May 5, 2025
IPO Resurgence
After a years-long malaise, the SPAC market is showing encouraging signs of life in 2025. April 2025 saw over $2.7bn of SPAC issuance, the highest number since February 2022.
- And five IPOs have already raised over $1.2bn in the first two days of May.
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New S-1 Filings are also coming at a pace not seen in years.
- Fifty-four issuers have filed to raise over $10bn so far in 2025
- More than half of registrations have come from repeat sponsors
- Big names including Alec Gores and Michael Klein have returned to the market.
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We're also seeing a number of new deal announcements with committed equity financing attached.
- Five deals have signed up almost $600mm in common stock PIPE commitments in the past three months
- Many others are trading above cash implying meaningful retention from trust
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Despite the broader headwinds for capital markets, SPACs are enjoying a moment.
- It's hard to say if the enthusiasm comes from simply working through a backlog of zombie vehicles or overcoming years of negative sentiment.
- The results paint an unmistakably optimistic picture for SPACs in the coming months.
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News From the Past Week
Deal News
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Black Hawk Acquisition Corporation (BKHA) announced a deal to acquire Vesicor Therapeutics, a California-based early development stage biotechnology corporation focused on the development of p53-based cancer therapeutics delivered via precision-engineered microvesicles. The deal reflects an equity value of $70mm and is expected to close in Q4 2025.
Deal Closings & Approvals
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Iris Acquisition Corp (formerly IRAA) closed its acquisition of Liminatus Pharma on Wednesday 4/30/2025 with less than 1% of public shares remaining. Ordinary shares and warrants are now trading on the NASDAQ as “LIMN” and “LIMNW.”
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Alpha Star Acquisition Corp (ALSAF) shareholders approved the company’s acquisition of XDATA at a meeting Friday 5/2/2025 with less than 1% of public shares remaining. Ordinary shares and warrants are set to begin trading on the NASDAQ as “XDT” and “XDTWW” Monday 5/5/2025.
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IPOs
| Name |
Ticker |
Raised ($mm) |
Sector |
Cash in Trust |
Coverage |
| Gores X |
GTEN |
312 |
General |
100.0% |
1/4 |
| Republic Digital |
RDAG |
264 |
General |
100.0% |
1/2 |
| Berto Acq |
TACO |
261 |
General |
100.0% |
1/2 |
| Cantor Equity Partners II |
CEPT |
240 |
General |
100.0% |
0 |
| Cartesian Growth III |
CGCT |
240 |
General |
100.0% |
1/2 |
| Copley Acq |
COPL |
150 |
General |
100.5% |
1/2 |
| Digital Asset |
DAAQ |
150 |
Financial |
100.0% |
1/2 |
| Real Asset |
RAAQ |
150 |
General |
100.0% |
1/2 |
| Lakeshore III |
LCCC |
60 |
General |
100.0% |
R |
New S-1's
| Name |
Ticker |
Size ($mm) |
Underwriter |
Trust Funding |
Coverage |
| Churchill Capital X |
CCCX |
300 |
BTIG |
100.0% |
1/4 |
| WEN Acq |
WENN |
261 |
Cantor |
100.0% |
1/2 |
| D. Boral ARC |
* |
250 |
D. Boral |
100.0% |
1/2 |
| MSM Frontier Capital |
MSMU |
225 |
Cohen |
100.0% |
R |
| ProCap Acq |
PCAP |
200 |
BTIG |
100.0% |
W/3 |
| Wintergreen Acq |
WTG |
50 |
D. Boral |
100.3% |
R |
Liquidations
None.
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Charter Extensions
- PHYUF extended its charter through 4/29/2026 with a monthly $0.05 per share sponsor contribution to trust. Approximately 8% of public shares remain, representing $18mm in trust.
- AEAE extended its charter through 5/1/2026 with no sponsor contribution to trust. Approximately 2% of public shares remain, representing $6mm in trust.
Upcoming Meetings and Deadlines
- 5/5/2025 HCVI Namib Minerals approval meeting
- 5/6/2025 AQUC Charter extension meeting (liquidation deadline 5/6/2025)
- 5/6/2025 FNVTF Charter extension meeting (liquidation deadline 5/8/2025)
- 5/7/2025 DIST Youlife International Holdings Inc. approval meeting
- 5/7/2025 PUCK Charter extension meeting (liquidation deadline 5/8/2025)
- 5/8/2025 RRACF Charter extension meeting (liquidation deadline 5/9/2025)
- 5/9/2025 MCAA Charter extension meeting (liquidation deadline 5/9/2025)
- 5/11/2025 CPTK 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.
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