charter extension meeting (liquidation deadline 11/12/2025)
- 10/29/2025 CBRRF Charter extension meeting (liquidation deadline 11/15/2025)
- 10/29/2025 CLRCF Charter extension meeting (liquidation deadline 11/2/2025)
- 10/31/2025 INTE Charter extension meeting (liquidation deadline 11/5/2025)
- 11/2/2025 CCTSF Liquidation deadline
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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.
You can contact us here.
Update your email preferences or unsubscribe from this email.
Copyright © 2025 SPAC Research. All rights reserved.
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