A running index of SPAC mergers and de-SPAC announcements covered in the Special Situations Digest. Below are recent SPAC business combination announcements, definitive merger agreements, and pre-deal SPAC activity across global markets, with each item linked to the underlying filing. Below: the 35 most recent situations spanning 3 countries.
SPAC activity remains a recurring vein of special-situations opportunity, particularly around shareholder vote dates, redemption windows, and PIPE pricing dynamics. The pre-merger phase offers a defined floor (the trust value, typically $10/share) and a clear option on the target's performance. Post-announcement, the spread between SPAC price and pro-forma target valuation can compress or widen sharply depending on redemption mechanics.
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United States 33 situations
WinVest Acquisition Corp. WINV (US) · $12.55 · MCAP $39M · EV $42M
WinVest Acquisition Corp. is a blank-check SPAC formed to effect a business combination. Embed Financial Group is a Cayman-incorporated financial services holding company.
WinVest Acquisition Corp. (WINV) entered into an Amended and Restated Business Combination Agreement with Embed Financial Group Cayman Holdings on May 26, 2026, updating the terms of their original December 2, 2025 transaction. The restructured agreement introduces a sponsored American Depositary Share (ADS) facility with BNY Mellon, through which SPAC shares, warrants, and rights will convert into Pubco ADSs. Embed Financial Group separately completed a share capital restructuring into 480 million Class A and 20 million Class B ordinary shares following the original agreement. Pubco intends to file an F-4 registration statement, but no shareholder vote date or redemption mechanics have been disclosed. This amendment adds a mechanical layer for arbitrageurs to track, as the ADS ratio, depositary fees, and fungibility versus ordinary shares will affect post-close trading and redemption-arb calculus while the deal remains pre-proxy.
Featured in Issue #18 ·
Ribbon Acquisition Corp RIBB (US) · $10.71 · MCAP $51M · EV $51M
DRC Medicine is a clinical-stage biopharmaceutical company based in Tokyo, Japan, developing drug candidates in the pharmaceutical preparations space. Ribbon Acquisition Corp is a blank-check SPAC formed to effect a business combination.
Ribbon Acquisition Corp. (RIBB) filed Amendment No. 2 to its S-4 registration statement for its proposed business combination with Tokyo-based clinical-stage biopharmaceutical company DRC Medicine Ltd. The transaction contemplates the issuance of up to 40,803,846 common shares in the post-closing entity, DRC Medicine Inc., which will be led by CEO Narumi Okazaki. Celine and Partners, P.L.L.C. and McCarter & English, LLP are serving as legal advisors for the deal. The filing advances the merger toward effectiveness and an extraordinary general meeting to be scheduled in 2026. This amendment brings the deal closer to a definitive proxy mailing, allowing arbitrageurs to model redemption risk versus trust value while considering how the cross-border complexity of the Japanese target may affect redemption behavior.
Featured in Issue #18 ·
Eureka Acquisition Corp EURK (US) · $11.50 · MCAP $56M · EV $57M
Eureka Acquisition Corp is a Cayman Islands-incorporated SPAC listed on Nasdaq (EURK) seeking to complete a business combination. Its target, Marine Thinking Inc., is a Canadian autonomous-ship and fleet-solutions company.
Eureka Acquisition Corp (EURK) filed a preliminary proxy for a June 29, 2026, shareholder meeting to extend its business combination deadline from July 3, 2026, to July 3, 2027. The extension is intended to provide additional time to close the signed business combination with autonomous-ship company Marine Thinking Inc. The charter amendment involves monthly deposits to the trust account, where a missed payment triggers a 30-day cure period prior to mandatory liquidation. Shareholders can redeem shares for a pro-rata portion of the trust account, estimated at approximately $10.50 plus accrued interest, in connection with the vote. The tight window between the June 29 vote and July 3 deadline requires investors to evaluate redemption yield math against the 12-month optionality on the Marine Thinking de-SPAC.
Featured in Issue #18 ·
Peace Acquisition Corp PECE (US) · $9.90 · MCAP $87M
Blank-check company incorporated in the Cayman Islands, formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more operating businesses. No industry or sector restrictions; no operations or revenues prior to completing a business combination.
Peace Acquisition Corp (PECE) closed its initial public offering on May 26, 2026, raising $60.0 million through the sale of 6.0 million units at $10.00 per unit. The trust account holds $60.3 million, representing a $10.05 per share redemption value, following the concurrent purchase of 262,500 private placement units by sponsors Baystar Holding Group Limited and Casper Holding LP. The company has a 15-month combination period ending August 26, 2027, at which point it must redeem 100% of public shares and liquidate if no deal is completed. Auditor UHY LLP included a going-concern qualification in the June 1, 2026, balance sheet filing citing insufficient cash and working capital to fund activities within one year. The $10.05 trust value represents a hard price floor, and any secondary-market discount below that level creates a yield-to-trust opportunity over the remaining 15-month combination period.
Featured in Issue #18 ·
FG Merger II Corp. FGMC (US) · $10.37 · MCAP $114M · EV $114M
Boxabl manufactures modular, factory-built housing units — its flagship Casita is a 361 sq ft studio that unfolds on-site in under an hour. The company is expanding into larger multi-box configurations for single-family, multifamily, and workforce housing.
FG Merger II Corp. (FGMC) shareholders will vote June 9, 2026, on the pending business combination with Boxabl Inc., a manufacturer of modular factory-built housing units. The merger agreement was signed August 4, 2025, and the S-4 registration statement has been declared effective with definitive proxy materials already mailed. Boxabl recently secured its first Phase 2 purchase agreement with Shelton Development for 203 units representing approximately $12.4M in revenue, with production slated to begin roughly 12 months after the merger closes. The imminent June 9 vote is the make-or-break catalyst for this de-SPAC, where the new $12.4M commercial order provides deal-supporting business momentum that may sway retail SPAC holders considering redemption.
Featured in Issue #18 ·
Perceptive Capital Solutions Corp PCSC (US) · $11.09 · MCAP $123M · EV $122M
PCSC is a blank-check company sponsored by Perceptive Advisors that raised $75M in its June 2023 IPO. Freenome is a blood-test diagnostics company using multiomics and machine learning for early cancer detection.
Perceptive Capital Solutions Corp (PCSC) filed Amendment No. 1 to its Form S-4 registration statement on June 1, 2026, for its de-SPAC business combination with blood-test diagnostics company Freenome Holdings, Inc. Following a domestication from the Cayman Islands to Delaware, the combined entity will be renamed Freenome, Inc. and expects to issue up to 83,067,500 shares of common stock. Cooley LLP is acting as legal advisor to PCSC, while Goodwin Procter LLP is advising Freenome. The transaction was originally announced on December 4, 2025, and the S-4 remains subject to SEC effectiveness before a shareholder meeting can be scheduled. The amendment keeps the de-SPAC on track, maintaining a redemption-arbitrage setup based on trust value relative to the PCSC share price pending the SEC effectiveness timeline and shareholder record date.
Featured in Issue #18 ·
BurTech Acquisition Corp II BRKH (US) · $13.09 · MCAP $198M · EV $200M
BurTech Acquisition Corp II is a newly formed Cayman Islands-incorporated blank-check company whose purpose is to effect a merger, share exchange, asset acquisition, or similar business combination with one or more unidentified operating businesses.
BurTech Acquisition Corp. (BRKH) closed its $80M IPO on May 26, 2026, issuing 8,000,000 units at $10.00 per unit. A concurrent private placement raised an additional $2.52M from the sponsor and third-party investors, resulting in $80.4M being deposited into the trust account at $10.05 per unit. The audited balance sheet as of the closing date includes a going-concern disclosure due to insufficient cash and working capital to sustain operations for one year without a business combination. The SPAC has until May 26, 2027, to complete a transaction, subject to extension mechanics. The trust account is now funded at $80.4M, making this a standard pre-deal SPAC for arbitrage desks tracking trust NAV floors.
Featured in Issue #18 ·
Melar Acquisition Corp. I MACI (US) · $10.84 · MCAP $234M · EV $238M
Melar Acquisition Corp. I is a blank-check company formed to effect a business combination. Its pending target, Everli Global Inc., is a European online grocery marketplace operating in multiple countries.
Melar Acquisition Corp. I (MACI) and its lender affiliate entered into an Intercreditor Agreement with Agile Capital Funding and YA II PN to subordinate Agile’s existing loans to Everli Global Inc. in favor of Melar’s and YA II’s senior debt. The agreement ensures Melar’s loans have first-priority claims on the assets of Everli and its founder, with Agile prohibited from enforcing its rights until Melar’s obligations are fully paid. Melar’s de-SPAC merger with Everli was originally announced July 30, 2025, and has since been amended twice, though the S-4 registration statement has not yet been declared effective. This intercreditor cleanup removes a debt-stack uncertainty that could have complicated Everli’s capital structure post-merger, signaling that the deal is progressing through pre-vote housekeeping as investors monitor the S-4 effectiveness timeline and eventual redemption levels.
Featured in Issue #18 ·
Translational Development Acquisition Corp. TDAC (US) · $10.74 · MCAP $235M · EV $236M
ProLogium is a Taiwan-based developer and commercial-scale manufacturer of solid-state lithium-ceramic batteries, operating a 3 GWh facility in Taoyuan with over 1,100 patents and 2.4M+ cells shipped since 2013.
Translational Development Acquisition Corp. (TDAC) entered into a definitive business combination agreement with Taiwanese solid-state battery developer ProLogium Technology. The transaction values ProLogium at approximately $3.8 billion on a pre-money, net cash-free basis. ProLogium expects to secure gross proceeds of at least $250 million through TDAC’s trust account and a planned PIPE financing to fund its Dunkirk gigafactory and commercialization efforts. Upon closing, expected in the second half of 2026, the combined company will trade on the NASDAQ under the ticker PRLG. For SPAC arb desks, the key inputs are TDAC's current trust value versus the pre-money valuation, the PIPE financing package, and redemption levels heading into the shareholder vote in H2 2026.
Featured in Issue #18 ·
SPACSphere Acquisition Corp. SSAC (US) · $9.98 · MCAP $240M · EV $240M
Mobilewalla Holdco, Inc. is a Delaware-based company described in the filing as an operating business; the 8-K does not disclose its revenue model or industry segment. SPACSphere is a blank-check company that raised capital to identify and merge with a private operating target.
SPACSphere Acquisition Corp. (SSAC) entered into a $250M definitive Business Combination Agreement with Mobilewalla Holdco, Inc. on May 29, 2026. The combined entity will be renamed COVARIATE, INC. and will continue as a Delaware corporation following SSAC’s domestication from the Cayman Islands. Mobilewalla shareholders will receive an aggregate of 25,000,000 New SPACSphere common shares. SPACSphere units (SSACU) include rights (SSACR) entitling holders to 1/5 of a Class A ordinary share upon consummation of the merger. The 25M fixed-share issuance sets a dilution baseline, and the forthcoming S-4 will provide the trust cash per share and redemption deadline needed to model the arbitrage on the SSACR contingent value strip.
Featured in Issue #18 ·
Plum Acquisition Corp. IV PLMK (US) · $10.66 · MCAP $258M · EV $259M
Plum Acquisition Corp. IV is a blank-check company formed to effect a business combination. It has signed a definitive agreement to merge with Controlled Thermal Resources Holdings Inc., a Delaware-incorporated lithium brine extraction and geothermal energy developer.
SPAC Plum Acquisition Corp. IV seeks shareholder approval to extend its business combination deadline from July 16, 2026 to January 16, 2027. The extension is needed because the S-4 registration statement for the proposed merger with Controlled Thermal Resources Holdings will not be declared effective before the original July deadline. The proposal includes a mechanism allowing the board to extend the deadline an additional six months (monthly increments) through July 16, 2027 without another shareholder vote. Public shareholders retain redemption rights at the extension vote; redeeming shareholders receive their pro rata portion of the trust account, estimated in the filing at approximately $[.] per share.
Featured in Issue #18 ·
Cantor Equity Partners I, Inc. CEPO (US) · $10.60 · MCAP $270M · EV $271M
Cantor Equity Partners I is a blank-check company (SPAC) formed to acquire a target business. The target, BSTR Holdings, operates a bitcoin treasury strategy through its subsidiary BSTR Newco, holding 25,000 bitcoin as its primary asset.
Cantor Equity Partners I (CEPO) filed a definitive proxy for a June 26, 2026 shareholder meeting to approve its business combination with BSTR Holdings, Inc. The deal was originally announced on July 16, 2025. Pubco publicly filed its S-4 registration statement on May 14, 2026, with Q2 2026 closing targeted. The transaction creates a publicly traded vehicle for a bitcoin treasury strategy, with 25,000 BTC as the underlying asset, valued at the 10-day average CME CF Bitcoin Reference Rate before close. The combined company will use an Up-C structure with Pubco issuing up to 303.8M Class A shares (voteless) and 200.2M Class B shares (voting, held by the Seller).
Featured in Issue #18 ·
Hennessy Capital Investment Corp. VII HVII (US) · $10.43 · MCAP $271M · EV $271M
Hennessy Capital Investment Corp. VII is a blank-check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination. ONE Nuclear Energy LLC is a nuclear energy development company.
Hennessy Capital Investment Corp. VII (HVII) entered into a Second Omnibus Amendment with ONE Nuclear Energy LLC to extend the outside date for their business combination from June 30, 2026, to August 15, 2026. The amendment also extends the maturity of a related promissory note to the new outside date and increases the maximum loan amount from $300,000 to $316,975. The original merger agreement was signed on October 22, 2025, and a Form S-4 registration statement is currently pending SEC effectiveness. The six-week extension signals the transaction requires more time to clear SEC review, with the minor loan increase suggesting working-capital bridging rather than structural renegotiation as investors monitor potential redemption levels once the proxy is finalized.
Featured in Issue #18 ·
Real Asset Acquisition Corp. RAAQ (US) · $11.80 · MCAP $271M · EV $271M
Real Asset Acquisition Corp. is a blank-check SPAC formed to acquire a business in the real-asset or technology sector. IQM Finland Oy is a Finnish quantum-computing company building superconducting quantum processors for research and commercial applications.
Definitive proxy sets June 25, 2026 extraordinary general meeting for RAAQ shareholders to vote on the IQM business combination. PIPE investment upsized to ~$146M (14.6M shares at $10.00/ADS), supplemented by an additional commitment in June 2026. RAAQ's trust sponsors hold 5.75M founder shares (cost ~$0.004/share) and 3.725M private warrants — significant promote diverges from public shareholder economics. RAAQ Board unanimously recommends voting 'FOR' all proposals; deal is structured to NOT require a majority-of-unaffiliated-securityholders vote.
Featured in Issue #18 ·
Silicon Valley Acquisition Corp. SVAQ (US) · $10.00 · MCAP $293M · EV $292M
Silicon Valley Acquisition Corp. is a $215 million blank-check company that raised capital in a December 2025 IPO to merge with a high-growth business, targeting sectors including fintech, crypto, AI, energy transition, and technology.
Silicon Valley Acquisition Corp. (SVAQ) appointed Melbourne Capital Group as a strategic advisor to source high-growth international business combinations. Simon Stephen, Melbourne Capital's Director of Investment Banking, will lead the mandate focusing on sectors including fintech, crypto, AI infrastructure, and energy transition. The $215 million blank-check company completed its IPO in December 2025 and is operating under a 24-month business combination deadline. The appointment of an APAC-focused advisor signals an international deal-sourcing strategy for a pre-deal SPAC with a December 2027 deadline, narrowing the potential target universe toward cross-border high-growth companies in Australia and Southeast Asia seeking U.S. listings.
Featured in Issue #18 ·
Hall Chadwick Acquisition Corp. HCAC (US) · $10.05 · MCAP $294M · EV $293M
REEcycle Holdings recovers rare earth elements from end-of-life permanent magnets using proprietary hydrometallurgical technology developed at the University of Houston. The company produces market-grade rare earth oxides for EV, defense, and clean energy supply chains, with a demonstration plant in Oklahoma and a first commercial facility targeted for 100 tonnes/year by 2027.
Hall Chadwick Acquisition Corp. (HCAC) entered into a definitive business combination agreement with REEcycle Holdings, Inc. on June 1, 2026, valuing the target at a total equity value of US$400M. The consideration includes US$50M contingent on REEcycle achieving a 50 metric tonne per annum production milestone for mixed rare earth oxide. HCAC holds approximately US$207M in trust, with a minimum unrestricted cash requirement of US$40M expected at closing for the resulting Nasdaq-listed entity, REEcycle Inc. REEcycle operates a rare earth element recovery demonstration plant in Oklahoma and has secured US$5.1M in non-dilutive Department of War funding. This de-SPAC arb play hinges on redemption behavior and trust cash levels against the US$400M headline valuation, with the contingent earn-out structure providing specific downside protection.
Featured in Issue #18 ·
Live Oak Acquisition Corp. V LOKV (US) · $10.55 · MCAP $303M · EV $302M
Live Oak Acquisition Corp. V is a blank-check company formed to effect a business combination; its pending target Teamshares Inc. is a fintech-enabled platform focused on employee ownership transitions for small businesses.
Live Oak Acquisition Corp. V (LOKV) entered into a Forward Purchase Agreement (FPA) with a fund sub-advised by JBA Asset Management for up to 4,000,000 Class A shares to support its pending business combination with Teamshares Inc. Disclosed in a June 3, 2026, supplement, the OTC Prepaid Share Forward Transaction is intended to offset redemptions at an initial price equal to the per-share redemption price. The FPA term runs for 24 months post-close and includes an investor option for early termination. This agreement follows the May 27, 2026, effective date of the S-4 proxy and prospectus for the merger, with the extraordinary general meeting set but not yet held. The 4,000,000-share commitment serves as a structural redemption backstop and creates a known floor, making the redemption equation more predictable for arbitrageurs evaluating trust leakage ahead of the de-SPAC vote.
Featured in Issue #18 ·
Launch One Acquisition Corp. LPAA (US) · $10.78 · MCAP $310M · EV $310M
Launch One Acquisition Corp. is a blank-check company formed to effect a merger, share exchange, asset acquisition, or similar business combination. It completed its IPO in July 2024 and has not announced a target.
Launch One Acquisition Corp. (LPAA) has filed a revised preliminary proxy to extend its business combination deadline from July 15, 2026, to January 15, 2027. The blank-check company has not yet entered into a definitive agreement for a business combination following its July 2024 IPO. Public shareholders may redeem their shares at a per-share price equal to the trust account balance regardless of how they vote on the extension. While the filing initiates the redemption window, the specific meeting date and redemption deadline are currently placeholders. This extension creates a potential arbitrage opportunity based on the spread between the trust value floor and the $10.78 market price, though the absence of a target increases the risk of high redemptions thinning the trust.
Featured in Issue #18 ·
Roman DBDR Acquisition Corp. II DRDB (US) · $10.56 · MCAP $324M · EV $324M
Roman DBDR Acquisition Corp. II is a blank-check company (SPAC) formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
Roman DBDR Acquisition Corp. II (DRDB) extended CFO John J. Birmingham’s employment via an addendum dated May 27, 2026. The extension continues until the earlier of a business combination closing, the company’s wind-up, or termination. Under the terms. Birmingham will receive a $25,000 one-time cash payment on July 1, 2026, for ongoing SEC reporting work. The parties may also agree to additional payments for financial diligence and modeling services related to a potential business combination. This retention signal indicates the sponsor is still actively hunting for a target and keeping the deal team in place, though no combination is imminent; monitor for a deal announcement or a proxy to extend the SPAC's deadline.
Featured in Issue #18 ·
Spring Valley Acquisition Corp. III SVAC (US) · $10.61 · MCAP $325M · EV $325M
Spring Valley Acquisition Corp. III is a special purpose acquisition company (SPAC) formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
Spring Valley Acquisition Corp. III (SVAC) filed an F-4/A registration statement amendment on June 4, 2026, to register Class A common stock, public warrants, and private placement warrants for its initial business combination. The SPAC closed its IPO on September 5, 2025, and maintains a related-party working capital loan facility while the sponsor holds Class B common stock at a $0.003 per-share basis. No target company name was disclosed in the filing. This F-4/A amendment signals the de-SPAC merger is progressing toward a shareholder vote, tightening the timeline on the standard SPAC arbitrage of the trust-value floor versus market price.
Featured in Issue #18 ·
Titan Acquisition Corp. TACH (US) · $10.43 · MCAP $360M · EV $359M
OpenPayd builds universal financial infrastructure for global money movement, offering an API-driven platform for fiat and stablecoin payments, banking, and trading across 70+ domestic and 180+ international payment rails. The company holds licenses in the UK, EEA, Canada, US (44 MTLs), and South Africa.
Titan Acquisition Corp (TACH) announced a de-SPAC business combination with OpenPayd Global Holdings Limited at an $881 million enterprise value and a $1.245 billion pro forma equity value. The transaction includes $276 million in trust cash and a $100 million PIPE at $10.00 per share that is currently uncommitted. OpenPayd generates over $85 million in annualized revenue and will roll 95.3% of its equity into a 64.3% pro forma ownership stake. Pro forma ownership is further comprised of 22.2% for public shareholders, 8.0% for PIPE investors, and a 4.7% sponsor stake. The deal represents a 10.4x multiple on $85 million ARR, though the uncommitted PIPE and potential redemption levels on the trust cash are primary execution risks.
Featured in Issue #18 ·
Cantor Equity Partners II, Inc. CEPT (US) · $12.62 · MCAP $386M · EV $386M
Securitize, Inc. is a digital-asset securities platform enabling private companies to tokenize and trade alternative assets. The company provides issuer and investor technology for primary issuance and secondary trading of tokenized securities.
Cantor Equity Partners II (CEPT) filed a definitive proxy for a June 29, 2026 shareholder vote on its merger with Securitize, Inc. The business combination values Securitize at a $10.00 per share reference price, with existing Securitize stockholders owning approximately 69.2% of the combined company. The deal includes a $225 million PIPE at $10.00 per share, with PIPE investors permitted to satisfy commitments via open-market purchases. Sponsor agreed to surrender up to 30% of its Class B shares based on redemption levels and PIPE proceeds exceeding $100 million, plus an earn-out on remaining shares.
Featured in Issue #18 ·
Centurion Acquisition Corp. ALF (US) · $10.87 · MCAP $391M · EV $391M
Centurion Acquisition Corp. is a blank-check company formed for the purpose of effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
Centurion Acquisition Corp. (ALF) postponed its extension EGM from June 9 to June 12, 2026, at 11:00 a.m. ET. The proposal seeks to extend the business combination deadline from June 12, 2026, to June 12, 2027. The redemption deadline for Class A ordinary shares was extended to June 10, 2026, at 5:00 p.m. ET. The record date remains May 6, 2026; the definitive proxy for the extension was filed May 21, 2026.
Featured in Issue #18 ·
AEI CapForce II Investment Corp GRNQ (US) · $1.53 · MCAP $28M · EV $27M
Blank check company formed to effect a merger, share exchange, or similar business combination with one or more businesses in Southeast Asia and APAC, focusing on new economy sectors such as fintech, renewable energy, AI, e-commerce, and healthcare.
AEI CapForce II Investment Corp filed Amendment No. 5 to its S-1 registration statement for a SPAC IPO on June 5, 2026. The offering is for 10,000,000 units at $10.00 per unit, targeting $100M in gross proceeds, with each unit containing one share and one right to receive 1/2 warrant. The SPAC is a Cayman Islands exempted company focused on a business combination target in Southeast Asia/APAC in 'new economy' industries including fintech, renewable energy, AI and healthcare. The registration statement has not yet been declared effective; no target has been identified and no substantive discussions have commenced.
Featured in Issue #18 ·
Lakeshore Acquisition III Corp. LCCC (US) · $10.40 · MCAP $93M · EV $46M
Lakeshore Acquisition III Corp. is a blank-check SPAC formed to effect a merger or business combination. Target CPRO Electronics Holding Limited is a South Korean electronics group operating through its subsidiary CPRO Electronics Co., Ltd.
Lakeshore Acquisition III Corp. (LCCC) entered into a definitive merger agreement with South Korean group CPRO Electronics Holding Limited on May 22, 2026, for a business combination valued at $185M. Consideration consists of stock at $10.00 per share and is subject to a dollar-for-dollar downward adjustment if the target's indebtedness exceeds $26M at closing. The transaction involves a Cayman Islands reincorporation merger followed by a British Virgin Islands acquisition merger, and necessitates the filing of a Form F-4 registration statement and proxy. Closing is contingent upon shareholder approvals and Nasdaq listing requirements. Arbitrageurs must track the trust value versus the LCCC market price and redemption mechanics ahead of the shareholder vote, while monitoring the deal consideration risk introduced by the $26M target indebtedness adjustment clause.
Featured in Issue #17 ·
Constellation Acquisition Corp. I CSTA (US) · $13.05 · MCAP $102M · EV $107M
Jindalee Lithium's HiTech Minerals holds the McDermitt Lithium Project, a large-scale lithium asset on the Oregon-Nevada border with 21.5 million tonnes of lithium carbonate equivalent, targeting domestic US battery-material supply chains.
Constellation Acquisition Corp I (CSTA) signed a definitive business combination agreement with Jindalee Lithium Limited subsidiary HiTech Minerals to form US Elemental Inc. at a $500M enterprise valuation. US Elemental will hold the McDermitt Lithium Project, a 21.5 million-tonne lithium carbonate equivalent resource, and targets a Nasdaq listing under ticker ULIT in the third quarter of 2026. A Form 425 filed on May 26, 2026, disseminated a CEO interview confirming the signed agreement and transaction timeline. The disclosed valuation, 21.5 million-tonne resource, Fast 41 designation, and DOE cooperative agreement provide concrete terms for SPAC arbitrage analysis and a tangible asset-backstop for the trust-value calculus ahead of the redemption vote.
Featured in Issue #17 ·
Pantages Capital Acquisition Corporation PGAC (US) · $10.57 · MCAP $116M · EV $117M
Pantages Capital Acquisition Corporation is a blank-check company formed to acquire or merge with an operating business. It has entered a definitive agreement to combine with Horizon Mining SPV Pty Ltd, an Australian mining-sector special-purpose vehicle.
Pantages Capital Acquisition Corp (PGAC) filed a preliminary proxy to extend its business combination deadline from June 6, 2026, to June 6, 2027, via 12 one-month extensions. Each monthly extension requires a $0.033 per public share deposit into trust, capped at $60,000 per extension period. The shareholder vote is scheduled for June 3, 2026, with a public share redemption deadline of 5:00 p.m. ET on June 1, 2026. While the SPAC has a definitive agreement to combine with Horizon Mining SPV Pty Ltd, the sponsor or its affiliates may enter non-redemption agreements or purchase public shares from redeeming holders at or below the trust redemption price. The trust-per-share redemption floor provides a defined downside for arb investors, but the key question is whether redemptions will drain the trust to a level that jeopardizes the Horizon Mining combination during the five-day window between the June 1 redemption deadline and the June 3 meeting.
Featured in Issue #17 ·
Translational Development Acquisition Corp. TDAC (US) · $10.75 · MCAP $236M · EV $181M
Translational Development Acquisition Corp. is a blank-check company (SPAC) formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination. The target, Prologium Holding Inc., is a Cayman-incorporated company pursuing a public listing via this de-SPAC transaction.
Translational Development Acquisition Corp. (TDAC) filed a voting agreement dated May 27, 2026, requiring Prologium Holding Inc. shareholders to vote their pre-recapitalization shares in favor of the previously announced de-SPAC business combination. The transaction structure involves two sequential mergers involving two subsidiaries, ultimately resulting in Prologium becoming the public parent entity. The voting agreement was entered into as a condition of the definitive Merger Agreement between TDAC and Prologium. This agreement demonstrates lock-up support for the de-SPAC merger, a key de-risking step that reduces the chance of shareholder no-votes derailing the transaction and allows for modeling proxy mechanics with confidence that a core insider base is committed.
Featured in Issue #17 ·
Live Oak Acquisition Corp. V LOKV (US) · $10.55 · MCAP $303M · EV $196M
Teamshares Inc. is a financial technology platform that acquires small businesses from retiring owners and transitions them to employee ownership.
Live Oak Acquisition Corp. V (LOKV) scheduled an extraordinary general meeting for June 16, 2026, to vote on its merger with Teamshares Inc., a financial technology platform that acquires small businesses and transitions them to employee ownership. Total merger consideration is $525M plus interim financing, paid in combined company stock valued at $10.00 per share. The transaction includes a five-year earnout provision for Teamshares stockholders and follows an agreement most recently amended on May 13, 2026. Ellenoff Grossman & Schole LLP is acting as advisor for the transaction, which includes the domestication of the post-closing entity from the Cayman Islands to Delaware. This proxy filing establishes a hard catalyst date for the de-SPAC vote, where key arbitrage considerations include the $10.00 reference price, earnout structure, and redemption mechanics ahead of the June 16 meeting.
Featured in Issue #17 ·
Voyager Acquisition Corp. VACH (US) · $9.61 · MCAP $304M · EV $270M
Voyager Acquisition Corp. is a blank-check SPAC formed to effect a business combination; it is currently pursuing a deSPAC merger with Veraxa Biotech AG, a Swiss biotech company.
Voyager Acquisition Corp. (VACH) entered into a Securities Purchase Agreement on May 27, 2026, for a PIPE financing in connection with its pending deSPAC merger with Veraxa Biotech AG. The financing consists of secured notes and warrants structured as an investment unit to be sold to institutional investors. These secured notes are backed by a first-priority security interest in the assets of Veraxa Biotech AG and its subsidiaries. The capital infusion is contingent on the closing of the deSPAC transaction under the Business Combination Agreement dated April 22, 2025, which provides for VACH to merge into a subsidiary of Veraxa Biotech Holding AG. Execution of the definitive agreement for this structured PIPE de-risks the financing leg of the deSPAC, meaning the SPAC arbitrage now tracks PIPE closing conditions alongside the existing merger agreement.
Featured in Issue #17 ·
Bleichroeder Acquisition Corp. II BBCQ (US) · $10.59 · MCAP $406M · EV $407M
Pasqal Holding SAS is a French quantum computing company developing neutral-atom quantum processors for enterprise and research applications.
Bleichroeder Acquisition Corp. Ii (BBCQ) filed an amended merger agreement with French quantum computing company Pasqal Holding SAS and a Form F-4 registration statement on May 26, 2026. The amendment restructures the transaction through a new French merger sub entity. Concurrently, the PIPE investment was upsized by $50 million to a total of $250 million through a new accredited investor advised by Inflection Point Asset Management LLC. These developments advance the de-SPAC toward a shareholder vote following the initial February 28 agreement. The $50 million PIPE increase and F-4 filing establish concrete progress markers and enable investors to review the registration statement for redemption economics, pro forma valuation, and the trust-to-market spread.
Featured in Issue #17 ·
WinVest Acquisition Corp. WINV (US) · MCAP $39M · EV $42M
WinVest Acquisition Corp. is a Delaware-incorporated SPAC seeking a business combination. Embed Financial Group Holdings is a Singapore-based financial services platform with operations in the Asian market.
WinVest Acquisition Corp. (WINV) entered into an Amended and Restated Business Combination Agreement dated May 26, 2026, to merge with Singapore-based financial services platform Embed Financial Group Holdings at a $425M valuation. Embed filed a Form F-4 on May 27, 2026, registering 32,322,617 Class A ordinary shares, 22,400,000 warrants, and 11.2 million shares underlying those warrants at an offer price of $10.00. D. Boral Capital is serving as advisor for the transaction, which will result in the combined entity listing on the Nasdaq. The F-4 filing initiates the de-SPAC clock and trust value arb floor, providing the first opportunity to size the trust-vs. market spread and assess redemption risk before the shareholder vote.
Featured in Issue #17 ·
Armada Acquisition Corp. II XRPN (US) · MCAP $328M · EV $328M
Pathfinder Digital Assets LLC is a digital assets company; Armada Acquisition Corp. II is a blank-check SPAC.
Evernorth Holdings Inc. (SST) and Armada Acquisition Corp. II filed a definitive proxy statement for their pending business combination with Pathfinder Digital Assets LLC. Per the October 19, 2025, agreement involving Ripple Labs Inc., Evernorth Holdings will issue up to 34.5M Class A shares and 11.5M warrants as Pathfinder merges into a subsidiary of the company. Shareholders are scheduled to vote on the transaction at an extraordinary general meeting on June 15, 2026, ahead of an expected June 30, 2026, close. The filing locks in the vote mechanics for the de-SPAC merger, where the trust value per share versus the market price and the redemption threshold remain the primary arbitration factors for the June 15 vote.
Featured in Issue #17 ·
Australia 1 situations
Jindalee Lithium Limited JLL.AX (AU) · MCAP $35M · EV $30M
Jindalee Lithium is an Australian company developing the McDermitt Lithium Project in the US, one of the largest known lithium resources globally, aimed at supplying the American critical minerals market.
Jindalee Lithium Limited (JLL.AX) announced that US Elemental Inc. filed an S-4 registration statement with the SEC for a business combination with Constellation Acquisition Corp. I. Under the definitive agreement, Jindalee Lithium will contribute its U.S. assets, including the McDermitt Lithium Project, and retain a stake of more than 80 percent in US Elemental. The combined company is expected to list on the NASDAQ under the ticker ULIT with a planned US$20-30 million PIPE supported by Jindalee’s A$8.4 million placement and an entitlement offer closing 12 June 2026. Completion of the transaction is targeted for H2 2026. This de-SPAC creates a NASDAQ-listed U.S. lithium vehicle controlled by an ASX-listed parent, offering a unique cross-market valuation arbitrage setup with a clear event path through the 80 percent plus retained ownership.
Featured in Issue #18 ·
United Kingdom 1 situations
Axiom Intelligence Acquisition Corp 1 AXIN (GB) · $10.39 · MCAP $353M · EV $118M
Axiom Intelligence Acquisition Corp 1 is a blank-check company incorporated in the Cayman Islands. Terra Quantum AG is a Swiss quantum computing and cryptography company.
Axiom Intelligence Acquisition Corp 1 (AXIN) filed a Sponsor Support Agreement dated May 25, 2026, in connection with its proposed business combination with Swiss quantum technology firm Terra Quantum AG. The sponsor, Axiom Intelligence Holdings 1, LLC, has committed to vote all SPAC founder shares and rights in favor of the transaction and waived all dissenters' rights. The deal is structured as a two-step merger involving the SPAC merging into a merger sub, followed by a Swiss HoldCo merging into the surviving public entity. Although a Business Combination Agreement was signed on May 25, 2026, the definitive agreement has not yet been filed with the SEC. This filing locks in the sponsor vote and signals progression toward a formal proxy statement, with a shareholder vote typically occurring 8–12 weeks after the definitive agreement is fully filed.
Featured in Issue #17 ·
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