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The whole lifecycle, verified against the filings.
Definitive (DA signed)
Summed over all 6 filed.
No dated vote for these deals is on file with us yet — our record, not the companies' calendars.
More equity than the headline, over 4 of 6 measured.
A definitive agreement is signed and the vote is still ahead, so the redemption right survives to it.
| SPAC | Target | Segment | Value | Announced | Vote | SPAC price | Status | ARS | Delivers | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| BKHABlack Hawk Acquisition CorpNo date ahead | Vesicor Therapeutics, Inc. | Biotech | $70M | Aug 3, 2026 | $11.99 | -0.6% |
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 — 1 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.
2 of 6 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.
Sorted inside each stage.
| Definitive (DA signed) |
| 7171 |
| RACCResearch Alliance Corp III | Oak Hill Bio | Biotech | $160M | Jul 27, 2026 | $11.44 | -14.4% | Definitive (DA signed) | 46Premium risk46Premium risk | +140% premium — floor is $10! |
| 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 |
| JATTJATT II Acquisition | Talawar Tx | Biotech | $120M | Jun 29, 2026 | $12.36 | -22.7% | 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. |
| RIBBRibbonNo date ahead | DRC Medicine | Biotech | $350M | Jun 30, 2025 | $11.15 | -11.5% | Definitive (DA signed) | 5656 | 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] |
| FTIIFutureTech II Acquisition Corp. | Longevity Biomedical, Inc. (via Pubco Longevity Biomedical Holdings Corp.) | Biotech | $100M | Sep 16, 2024 | Q4 2025 (lapsed) | — | Definitive (DA signed) | — |