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The whole lifecycle, verified against the filings.
Rumor → LOI → definitive → approved
Summed over 68 of 91 filed.
The vote has passed. These shares carry no redemption right at all — the trust is committed to closing.
| SPAC | Target | Segment | Value | Announced | Vote | SPAC price | Status | ARS | Delivers | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| VACIViking Acquisition Corp INo floor | NorthStar Earth & Space Inc. | Defense/Space | $300M | Apr 16, 2026 | Q3 2026 | $6.32 | +37.2% |
A definitive agreement is signed and the vote is still ahead, so the redemption right survives to it.
A letter of intent, non-binding. Terms can still move, and often do.
| SPAC | Target | Segment | Value | Announced | Vote | SPAC price | Status | ARS | Notes |
|---|---|---|---|---|---|---|---|---|---|
| CUBLionheart HoldingsNo date ahead | KEO Energy (Maha Energy Indiana Inc.) | Energy | — | Jul 20, 2026 | $10.88 | +0.1% | LOI (under discussion) |
The list is grouped by lifecycle stage and the sort orders rows inside a stage: a vote that has already passed and one still ahead are not the same list. An announced deal is not a closed deal — 19 of the combinations in our record were terminated. A premium to trust is a selling point, not a buying point — and once a vote has passed there is no redemption right left to price against. Every stage, target and figure here is read from the SEC filing that stated it; where a figure is missing it is missing from our record, and the page says so rather than estimating one.
36 of 91 deals in this view carry a dated vote or a stated close period. Where the Vote column is empty, the filings we hold state neither — that is a gap in our record, not a claim that the parties have no timetable.
More equity than the headline, over 50 of 91 measured.
Sorted inside each stage.
| Approved |
| 4242 |
| FVNFuture Vision IINo floor | MicroTouch Technology Inc. | Other | $90M | Jan 16, 2026 | $9.88 | +9.9% | Approved | 4949 | MicroTouch Technology Inc. is a Cayman Islands holding company whose operating business runs through subsidiaries in Hong Kong, though the MicroTouch brand itself traces back to 1982 when former CEO James Logan founded the company in Wayland, Massachusetts, initially developing touchscreen software for PCs. The company commercialized capacitive touch technology in 1985 and went public as the first public touchscreen company in 1992 before being acquired by 3M in 2001 and rebranded as 3M Touch Systems. In February 2021, TES America, LLC acquired certain assets from 3M TouchSystems, most notably the MicroTouch brand, and relaunched it with a renewed vision and expanded line of projected capacitive touch monitors. Today the company describes itself as a global leader in capacitive touch solutions with more than 100 patents, over 50 million touchscreen installations across 80 countries, and 40 years of industry leadership. Its product portfolio spans components, monitors, and all-in-one touch computers serving retail point-of-sale, hospitality, gaming, healthcare, financial, and industrial automation markets, with headquarters in Maryville, Tennessee and additional offices in Germany, Singapore, Taiwan, China, and Japan. The proxy characterizes MicroTouch as a light-asset touch-solutions business with operating revenue lines tied to SmartFlow Real-Time Matching Information Technology Services and Custom Software Development. Financially, MicroTouch is an operating company with audited financials rather than a pre-revenue story. The company reported revenue of $19.2 million for the fiscal year ended September 30, 2025, a dramatic increase from $2.8 million in 2024, representing roughly 586 percent growth. It posted net income of $2.0 million in 2025 compared to a $2.6 million net loss the prior year, though its balance sheet is thin with only $0.4 million in cash and cash equivalents. The proxy includes forward projections showing revenue rising from approximately $25 million in 2026 to $58 million by 2030, with EBITDA turning positive in 2028 and reaching $16.4 million in 2030. An independent valuation report by King Kee Appraisal and Advisory Limited cited a fair value range of $90.9 million to $92.0 million for 100 percent of MicroTouch equity as of September 30, 2025, which aligns closely with the negotiated deal terms. On January 16, 2026, MicroTouch entered into a Business Combination Agreement with Future Vision II Acquisition Corp. (NASDAQ: FVN), a SPAC, at a stated enterprise value of $90 million. MicroTouch shareholders are expected to receive 8,955,224 Future Vision ordinary shares, derived by dividing the $90 million equity valuation by a $10.05 reference price. All MicroTouch shareholders entered into a Transaction Support Agreement committing to vote in favor of the merger. The SPAC's sponsor, HWei Super Speed Co., Ltd., purchased 1,437,500 founder shares at approximately $0.017 per share and 299,000 private units for $2,990,000, creating meaningful dilution. No PIPE was disclosed, though the filing noted that financing alternatives including a PIPE were discussed but deferred until after signing. Future Vision's trust held approximately $61 million in marketable securities as of December 31, 2025, plus about $1 million in cash. Shareholders approved the MicroTouch transaction on July 23, 2026, with approximately 3.76 million public shares redeemed and $41.2 million removed from trust at an estimated redemption price of $10.97 per share. However, closing remained pending as of early August 2026, with the SPAC seeking up to 12 additional one-month extensions through September 13, 2027 to satisfy remaining conditions including Nasdaq listing approval. The deal must meet Nasdaq's minimum market value of unrestricted publicly held shares threshold of $15 million, or $25 million if the company is deemed China-based, and maintain at least $5,000,001 in net tangible assets at closing. The SPAC route gives MicroTouch a fas |
| HVIIHennessy Capital VIINo floor | ONE Nuclear Energy | Nuclear/Energy | $1.0B | Oct 22, 2025 | $10.80 | -2.6% | Approved | 5959 | Outside date Aug 15 — cutting it close |
| IPEXInflection Point VNo floor | GOWell Technology Limited | Energy | $300M | Oct 13, 2025 | Q3 2026 | $9.18 | +12.9% | Approved | 5858 | GOWell Technology Limited is a Singapore-headquartered international energy technology company specializing in well logging technologies and distributed sensing solutions for the oil and gas sector. Founded in 2007, the company provides a comprehensive suite of wireline logging equipment, software, and technology solutions spanning well integrity evaluation, production optimization, diagnostics and monitoring, flow profiling, and energy transition applications. GOWell maintains a multi-disciplinary research and development team with a robust patent portfolio, and its proprietary technologies include its Selective Non-Harmonic Resonance (SNHR) technique for cement evaluation and its GOTrac next-generation well tractor for efficient wellsite operations. The company serves a global, diverse customer base with long-term relationships with major oil service companies and operators, maintaining regional hubs in the United States and the UAE alongside regional operations in more than 50 countries across Latin America, the Middle East, Europe, Africa, Asia Pacific, and North America. With approximately 201 to 500 employees and revenue described as in the mid-hundred-millions, GOWell positions itself between boutique providers and large mega-vendors such as Baker Hughes, Halliburton, and Weatherford. The company operates within the upstream oilfield services and well-logging technology market, which GOWell estimates at $7.4 billion and which is being driven by aging well infrastructure and increasingly stringent well integrity regulations. GOWell's solutions are applicable across both traditional energy and energy transition contexts, including late-life well management and abandonment preparation, where operators face growing needs to evaluate cement and casing integrity without removing concentric tubulars, thereby reducing time, cost, and associated carbon emissions. In December 2025, GOWell participated in an advanced well integrity benchmarking program coordinated by an independent Net Zero organization at the NORCE testing facility in Stavanger, Norway, where it deployed its SNHR and dual-tubular azimuthal evaluation technologies under controlled conditions alongside a major international oil company. Dr. Qinshan Yang, GOWell's Vice President of R&D, emphasized the company's confidence in its technical approaches given the challenging testing conditions. In October 2025, GOWell entered into a business combination agreement with Inflection Point Acquisition Corp. V (formerly Maywood Acquisition Corp.), a Cayman Islands-based SPAC led and backed by Inflection Point Asset Management, in a transaction valued at a pro forma enterprise value of US$401.4 million. The original agreement was dated October 13, 2025, with a first amendment in December 2025 and a second amendment on July 13, 2026 that adjusted the 2026 EBITDA-based earnout structure to allow partial achievement at both 80% and 90% of the target, aligning it with the existing 2027 and 2028 earnout structures, and raised the cap on SPAC Transaction Expenses from $8 million to $9 million. The joint registration statement on Form F-4 was filed with the SEC on March 23, 2026, and an extraordinary general meeting of IPEX shareholders to vote on the merger was scheduled for September 3, 2026. Upon closing, the combined company will be named GOWell Energy Technology and listed on Nasdaq under the ticker symbol GOW. GOWell is pursuing the SPAC route to access public capital and achieve a public listing more quickly than through a traditional IPO, while also gaining balance-sheet flexibility to support growth capital and expansion. The transaction structure includes a preferred-share component with an assumed accrued value of approximately $25.2 million and a PIPE component, though the PIPE size and investor names were not fully disclosed in the accessible filings. The deal remains subject to regulatory and stockholder approvals, SEC effectiveness of the registration statement, and |
| IGTAInception Growth Acquisition Ltd | AgileAlgo Holdings Ltd. | Other | $160M | Sep 12, 2023 | — | Approved | — |
| TETEFTechnology & Telecommunication Acquisition Corp | Bradbury Capital Holdings Inc. (Super Apps) | Fintech | $235M | Oct 19, 2022 | — | Approved | — |
| TVATexas Ventures Acquisition III Corp | Plus Automation, Inc. | AI/Tech | $800M | Sep 3, 2026 | $10.55 | -0.4% | Definitive (DA signed) | 7676 |
| BIIIBlack Spade Acquisition III | Astrum Space Inc. | Defense/Space | — | Aug 27, 2026 | $10.06 | +1.0% | Definitive (DA signed) | 6868 |
| SSEASTARRY SEA ACQUISITION CORP | SuperiorMed Holdings Limited | Healthcare | $200M | Aug 26, 2026 | $10.31 | -3.1% | Definitive (DA signed) | 6363 |
| BCCQBleichroeder Acquisition III | Ursa Major Technologies, Inc. | Defense/Space | $1.6B | Aug 24, 2026 | $10.01 | -0.1% | Definitive (DA signed) | 7676 |
| NTWONewbury Street II Acquisition Corp | FORT Robotics, Inc. | AI/Tech | $500M | Aug 18, 2026 | Q4 2026 | $10.98 | -2.3% | Definitive (DA signed) | 6969 | FORT Robotics, Inc., founded in 2018 by Samuel Reeves and headquartered in Philadelphia, is a safety and security platform company that has branded itself "The Trust Layer for Physical AI." The platform serves as foundational safety infrastructure enabling autonomous machines from different manufacturers to operate safely alongside humans and within shared environments. FORT's technology is machine- and application-agnostic, combining three safety frameworks—human-in-the-loop control, inside-out safety, and outside-in safety—into a unified suite of hardware, software, and services. Its hardware portfolio includes wireless emergency stops, vehicle safety controllers, endpoint controllers, and safe remote controls, complemented by software for connectivity aggregation, remote operation, and fleet management. The platform is backed by 25 patents and certified to Safety Integrity Level 3 per IEC 61508, with worldwide regulatory certifications including FCC, CE Mark, and Giteki Mark. FORT serves more than 600 customers globally across industries including humanoid robotics, warehousing, transportation, manufacturing, construction, agriculture, mining, energy, and defense, with notable clients such as Agility Robotics, Google DeepMind, Cobot, Zoox, DoorDash, Textron, Ocado, Oxa, and Carnegie Robotics. The company grew out of Reeves's previous venture, Humanistic Robotics, which built robots for landmine clearance—a decade of work that revealed the absence of safety infrastructure for autonomous machines operating in real-world environments. FORT has raised approximately $57 million across three funding rounds, most recently a $19 million Series B in August 2025 led by Tiger Global Management, with earlier rounds including a $13 million Series A in March 2021 and a $25 million Series B in July 2022. Backers include Tiger Global, Mark Cuban Companies, Prologis Ventures, Five Eleven Partners, Prime Movers Lab, Highland Capital Partners, and Lemnos Labs, among others. The company demonstrated strong commercial momentum heading into its public listing, with 2025 revenue growing 62 percent year-over-year—including 91 percent growth among customers spending more than $100,000 annually—while operating expenses grew only 19 percent. FORT reported standalone gross margins of 70 percent in 2024 and 66 percent in 2025, revenue per employee of $276,000, and no single customer representing more than 9 percent of 2025 revenue. The company has deployed more than 19,500 units globally and has grown its six-figure customer base by 3.8 times since 2021. FORT's leadership team includes founder and CEO Samuel Reeves, founding CTO Nathan Bivans—who sits on the U.S. Technical Advisory Group to ISO TC 200 for safety standards development—head of productmore ▾less ▴ |
| LPBBLaunch Two Acquisition Corp. | NuCube Energy, Inc. | Nuclear/Energy | — | Aug 18, 2026 | H2 2026 | $10.81 | -0.4% | Definitive (DA signed) | 6868 |
| PONOPono Capital Four | Blackstar Orbital | Defense/Space | $380M | Aug 6, 2026 | Q1 2027 | $10.03 | -0.3% | Definitive (DA signed) | 8181 | Blackstar Orbital Technologies Corporation, founded in 2023 and headquartered on Florida's Space Coast in Titusville, is an aerospace and defense company developing a reusable orbital spacecraft platform called SpaceDrone. The company's flagship vehicle, the BX-100, is a lifting-body spaceplane designed to launch aboard existing rockets as a conventional payload, operate in low Earth orbit, and then return to Earth with a runway landing for recovery and reuse. The vehicle can carry up to 100 kg to LEO, supports powered payload hosting with downlink capability, and is engineered for approximately 100 flights per airframe with a 48-hour turnaround between missions. Blackstar offers three configurations of the BX-100: a modular variant for science and R&D missions, a defense variant designed for rapid call-up and on-orbit reconstitution, and a CubeSat dispenser variant for constellation deployment. The company also markets SpaceBox, a certified container that lets customers fly products to space and back with no engineering on their side. Blackstar's SpaceBox has already flown on Axiom-4, marking the company's first returned flight hardware. The company is led by President and CEO Christopher Jannette, who has framed Blackstar's mission around the premise that today's satellites are designed without a return path. By integrating orbital operations, payload return, and runway recovery into a single platform, Blackstar aims to serve both government and commercial customers with responsive, repeatable access to orbit and the ability to recover high-value payloads, technologies, and materials from space. The company has secured approximately $1.9 million in cumulative U.S. government research and development funding, including awards through SpaceWERX, the innovation arm of the U.S. Space Force, as well as participation in NASA's Tipping Point program and the U.S. Space Force's Orbital Prime initiative. On the commercial side, Blackstar reports over $120 million in signed letters of intent from customers spanning in-orbit servicing, in-space compute, and other space economy segments. The company has also established strategic partnerships with Starfighters Space for F-104-based flight testing of the SpaceDrone, Phantom Space for launch collaborations, and KMI for active debris removal missions. Blackstar has raised roughly $31 million in total funding across a seed round closed in May 2024, a $30 million Series A in August 2024, debt financing, and accelerator programs. Its investors include Seraphim Space, Space Florida, Space-Edge, and CT Holdings. The company employs approximately 10 people and is reportedly generating revenue. Its technology has been classified under multiple categories including reusable satellites, re-entry transport services, space tugs, and microgravity flight services, reflecting the breadth of mission types the SpaceDrone platform is designed to support. On August 6, 2026, Blackstar announced a definitive merger agreement with Pono Capital Four, Inc. (NASDAQ: PONO), a special purpose acquisition company led by Dustin Shindo, in a stock transaction valuing Blackstar at $380 million. The deal structure involves Blackstar merging with a Pono subsidiary and continuing as the surviving corporation, with Pono subsequently renaming itself Blackstar Orbital Corporation. Approximately 25% of the merger consideration shares will be escrowed for six years to secure indemnification and litigation claims, and an additional equity incentive plan reserve of up to 6 million shares is planned. The transaction, which has been unanimously approved by both boards, is expected to close in the first quarter of 2027, subject to shareholder approvals, regulatory clearances, and Nasdaq listing conditions. Blackstar's leadership framed the SPAC route as a way to accelerate the company's path toward making repeatable access to and return from orbit a practical capability, positioning Blackstar to become a global leader in the premmore ▾less ▴ |
| NBRGNewbridge Acquisition | Startech Group | AI/Tech | $1.0B | Aug 4, 2026 | $10.06 | -8.3% | Definitive (DA signed) | 5959 | Startech Group Inc. is a U.S.-based Delaware corporation operating at the intersection of artificial intelligence, fintech, and life sciences technology. The company is structured around two complementary business segments: aquaporin functional water (AQP Water) and the StarOS platform, an agent operating system designed for the AI era. The AQP Water segment focuses on functional-water products and is expected to generate contractual per-bottle technology and settlement service revenue tied to product sales and digital product management. The StarOS segment represents Startech's AI platform business, intended to generate revenue from AI-enabled software and platform services. Together, these segments aim to blend consumer-product-related revenue opportunities with potentially scalable AI software and platform-based revenue streams, all oriented toward enhancing human health and longevity through AI-powered healthcare technologies. Startech is going public via a definitive business combination agreement with Newbridge Acquisition Limited (Nasdaq: NBRGU), a blank-check company that raised $57.5 million in its January 2026 IPO. The all-stock transaction values Startech at approximately $1.0 billion, with Startech's stockholders and management set to receive 100,000,000 common shares of the combined entity. The deal has been unanimously approved by the boards of both companies, and Newbridge has secured support agreements from its sponsor, Wealth Path Holdings, as well as from certain Startech shareholders, committing them to vote in favor of the transaction and against alternatives. Prior to closing, Newbridge plans to re-domicile from the British Virgin Islands to Delaware, after which Newbridge Merger Sub will merge into Startech, making Startech a wholly owned subsidiary. The combined company plans to remain Nasdaq-listed under a new ticker symbol, with certain Startech shareholders subject to a six-month lock-up period following closing. The rationale for the SPAC merger is to take Startech's AI platform public and scale its growth, leveraging the public markets to accelerate development of its dual business lines. The transaction remains subject to customary closing conditions, including shareholder approvals from both companies, SEC effectiveness of a Form S-4 registration statement, and Nasdaq approval of the combined company's listing application. Legal counsel for Newbridge includes Loeb & Loeb LLP and Forbes Hare, while Torres & Zheng Law, P.C. serves as legal counsel to Startech. The deal was announced on August 3, 2026, and positions Startech to capitalize on the convergence of consumer health products and AI-driven platform services in the public markets.more ▾less ▴ |
| NPACNew Providence Acquisition Corp. III/Cayman | Abra Financial Holdings, Inc. | Crypto | — | Aug 4, 2026 | $10.47 | +0.4% | Definitive (DA signed) | 7373 | Abra Financial Holdings, Inc. is a San Francisco-based digital asset wealth management platform founded in 2014 by Bill Barhydt, a former Goldman Sachs fixed income analyst and former Netscape director. The company operates through two core units, Abra Capital Management (ACM) and Abra Tokenize, positioning itself as one of the few U.S. platforms offering a comprehensive suite of crypto wealth services under an SEC-registered investment advisor framework with fiduciary duties. Abra serves high-net-worth individuals, family offices, institutional clients, RIAs, corporate treasuries, and exchanges, providing segregated custody using multi-party computation wallet technology, spot trading across more than 500 digital assets, collateralized lending, structured yield strategies, and advisory services through separately managed accounts or "vaults." Client assets are held off Abra's balance sheet in segregated, client-titled accounts. The platform has processed over $10 billion in transaction volume and more than $2.5 billion in loans, with current assets under management exceeding $200 million and operations supporting clients across all 50 U.S. states. Revenue streams derive from management and custody fees, trading and conversion, lending and collateral services, yield participation, and token monetization. The company has raised over $85 million in total funding, including a $55 million Series C round in September 2021 backed by investors such as American Express Ventures, Blockchain Capital, Kingsway Capital, and CMT Digital Ventures. Earlier backers include Adams Street, Pantera Capital, RRE Ventures, and SBI. Abra's 2025 actual net revenue was approximately $5 million, but management projections presented in SPAC deal materials forecast 2027 revenue in a range of $160 million to $205 million, with a base case of roughly $175 million, and target assets under management of $10 billion to $14 billion by the end of 2027. The company reported $543 million in new deposits during 2025. Barhydt has emphasized that Bitcoin, stablecoins, and the tokenization of real-world assets are becoming the backbone of the future financial system, and that demand for crypto-backed loans and stablecoin-based yield will increase dramatically. Abra also intends to hold digital assets, primarily Bitcoin, on its corporate balance sheet post-merger, with management discussing a potential illustrative allocation range of $100 million to $150 million. On March 16, 2026, Abra announced a definitive business combination agreement with New Providence Acquisition Corp. III (NPAC), a special purpose acquisition company, in a transaction valuing Abra at $750 million pre-money equity value. The SPAC holds approximately $300 million in trust, and the deal could deliver up to $270 million in proceeds to Abra assuming zero redemptions, though the merger agreement requires a minimum of $40 million in net cash at closing, allowing the transaction to proceed even under heavy redemption scenarios. No PIPE financing was disclosed. Existing Abra shareholders, including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI, agreed to roll 100% of their equity into the combined entity, which will be renamed Abra Financial, Inc. and listed on Nasdaq under the ticker ABRX. The transaction is expected to close in mid-2026, subject to SEC effectiveness of a Form S-4 registration statement, shareholder approval, and customary closing conditions. The implied pro forma enterprise value is approximately $846.3 million, based on 112.7 million pro forma shares outstanding at an assumed $10.00 share price and roughly $280 million in net cash on the balance sheet. Abra chose the SPAC route to gain expedited access to public capital markets and a public currency for growth, while leveraging the structure's ability to present forward-looking projections, including revenue and AUM targets through 2027, which would not appear in a traditional IPO prospectus in the samore ▾less ▴ |
| ALISCalisa Acquisition Corp | Goodvision AI Inc. | AI/Tech | — | Aug 4, 2026 | $10.32 | -0.7% | Definitive (DA signed) | 6868 |
| IRHOIron Horse Acquisition II Corp. | Electra Vehicles, Inc. | Battery | — | Aug 4, 2026 | H2 2026 | $10.06 | +0.9% | Definitive (DA signed) | 7171 | Electra Vehicles, Inc., founded in 2015 by CEO Fabrizio Martini and headquartered in Boston, is a B2B AI-driven cleantech software company focused on unlocking the full potential of battery technology. The company develops cloud-based and onboard software platforms—most notably its flagship EVE-Ai 360 Adaptive Controls and EnPower battery selection and simulation tools—that use artificial intelligence to monitor, manage, and optimize battery systems across a wide range of applications. Electra's data models are built upon an extensive dataset of over 300 battery and capacitor chemistries, enabling its software to dynamically manage battery packs based on individual driver and vehicle conditions, thereby increasing lifetime and range while reducing warranty expenses for suppliers and OEMs. While its initial focus was the eMobility market—passenger and commercial electric vehicles—the company has expanded its technology into adjacent sectors including Battery Energy Storage Systems (BESS), robotics, eVTOLs, aerospace, and grid applications, positioning its software as essential infrastructure for the broader electrification economy. Electra's customer strategy centers on major Tier 1 automotive suppliers and OEMs, with the company establishing a strategic branch in Italy's Piedmont Region to be near leading European automakers such as Porsche, Ferrari, and Lamborghini. BlackBerry Limited became a strategic investor through its BlackBerry IVY Innovation Fund, with the BlackBerry IVY platform—built in partnership with AWS—providing edge computing capabilities to enable Electra's responsive battery management. The company raised a total of $24.6 million across three funding rounds, beginning with a grant from MassChallenge in 2016, a $3more ▾less ▴ |
| BLRKBluerock | Yellow.ai | AI/Tech | $300M | Aug 3, 2026 | H2 2026 | $10.11 | +0.8% | Definitive (DA signed) | 7171 | Yellow.ai, formerly Yellow Messenger, is an enterprise agentic AI platform company specializing in service automation for large organizations. Founded in 2016 in Bangalore, India by Raghu Ravinutala, Jaya Kishore Reddy Gollareddy, and Rashid Khan, the company is now headquartered in San Mateo, California, and operates as a subsidiary of Bitonic Technology Labs Pvt. Ltd. Its core platform, called Nexus, uses a multi-LLM architecture that dynamically orchestrates more than fifteen models — including those from OpenAI, Anthropic, and proprietary sources — to deploy autonomous AI agents capable of planning tasks, acting on them, and resolving issues across voice, chat, email, and social channels. The platform supports over 135 languages across 85-plus countries, integrates with more than 100 enterprise systems, and handles approximately 16 billion conversations annually for over 650 enterprise clients. Its fastest-growing and most widely adopted product is Nexus Vox, a low-latency voice agent delivering human-like conversations in contact centers. Enterprise accounts now constitute over 70 percent of recurring revenue, reflecting a deliberate strategic shift toward large, durable contracts. The company has been recognized as a Strong Performer in The Forrester Wave for Conversational AI Platforms (Q2 2026) and was named a Challenger in Gartner's Magic Quadrant for Enterprise Conversational AI Platforms in 2023 and 2025. The company has raised over $102 million across three funding rounds from blue-chip investors including Lightspeed Venture Partners, Salesforce Ventures, Sapphire Ventures, and WestBridge Capital. Its Series A brought in $4 million in 2019, followed by a $20 million Series B in 2020 and a $78.15 million Series C in 2021. Revenue has grown steadily, from $11.6 million in fiscal year 2022 to $34.8 million in fiscal year 2026 (ending January 31, 2026), with management projecting $37.3 million and its first EBITDA-positive year in fiscal 2027. The founding leadership team has expanded from three to five partners: Ravinutala serves as CEO, Reddy as Chief Product Officer, Khan as CMO and Head of Investor Relations, while Kaushik Bhaskar was brought in for business process outsourcing operating leadership and Nand Sharma for private-equity roll-up execution — additions specifically designed to support the company's consolidation strategy. Yellow.ai is going public via a definitive Business Combination Agreement with Bluerock Acquisition Corp. (Nasdaq: BLRK), a special purpose acquisition company, at a pro forma equity value of approximately $550 million and a pre-money valuation of roughly $300 million. The transaction is expected to generate over $200 million in gross proceeds, including approximately $175 million from Bluerock's trust account assuming no redemptions and $30 million in committed PIPE financing from institutional investors. The deal structure also includes up to $50 million in senior secured convertible notes bearing 12 percent interest. Notably, the founders and key management are investing their own capital in the PIPE alongside institutional investors, signaling long-term alignment. The combined company will trade on Nasdaq under the ticker "YAI," with a nine-member board — eight directors designated |
| BKHABlack Hawk Acquisition CorpNo date ahead | Vesicor Therapeutics, Inc. | Biotech | $70M | Aug 3, 2026 | $11.99 | -0.6% | Definitive (DA signed) | 7171 |
| MKLYMcKinley | Space-Eyes | Defense/Space | $275M | Jul 31, 2026 | Q4 2026 | $10.26 | -2.6% | Definitive (DA signed) | 6767 | Eric Trump-linked board (Reuters) |
| BACCBlue Acquisition Corp/CaymanNo date ahead | Blockfusion USA, Inc. | Crypto | — | Jul 31, 2026 | $10.53 | -1.2% | Definitive (DA signed) | 6868 | Blockfusion USA, Inc. is a clean-energy-powered data center infrastructure company founded in 2019 by Alex Martini-Lo Manto (CEO) and Kant Trivedi (COO). The company owns and operates a flagship facility in Niagara Falls, New York—through its subsidiary North East Data, LLC—that was repurposed from a retired coal plant into a hydroelectric-powered data center. Blockfusion currently deploys approximately 46 megawatts of Tier 1 capacity and is undergoing a strategic transition from its origins in bitcoin-mining-adjacent hosting into a next-generation high-performance computing (HPC) and AI infrastructure platform. The Niagara Falls campus sits in NYISO Zone-A, offering sub-millisecond latency to Toronto and roughly 3.75 milliseconds to both New York City and Boston, straddling a strategic cross-border power and fiber corridor within New York's SMART I-Corridor innovation hub, surrounded by major technology companies including Tesla, Yahoo!, and Micron Technology. The company's management team brings over 100 years of combined experience in data center infrastructure, and director nominee Aber Whitcomb—CEO of Salt AI and co-founder of Core Scientific—is expected to join the post-closing public company board. The company's core growth plan involves a phased campus buildout that could ultimately support more than 300 megawatts of critical IT capacity. Blockfusion has entered into a non-binding letter of intent with an unnamed leading AI customer for up to 300 MW of total capacity, anchored by 85 MW of guaranteed take-or-pay capacity delivered in tranches over a 15-year initial term with two five-year renewal options. The company estimates that the 85 MW guaranteed portion alone could generate approximately $2.8 billion in lease revenue over the initial 15-year term, or roughly $5.4 billion over 25 years if both renewals are exercised. The facility is being upgraded to Tier 3 architecture with liquid cooling and power densities of up to 200 kW per rack to support ultra-high-density GPU clusters for enterprise AI workloads, with the first 25 MW targeted for delivery during 2027. Blockfusion continues to generate some revenue from hosting Bitcoin mining equipment for existing customers during this transition, and management projects net revenue rising from approximately $3 million in 2026 to as much as $160 million by 2030, with EBITDA potentially reaching $100 million in 2029 at full deployment of the 85 MW phase. On November 19, 2025, Blockfusion announced a definitive business combination agreement with Blue Acquisition Corp. (NASDAQ: BACC), a Cayman Islands-based SPAC that raised approximately $201.25 million in its IPO and held roughly $204 million in trust. The all-stock transaction values Blockfusion at a $450 million pre-money equity value (implied pre-money enterprise value of $480 million), with Blockfusion security holders receiving Pubco stock valued at an aggregate $450 million. The combined entity is expected to trade on Nasdaq as Blockfusion Digital Infrastructure, Inc. (ticker BDI), with closing contingent on shareholder approvals, SEC registration effectiveness, Nasdaq listing, PCAOB-audited financials, and a minimum of $75 million in available cash after redemptions and expenses. To support the transaction and the Niagara campus buildout, Blockfusion has secured non-binding term sheets for a $175 million private placement of convertible senior notes backed by funds managed by Sona Asset Management, along with a non-redemption agreement covering approximately $33 million of Blue's trust shares. The parties also contemplate a potential common equity PIPE to deliver up to $200 million in proceeds to the go-forward business. Blockfusion is pursuing the SPAC route rather than a traditional IPO because it provides a faster path to public capital and allows the company to present long-range operating projections as part of the transaction materials—critical for a company asking investors to underwrite a large, power-intemore ▾less ▴ |
| RACCResearch Alliance Corp III | Oak Hill Bio | Biotech | $160M | Jul 27, 2026 | $11.60 | -16.0% | Definitive (DA signed) | 44Premium risk44Premium risk | +140% premium — floor is $10! |
| RENEFCartesian Growth II | InoBat | Battery | $575M | Jul 27, 2026 | — | Definitive (DA signed) | — | extended to Aug 2027; $32.5M redeemed |
| WSTNWestin | First Choice Healthcare | Biotech | $650M | Jul 23, 2026 | Q4 2026 | $10.18 | -1.8% | Definitive (DA signed) | 6767 | First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) is a Melbourne, Florida–based healthcare company founded in 2007 that is executing a dramatic strategic pivot away from its legacy orthopedic and physical therapy operations toward building a national chain of functional health, longevity, and regenerative medicine clinics. The company's mission is to deliver clinician-led, whole-person care that integrates primary care, advanced diagnostics, regenerative therapies, medical weight loss, hormone optimization, and compounding pharmacy services. Under CEO Lance Friedman, First Choice is targeting the rapidly expanding wellness and longevity market, which the Global Wellness Institute values at $2.1 trillion in the United States alone and $6.8 trillion globally, forecasting growth to nearly $9.8 trillion by 2029. The company's business model emphasizes cash-pay services to reduce insurance dependency, membership programs for predictable recurring revenue, and compounding pharmacies to support personalized medication offerings for hormone therapy, weight management, and other conditions. The company's financial profile reflects the challenges of its ongoing transformation. First Choice reported a net loss of approximately $7.1 million for 2025, with an accumulated deficit of roughly $74.7 million and total indebtedness of about $27.2 million. The company emerged from Chapter 11 bankruptcy in 2022, and its auditors have explicitly flagged substantial doubt about its ability to continue as a going concern without additional capital and successful acquisitions. PitchBook data shows a trailing twelve-month revenue of just $3,320 and a market capitalization of approximately $274,000 as of August 2026, with only eight employees. To accelerate its growth strategy, First Choice has signed definitive agreements to acquire the Pointe Med Entities, including Pointe Medical Services, Live Well Drugstore, Pointe Med Pharmacy, and The Good Clinic, which together would add functional medicine clinics, compounding and community pharmacy operations, and a tech-forward primary care concept to its platform. On July 22, 2026, First Choice announced a definitive business combination agreement with Westin Acquisition Corp. (Nasdaq: WSTN), a Cayman Islands–domiciled special purpose acquisition company led by Chairman and CEO Kok Peng Na. The transaction implies a pre-money equity value of approximately $650 million for First Choice, with consideration paid in PubCo common stock based on an equity-value-to-redemption-price formula. The deal includes a $10 million PIPE investment in PubCo preferred stock with an aggregate stated value of $12.5 million. Prior to closing, Westin will domesticate from the Cayman Islands to Nevada and rebrand as Wellgevity 360, Inc., with First Choice surviving as a wholly owned subsidiary. The combined company is expected to trade on Nasdaq, with a post-closing board of five directors, a majority independent. The transaction is targeted to close in the fourth quarter of 2026, subject to SEC effectiveness of a Form S-4 registration statement, Nasdaq listing approval, shareholder consents, and substantially simultaneous completion of the Pointe Med acquisitions, with an outside closing date of March 31, 2027. First Choice is pursuing the SPAC route to go public because it provides immediate access to public market capital, strategic flexibility, and the resources needed to scale its national clinic footprint, invest in cutting-edge health technologies, and integrate the planned Pointe Med acquisitions. The company's leadership views the merger as a transformative milestone that will enable rapid operational scaling and expansion of services to a broader patient base seeking longevity and preventive care. The SPAC structure also allows First Choice to execute its rebrand to Wellgevity 360, positioning the combined entity as a next-generation healthcare and wellness platform focused on longevity, preventative care, and pers |
| APXTApex Treasury | TECfusions, Inc. | AI/Tech | $4.0B | Jul 22, 2026 | Q4 2026 | $10.13 | +1.2% | Definitive (DA signed) | 7272 | TECfusions, Inc. is a digital infrastructure company founded in 2023 that specializes in the design, construction, and operation of AI-ready data centers and power infrastructure. Operating at the intersection of technology, environment, and community, the company employs a vertically integrated approach to develop high-density data centers tailored for artificial intelligence and high-performance computing workloads. TECfusions is led by founder and CTO Simon Tusha, a former CTO of QTS, who has steered the company’s strategy of adapting and reusing legacy industrial sites to accelerate deployment in power-constrained markets. By focusing on providing space, power, and efficient low-water cooling to tenants, TECfusions avoids direct exposure to the more volatile GPU ownership and compute layers, instead positioning itself as an infrastructure provider for hyperscalers, neocloud tenants, and enterprise AI customers. The company’s current portfolio reflects a mix of live, contracted, and planned capacity across strategic U.S. markets, anchored by a stated multi-gigawatt development pipeline. In Clarksville, Virginia, TECfusions operates 37 megawatts of fully leased live capacity with potential for a 220-megawatt expansion. Its Tucson, Arizona site features 16 megawatts live and 12 megawatts contracted, alongside plans for an additional 20 megawatts. The company's most ambitious project is the TECfusions Keystone Connect campus in New Kensington, Pennsylvania, where it acquired 1,395 acres of a former Alcoa R&D facility. This site currently has 2 megawatts live and 12 megawatts contracted, but is designed for a massive 3-gigawatt build-out over six years, supported by on-site natural gas power generation and a $2 million state redevelopment grant. Among its customers, TECfusions counts neocloud provider TensorWave, which has split 20 megawattsmore ▾less ▴ |
| KCACKensington Capital Acquisition Corp. VI | Nth Cycle, Inc. | Metals/Mining | $507M | Jul 21, 2026 | — | Definitive (DA signed) | — | BCA signed 2026-07-21 (Signing Date) by Kensington Capital VI, Homeland Merger Sub Inc & II LLC, and Nth Cycle, Inc.; post-close NYSE ticker NTH; expected close Q4 2026. Confidential draft Form S-4 submitted. Verified vs 8-K Item 1.01.more ▾less ▴ |
| DMAADrugs Made In America Acquisition Corp.No date ahead | Power Analytics Global Corp | Quantum | — | Jul 20, 2026 | $10.80 | -0.8% | Definitive (DA signed) | 6666 |
| RFAMRF Acquisition III | HCC Healthcare Pte. Ltd. | Healthcare | $500M | Jul 9, 2026 | $9.98 | +1.5% | Definitive (DA signed) | 7171 | HCC Healthcare Pte. Ltd. is a Singapore-incorporated exempt private company that operates through consolidated subsidiaries in Taiwan, forming one of the largest integrated medical and long-term care platforms on the island. The group traces its origins to a single obstetrics clinic founded by Dr. Hsiao Chung-Cheng, and over more than three decades of clinical heritage has evolved into a comprehensive healthcare ecosystem spanning Northern, Central, and Southern Taiwan. On a pro forma combined basis, the network encompasses more than 120 long-term care facilities and over 9,000 licensed beds, including one of the largest caregiving institutions in Taiwan with more than 1,300 beds, operated under a distinctive "hospital-within-an-eldercare-institution" ecosystem model. The group also provides community- and home-based case management for over 7,000 individuals, concentrated in Northern Taiwan, a region representing roughly one-third of the country's population. Its service offerings span medical care, long-term care, caregiver support, rehabilitation, hemodialysis, pharmaceutical services, infection control, nutritional support, social work, medical transportation, consumables procurement, and medical education and consulting. The company is organized around four strategic business segments: a regional healthcare network anchored by Hsiao Chung-Cheng Hospital (a Grade A NHI-accredited facility), an AI technology platform, a smart long-term care and pharmacy chain operated through Fu Ze Health (a TriHealth subsidiary), and TriHealth Enterprise, which serves as the operational backbone for centralized procurement, logistics, and a long-term care transport fleet. HCC's AI platform leverages an exclusive partnership with Taiwan's National Center for High-Performance Computing for federated learning across all facilities, alongside robotic pharmacy dispensing, a real-time digital twin operational model, predictive analytics for chronic disease management, AI-powered clinical documentation, and a franchise engine designed for capital-efficient site rollouts. The group's strategic growth roadmap centers on four priorities: deploying its proprietary AI platform integrating spatial intelligence and multimodal clinical data, expanding into Japan leveraging existing infrastructure and Japan's regenerative medicine regulatory framework, developing cross-sector partnerships with fitness and wellness operators for preventive and chronic disease care pathways, and accelerating investment in precision and regenerative medicine including AI-driven biomarker profiling. HCC Healthcare is led by Chief Executive Officer Jack Hsiao, while the SPAC side is headed by Tse Meng Ng, CEO of RF Acquisition Corp III, who also serves as Chief Advisor of DH Wealth Management and played a pivotal role in structuring and executing the transaction. The Singapore holding entity was formally incorporated on September 9, 2025, though the underlying operating group claims over five decades of healthcare heritage. The business combination with RF Acquisition Corp III (Nasdaq: RFAM) values HCC Healthcare at approximately US$500 million on a fully diluted equity basis, with a per-share reference value of US$10.00 following a pre-closing recapitalization. The deal is expected to close in the fourth quarter of 2026, subject to shareholder approvals, effectiveness of a Form F-4 registration statement, and Nasdaq or NYSE listing approval. Certain HCC shareholders and the SPAC founder Alfa 30 have signed voting support and lock-up agreements of up to six months post-closing, and the post-closing board will comprise seven directors, six from HCC and one from Alfa 30 Limited. EarlyBirdCapital is advising RF Acquisition, while K&L Gates and PricewaterhouseCoopers Legal are serving as U.S. and Taiwan counsel respectively to HCC Healthcare, with Bedrock Investment acting as strategic consultant to the company. HCC Healthcare is pursuing a SPAC merger rather than a traditionalmore ▾less ▴ |
| QETAQuetta Acquisition CorpNo date ahead | Smart Kreate Group Limited | AI/Tech | — | Jul 8, 2026 | $11.85 | -1.3% | Definitive (DA signed) | 6868 |
| UYSCUY Scuti Acquisition Corp.No date ahead | Isdera Group Limited | Other | — | Jul 6, 2026 | $10.93 | -1.7% | Definitive (DA signed) | 7171 |
| JATTJATT II Acquisition | Talawar Tx | Biotech | $120M | Jun 29, 2026 | $12.30 | -22.1% | Definitive (DA signed) | 41Premium risk41Premium risk | Talawar Therapeutics (Talawar Tx Inc.) is a preclinical-stage biotechnology company developing bispecific antibodies for immunology and inflammatory (I&I) diseases, with its lead program TALA-125 targeting atopic dermatitis. The company is the first spinout from Khanda Therapeutics, L.P., a London-based biotech builder that translates validated biological insights into drug-development companies. Khanda's discovery engine designed and optimized TALA-125, a novel anti-IL-13 × anti-IL-18 bispecific antibody that combines two clinically validated, complementary mechanisms in a single molecule, aiming to break through the efficacy ceiling that monotherapies have hit in atopic dermatitis. The company's broader pipeline includes two discovery-phase programs, TALA-307 and TALA-711, in additional immunology indications. Talawar is headquartered in Westfield, New Jersey, and its intellectual property extends beyond 2045. The company is led by CEO Marc Schegerin, MD, MBA, who previously served as COO and CFO at Morphic Therapeutic (acquired by Eli Lilly) and as CFO and Head of Strategy at ArQule. CMO Fabio Nunes, MD, MMSc, is an internist and medical geneticist who most recently served as Vice President of Dermatology and Respiratory Clinical Development at Johnson & Johnson, overseeing global Phase 2 and Phase 3 programs. Praveen Tipirneni, MD, MBA, formerly CEO of Caldera Therapeutics and Morphic Therapeutic, has joined the board, and Dan Becker, MD, PhD, Managing Director of Access Biotechnology, serves as board chair. The company appears to be pre-revenue, with its lead asset still preclinical; clinical entry for TALA-125 is expected in the first quarter of 2027, with interim Phase 1 data anticipated in the fourth quarter of 2027 and a Phase 2b proof-of-concept readout targeted for the second half of 2028. On June 29, 2026, Talawar announced a definitive business combination agreement with JATT II Acquisition Corp. (Nasdaq: JATT), a SPAC led by Someit Sidhu, CEO of Khanda Therapeutics. The transaction is expected to provide approximately $285 million in gross proceeds, comprising $60 million held in JATT II's trust account (assuming no redemptions) and an oversubscribed $225 million concurrent PIPE priced at $10.00 per share. The PIPE was led by founding investor Access Biotechnology and includes Bain Capital Life Sciences, Deep Track Capital, RA Capital Management, Janus Henderson Investors, Vianti Capital, Farallon Capital Management, and other healthcare-focused investors. The implied pre-PIPE equity valuation is approximately $120 million. The combined company will operate as Talawar Therapeutics and trade on Nasdaq under the ticker "TLWR," with closing expected in the second half of 2026. Talawar chose the SPAC route over a traditional IPO primarily for speed and certainty of funding. CEO Marc Schegerin emphasized that given the company's clinical timeline, with interim Phase 1 data expected in late 2027, it was critical to secure a well-funded path to those milestones without the timing and execution risk inherent in a conventional IPO process. The $285 million in anticipated proceeds is designed to fund TALA-125 through its Phase 2b proof-of-concept readout in 2028, providing a multi-year development runway. The SPAC structure also allows Talawar to present its clinical thesis and development plan more directly to investors, though the deal carries the usual risks of shareholder redemptions potentially reducing the trust cash available at closing. The company's entry into the public markets comes amid significant competitive activity in atopic dermatitis, including AbbVie's $10.9 billion acquisition of Apogee Therapeutics, which Schegerin cited as validation of the value placed on differentiated, next-generation biologics in the space. |
| CMIIInflection Point Acquisition Corp. VIINo date ahead | Elroy Air | Defense/Space | $800M | Jun 26, 2026 | Q4 2026 | $10.04 | -0.4% | Definitive (DA signed) | 7676 | $165M+ PIPE; Inflection Point-led |
| CCXIChurchill Capital XI | Agility Robotics, Inc. | AI/Tech | $2.5B | Jun 24, 2026 | 2026 | $13.20 | -29.8% | Definitive (DA signed) | 33Premium risk33Premium risk | Agility Robotics, Inc., which rebranded simply as "Agility" in March 2026, is a Salem, Oregon-based humanoid robotics and physical AI company founded in 2015 as a spin-off from Oregon State University's Dynamic Robotics Laboratory by Dr. Jonathan Hurst, Dr. Damion Shelton, and Mikhail Jones. The company develops bipedal humanoid robots designed to work alongside humans in manufacturing, distribution, and logistics environments, addressing chronic physical labor shortages by automating repetitive and physically demanding tasks. Its flagship product is Digit, a general-purpose humanoid robot standing roughly five-foot-nine and weighing 160 pounds, featuring reverse-bend knees for human-like mobility. The current generation, Digit v4, can carry 35 pounds and operate for 16 hours on a charge, while the forthcoming Digit v5—designed to be the world's first cooperatively safe humanoid—will lift up to 50 pounds, run for approximately 22 hours, and reach up to 7.2 feet. Agility also offers Agility Arc, a cloud-based automation platform for fleet orchestration and integration with warehouse management systems. The company employs approximately 452 people and operates additional facilities in Pittsburgh and Fremont, California. CEO Peggy Johnson, who previously led Magic Leap and spent six years as Executive Vice President of Business Development at Microsoft following a 24-year career at Qualcomm, guides the company's commercial growth alongside a leadership team that includes co-founder and Chief Robot Officer Jonathan Hurst, Chief Business Officer Daniel Diez, CTO Pras Velagapudi, and COO/CFO Jennifer Hunter. Agility has raised approximately $683 million in total funding from a roster of strategic investors spanning the AI, technology, venture capital, and industrial ecosystems, including DCVC, NVIDIA, Amazon, SoftBank Vision Fund 2, Foxconn, Schaeffler, Abico, and Playground Global. The company has built out its manufacturing infrastructure at RoboFab, a 70,000-square-foot modular facility in Salem designed to support production of up to 10,000 units annually, with roughly 75% of Digit's components sourced within the United States. Agility holds 74 patents and has accumulated over 65,000 hours of real-world robot operation across nine customer facilities, generating a proprietary data flywheel that continuously improves its embodied AI systems. Agility's commercial traction is anchored by active deployments with major enterprises including Schaeffler, GXO Logistics, Toyota Motor Manufacturing Canada, Amazon, and Mercado Libre, where Digit automates tasks such as machine tending, tote handling, and sortation. The company secured the industry's first humanoid Robot-as-a-Service contract with GXO and has booked more than $300 million in multi-year contracted orders for Digit v5, representing roughly 1,000 robots, with a growing pipeline of over 30 customers. Management estimates the addressable U.S. market opportunity across manufacturing, distribution, and logistics at approximately $1 trillion. The company also runs a Customer Acceleration Program to help enterprises evaluate and prepare for large-scale humanoid adoption, feeding a pipeline of future deployments across industries. On June 24, 2026, Agility announced a definitive business combination agreement with Churchill Capital Corp XI (NASDAQ: CCXI), a special purpose acquisition company led by Michael Klein, in a transaction valuing Agility at approximately $2.5 billion pre-money and expected to raise over $620 million in gross proceeds, including roughly $200 million in PIPE financing committed at $10 per share by leading institutional investors. The merger is intended to create the first U.S.-listed pure-play humanoid robotics equity, with the combined company expected to trade under the ticker symbol "AGLT" on a major North American exchange. Agility chose the SPAC route to efficiently access public capital for fulfilling existing customer orders, expanding commercial dep |
| PPYAPapaya Growth Opportunity Corp. I | 2744026 Alberta Ltd. | Other | — | Jun 18, 2026 | — | Definitive (DA signed) | — |
| SVAQSilicon Valley Acq | EigenQ, Inc. | Quantum | $2.9B | Jun 17, 2026 | Q4 2026 | $10.05 | -0.5% | Definitive (DA signed) | 7676 | EigenQ, Inc. is a quantum technology company headquartered in Austin, Texas, focused on developing and commercializing foundational quantum technologies across five core domains: quantum security and cyber resilience, quantum AI, quantum communications and networking, quantum sensing and intelligence, and quantum computing. Its initial commercialization efforts center on quantum-resilient security and trusted infrastructure, specifically post-quantum cryptography, hardware-rooted security, trusted identity, trusted execution environments, and critical infrastructure protection. The company claims to be the first to ship enterprise- and military-grade FIPS 203/204-certified post-quantum security systems, and it has developed NIST-compliant, CNSA 2.0-aligned solutions designed to be retrofitted into existing infrastructure rather than requiring wholesale replacement. Its product portfolio includes quantum random number generators, quantum eSIM secure mobile connectivity, quantum-safe WiFi routers, and hardware platform engines, all built around a hardware-anchored trust architecture spanning quantum entropy, trusted identity, trusted execution, and post-quantum cryptography. EigenQ positions itself at the intersection of hardware, firmware, cryptography, and enterprise infrastructure, arguing that software alone cannot establish infrastructure trust in the post-quantum era. The company's leadership is chaired by Dr. Jesse Van Griensven Thé, who has guided the team for over a decade. Recent executive appointments include Mark Pecen as Vice Chairman, Alexander Truskovsky as Chief Information Security Officer, and Rika Nakazawa, a former NVIDIA, Sony, and Accenture executive, as Chief Growth Officer to accelerate global expansion. EigenQ has built strategic alliances and channel partnerships with major technology players including HPE, AMD, WNC, and TD SYNNEX, leveraging these relationships for platform integration, manufacturing scale, distribution, and deployment across both public and private sector environments. Its go-to-market strategy relies on OEM integration and channel ecosystems rather than direct infrastructure replacement, enabling scalable adoption through existing procurement channels. Initial target customers are in government, defense, and critical infrastructure markets where regulatory mandates such as CNSA 2.0 and NIST post-quantum standards are creating immediate demand, with subsequent expansion planned into enterprise infrastructure, AI platforms, financial services, telecommunications, healthcare, industrial systems, and international markets. The company cites an addressable market of roughly $500 billion for quantum-proofing critical infrastructure and a broader $80 trillion quantum market opportunity. On the funding and valuation front, EigenQ previously raised capital on Republic at a $300 million valuation and reports $1.2 billion in intangible assets through an active IP acquisition strategy. Its definitive business combination agreement with Silicon Valley Acquisition Corp. (NASDAQ: SVAQ) values EigenQ at a pro forma enterprise value of approximately $2.93 billion to $3 billion, with the merger consideration structured through an exchange ratio based on $2.93 billion divided by $10.00 per share and EigenQ's fully diluted share count. The transaction is supported by approximately $215 million held in SVAQ's trust account, subject to shareholder redemptions and transaction expenses, and the sponsor has committed up to 2,165,950 founder shares to support transaction financing. The deal involves SVAQ's domestication from the Cayman Islands to Delaware, with the combined company expected to trade on Nasdaq under the ticker symbol EIGQ. An equity incentive plan reserving approximately 10% of fully diluted shares with a 1% annual evergreen increase is planned, and the post-closing board will comprise seven directors designated by EigenQ plus one board advisor. The transaction is expected to close in the fomore ▾less ▴ |
| ISRLFIsrael Acquisitions CorpNo date ahead | Gadfin Ltd. | Other | $100M | Jun 17, 2026 | $12.60 | -23.5% | Definitive (DA signed) | 43Premium risk43Premium risk |
| MBAVVelos Acquisition I Corp. | ReserveOne, Inc. | Other | — | Jun 12, 2026 | — | Definitive (DA signed) | — |
| TONTGraf Global Corp.No date ahead | BIG3 (BIG3 HoldCo LLC) | Media/Consumer | $290M | Jun 12, 2026 | $10.87 | 0.0% | Definitive (DA signed) | 7474 | BCA June 12, 2026; professional basketball league valued ~$290M ($322M EV); expected close fall 2026. Counterparties incl. BIG3 HoldCo LLC, Halfcourt Holdco, Inc.more ▾less ▴ |
| SPKLSpark I Acquisition Corp | ZincFive, Inc. | Battery | $600M | Jun 11, 2026 | Sep 25, 2026 · 15d | $11.60 | -15.4% | Definitive (DA signed) | 49Premium risk49Premium risk |
| QREDQuasarEdge Acquisition | Robseek Intelligence Inc. | AI/Tech | $1.0B | Jun 9, 2026 | $10.04 | +0.2% | Definitive (DA signed) | 6868 | Robseek Intelligence Inc. is a Cayman Islands exempted company that operates as an AI-driven technology firm building what it calls a "device + data + AI + service" ecosystem — a layered platform designed to transform smart-device distribution into a physical-world AI entry network. At the base of its architecture sits a terminal layer comprising screens, kiosks, phones, robotics, and sensors that serve as programmable interfaces between people and commercial spaces. Above that, an edge-and-data layer handles on-device compute and privacy-first data collection, which feeds an AI engine responsible for generative content, optimization, targeting, and full-funnel measurement. The top layer encompasses applications and monetization, anchored by NOVA AI, the company's advertising platform that turns existing screens into intelligent, measurable inventory through generative content, campaign distribution, real-time A/B testing, and analytics on real-world surfaces. Robseek also plans to launch ALIF AI, a broader smart-device ecosystem encompassing smartphones and other connected devices. The company describes its commercial flywheel as a compounding loop — "device network → data acquisition → AI optimization → continuous monetization" — where every new terminal adds distribution, every interaction enriches the data asset, and every model update raises yield across the entire installed base. Bloomberg characterizes Robseek as a software development company that develops advertising platforms and an integrated ecosystem combining devices, data, artificial intelligence, and services, serving customers worldwide. The company's initial market focus is the Middle East, with ambitions to expand across multiple regions. Robseek identifies four defensible moats: end-to-end system integration spanning hardware, software, AI, and commercial operations with no third-party dependencies in the critical path; local landing capability through on-ground teams handling compliance, partnerships, installation, and service at market speed; supply chain depth leveraging direct China-based manufacturing, logistics, and sourcing for cost and customization advantages; and a data-AI loop where every deployed terminal feeds the optimization engine. The platform is device-agnostic, with each new terminal class — whether AI compute nodes, edge screens, USB dock nodes, or service robotics — inheriting the AI, data, and commercial layers above it. Meng Tang serves as a director and has acted as the company's chief executive officer and shareholder representative. The company's principal shareholder is Robseek Limited, a British Virgin Islands business company. Financial details disclosed in the merger materials are notably thin: no revenue, losses, margins, founding year, headquarters, employee count, or customer base were clearly provided in the sources reviewed, meaning investors are being asked to underwrite a forward-looking growth narrative rather than a fully disclosed financial track record. On June 9, 2026, Robseek entered into a definitive Agreement and Plan of Merger with QuasarEdge Acquisition Corporation (NYSE: QRED), a Cayman Islands SPAC, in a stock transaction valuing Robseek at approximately $1 billion pre-money equity. The deal structure calls for Robseek shareholders to receive 100,000,000 ordinary shares of the Purchaser entity valued at $10.00 per share. QuasarEdge will merge into the Purchaser subsidiary, which becomes the publicly listed company, while a merger sub will merge into Robseek, leaving Robseek as a wholly owned subsidiary. The transaction has been approved by both boards and is subject to shareholder approvals, SEC effectiveness of a registration statement, stock exchange listing approval, and other customary closing conditions. The parties executed shareholder and sponsor support agreements to secure votes and prevent redemptions, with the sponsor Aspira Capital Consulting committing not to redeem and to vote in favor. Lock-umore ▾less ▴ |
| IPFXInflection Point Acq VI | Quantum Space | Defense/Space | $1.2B | Jun 8, 2026 | Q4 2026 | $10.06 | +0.1% | Definitive (DA signed) | 7777 | Bridenstine (ex-NASA); $300M PIPE |
| TACHTitan | OpenPayd | Fintech | $800M | Jun 1, 2026 | Q4 2026 | $10.50 | +0.3% | Definitive (DA signed) | 7575 | F-4 Amdt 1 (Aug 4) |
| HCACHall Chadwick | REEcycle | Metals/Mining | $400M | May 31, 2026 | 2026 | $10.10 | -1.0% | Definitive (DA signed) | 6565 | REEcycle Holdings, Inc. is a Houston-based rare earth element (REE) recycling company founded in 2012 by Cassandra Leeman, Casey McNeil, and Susan Bohuslav, with its core intellectual property rooted in research conducted at the University of Houston. The company specializes in recovering rare earth elements — neodymium, praseodymium, dysprosium, and terbium — from end-of-life NdFeB permanent magnets found in discarded hard disk drives, decommissioned defense equipment, EV motors, wind turbine generators, and industrial machinery. Its patented hydrometallurgical process selectively dissolves, separates, and recovers REEs from complex magnet alloys at low temperatures and atmospheric pressure, achieving up to 99.8% separation and recovery efficiency while producing minimal waste. The resulting mixed rare earth oxide is sold to OEMs for separation and metallization, re-entering domestic production for new NdFeB magnets used in clean energy and defense applications. REEcycle also developed a proprietary Drive Disassembly Machine capable of processing over 25,000 hard disk drives per month without shredding, enabling it to source feedstock from established U.S. e-waste streams and provide feedstock partners with new revenue from materials previously sold as scrap. The company operates in the critical minerals and environmental services sector, addressing what it describes as a national security vulnerability: China controls approximately 85 to 95 percent of global rare earth magnet processing, and the United States has no meaningful domestic rare earth separation and refining capacity at commercial scale outside of Chinese-controlled entities. REEcycle positions itself as the only U.S. recycler profitably extracting REEs from NdFeB magnets, with zero domestic competitors in its specific niche. Its customer base includes U.S. defense primes, EV manufacturers, and technology companies seeking to de-risk Chinese mineral exposure and qualify as domestic source suppliers under the Defense Production Act and Buy American provisions. The global REE market is projected to grow from roughly $19 billion in 2025 to $36.7 billion by 2034, with demand for rare earth magnets growing over 30 percent annually, driven by EV adoption, wind energy buildout, and defense modernization. REEcycle has been backed by a combination of government grants and private investment, including funding from the U.S. National Science Foundation, accelerator programs, and Foxglove Capital. It was acquired by Australian private company REEgenerate Pty Ltd in April 2022, which exercised an option to take 100 percent ownership. The company has received $5.1 million in non-dilutive funding from the U.S. Department of War (formerly Department of Defense), with $4.3 million remaining and disbursed monthly against spend, and is positioned to access further federal support through the Inflation Reduction Act and Defense Production Act. REEcycle is commissioning a demonstration plant in Oklahoma designed for 6 to 8 tonnes of rare earth oxides annually, with an engineering study underway for a 100-tonne-per-year commercial facility targeted for 2027. The company has approximately 7 employees and has been generating revenue. The combined public company is expected to be led by Mick McMullen as executive chairman, who previously led mining companies including MAC Copper and Detour Gold, with Casey McNeil and Fermin Olivan serving as CEOs. REEcycle is going public via a $400 million all-stock SPAC merger with Hall Chadwick Acquisition Corp (Nasdaq: HCAC), a blank-check company formed by Australian advisory firm Hall Chadwick that raised approximately $207 million in its November 2025 IPO and targeted the technology, critical materials, and energy sectors. The transaction, announced on June 1, 2026, values REEcycle at $400 million in total equity consideration, including up to $50 million contingent on achieving an annualized run rate of 50 metric tonnes per annum of mixed rare |
| SSACSPACSphere Acquisition | Mobilewalla | AI/Tech | $250M | May 29, 2026 | H2 2026 | $10.09 | +0.5% | Definitive (DA signed) | 7070 | at trust — free optionality setup |
| NHICNewHold III | newcleo | Nuclear/Energy | $2.4B | May 27, 2026 | Sep 17, 2026 · 7d | $10.62 | -0.4% | Definitive (DA signed) | 8484 | F-4/A Aug 2026; $220M PIPE |
| TDACTranslational DevelopmentNo date ahead | ProLogium | Battery | $3.8B | May 27, 2026 | H2 2026 | $10.90 | -1.6% | Definitive (DA signed) | 6767 | Taiwan/France |
| AXINAxiom Intelligence I | Terra Quantum | Quantum | $3.5B | May 25, 2026 | H2 2026 | $10.35 | -1.4% | Definitive (DA signed) | 7676 | Terra Quantum AG is a Swiss-German quantum technology company headquartered in St. Gallen, Switzerland, that operates a hardware-agnostic "Quantum as a Service" platform spanning three core areas: quantum algorithms and software, access to quantum computing resources, and quantum-era cybersecurity. Unlike many quantum sector participants focused primarily on hardware development, Terra Quantum has built a comprehensive technology stack combining quantum computing, quantum-inspired optimization, artificial intelligence, and quantum cybersecurity into a unified platform designed to generate immediate commercial value. The company serves enterprise and institutional customers across financial services, manufacturing, pharmaceuticals, logistics, energy, government, and defense sectors, helping organizations solve computationally intensive problems that were previously impractical using conventional approaches. Terra Quantum reports more than 200 employees, over 70% of whom are research engineers and over 35% holding doctorates, and owns a portfolio of more than 100 patents. The company was founded and is led by Markus Pflitsch, who serves as Chairman, CEO, and Founder. The leadership team also includes Dr. Eike Marx as CFO and Chief Strategic Officer, and Dr. Florian Neukart as Chief Technology Officer. Terra Quantum has raised more than $100 million in cumulative funding to date and has established a growing global footprint with operations and strategic presence across North America, Europe, the Middle East, and Asia-Pacific. The company's commercial traction spans multiple industries, and it has developed proprietary quantum algorithms, hybrid quantum-classical computing technologies, and enterprise-grade software platforms that position it at the forefront of what it calls the second quantum revolution. Terra Quantum is going public via a SPAC merger with Axiom Intelligence Acquisition Corp. 1 (NASDAQ: AXIN), with which it signed a definitive Business Combination Agreement on May 25, 2026. The transaction values Terra Quantum at approximately $3.5 billion in equity value, representing an increase from the $3.25 billion valuation contemplated under a previously announced non-binding letter of intent with another SPAC, Mountain Lake Acquisition Corp. II. The enhanced valuation reflects Terra Quantum's continued commercial growth, expanding strategic partnerships, and ongoing development of its quantum technology platforms. The deal is expected to deliver up to approximately $190 million in gross proceeds from Axiom's trust, assuming no shareholder redemptions, with existing Terra Quantum shareholders rolling 100% of their equity and expected to own roughly 92% of the combined company. Upon closing, expected in the second half of 2026, the combined company will trade on Nasdaq under the ticker symbol "TQ." The strategic rationale for going public via SPAC centers on accelerating Terra Quantum's global expansion and strengthening its leadership in quantum technologies and AI-driven optimization. The company plans to use the proceeds to accelerate research and development, expand global enterprise sales, pursue strategic partnerships and acquisitions, and support international growth. The transaction also provides enhanced visibility in the quantum computing sector and strengthens the company's balance sheet to support scaling operations globally. For Axiom, the deal resolves an existential imperative, as the SPAC's recent 10-Q filing disclosed substantial doubt about its ability to continue as a going concern due to an approaching deadline to complete a merger. Axiom CEO Doug Ward noted that following extensive diligence, Terra Quantum stood apart as one of the most advanced and commercially focused quantum technology companies globally, with a combination of scientific excellence, proprietary technology, enterprise adoption, and visionary leadership that creates a compelling platform for long-term value creation.more ▾less ▴ |
| LCCCLakeshore IIINo date ahead | CPRO Electronics | AI/Tech | $185M | May 22, 2026 | Q4 2026 | $10.53 | -4.7% | Definitive (DA signed) | 6060 | CPRO Electronics Co., Ltd. is a Seoul-based physical AI security company founded on September 24, 1996 by Young-Soo Lee, who continues to serve as Chairman and Chief Executive Officer. Originally established as a manufacturer of CCTV cameras and broadcasting apparatus, CPRO has spent roughly three decades in the video security industry, building its own brand SECUBEST and expanding into intelligent video analytics and AI-driven retail data solutions. The company maintains offices in Seoul, Hanoi, and Calibania, with manufacturing facilities in Korea and Vietnam and an R&D center in Korea focused on special cameras such as high-resolution multi-sensor, small PTZ, and Bubble Free Dome models. With approximately 47 employees and annual revenue of around $23.6 million (down 9.6% year-over-year, with an operating loss of $1.25 million), CPRO is classified as a medium-sized enterprise in South Korea's Gyeonggi-do province. The company holds 17 patent documents across four patent families, covering innovations in CCTV camera design, PTZ bubble structures, dome-type camera mounting, and network-accessible surveillance systems. CPRO's product portfolio spans AI cameras, network and analog security cameras, intelligent video analysis systems, and its RetailTrend service platform, which provides people counting, flow maps, zone traffic analysis, and gender/age estimation for retail customers. The company's Edge AI cameras analyze customer preferences and movement patterns, linking detected data to the cloud to sell data-driven solutions to large retail chains aimed at improving operational efficiency, customer convenience, and accident prevention. CPRO also emphasizes its commitment to supporting collaboration between robots and humans by providing data on tasks, behavioral ranges, and material movement. Its technology meets National Defense Authorization Act (NDAA) and Trade Agreement Act (TAA) criteria, and the company has been recognized as a Global Top Security 50 company for 2025. CPRO serves diverse industries including banking, gaming, education, healthcare, residential, traffic management, and retail, deploying its systems worldwide. On May 22, 2026, CPRO Electronics Holding Limited entered into a definitive business combination agreement with Lakeshore Acquisition III Corp. (Nasdaq: LCCC), a special purpose acquisition company, in a deal that implies a pro-forma enterprise value of approximately $326 million assuming no redemptions from the trust account. Under the terms of the all-stock merger, CPRO shareholders will receive ordinary shares of the combined company valued at $185 million (payable at $10.00 per share), reduced dollar-for-dollar for any target group debt exceeding $26 million. The transaction was approved by both boards of directors and is expected to close in the fourth quarter of 2026, subject to shareholder approvals, regulatory clearances, and effectiveness of a Form F-4 registration statement. The combined entity will operate under the name "CPRO Holding Limited" and trade on a U.S. national securities exchange. The deal includes voting and support agreements from Lakeshore's sponsor and key CPRO holders, along with lock-up provisions ranging from 180 days to 12 months and amended registration rights to facilitate post-merger liquidity. CPRO is pursuing the SPAC route to access U.S. public capital markets and fund what founder Young-Soo Lee described as an "aggressive growth plan" in the face of global AI competition. The company views the listing as a strategic vehicle to accelerate its development across the United States, Asia, and other international markets, leveraging its position in the rapidly growing AI camera segment. Lakeshore's CEO Bill Chen cited CPRO's business model and its standing in the AI camera market as key attractions, noting the "vast potential for the Company's growth in this very important market segment." The transaction is supported by legal advisors Loeb & Loeb LLP (Lakeshore) a |
| QSEAQuartzsea Acquisition Corp | Eight Directions Technology Limited | Other | $515M | May 15, 2026 | — | Definitive (DA signed) | — |
| FSHPFlag Ship Acquisition CorpNo date ahead | Bluechip Co. Holdings | Other | — | May 11, 2026 | $11.29 | -12.8% | Definitive (DA signed) | 48Premium risk48Premium risk |
| BPACBlueport Acquisition Ltd | SINGAUTO Inc. | Other | $1.2B | May 1, 2026 | $10.20 | +0.3% | Definitive (DA signed) | 7171 |
| GLEDGalaxyEdge Acquisition | Rongcheng Group Limited | Other | $350M | May 1, 2026 | $10.01 | +0.1% | Definitive (DA signed) | 6969 | Rongcheng Group Limited is a Hong Kong-based integrated waste sorting service provider operating in the environmental services and waste management sector. The company delivers end-to-end "consultation–implementation–training" solutions to enterprises and a variety of customers, including government and enterprise clients. Rongcheng leverages a network of local consulting and recycling partners alongside AI-powered sorting technology to offer integrated policy advisory, advertising advisory, and project execution services. The company describes itself as a full-cycle waste sorting solutions provider delivering its services across global markets, using AI-driven sorting technologies and cross-border resource networks to optimize waste management infrastructure. Rongcheng is incorporated as a Cayman Islands exempted company and is headquartered in Hong Kong. The company's leadership includes Chen Li, who serves as a Director and has been identified as Chief Executive Officer in certain communications, and Ping Zhang, who serves as Chairman and CEO of the SPAC partner GalaxyEdge Acquisition Corporation. The post-merger governance structure is expected to feature a five-member board, with four directors designated by Rongcheng and one by GalaxyEdge, and Rongcheng's officers are expected to become the officers of the combined publicly traded entity. Detailed information about the company's founding date, prior funding rounds, or revenue figures was not disclosed in the available sources, though the merger agreement implies a pre-money equity valuation of approximately $350 million. Rongcheng is going public via a SPAC merger with GalaxyEdge Acquisition Corporation (NYSE: GLED, GLEDR, GLEDU), a Cayman Islands-exempted special purpose acquisition company. The transaction, governed by an Agreement and Plan of Merger dated May 1, 2026, employs a two-step structure in which GalaxyEdge merges into a wholly owned subsidiary called Rongcheng Global Limited (the Purchaser), which survives as the publicly listed company, while a separate merger subsidiary merges with and into Rongcheng, leaving Rongcheng as a wholly owned subsidiary of the Purchaser. Rongcheng shareholders will receive an aggregate of 35,000,000 Purchaser ordinary shares valued at $10.00 per share, reflecting the $350 million pre-money equity valuation. The deal was preceded by a non-binding letter of intent signed on March 18, 2026, and has been approved by the boards of both companies, though it remains subject to shareholder approvals, SEC effectiveness of a Form F-4 registration statement, stock exchange listing approval, and other customary closing conditions. The rationale for choosing the SPAC path is articulated by Rongcheng's leadership as a means of validating its integrated business model and accelerating expansion. Chen Li stated that becoming a public company would enhance Rongcheng's credibility and provide access to diversified sources of capital to scale operations and deepen its competitive moat. GalaxyEdge's CEO Ping Zhang emphasized the commitment to pairing the public market platform with an operator capable of execution, noting Rongcheng's established customer relationships and positioning to capitalize on significant opportunities ahead. The transaction includes 180-day lock-up agreements for certain shareholders and the sponsor, Equinox Capital Solutions Limited, as well as amended and restated registration rights to facilitate post-closing liquidity, all designed to support trading stability and investor confidence in the combined entity.more ▾less ▴ |
| IVCAFLibity | Blue Finance Technology Holding Limited | Fintech | $220M | Apr 30, 2026 | — | Definitive (DA signed) | — |
| MMTXMiluna Acquisition Corp | CADV Ventures S.A. | Other | — | Apr 27, 2026 | $10.18 | +0.7% | Definitive (DA signed) | 7070 |
| ATIIArchimedes Tech II | Forge Nano, Inc. | AI/Tech | $1.2B | Apr 20, 2026 | $10.66 | -0.4% | Definitive (DA signed) | 7575 | Forge Nano, Inc. is a Denver-based advanced materials and semiconductor equipment company built on proprietary Atomic Layer Deposition (ALD) nanocoating technology, branded as Atomic Armor™. The company's platform applies ultra-thin, conformal coatings at the atomic level to improve the performance and durability of materials across two core verticals: lithium-ion batteries for defense applications and semiconductor manufacturing equipment for AI-era chips. Forge Nano traces its roots to research at the University of Colorado Boulder, where ALD NanoSolutions—an earlier spinout founded in 2001 by CU Boulder faculty including Alan Weimer and Steven George—merged with Forge Nano in 2020 to consolidate atomic-level manufacturing expertise. The company has spent fourteen years in technology development and over a decade in commercial sales, amassing a portfolio of more than 200 patents. Its ALD tools reportedly operate at nearly ten times industry-average throughput speeds and roughly one hundred times precursor efficiency, enabling applications in advanced semiconductor packaging, through-silicon vias, photonics, memory, logic, and heterogeneous integration. Forge Nano manufactures both its nanocoating equipment and lithium-ion battery cells in the United States using a predominantly domestic supply chain, and its technology has already been deployed in Spire Global satellites launched via SpaceX. The company is led by Co-Founder and Chief Executive Officer Paul Lichty, who has guided Forge Nano through multiple funding rounds and a bootstrapped period of seven to eight years following its founding. Strategic equity investors include a roster of Tier-1 industry players: Volkswagen, Air Liquide, Hanwha Aerospace, GM Ventures, and LG Technology Ventures. The company has also secured significant U.S. government backing, including a $100 million Department of Energy grant to support its battery manufacturing facility. Forge Nano recently closed its Series D round with $82.2 million funded and committed, with additional PIPE financing including a $23 million tranche at $10.00 per share and participation from Samsung SDI, which also formed a landmark strategic partnership to enable U.S. production of advanced battery cells—a relationship Forge Nano compares to the Tesla–Panasonic model. The company holds $84 million in binding off-take agreements and a pipeline of letters of intent exceeding $2 billion, targeting an estimated $359 billion-plus total addressable market by 2034 across lithium-ion batteries and semiconductor ALD equipment. Forge Nano's customers and products span critical industries including energy, defense, high-performance manufacturing, photonics, and data centers. Its TEPHRA semiconductor wafer fabrication platform has been selected by leading photonics and Fortune Global 500 communications companies for commercial integrated photonics manufacturing, and the company has secured equipment orders for 200mm wafer fabs while planning a 300mm ALD platform build-out. On the battery side, Forge Nano is developing lithium-ion battery cells for the U.S. Department of Defense and is constructing a gigawatt-hour-capacity manufacturing facility in Morrisville, North Carolina, with an expected 18-month timeline from groundbreaking to early commissioning. The company is also expanding into pharmaceuticals, data centers, and quantum computing. A 2028 legislative mandate prohibiting U.S. defense procurement of foreign-made battery cells is expected to further catalyze Forge Nano's defense market opportunities, and the company has been identifying secure supply chain government needs for over a decade. Forge Nano is going public via SPAC to accelerate the next phase of its growth, providing capital and market visibility to scale U.S. manufacturing of semiconductor tools and lithium-ion batteries. The business combination with Archimedes Tech SPAC Partners II Co. (NASDAQ: ATII) values Forge Nano at approximately $1.2 billion pre-mon |
| CMCAFPiermont Valley Acquisition Corp | Tigerless Health, Inc. | Fintech | — | Apr 17, 2026 | H2 2026 | — | Definitive (DA signed) | — |
| PGACPANTAGES CAPITAL ACQUISITION CorpNo date ahead | MacMines Austasia Pty Ltd | Other | — | Apr 15, 2026 | $10.71 | +0.1% | Definitive (DA signed) | 6969 |
| SZZLSizzle Acquisition Corp. II | Trasteel Holding S.A. | Metals/Mining | $800M | Apr 13, 2026 | 2026 | $10.46 | +0.2% | Definitive (DA signed) | 7373 |
| CSTAFConstellation INo date ahead | US Elemental | Metals/Mining | $500M | Apr 9, 2026 | H2 2026 | $13.05 | +5.3% | Definitive (DA signed) | 53Too small53Too small | US Elemental Inc. is a newly formed U.S. lithium development company created through a business combination between HiTech Minerals Inc., a wholly owned subsidiary of Australia-listed Jindalee Lithium Limited (ASX: JLL), and Constellation Acquisition Corp. I (CSTA), a special purpose acquisition company sponsored by affiliates of Antarctica Capital, a global investment manager with over $10 billion in assets under management. Announced on April 9, 2026, the transaction implies a pro forma enterprise value of approximately $571 million and an implied equity value of $500 million, with the combined company expected to list on Nasdaq under the ticker "ULIT" during the second half of 2026. Upon closing, US Elemental will hold Jindalee's U.S. lithium assets, principally the McDermitt Lithium Project straddling the Oregon-Nevada border within the McDermitt Caldera, the same geological formation that hosts Lithium Americas' Thacker Pass project, as well as the earlier-stage Clayton North Project in Nevada. Jindalee will roll over 100% of its equity interest and retain approximately 80% or more of the combined entity, with consideration payable primarily in US Elemental shares. The McDermitt Project anchors the company's pitch: a sedimentary lithium deposit with a mineral resource of approximately 21.5 million tonnes of lithium carbonate equivalent (11.1 Mt indicated and 10.4 Mt inferred), a maiden Probable Ore Reserve of 2.34 Mt LCE, and an estimated project life of roughly 63 years, positioning it among the largest known lithium deposits in the United States. A pre-feasibility study completed in late 2024 projects a post-tax NPV of $3.2 billion at an 8% discount rate, a 17.9% post-tax IRR, planned production of approximately 47,500 tonnes per year of lithium carbonate during the first decade, and EBITDA margins exceeding 60%. The project also carries potential magnesium by-product upside and has secured a research and development partnership with the U.S. Department of Energy. McDermitt was selected as one of the first ten projects added to the federal government's FAST-41 permitting initiative, which streamlines coordination across federal agencies, and its Environmental Project Outline was approved in December 2025. Incoming CEO Ian Rodger, currently CEO of Jindalee, has said the company plans to launch a major in-fill drilling campaign and full feasibility study in the second half of 2026, targeting feasibility study completion by end of 2027 and key federal permits by end of 2028. US Elemental is a pre-revenue, development-stage mining company with no current sales or operating cash flow; its valuation rests entirely on forward-looking project economics rather than historical financials. The transaction contemplates a capital raise of approximately $20 to $30 million, including a $2.5 million commitment from an Antarctica Capital affiliate to purchase newly issued equity or equity-linked securities of PubCo on substantially the same terms as the PIPE Financing Agreements, conditioned on the Minimum Cash Condition being satisfied, alongside a separate $1.55 million already funded at signing through a Series A Cumulative Convertible Preferred purchase (which the 10-Q does not characterise as PIPE financing), with the preferred carrying dividend rates of 10% cash and 12% PIK (15% on default), conversion at $1,000 per share, and five-year warrants exercisable at $11.50. The deal carries a $14 million minimum cash condition at closing, expected to be met through a combination of any remaining SPAC trust cash and additional PIPE or equity-linked financing. Constellation's trust account held only approximately $860,000 as of January 2026, meaning the company will need to attract substantial third-party capital to satisfy the minimum cash requirement, and the deal materials assume 100% redemptions in their illustrative calculations. The SPAC route was chosen over a traditional IPO because it offers a faster path to U.S. public markets and allows the company to present forward-looking project projections, including NPV, IRR, and EBITDA margin estimates, as part of the investor case, which is particularly valuable for a capital-intensive mining developer that has not |
| FERAFifth Era Acquisition Corp I | SMT Holdings Limited ("Miotal") | Metals/Mining | $10.0B | Apr 7, 2026 | H1 2026 (lapsed) | $10.52 | 0.0% | Definitive (DA signed) | 7171 |
| CRACCrown Reserve Acquisition Corp. I | Carvix, Inc. | Other | $500M | Mar 30, 2026 | $10.20 | +0.3% | Definitive (DA signed) | 7474 |
| IBACIB Acquisition | GNQ Insilico, Inc. | AI/Tech | $500M | Mar 16, 2026 | Sep 24, 2026 · 14d | $10.91 | +1.2% | Definitive (DA signed) | 7171 | GNQ Insilico, Inc. is a TechBio company incorporated under the federal laws of Canada and headquartered in Toronto, with operations also described as California-based. Founded by Rehan Huda, who serves as the company's Founder, Chairperson, and Chief Executive Officer, GNQ Insilico is focused on transforming and de-risking drug development through the convergence of artificial intelligence, quantum computing, genomics, and systems biology. The company's mission is to revolutionize pharmaceutical R&D and healthcare delivery by enabling precision medicine at scale, leveraging digital twin technology, advanced biological modeling, and quantum-enhanced AI platforms to help pharmaceutical companies discover, develop, and optimize therapeutics more efficiently. By addressing critical inefficiencies across the healthcare value chain, GNQ aims to accelerate development timelines, reduce costs, and deliver improved patient outcomes across multiple disease areas. The company operates three proprietary AI-powered platforms: a Drug Assessment platform, which launched in the fourth quarter of 2025, and Drug Simulation and Digital Twins platforms, both expected to roll out later in 2026. These platforms are designed to serve pharmaceutical companies, investors, and healthcare providers worldwide, enabling smarter investment decisions and accelerating drug development toward truly personalized medicine. GNQ's integration of genomics, artificial intelligence, and quantum computing represents a differentiated approach to addressing the significant challenges facing drug discovery and development, positioning the company to capture meaningful market share in the precision medicine space. GNQ Insilico is going public through a definitive business combination agreement with IB Acquisition Corp. (Nasdaq: IBAC), a Nevada-based special purpose acquisition company, in a transaction structured as a statutory plan of arrangement under the Canada Business Corporations Act. The deal values GNQ at approximately US$500 million (about C$688 million), with additional consideration possible through revenue and share-price earnout provisions. The transaction is expected to provide approximately US$15 million in proceeds to GNQ, comprising a PIPE of up to US$10 million, cash held in IBAC's trust account, and up to US$2 million in bridge financing through convertible notes and warrants. The merger is expected to close in the third quarter of 2026, subject to customary closing conditions including shareholder approvals and Ontario Superior Court approval. The SPAC route provides GNQ with the resources and public market visibility needed to expand its commercial partnerships and scale its solutions globally. Following the close, GNQ's current executive team will continue to lead the combined company, with a five-member board of directors consisting of four GNQ designees and one independent IBAC sponsor designee. IBAC's CEO and Chairman Al Lopez emphasized that GNQ's differentiated approach to drug discovery and development made it an compelling partner at the forefront of innovation, expressing confidence in the talented GNQ team's ability to execute on its vision of making precision medicine accessible and economically viable for patients worldwide. Legal counsel for the transaction includes Cassels Brock & Blackwell LLP and Barnes & Thornburg LLP for GNQ, and Dentons Canada LLP and ArentFox Schiff LLP for IBAC, with I-Bankers Securities acting as financial and capital markets advisor. |
| LKSPLake Superior Acquisition Corp | Openmarkets Group Pty Ltd | Fintech | — | Mar 10, 2026 | 2026 | $10.22 | +0.5% | Definitive (DA signed) | 7070 |
| PLMKPlum IVNo date ahead | Controlled Thermal Resources | Battery | $3.1B | Mar 8, 2026 | H2 2026 | $10.65 | +0.4% | Definitive (DA signed) | 6767 | Controlled Thermal Resources Holdings, Inc. (CTR) is a U.S.-based developer of integrated geothermal power and critical minerals projects, headquartered in Imperial County, California, with additional offices in Brisbane, Australia, and Houston, Texas. Founded in 2013 and originally Australian-rooted before redomiciling to the United States in 2022, the company is focused on its flagship Hell's Kitchen Project in California's Imperial Valley, situated within the Salton Sea Geothermal Field. CTR operates through two wholly owned subsidiaries, American Data Power and American Critical Resources, pursuing a vertically integrated engineering model that generates renewable baseload geothermal electricity while simultaneously extracting and refining battery-grade lithium and other critical minerals from the same geothermal brine resource. The project is designed at full scale to deliver up to 650 megawatts of clean power and approximately 100,000 metric tons per year of lithium carbonate, along with additional U.S.-designated critical minerals including potash, zinc, manganese, rubidium, cesium, boron, and strontium. CTR's direct lithium extraction process uses a closed-loop system powered entirely by renewable energy, avoiding the environmental footprint of evaporation ponds or open-pit mining and requiring no offshore processing. The company is led by CEO Rod Colwell, who also serves on California's Lithium Valley Commission, alongside President Jim Turner, CFO Eric Thayer, Chief of Staff Nicole Colwell, and Chief Communications Officer Lauren Rose, with a board that includes directors David Jackson, Nicholas Cavanagh, and Kemsley Cross, and former Australian Foreign Minister Julie Bishop as a special advisor. The leadership team brings over three decades of experience developing and operating large-scale geothermal energy projects in the Salton Sea region. CTR has raised more than $285 million in private capital to date, with investors including Stellantis, the California Energy Commission, and angel investors, according to PitchBook data. The company has secured a 25-year power purchase agreement with Imperial Irrigation District and has a supply contract with General Motors for battery-grade lithium. Technical and engineering partnerships include Baker Hughes, which completed a comprehensive Field Development Plan and a Definitive Feasibility Study compliant with SEC SK1300 standards, as well as Aquatech for integrated brine processing and Hatch Ltd for engineering. CTR has demonstrated its direct lithium extraction process on live geothermal brine at a 1/15 commercial-scale integrated facility and has invested approximately $185 million in long-lead equipment staged for construction. In March 2026, CTR announced a definitive business combination agreement with Plum Acquisition Corp. IV (Nasdaq: PLMK), a special purpose acquisition company, at a pro forma enterprise value of approximately $4.7 billion and a pro forma equity value of roughly $5.0 billion. The transaction, unanimously approved by both boards, will result in CTR becoming a publicly traded company on the Nasdaq under the ticker symbol "CTRH," with CTR shareholders rolling over 100% of their equity and expected to own approximately 90.6% of the combined company. The deal includes an earnout provision of up to 100 million shares over ten years tied to share price milestones, a domestication to Delaware, lock-up agreements, and an amended registration rights framework. The merger is expected to close in the second half of 2026, subject to shareholder approvals, SEC registration effectiveness, HSR Act clearance, and other customary conditions. Hall Chadwick served as CTR's exclusive corporate, financial, and lead capital markets advisor, while Cohen & Company Capital Markets advised Plum IV. CTR is going public via SPAC to accelerate its development timeline and fund the commencement of Stage 1 construction at Hell's Kitchen, which is anticipated to include a 50 MW |
| DRDBRoman DBDR II | ThomasLloyd Climate Solutions B.V. | Other | $850M | Mar 3, 2026 | $10.66 | +0.1% | Definitive (DA signed) | 7272 | ThomasLloyd Climate Solutions B.V. is a Netherlands-based, vertically integrated sustainable energy, technology, and finance solutions provider founded in 2003. The company operates across renewable power generation, related transmission and distribution infrastructure, sustainable fuels production, water and waste treatment systems, energy efficiency solutions for the mobility and buildings sectors, and climate finance, serving governments, corporations, and institutional and private investors worldwide. Over its history, ThomasLloyd has structured, managed, and operated 115 projects across more than 20 countries, representing approximately 28 gigawatts of power generation capacity across conventional and renewable energy and related infrastructure, along with 92 million litres of annual liquid biofuels production capacity and over 800 wastewater treatment systems. The company has a particular focus on Asia and currently develops and finances sustainable energy projects across more than 50 countries. Chief Executive Officer Michael Sieg leads the existing management team, which will continue to lead the combined entity following the merger. On February 27, 2026, ThomasLloyd entered into a definitive business combination agreement with Roman DBDR Acquisition Corp. II (NASDAQ: DRDB), a special purpose acquisition company. The transaction values ThomasLloyd at a pre-money equity value of $850 million, with the potential to increase to $1.3 billion via a $450 million share price-based earnout tied to PubCo Class A share price targets between $12.50 and $25.00 over five years, implying a pro forma equity value of approximately $1.5 billion. The deal is expected to provide over $240 million in gross proceeds, combining cash held in Roman DBDR's trust account with an anticipated private investment in public equity. ThomasLloyd has also secured a $200 million equity line of credit from B. Riley Principal Capital to support its strategy. The transaction is expected to close in the second half of 2026, pending shareholder approval and customary regulatory conditions, after which both companies will become wholly-owned subsidiaries of Thomas Lloyd Climate Solutions Holdings PLC, a new holding company incorporated under the laws of England and Wales, expected to list on Nasdaq under the ticker TCSG. ThomasLloyd is pursuing the SPAC route to go public as a means of accelerating its North American expansion and entering the booming U.S. AI data center market, where operators face energy availability constraints that limit expansion. The company claims its sustainable energy infrastructure can be deployed faster and at a lower cost than traditional alternatives, reducing data center energy costs by between 15% and 30%. CEO Michael Sieg described the business combination as serving a dual purpose beyond raising capital: accelerating North American expansion and establishing ThomasLloyd as the partner of choice for enterprises and governments seeking reliable, sustainable energy and technology solutions delivered with exceptional speed and scale. The transaction will also provide capital for broader expansion across the Asia-Pacific region. In preparation for the combination, Roman DBDR has appointed several executives to its board and leadership, including longtime Icahn Enterprises executive Hunter Gary to the board, Randolph C. Read as a director, and technology veteran Al Basseri as Chief Technology Officer, signaling a focus on operational and AI infrastructure expertise ahead of the merger's completion. |
| EGHAEGH Acquisition Corp. | Hecate Energy Group, LLC | Energy | $800M | Jan 21, 2026 | Q3 2026 | $10.39 | -1.3% | Definitive (DA signed) | 6767 | Hecate Energy Group LLC is a Chicago-based independent energy infrastructure developer founded in 2012 by a team of energy industry veterans who have worked together for more than 25 years. The company develops utility-scale energy parks and power delivery solutions that integrate solar, battery storage, wind, thermal generation, and flexible grid infrastructure, purpose-built to provide reliable, dispatchable power at scale and speed. Hecate operates across eight U.S. power markets and 26 states, with offices in California, Connecticut, Ohio, and Tennessee. Since inception, the company has successfully developed over five gigawatts of projects to construction or operation—representing more than $6 billion in energy investments—and has sold more than 12 GW of power plant and storage projects to a diversified group of blue-chip counterparties, including utilities, independent power producers, and corporate offtakers. Hecate has entered over 50 power purchase agreements and similar offtake contracts exceeding 6 GW of capacity with 24 counterparties, and it maintains an active development pipeline of approximately 48.8 GW, making it one of the largest pure-play power plant developers in the United States. The company serves utilities, industrial customers, corporations, landowners, and communities, with a growing strategic focus on energy campuses and co-located power solutions for AI data centers and large industrial loads. Notable projects include the 500 MW Cider Solar Farm in New York—the largest onshore renewable energy project in the state—the 809 MW Sunfish solar projects in Michigan, the up to 2,000 MW Cereza solar and storage project at the DOE's Hanford Site in Washington, and the 500 MW Roseland Solar & Storage project in Texas. Hecate has also developed international projects such as the 45 MW Shobak wind farm in Jordan. In 2021, global energy company Repsol acquired a 40% stake in Hecate Energy, marking its first investment in the U.S. renewable energy market and reinforcing Hecate's status as a leading developer. The company has secured significant financing over the years, including a $550 million credit facility package in 2023 to support advancement of its then-35 GW pipeline and targeted monetization of roughly 5 GW per year. Hecate reports a revenue backlog of approximately $686 million from signed milestone-based project sale agreements and has generated over $1.2 billion in revenue since inception, with estimated 2026 adjusted EBITDA of $115 million and projected 20–30% growth in 2027. Hecate is going public through a definitive business combination agreement with special-purpose acquisition company EGH Acquisition Corp. (NASDAQ: EGHA), a transaction guided by A&O Shearman and announced on January 22, 2026. The deal implies a pro forma enterprise value of approximately $1.283 billion, based on an $800 million pre-money equity rollover, roughly $400 million of net debt, and cash from EGH's trust account. Existing Hecate shareholders are expected to roll 100% of their equity and own approximately 78.7% of the combined company, with public EGHA shareholders holding about 16.7% and the sponsor roughly 4.6%, assuming no redemptions. The transaction is structured as an Up-C combination, with EGH domesticating as a Delaware corporation and surviving as the public entity, and the combined company is expected to list on Nasdaq under the ticker "HCTE." The deal is expected to close in mid-2026, subject to customary closing conditions including EGH shareholder approval and SEC effectiveness of the registration statement. The decision to go public via SPAC is driven by Hecate's need to access public capital markets to fund its massive development pipeline and capitalize on unprecedented U.S. electricity demand growth fueled by data centers, AI, and electrification. The merger is part of a broader resurgence in SPAC deals that began in 2025, and it positions Hecate as a pure-play public investment vehicle for investors |
| COLAColumbus Acquisition Corp/Cayman IslandsNo date ahead | WISeSat.Space Holdings Corp. | Defense/Space | $250M | Dec 12, 2025 | $9.75 | +8.6% | Definitive (DA signed) | 8484 | Original BCA dated Dec 12, 2025 (sellers SEALSQ Corp / WISeKey); First Amendment Aug 6, 2026. |
| WINVWinVest | Embed Financial | Fintech | $425M | Dec 2, 2025 | Sep 15, 2026 · 5d | — | Definitive (DA signed) | — | accreted trust |
| SOULSoulpower Acquisition Corp. | SWB LLC | Other | $8.1B | Nov 24, 2025 | $10.46 | +0.3% | Definitive (DA signed) | 7070 |
| WTGWintergreen Acquisition Corp. | KIKA Technology INC. | Media/Consumer | $80M | Nov 17, 2025 | H1 2026 (lapsed) | $10.58 | -5.5% | Definitive (DA signed) | 6060 |
| SBXDSilverBox IVNo date ahead | Parataxis Holdings LLC | Crypto | $800M | Oct 31, 2025 | $10.86 | 0.0% | Definitive (DA signed) | 7575 | Parataxis Holdings LLC is a New York-based, Bitcoin-native institutional digital asset management platform and an affiliate of Parataxis Capital Management LLC, a multi-strategy investment firm focused on the digital asset sector that was founded in 2019 by Edward Chin. The firm combines Bitcoin exposure, proprietary growth opportunities, and accretive yield generation through institutional-grade management and execution. Parataxis Capital Management manages multiple commingled hedge fund vehicles and provides sub-advisory services for institutional allocators, family offices, fund-of-funds, and high-net-worth individuals, while Parataxis Holdings is specifically focused on Bitcoin treasury and other digital asset investment opportunities. The company targets institutional investors seeking Bitcoin exposure through proprietary strategies and aims to capitalize on the growing demand for Bitcoin as a treasury and strategic asset, drawing inspiration from the BTC treasury models pioneered by Strategy (formerly MicroStrategy) in the U.S. and Metaplanet in Japan. Parataxis has been pursuing an ambitious international expansion strategy, particularly in South Korea, which it identifies as an underserved market with significant digital asset demand. In June 2025, Parataxis entered into a definitive agreement to acquire a controlling interest in Bridge Biotherapeutics, Inc. (KOSDAQ: 288330) for KRW 25 billion (approximately $18.3 million), transforming the clinical-stage biotech company into South Korea's first institutionally-backed, publicly-listed Bitcoin treasury and mining platform, renamed Parataxis Korea. Andrew Kim, a Partner at Parataxis Capital, assumed the role of CEO of Parataxis Korea, while Edward Chin joined as Chairman. By October 2025, Parataxis Korea had accumulated over 150 BTC through disciplined accumulation during market pullbacks, closed a KRW 10 billion (approximately $7 million) capital raise supported by both Korean and U.S. institutional investors, and announced its intent to acquire 1,150 ASIC miners producing 224 petahash of hashrate to establish a vertically-integrated BTC yield platform expected to deliver approximately 60% EBITDA margins and make the company cash-flow positive in fiscal year 2026. The firm also announced a definitive agreement with Sinsiway Co. Ltd. (KOSDAQ: 290560) to bring an institutionally-backed Ethereum treasury company to the South Korean public markets. Parataxis is going public via a SPAC merger with SilverBox Corp IV (NYSE: SBXD), a special purpose acquisition company sponsored by an affiliate of SilverBox Capital that completed its $200 million IPO in August 2024. The business combination is expected to deliver up to approximately $240 million to Parataxis Holdings, subject to SBXD shareholder redemptions, including $31 million of equity to be funded immediately for Bitcoin purchases. Additionally, Parataxis has entered into a share purchase agreement permitting it to issue and sell up to $400 million of equity, which combined with the SPAC proceeds could provide up to $640 million in gross proceeds to support the execution and acceleration of its BTC treasury strategy. Upon closing, the combined company plans to trade on the New York Stock Exchange under the ticker symbol PRTX. Joe Reece, co-managing partner at SilverBox Capital, described the merger as an opportunity to introduce a unique and highly scalable digital asset management platform to the public markets, noting that the SPAC's management team had prior experience completing business combinations with companies including Black Rifle Coffee Company and Atlas Technical Consultants. The SPAC route provides Parataxis with a faster path to public markets and access to substantial capital to fund its Bitcoin treasury accumulation strategy at scale, while simultaneously leveraging its existing South Korean public market presence through Parataxis Korea to create a cross-border institutional Bitcoin platform. |
| EURKEurekaNo date ahead | Marine Thinking Inc. | Defense/Space | $130M | Oct 29, 2025 | $11.55 | -0.9% | Definitive (DA signed) | 6666 | Marine Thinking Inc. is a Canadian deep-tech company headquartered in Halifax, Nova Scotia, founded in 2018 by Lishao Wang, who continues to serve as founder and chairman. The company describes itself as a physical AI technology firm specializing in autonomous ship and fleet solutions, developing uncrewed surface vessels (USVs) and AI-driven control systems that transform how industries monitor and interact with maritime environments. Its product lineup includes the Marine Tensor Kit, BlueBoat USV, Marine Tracer USV, Marine Acadia E-31 and E-55 USVs, Marine Guardian USV, and a vessel retrofit program called "Transform Your Own Vessel." These products serve survey and mapping, environmental monitoring, and ghost gear recovery applications, and the company also operates as a Canadian distributor for Blue Robotics, offering upgraded and custom-built BlueBoat platforms with expanded payload capabilities. Marine Thinking positions its low-cost, easy-to-assemble autonomous navigation technology as a way for existing shipbuilders to quickly become autonomous ship manufacturers, addressing applications ranging from unmanned ferries and river freight to water surveys, rescue operations, and defense, while tackling the growing global shortage of seafarers. Over its roughly eight years of operation, Marine Thinking has established itself as Canada's leading autonomous ship and fleet solution provider, securing numerous R&D projects backed by an impressive roster of Canadian federal government agencies and organizations, including Innovative Solutions Canada, Fisheries and Oceans Canada, the National Research Council Canada, Natural Resources Canada, Transport Canada, Defence Research and Development Canada, Sustainable Development Technology Canada, and Canada's Ocean Supercluster. The company has also received incubation support from Halifax-based organizations such as COVE, The PIER Halifax, VOLTA, and the Atlantic Canada Opportunities Agency. Its autonomous solutions have been applied across multiple marine industry fields in more than a dozen countries, and the company holds 17 patent documents across five patent families, covering technologies such as smart scales readers, cable-operated ROV control systems, and marine product logistics monitoring apparatus. According to PitchBook, the company has approximately 20 employees and has raised modest venture capital funding through a combination of angel investment, seed rounds, accelerator/incubator programs, and a Series A round in May 2022, with investors including Volta (Nova Scotia), China Canada Angels Alliance, and Diana (UK). The S-4 filing describes Marine Thinking as still in the development stage with limited revenues and heavy R&D spending, indicating it has not yet achieved commercial scale despite its technical progress and government-backed traction. Marine Thinking is going public through a definitive business combination agreement signed on October 29, 2025, with Eureka Acquisition Corp. (NASDAQ: EURK), a Cayman Islands-incorporated SPAC. The transaction values Marine Thinking at approximately $130 million pre-money, with Eureka paying aggregate consideration of $130 million in shares to Marine Thinking's shareholders at closing. The deal structure involves Eureka domesticating to Canada via a continuance under the CBCA, followed by an amalgamation of Marine Thinking with a Eureka subsidiary, resulting in a combined entity renamed Marine Thinking Holdings Inc. listed on NASDAQ. The S-4 registration contemplates issuance of up to 19,540,264 Pubco Class A shares, with 13,120,231 shares going to Marine Thinking shareholders. The SPAC route gives Marine Thinking a faster path to public markets than a traditional IPO, which matters for an early-stage hardware-plus-software business where management wants to present a long-range growth story centered on future adoption of autonomous marine systems across commercial, environmental, and defense-adjacent applications. The deal |
| XRPNArmada II | Pathfinder Digital Assets LLC | Crypto | $1.4B | Oct 19, 2025 | $10.54 | -0.5% | Definitive (DA signed) | 7575 | Verified from primary filing (was "Evernorth (Ripple)"). Filing identifies Pathfinder Digital Assets LLC as 'the Company' in the Business Combination Agreement with SPAC Armada Acquisition Corp. II; Evernorth Holdings Inc. is Pubco (the post-merger public entity) and Ripple Labs Inc. is a additional party to the agreement, not the operating-company target being acquired.more ▾less ▴ |
| RFAIRF Acquisition IINo date ahead | Nanyang Biologics | AI/Tech | $1.5B | Oct 2, 2025 | $32.00 | -188.8% | Definitive (DA signed) | 45Premium risk45Premium risk | Nanyang Biologics (NYB) is a Singapore-based, AI-driven drug discovery and biotechnology company operating at the intersection of biodiversity and artificial intelligence. Founded in 2020 as a university spin-out from Nanyang Technological University Singapore (NTU), NYB has spent roughly five years developing a joint laboratory with NTU focused on tropical medicinal plants and their therapeutic potential. The company's flagship Vecura AI platform is powered by its proprietary Drug-Target Interaction Graph Neural Network (DTIGN), a structure-and-outcome-guided discovery model that applies graph neural networks and protein language models to predict how natural compounds interact with disease targets. In 2024, the DTIGN engine outperformed competitors by 27% in benchmarking tests published in IEEE, and it won first prize among over 700 startups at the SuperAI Genesis Startup Competition 2025 in Singapore. NYB is building what it believes will be one of the world's largest AI-curated natural compound libraries, already comprising over 50,000 unique organisms and their chemical compounds, and it has entered a memorandum of understanding with NVIDIA, Hewlett Packard Enterprise, and Equinix to provide scalable computing and sovereign digital infrastructure for large-scale molecular screening. The company's therapeutic pipeline consists of five preclinical molecules derived from tropical medicinal plants, targeting high-unmet needs in oncology, cardiovascular health, and mental health. Its lead candidate, NB-A002, is a first-in-class DNA Damage Response (DDR) therapy targeting the previously undruggable ILF2 protein, inducing synthetic lethality in DDR and Homologous Recombination Deficiency cancers, including BRCA-mutated and BRCAness tumors. NYB positions NB-A002 as a potential superior alternative to PARP inhibitors for ovarian, breast, lung, and other solid tumors, addressing a market projected to reach $19.5 billion by the mid-2030s. Additional pipeline assets include NB-B101 for solid tumors, NB-C201 for cardiovascular health, and NB-C301 for mental health conditions, all progressing through preclinical stages with growing patent protection. The company also offers a consumer nutraceutical product line alongside its pharmaceutical pipeline. NYB is led by Chairman Dr. Roland Ong, a serial entrepreneur, and Lead Principal Investigator Professor Li Hoi Yeung, who co-founded the joint laboratory initiative between NTU and NYB. The company's key investors include The9 Limited (Nasdaq: NCTY), which provided its first funding in 2020, Mercatus Capital (a Singapore-based family office), and the Ignition AI Accelerator. According to PitchBook, NYB has approximately 16 employees and has progressed through accelerator and clinical trial stages. The company has been recognized by U.S. News & World Report 2025, which ranked Singapore second worldwide for AI, and NYB has established strategic collaborations with major technology partners to build enterprise-grade infrastructure for healthcare innovation. On October 2, 2025, NYB entered into a definitive business combination agreement with RF Acquisition Corp II (Nasdaq: RFAI), a Singapore-based SPAC targeting deep technology in Asia, in a transaction valuing NYB at approximately $1.5 billion pre-money equity value. The merger is expected to close in the first or second quarter of 2026, subject to shareholder approval, with the combined company to list on Nasdaq under the ticker symbol "NYB." Existing shareholders, including The9 and Mercatus Capital, will roll over 100% of their equity and retain majority ownership and board control. NYB is pursuing the SPAC route to accelerate its AI-driven drug discovery efforts, with Chairman Ong stating that public listing will break through barriers that have long hindered medical advancement, significantly reduce R&D time and costs, and open new opportunities for therapeutic development. The SPAC's CEO, Tse Meng Ng, praised NYB for building a diffe [verified via Google + 425: Nanyang Biologics AI drug discovery, $1.5B] |
| ALCYFAlchemy Investments I | Cartiga | Fintech | $540M | Aug 22, 2025 | — | Definitive (DA signed) | — | liquidates if the extension fails |
| MACIMelar INo date ahead | Everli | Media/Consumer | $180M | Jul 30, 2025 | $10.98 | -0.5% | Definitive (DA signed) | 7171 | Everli is a major Italian e-grocery marketplace founded in 2014 and headquartered in Milan, connecting consumers with their preferred local grocery retailers through an asset-light digital platform that manages online ordering, in-store picking, and last-mile delivery via a dedicated network of trained personal shoppers. Rather than holding inventory in dark stores, Everli matches customers with the retailer of their choice and a personal shopper who fulfills and delivers the order, enabling rapid scaling without the capital intensity of perishable-goods warehousing. The company has built Italy's largest retailer network, securing partnerships with 12 of the 13 top grocery retailers, including major European brands such as Lidl, Kaufland, and Carrefour, and offers access to over 300,000 products across dozens of cities in Italy, Poland, the Czech Republic, and France. Everli has also developed a white-label B2B solution that allows retailers to launch branded e-grocery services without significant CapEx or OpEx, positioning itself as a strategic technology and fulfillment partner for grocers pursuing digital transformation. The company's logistics technology integrates directly with retailers' inventory management systems for daily updates on product supply and pricing, maintaining efficiency across the entire order lifecycle. Everli's leadership has undergone significant transitions. The company was originally led by CEO Federico Sargenti, who guided it from 2016 through the pandemic surge and stepped down in May 2023, succeeded by Andrea Zocchi, a former McKinsey veteran. By the time of the SPAC merger announcement in July 2025, the leadership team was identified as Chairman and CEO Salvatore Palella and COO Jonathan Hannestad. In 2024, Everli completed a full company restructuring through its 100% acquisition by Palella Holdings LLC, which improved net revenue per order by 20% and reduced net losses by 50% while completing approximately 900,000 orders, achieving roughly $81 million in gross transaction volume, a take rate above 23%, and gross margins around 22%. The company had previously raised approximately €140 million from investors including Verlinvest, DN Capital, United Ventures, 360 Capital, Ithaca Investments, and C4 Ventures, reaching a peak valuation of around €450 million following a $100 million Series C in early 2021. However, according to a leaked investor document reported by Sifted in February 2024, Everli faced a severe liquidity crisis after Verlinvest declined to lead a new financing round, and the company was reportedly being sold for €1 to a buyer willing to assume its liabilities, forcing backers to fully write down their investments. The decision to go public via SPAC reflects Everli's need for capital and a fresh start after its near-collapse. On July 30, 2025, Everli signed a definitive merger agreement with Melar Acquisition Corp. I (NASDAQ: MACI), a Cayman Islands SPAC that raised $160 million in its IPO and held approximately $177.4 million in trust as of December 31, 2025. The transaction values Everli at a pre-money equity value of $180 million, with a pro forma enterprise value of approximately $247 million, and Everli holders will receive Melar stock at $10.00 per share plus certain financing proceeds. The combined entity, to be named Everli Global Holdings Inc., will seek a Nasdaq listing under the ticker "EVRL." The deal includes a Nevada domestication, dual-class common stock with super-voting Class B shares, and 1.5 million escrowed consideration shares held for up to 24 months. Closing requires at least $10 million in available cash after redemptions, shareholder approvals, and Nasdaq listing approval, with a hard deadline of June 20, 2026. In December 2025, Everli secured a $10 million loan facility under the business combination agreement, and in January 2026, Melar confidentially submitted a draft S-4 registration statement to the SEC, advancing the cross-border transaction toward |
| NMPNMP Acquisition Corp. | GTS Holdings, LLC | Other | $400M | Jul 7, 2025 | $10.36 | -0.2% | Definitive (DA signed) | 7272 |
| RIBBRibbonNo date ahead | DRC Medicine | Biotech | $350M | Jun 30, 2025 | $13.69 | -36.9% | Definitive (DA signed) | 45Premium risk45Premium risk | DRC Medicine Ltd. is a Japanese healthcare and biotechnology company founded in 2007 and headquartered in Tokyo, focused on the research, development, and commercialization of advanced medical technologies that address significant global health challenges. The company is led by President and CEO Dr. Marumi Okazaki, who emphasized that the SPAC transaction will provide resources to capitalize on favorable industry trends, including the growth of airborne allergens, respiratory diseases, and infectious diseases. DRC Medicine is best known for its proprietary Hydro Silver Titanium® technology, which was initially applied in consumer hygiene products such as masks and towels. The company is now advancing this technology to obtain medical device certification for what it describes as among the world's first therapeutic masks for seasonal allergic rhinitis. Beyond medical devices, DRC Medicine is developing a pipeline of In Vitro Diagnostic (IVD) kits for infectious diseases and allergen detection, combining its proprietary cell-free protein synthesis technology with AI-powered applications to achieve universal diagnostics. The company is also in final negotiations to acquire an innovative ATP-enhancing drug for Parkinson's disease from a drug development company, with the drug currently in clinical trials, which would significantly expand its therapeutic portfolio into neurological therapeutics. On June 30, 2025, DRC Medicine entered into a definitive Business Combination Agreement with Ribbon Acquisition Corp. (NASDAQ: RIBB), a Tokyo-based Cayman Islands blank check company led by Chairman and CEO Angshuman (Bubai) Ghosh and CFO Zhiyang (Anna) Zhou. Ribbon completed its IPO in January 2025, raising $50 million through the sale of 5 million units at $10.00 each, plus a private placement of 220,000 units to its sponsor. The transaction implies an initial pro forma equity value of approximately $422.15 million for the combined company, with a pre-money equity value of $350 million for DRC Medicine on a fully diluted basis. The deal is expected to deliver approximately $50.42 million in cash proceeds to DRC Medicine, assuming no redemptions by Ribbon's shareholders, which will fund business operations including clinical trials and medical device certification. Current DRC Medicine shareholders will retain 100% of their equity and are expected to own approximately 82.91% of the combined company on a pro forma basis. The transaction structure involves an intermediate holding company incorporated in Japan acquiring DRC Medicine's shares, followed by a share exchange and merger with Ribbon, with the combined entity expected to list on the NASDAQ Global Market. DRC Medicine is pursuing the SPAC route to public markets to access capital for advancing its diverse portfolio across medical devices, diagnostics, and therapeutics. The company's strategy is driven by a focus on unmet medical needs, AI-assisted discovery, and global healthcare infrastructure transformation, aiming to empower the general public in guarding against allergens, respiratory diseases, and infectious diseases. Ribbon's Ghosh highlighted DRC's experienced management team and R&D capabilities as key factors in the decision to pursue the combination, noting the accelerating growth in the healthcare and biotechnology industry. The SPAC structure allows DRC Medicine to bypass the traditional IPO process while securing funding for clinical trials, device certification, and potential acquisitions such as the Parkinson's drug candidate. Ribbon's shareholders approved an extension of the combination deadline to January 16, 2027, providing additional time to complete the regulatory and approval processes required for the healthcare-related transaction. [verified via Google + 425: DRC Medicine, $422M] |
| IMAQInternational MediaNo floor | VCI Holdings Limited / Ethanol Quang Nam Production Company Limited (Vietnam Biofuels Development JSC) | Other | — | Apr 9, 2025 | $10.11 | +16.0% | Definitive (DA signed) | 4343 |
| EMCGFEmbrace ChangeNo date ahead | Tianji Tire Global (Cayman) Limited | Other | $450M | Jan 26, 2025 | $11.21 | +12.7% | Definitive (DA signed) | 49Too small49Too small |
| IXAQFIX Acquisition Corp. | AERKOMM Inc. | Other | $200M | Oct 28, 2024 | — | Definitive (DA signed) | — |
| FTIIFutureTech II Acquisition Corp. | Longevity Biomedical, Inc. (via Pubco Longevity Biomedical Holdings Corp.) | Biotech | $100M | Sep 16, 2024 | Q4 2025 (lapsed) | — | Definitive (DA signed) | — |
| CNDAConcord Acquisition Corp II | Events.com, Inc. | Media/Consumer | $314M | Aug 26, 2024 | — | Definitive (DA signed) | — |
| BAYABayview Acquisition Corp | Oabay Inc. | Fintech | — | Jun 7, 2024 | — | Definitive (DA signed) | — |
| WELIntegrated Wellness Acquisition Corp | Btab Ecommerce Group, Inc. | Other | — | May 30, 2024 | Sep 15, 2026 · 5d | — | Definitive (DA signed) | — |
| AOGOArogo Capital Acquisition Corp. | EON Reality, Inc. | Other | $550M | Oct 7, 2022 | Mar 24, 2029 · 926d | — | Definitive (DA signed) | — |
Non-binding letter of intent only — NOT a definitive agreement. Target named but no signed BCA. Verified vs EDGAR.more ▾less ▴ |
| TAVITaviaNo date ahead | Vita Inclinata Technologies, Inc. | Other | — | Jul 13, 2026 | Q4 2026 | $10.73 | -0.3% | LOI (under discussion) | 8080 | Non-binding letter of intent only — NOT a definitive agreement. Target named but no signed BCA. Verified vs EDGAR.more ▾less ▴ |
| BWIVBlue Water Acquisition IV | Maha Capital AB | Other | $490M | Apr 28, 2026 | $9.95 | +0.5% | LOI (under discussion) | 7070 | Non-binding letter of intent only — NOT a definitive agreement. Target named but no signed BCA. Verified vs EDGAR.more ▾less ▴ |
| KOYNCSLM Digital Asset Acquisition Corp III, Ltd | First Digital Group Ltd. | Crypto | — | Dec 2, 2025 | $10.24 | -2.4% | LOI (under discussion) | 6565 |