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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!
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.
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.

  • 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.

  • 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

  • EQV Ventures Acquisition Corp. (formerly FTW) closed its acquisition of Presidio Petroleum on Thursday 3/5/2026 with 4% of public shares remaining. Ordinary shares are now trading on the NYSE as “FTW.”
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

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
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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