Filings

●What changed:Priced IPO prospectus. Each unit is $10.00 and consists of one Class A ordinary share plus one-third of one redeemable public warrant; each whole warrant buys one Class A share at $11.50, becomes exercisable 30 days after the initial business combination and 12 months from closing, and expires five years after the combination. Public warrants are redeemable at $0.01 if the Class A shares close at or above $18.00 for any 20 trading days within a 30-trading-day period. Trust: $261.0 million, or $300.15 million with full over-allotment, at $10.00 per unit, at Continental Stock Transfer. Why it matters: This is the document that constitutes the vehicle; these terms bind until amended. The 24-month combination deadline runs from closing of the offering, and extending it requires a special resolution of at least two-thirds of the shares voted, so the clock is moved by shareholders rather than by a sponsor deposit. Deferred underwriting of up to $12,789,000 with full over-allotment sits inside the same trust that funds redemptions and is released to Cantor Fitzgerald & Co. only on completing a combination.

●What changed:Priced IPO of 20,000,000 units at $10.00. Each unit is one Class A ordinary share plus one right to receive one-eighth (1/8) of one Class A ordinary share on consummation of the initial business combination; eight rights are needed for one share. The offering includes no warrants. Trust: $200,000,000, or $230,000,000 with full over-allotment, at $10.00 per unit, at Continental Stock Transfer & Trust Company. The combination period is 21 months from closing. Underwriting is $0.31 per unit ($6,250,000), including $250,000 at closing and $0.30 per unit deferred ($6,000,000, up to $6,900,000). Why it matters: Pinnacle is a rights-only vehicle, so no warrant strike, expiry or warrant redemption trigger exists to be read; a null in those fields is the filed answer rather than a coverage gap. The cost of closing is unusually stacked: $6,000,000 of deferred underwriting plus a separate advisory fee equal to 3.0% of gross IPO proceeds, also $6,000,000, payable to the same underwriters on completing a combination. Up to 35.0% of the deferred fee may be redirected at management's sole discretion to any one or more FINRA members.

●What changed:Priced IPO of 10,000,000 units (11,500,000 with full over-allotment) at $10.00. Each unit is one ordinary share, one redeemable warrant and one right: the whole warrant buys one ordinary share at $11.50, exercisable 30 days after the initial business combination and expiring five years after it; each right converts into one-fourth of one ordinary share on consummation. $10.00 per unit is deposited into trust at Continental Stock Transfer & Trust Company, and that amount excludes deferred underwriting commissions. The combination period is 12 months from closing. Why it matters: Twelve months is at the short end of the filed range, and the prospectus describes no sponsor-funded extension, so the deadline arrives quickly and moves only by charter amendment. The underwriter takes $0.05 per unit in cash plus 200,000 representative shares (up to 230,000 with full over-allotment), equal to 2% of the shares sold, expressly in lieu of any cash deferred underwriting fee: the trust carries no deferred claim, but public holders absorb the compensation as dilution instead. Warrant anti-dilution keys off a $9.20 per-share issue price.

●What changed:Priced IPO of Class A ordinary shares - not units - at $10.00, raising $75,000,000, with a 45-day over-allotment option for up to 1,125,000 additional shares. The prospectus states that, unlike certain other special purpose acquisition company offerings, investors in this offering will not receive warrants. Trust: $75,000,000, or up to $86,250,000 with full over-allotment, at $10.00 per share, with Odyssey Transfer and Trust Company as trustee. Underwriting is $0.60 per share ($4,500,000), of which $0.40 per share ($3,000,000, up to $3,450,000) is deferred. Why it matters: A share-only SPAC has no warrant and no right, so there is no strike, expiry or warrant redemption trigger to record: the absence is the design and is stated on the cover, not a reading failure. Sponsor economics are unusually explicit - founder shares were acquired for $25,000 in aggregate, approximately $0.011594 per share, against the $10.00 public price. The $3,000,000 of deferred underwriting is held in the trust itself. The completion window is 24 months from closing, and Odyssey Transfer rather than Continental acts as trustee.

●What changed:Priced IPO of 10,500,000 units at $10.00, with a 45-day over-allotment option for up to 1,575,000 more. Each unit is one Class A ordinary share, one redeemable warrant and one right to one-quarter of a Class A share at the combination. The whole warrant buys one Class A share at $11.50, is exercisable 30 days after the combination if a registration statement is effective, expires five years after it, and is redeemable at $0.01 if the shares close at or above $18.00 for 20 of 30 trading days. Trust: $105,000,000, or $120,750,000 with full over-allotment, at $10.00 per unit. Why it matters: The combination period is 12 months from closing with a single three-month extension available only if a definitive business-combination agreement has been executed within those 12 months. That is a filed, conditional extension rather than a sponsor deposit, and it is not derivable by arithmetic from the closing date alone. Deferred underwriting is 1.5% of gross proceeds payable in cash at the combination, but ARC Group Securities LLC and Clear Street LLC also receive 420,000 representative shares (483,000 with full over-allotment). Efficiency INC. is trustee.

●What changed:Priced IPO of units at $10.00 with a 45-day over-allotment option for up to 1,875,000 additional units. Each unit is one Class A ordinary share plus one right to receive one full Class A ordinary share on consummation of the initial business combination - a one-for-one right rather than the customary fraction. The offering includes no warrants. Trust: $125,000,000, or $143,750,000 with full over-allotment, at $10.00 per unit, with Odyssey Transfer and Trust Company as trustee. The prospectus states there is no deferred underwriting commission payable to the underwriters. Why it matters: A one-for-one right roughly doubles the shares delivered to a public unit holder at closing, a far larger transfer than the usual one-eighth or one-tenth right and correspondingly harder for a target to accept, so it materially shapes what deal this vehicle can sign. The 12-month deadline from closing is extendable only by shareholder approval of a charter amendment, and the prospectus states there is no limit on the number of extensions that may be sought. With no deferred underwriting, the trust carries no underwriter claim.

●What changed:Priced IPO of units at $10.00 raising $100,000,000 ($115,000,000 with full over-allotment). Each unit is one share of common stock plus one right to receive one-fourth of a share of common stock at the business combination; the offering includes no warrants. Trust: $100,500,000, stated as $10.05 per unit, with Equiniti Trust Company, LLC as trustee. Underwriting discounts are $0.075 per unit ($750,000; $862,500 with over-allotment), and the underwriters receive 150,000 deferred underwriting compensation shares (172,500 with full over-allotment) only on closing a combination. Why it matters: The trust is overfunded at $10.05 per unit, above the $10.00 offering price, so the filed redemption floor begins above par; assuming $10.00 by convention would understate it. The combination window is 12 months from closing, or 15 months if a definitive business combination agreement is entered into within those 12 months. Deferred underwriting is paid in shares rather than cash, so it dilutes holders instead of draining the trust. Note an internal inconsistency: the prospectus states a one-fourth ratio but elsewhere says rights must be held in multiples of 8.

●What changed:Priced IPO of units at $10.00; each unit is one Class A ordinary share plus one-tenth of one warrant, and each whole warrant buys one Class A ordinary share at $11.50, exercisable 30 days after the initial business combination and expiring five years after it at 5:00 p.m. New York City time. Public warrants are redeemable for cash at $0.01 if the Class A shares close at or above $18.00 for any 20 trading days within a 30-trading-day period. Trust: $360.0 million, or $414.0 million with full over-allotment, at $10.00 per unit, at Continental Stock Transfer & Trust Company. Why it matters: Churchill XIII may extend from 24 months to 27 months if a letter of intent, agreement in principle or definitive agreement is executed within 24 months of closing, and the prospectus states that no redemption rights are offered to public shareholders in connection with that extension, so holders cannot exit at the three-month step. Deferred underwriting totals $15,100,000 ($16,990,000 with full over-allotment): $12,600,000 held in trust, $1,500,000 payable from funds outside trust on announcement of a definitive agreement, and $1,000,000 at consummation.

●What changed:Priced IPO of 20,000,000 units at $10.00 ($200,000,000), with a 45-day over-allotment option for up to 3,000,000 more. Each unit is one Class A ordinary share plus one right to receive one-seventh (1/7) of one Class A ordinary share on consummation of the initial business combination; seven rights are needed for one share. The offering includes no warrants. Trust: $200.0 million, or $230.0 million with full over-allotment, at $10.00 per unit, at Continental Stock Transfer & Trust Company. The combination period is 24 months from closing. Why it matters: Catalyst is a rights-only vehicle, so there is no warrant strike, expiry or warrant redemption trigger to record. Underwriting is $0.3125 per unit ($6,250,000), including $250,000 at closing and $0.30 per unit deferred ($6,000,000, up to $6,900,000) released to Santander US Capital Markets LLC only on completing a combination, and a further advisory fee equal to 3% of gross IPO proceeds is payable to the same bank at that closing. The deferred fee may be paid at management's sole discretion to any one or more FINRA members.

●What changed:Priced IPO of units at $10.00 with a 45-day over-allotment option for up to 3,000,000 additional units. Each unit is one Class A ordinary share plus one-half of one redeemable warrant; the whole warrant buys one Class A ordinary share at $11.50, is exercisable 30 days after the initial business combination provided a registration statement is effective, expires five years after it, and is redeemable at $0.01 if the shares close at or above $18.00 for 20 trading days within a 30-trading-day period. Trust: $201,000,000, or $231,150,000 with full over-allotment, at $10.05 per public unit. Why it matters: The trust is overfunded at $10.05 per public unit, so the filed redemption floor begins above the $10.00 offering price and a $10.00 assumption would be wrong for this vehicle. The combination period is 21 months from closing, extendable only by shareholder approval of an amendment to the memorandum and articles of association. Up to $7,000,000 of deferred underwriting ($8,050,000 with full over-allotment) is held inside that same trust and released to the underwriters only on consummation of a combination.

●What changed:Priced IPO of 7,500,000 units (8,625,000 with full over-allotment) at $10.00. Each unit is one ordinary share plus one right to receive one-tenth of one ordinary share commencing on consummation of the initial business combination; the offering includes no warrants. Trust: $10.10 per unit sold to the public, whether or not the over-allotment is exercised, at Continental Stock Transfer & Trust Company. The Combination Period is 21 months from consummation of the offering. EarlyBirdCapital, Inc. is sole book-running manager. Why it matters: The trust is overfunded at $10.10 per unit, above the $10.00 offering price, so the filed redemption floor starts above par and a $10.00 assumption would understate it. The sponsor and EarlyBirdCapital fund that overfunding directly: they buy private units at $10.00 in whatever amount is necessary to maintain $10.10 per public unit in trust, up to $3,340,000 with the over-allotment exercised in full. Extending the 21-month Combination Period requires a shareholder vote, and the prospectus states holders will be offered redemption in connection with it.

●What changed:Priced IPO of units at $10.00 generating gross proceeds of $115 million. Each unit is one ordinary share, one redeemable warrant and one right: the whole warrant buys one ordinary share at $11.50 and the right converts into one-fourth of one ordinary share at the combination, so four rights yield one share. The warrant becomes exercisable on the later of 30 days after the combination and one year from the date the registration statement is declared effective, and expires five years after the combination. Trust: $10.00 per unit at Continental Stock Transfer. Why it matters: The warrant exercise trigger is a two-part test - the later of 30 days after the combination and one year from effectiveness of the registration statement - so a fast combination does not make these warrants exercisable on the usual schedule. The combination period is only 12 months from closing. Warrants are redeemable at $0.01 once the shares close at or above $18.00 for 20 of 30 trading days commencing at least 30 days after the combination. Deferred underwriting of $1,000,000 ($1,150,000 with full over-allotment) sits in trust.

●What changed:Priced IPO of units at $10.00; each unit is one Class A ordinary share plus one-third of one warrant, and each whole warrant buys one Class A ordinary share at $11.50, exercisable 30 days after the initial business combination provided a registration statement is effective, and expiring five years after it at 5:00 p.m. New York City time. Public warrants are redeemable for cash at $0.01 if the shares close at or above $18.00 for 20 of 30 trading days. Trust: $325.0 million, or $373.75 million with full over-allotment, at $10.00 per unit, at Continental Stock Transfer. Why it matters: The combination period is 24 months from closing, extendable to 27 months if a letter of intent, agreement in principle or definitive agreement is executed within those 24 months, and the prospectus states no redemption rights are offered to public shareholders in connection with that extension - holders cannot exit at the three-month step. The trust carries $13,000,000 of deferred underwriting ($14,950,000 with full over-allotment) inside it, released only on completing a combination. Warrant anti-dilution resets the trigger to 180% of the higher of Market Value and Newly Issued Price.

●What changed:Priced IPO of units at $10.00; each unit is one Class A ordinary share plus one-half of one redeemable warrant, and the prospectus states this half-warrant structure was chosen to reduce the dilutive effect of the warrants. Each whole warrant buys one Class A ordinary share at $11.50, exercisable 30 days after the initial business combination, and is redeemable at $0.01 if the shares close at or above $18.00 for 20 of 30 trading days. Trust: $250,000,000, or $287,500,000 with full over-allotment, at $10.00 per unit. The combination period is 24 months from closing. Why it matters: The constitutive terms of the vehicle are fixed here: a $11.50 strike, a five-year warrant life measured from the combination rather than from the IPO, and a 24-month deadline extendable only by shareholder approval of a charter amendment. Sponsor and non-managing sponsor investors commit $6,875,000 for 687,500 private units at $10.00 ($7,625,000 for 762,500 units with the over-allotment), of which the sponsor itself takes 437,500. Warrant anti-dilution resets the redemption trigger to 180% of the higher of Market Value and Newly Issued Price.

●What changed:Prospectus (424B4) for an initial public offering of 20,000,000 units at $10.00/unit by a blank check company searching for a business combination target. This is the first public filing of the IPO terms. Key mechanics: 1) Trust: $200 million deposited ($10.00/share) with Equiniti Trust Company, LLC. 2) Redemption: Public shareholders may redeem shares at $10.00/pro-rata share upon business combination (can vote for, against, or abstain). 3) Deadline: 21 months from closing (approx. April 2028) to complete a business combination. 4) Sponsor: Jones Ventures INTL Acquisition1 Sponsor LLC purchased 7,666,667 Class B founder shares for $25,000 ($0.003/share) and 245,000 private placement units for $2,450,000. Underwriter JonesTrading purchased 400,000 private placement units for $4,000,000. 5) Extension: Company may seek shareholder approval to extend the 21-month deadline (no limit on extensions, but max expected 36 months); extending triggers redemption rights. 6) Marketing fee: $8,000,000 (up to $9,800,000 with over-allotment) payable to JonesTrading upon business combination. Why it matters: This is a standard SPAC IPO. It establishes the timeline (21 months), trust value ($10.00/share), and conflicts of interest (sponsor/underwriter are affiliates; $8M marketing fee is contingent on completion; founder shares purchased at a nominal price create substantial dilution and incentive to close any deal). No target has been selected. The nominal price of founder shares ($0.003) vs. public offering price ($10.00) means holders could make a substantial profit even if the post-business combination stock price declines materially.

●What changed:Priced IPO of units at $10.00. Each unit is one Class A ordinary share plus one right to receive one-eighth (1/8) of a Class A ordinary share on consummation of the initial business combination; the offering includes no warrants. Trust: $200,000,000, or $230,000,000 with full over-allotment, at $10.00 per unit, deposited into a segregated trust account with the trustee named in the prospectus as Equinity Trust Company, LLC. The combination period is 21 months from the closing of this offering. Why it matters: Jones Ventures is a rights-only vehicle, so there is no warrant strike, expiry or warrant redemption trigger to record; a null in those fields is the filed answer rather than a coverage gap. The 21-month deadline runs from closing and is extended only by shareholder approval of an amendment to the memorandum and articles of association. Working capital loans may convert into units of the post-combination entity at $10.00 per unit, which the prospectus identifies as a source of material dilution to public shareholders.

●What changed:Form 424B4 prospectus for the initial public offering of Research Alliance Corporation IV, a newly organized Cayman Islands exempted blank check company incorporated April 1, 2026. This filing establishes the baseline mechanics rather than modifying existing terms. According to the prospectus, the company operates under a strict 24-month completion deadline from the anticipated July 14, 2026 closing, with no specific target selected and no substantive discussions initiated. Why it matters: The 24-month expiration and mandatory extension redemptions establish the absolute liquidity horizon and capital preservation schedule for public investors. The founder share anti-dilution provision, structured to maintain a 15% converted ownership percentage excluding private placements and seller securities, interacts with the disclosed immediate net tangible book value dilution matrix—listing a $2.36 spread from the $10.00 offering price at 25% redemption down to negative $(0.65 ) at maximum redemption—which fundamentally alters post-combination equity valuations.

●What changed:Final prospectus (424B4) for the initial public offering of Mercator Acquisition Corp., a blank-check SPAC. This is the IPO prospectus, filed on July 10, 2026, after the registration statement became effective. It sets forth the final terms of the offering: 15,000,000 units at $10.00 per unit, each consisting of one Class A ordinary share and one-half of one redeemable warrant. The trust will hold $150,000,000 ($10.00 per unit). The company has 18 months from the closing date (anticipated July 10, 2026) to complete a business combination, i.e., by January 10, 2028. The sponsor, Mercator Investor Holdings, LLC, and Clear Street LLC are purchasing 4,500,000 private placement warrants at $1.00 each in a simultaneous private placement. There is no target identified and no substantive discussions with any target have occurred. Why it matters: This prospectus is the foundational disclosure document for MRCO. It provides all terms for the IPO, including redemption mechanics (public shareholders can redeem at $10.00 per share plus interest upon completion of a business combination), the 18-month deadline, sponsor and underwriter compensation, conflict-of-interest disclosures (including the CEO's prior SPACs and the priority given to HCM III and HCM IV), and the structure of founder shares and warrants. Investors should note the high potential dilution from founder shares (purchased at $0.003 per share) and the fact that the non-managing sponsor investors (institutional investors) will indirectly hold 2,220,000 founder shares and 2,625,000 private placement warrants, which may create misaligned incentives. The CEO's track record includes a prior SPAC (HCM I) that merged with Murano Global Investments (MRNO), which trades at $0.24 per share as of July 8, 2026, and HCM II which merged with Terrestrial Energy (IMSR) at $5.99 per share.

●What changed:Prospectus (424B4) for the initial public offering of Columbus Circle Capital Corp III, a blank-check SPAC, effective July 8, 2026, for a $200 million offering of 20 million units at $10.00 per unit. This is the final prospectus filed upon effectiveness of the registration statement. It formally launches the IPO, setting the terms for 20,000,000 units (each unit = 1 Class A share + 1/3 warrant), a $200 million trust (at $10.00/share), a 24-month deadline from closing (through approximately July 2028), and the simultaneous private placement of 665,000 units ($6.65M) to the sponsor and underwriters. It also updates the allocation of founder shares and details the non-managing sponsor investor structure. Why it matters: This establishes the final, binding terms for the IPO. For investors tracking redemption mechanics, the trust is confirmed at $10.00 per public share with redemption rights on any business combination. The deadline is 24 months from the offering's closing. The sponsor and related parties have locked up founder shares for six months post-business combination and private placement units for 30 days post-business combination. The prospectus also discloses substantial conflicts of interest with Cohen Company entities and details the anti-dilution provisions for founder shares.

●What changed:This is a final prospectus (Form 424B4) for the initial public offering of Columbus Circle Capital Corp III, a newly formed blank-check SPAC. It registers the sale of 20,000,000 units at $10.00 per unit, each consisting of one Class A ordinary share and one-third of one redeemable warrant. This filing is the definitive prospectus for the SPAC's IPO. It establishes all terms of the offering. The trust per-share amount is confirmed at $10.00. The deadline to complete a business combination is 24 months from closing (or July 2028 based on the filing date). The document details the sponsor's founder shares purchased at ~$0.003 per share, the private placement of 665,000 units to the sponsor and underwriters, and the lock-up and transfer restrictions. It also reports on the sponsor's prior SPAC, Columbus Circle 1, which completed a business combination but experienced 91.2% redemptions, with the combined company's stock (ProCap Financial, Inc.) trading at $1.60 as of July 7, 2026. Why it matters: This document is the complete rulebook for the SPAC. Key points for investors: (1) The trust is $10.00 per share. (2) The sponsor paid a nominal price for its founder shares, creating a significant incentive to close any deal and substantial potential dilution for public shareholders. (3) The prior Cohen-affiliated SPAC (Columbus 1) suffered a 91.2% redemption rate, and its post-merger stock trades at $1.60, a 84% decline from trust value, which is a cautionary signal about sponsor conduct and deal quality. (4) The 24-month deadline starts from the closing of this offering. (5) The stated target industries are broad (AI, sports, energy, mining, crypto) and the strategy includes seeking European targets to re-domicile in the U.S.

●What changed:Final prospectus on Form 424B4 for Freedom Metals Acquisition Corp.'s initial public offering, dated July 7, 2026 and filed July 8, 2026: a blank-check company IPO of 27,500,000 units at $10.00 per unit (plus 4,125,000 over-allotment units), each unit consisting of one Class A ordinary share and one-third of one redeemable warrant. The SPAC has not selected any target and states no substantive discussions have been initiated. This is the IPO prospectus establishing the trust and structural terms; no target or deal progress is disclosed. Gross proceeds of $275,000,000 ($316,250,000 if over-allotment exercised in full) go into a U.S. trust account, $10.00 per unit; sponsor and underwriters buy 825,000 private placement units at $10.00 (907,500 if over-allotment). Founder shares total 10,541,667 Class B shares bought by sponsor for $25,000 ($0.0024 per share), up to 1,375,000 subject to forfeiture. Completion window is 18 months from closing (24 months if a definitive agreement is executed within 18 months), extendable by shareholder vote with redemption rights. Public shareholders get redemption at trust value ($10.00 per share initially, plus interest) in connection with a business combination or extension, with a 15% redemption cap if a shareholder vote is used. Warrants are exercisable at $11.50 per share, 30 days after a business combination. No target has been selected and no substantive discussions have occurred. Why it matters: This filing sets the entire redemption calendar and trust mechanics for FDMM: the deadline clock starts at the IPO closing (delivery expected on or about July 9, 2026), public shareholders can redeem at trust value when a deal or extension is voted on, and the sponsor has waived redemption and liquidation rights on founder shares. It also shows sponsor economics and conduct: sponsor paid only $0.0024 per founder share and is buying private placement units; sponsor affiliate NLC and SV-affiliated advisor Dan Nash receive IPO and deal-closing advisory fees, sponsor gets up to $25,000 per month for administrative services, up to $300,000 of pre-IPO loans are repayable, and up to $1,500,000 of working capital loans may convert into units. The financial statements show no cash, a $125,540 working capital deficit at March 31, 2026, and an auditor going-concern explanatory paragraph, underscoring that completion of this IPO was necessary to fund the SPAC.

●What changed:An initial public offering prospectus (Rule 424(b)(4)) filed by Bleichroeder Acquisition Corp. III for the proposed sale of 30,000,000 units at a public offering price of $10.00 per unit, generating gross proceeds of $300,000,000, alongside a concurrent private placement of 8,500,000 warrants at $1.00 per warrant. This filing formally establishes the trust mechanics, redemption calendar, and sponsor terms for a brand-new search-phase SPAC. Why it matters: The prospectus and management biographies assert a strategy targeting North American and European businesses in disruptive growth sectors transformed via technology adoption, citing the co-founders’ operational experience. The document attributes specific prior SPAC outcomes to the team: Bleichroeder Acquisition Corp. I closed its merger with Merlin Labs, Inc. on March 16, 2026, referencing a $105 million United States Special Operations Command contract and a U.S. Air Force agreement; Bleichroeder Acquisition Corp.

●What changed:This is the final prospectus (424B4) for the initial public offering (IPO) of Viking Acquisition Corp. II (VII), a blank-check company searching for a target business to acquire. This filing is the IPO prospectus. It establishes the trust at $200-230M ($10.00 per unit), with a 24-month deadline to 2028-07-02. It sets the sponsor's 25.6% stake (including forfeiture) and details redemption mechanics, founder share dilution, and that no target has been identified or substantive discussions initiated. Why it matters: For investors tracking the trust value, the trust is fully funded at $10.00/share, with a 24-month deadline. For extension mechanics, the SPAC may seek an extension to up to 36 months, with redemption rights if an amendment is sought. For sponsor conduct, the sponsor's nearly free founder shares ($0.00326) create a strong incentive to close any deal, and the prospectus notes extensive potential conflicts of interest with KingsRock Advisors, the manager of the sponsor's members.

●What changed:This is a prospectus filed pursuant to Rule 424(b)(4) registering the initial public offering of 17,500,000 units for Meridian3 Industrials Acquisition Corp., a Cayman Islands exempted blank check company. Management discloses a 24-month completion window from the expected July 6, 2026 closing, with a stated ability to seek shareholder approval to amend constitutional documents to extend the period up to 36 months. Each unit carries a $10.00 public offering price, directing $175,000,000 (or $201,250,000 if Cantor Fitzgerald Co. Why it matters: These provisions structurally dictate redemption pricing, capital allocation, and sponsor incentives. Management asserts that the trust account preserves public capital for liquidation or approved extensions, though interest accrual and permitted withdrawals alter the exact per-share calculus. The prospectus emphasizes that the sponsor’s nominal $0.005 founder share acquisition price creates a documented incentive to consummate any transaction before the window expires, as uncompleted deals render those shares worthless.

●What changed:Prospectus (Form 424B4) for the initial public offering of Osprey Acquisition Corp. III, a Cayman Islands exempted blank check company structured as a SPAC. This inaugural prospectus establishes the offering’s foundational mechanics rather than modifying an existing trust or tracking active deal negotiations. The filing confirms a 24-month completion window with optional extensions permissible up to 36 months from closing, triggering automatic public shareholder redemption rights upon any amendment vote or ultimate liquidation. Why it matters: Investors gain the definitive operational and governance framework before capital deployment, clarifying precisely how the per-share trust balance computes upon business combination or extension, when the July 2, 2028 baseline expiration activates redemption or extension votes, and how nominal founder pricing combined with mandatory 25% anti-dilution conversion structurally prioritizes sponsor recovery over public shareholder par value protection.

●What changed:A Rule 424(b)(4) registration statement prospectus for the initial public offering of 34,500,000 units of Ares Acquisition Corporation III. The filing establishes the offering’s economic and structural baselines ahead of the anticipated July 1, 2026 closing. It mandates $345,000,000 in trust deposits at JPMorgan Chase Bank (increasing to $396,750,000 upon full exercise of the underwriters’ 5,175,000-unit over-allotment option). Why it matters: These mechanics define the liquidity constraints and dilution architecture governing investor returns. The 24-to-30-month runway forces accelerated deal origination, while the strict prohibition on withdrawing trust principal protects the $10.00-per-unit reference level, though the explicit creditor-priority warning introduces liquidation risk.

●What changed:Prospectus for the initial public offering of Futurewave Acquisition Corporation (FWAC), a blank check company (SPAC) filed pursuant to Rule 424(b)(4). The document describes the terms of the offering, the trust account, redemption rights, business combination deadline, sponsor arrangements, and risk factors. This is the IPO prospectus for a newly formed SPAC. There is no prior public filing. The trust will hold $75,000,000 ($10.00 per public unit) upon closing. The deadline to complete a business combination is 12 months from closing, with the possibility of shareholder-approved extensions. The sponsor (Futurewave Capital Solutions Limited) purchased 3,700,125 founder shares for $25,000 and will purchase 248,000 private units for $2,480,000. No target business has been identified or contacted. Public shareholders may redeem shares for a pro rata share of the trust upon a business combination, subject to a 15% limit if a shareholder vote is used. Why it matters: Investors gain full transparency on the SPAC's structure, including the trust value per share ($10.00), redemption mechanics, sponsor compensation and conflicts of interest, the 12-month search deadline, and the significant dilution from founder shares. The document also discloses that the management team is identical to that of another SPAC (FortuneX) targeting the same enterprise value range, creating a material conflict of interest.

●What changed:This document is a prospectus filed pursuant to Rule 424(b)(4) announcing the initial public offering of 10,000,000 units by Alpex Acquisition Corporation, a Cayman Islands exempted blank check company structured for a merger, share exchange, or business combination. Per the prospectus, Alpex Acquisition Corporation establishes that each unit carries a price of $10.00, with $10.00 per public unit deposited into a Trust Account maintained by Equiniti Trust Company, LLC. Why it matters: The prospectus outlines concrete dilution metrics showing pro forma net tangible book value per share ranging from $0.74 to $5.84 across four redemption scenarios, directly tying investor outcomes to the sponsor’s nominal insider share cost and public subscription levels.

●What changed:Initial public offering prospectus (424B4) for Cartesian Growth Corporation IV, a blank check company seeking a business combination. This is the initial prospectus for the SPAC IPO. There are no prior filings to compare. The document establishes the terms: 25M units at $10.00, $250M trust, 24-month deadline from closing (June 2028), redemption at $10 per share, warrants exercisable at $11.50, sponsor purchased 937,500 private warrants and Cantor 1,562,500, sponsor loan of $750,000, two non-managing sponsor investors, founder shares subject to forfeiture. Management team has prior SPAC experience with CGC I (deSPAC with AlTi Global, trading at $3.09), CGC II (still searching, LOI with PLXSUR which went into administration), CGC III (deSPAC with Factorial Energy, trading at $12.85). No target selected. Why it matters: The prospectus establishes all key terms for a new SPAC with a $10 trust, 24-month deadline, and standard redemption mechanics. Investors should note the prior SPAC performance of management: CGC I's post-combination stock is at $3.09 (significant decline from $10), CGC II's target went into administration, CGC III's stock at $12.85. The sponsor has incentive to complete a deal due to low basis founder shares. The deadline is June 2028, so a long runway. The document provides baseline for future comparisons.

●What changed:Final prospectus for the initial public offering of 31,200,000 units of Gores Holdings XI, a blank-check SPAC, filed pursuant to Rule 424(b)(4). No change from the IPO registration statement; this is the final prospectus filed to complete the offering. The trust is funded with an initial $312 million ($10.00 per unit), subject to a 45-day underwriter over-allotment option for up to 4,680,000 additional units. Deadline to complete a business combination is 24 months from closing (or 27 months if a definitive agreement is signed within 24 months). No target has been selected, and no substantive discussions have occurred. Why it matters: Establishes the SPAC's baseline trust value ($10.00/share), redemption mechanics (redemption at trust value at closing of a deal or at liquidation), warrant terms (one-fourth warrant per unit, exercisable at $11.50 30 days post-combination, expires 5 years later), and key sponsor economics (founder shares purchased for $25,000, private-placement shares for $2.25 million). Investors should track trust erosion from redemptions, the sponsor's financial incentive to complete any deal (founder stake is worthless without a combination), and disclosed conflicts of interest with other Gores SPACs (including Gores Holdings X, which is also searching).

●What changed:Prospectus (Rule 424(b)(4)) for the initial public offering of 20,000,000 units of Wilco 63 Corporation, a Cayman Islands blank check company formed to execute an initial business combination. This filing establishes the operative mechanics for trust preservation, redemptions, extensions, and sponsor economics. The prospectus states the trust account will receive $10.00 per unit, totaling $200,000,000 (or $230,000,000 if the underwriters exercise their 45-day overallotment option to purchase up to 3,000,000 additional units). Why it matters: These structural parameters directly govern capital preservation, timing risk, and per-share dilution. The trust floor and liquidation pathway define the maximum recoverable dollar amount, while the anti-dilution conversion formula mathematically guarantees founder economic participation regardless of redemption volume, which the filing’s net tangible book value table illustrates produces outcomes ranging from $4.16 to $11.67 across varying redemption tiers and over-allotment exercises.

●What changed:Form 424B4 prospectus for an initial public offering of 15,000,000 units of Texas Ventures Acquisition IV Corp. This filing establishes the initial public offering baseline and confirms the company remains in the search phase. The prospectus explicitly states that Texas Ventures Acquisition IV Corp has not selected any business combination target and has not initiated substantive discussions with any target. Why it matters: The filing quantifies the structural dilution, timeline pressure, and sponsor economics that will dictate shareholder redemption behavior and deal viability.

●What changed:424B4 final prospectus for the initial public offering of Cantor Equity Partners VII, Inc., a blank check company (SPAC) issuing 25,000,000 Class A ordinary shares at $10.00 per share, with no warrants, to be listed on Nasdaq under CAES. IPO pricing and effectiveness: $250,000,000 raised, $250,000,000 deposited in trust ($10.00 per share), 24-month deadline from closing (June 18, 2026, thus June 18, 2028), sponsor note of up to $4,312,500 to add $0.15 per redeemed share on any redemption event, no target selected or discussions initiated. Why it matters: Establishes all key SPAC mechanics for CAES: trust per share, deadline, redemption rights (15% limitation if vote), sponsor incentive (founder shares at ~$0.003), multiple conflicts with Cantor affiliates and Active Cantor SPACs, business combination marketing fee of $8.75M to CF Co., and sponsor note for redemptions. Investors should note the low sponsor cost and potential dilution.

●What changed:Final prospectus (424B4) for a $200 million SPAC IPO, filed under Rule 424(b)(4) on June 16, 2026 — the core offering document for Yorkville International Capital Corp. Initial public filing of the prospectus establishing this new SPAC's terms. Trust is $200M ($10.00/share, $10.01 stated in the global header, but $10.00 used throughout the document). Deadline: 24 months from closing (i.e., June 2028). Redemption: all public shareholders can redeem at trust value ($10.00 per share) upon business combination, regardless of vote; 15% cap on redemptions by a single shareholder or group without prior consent if a shareholder vote is used. 24-month term can be extended by shareholder vote with an associated redemption right. Founder shares (15,333,333 Class B) purchased for $25,000 ($0.002/share); will convert to Class A at 1:1, subject to anti-dilution adjustments that maintain founder stake at 40% of post-IPO shares (43.4% if over-allotment not exercised). Sponsor and underwriters will purchase 6,000,000 private placement warrants at $1.00/warrant ($6M total). CFO Kevin McGurn ($15,000/month) and sponsor ($15,000/month for office/admin) receive monthly payments. Permitted withdrawals from trust interest capped at $400,000/year. Warrant exercise price $11.50; warrants redeemable at $0.01 if shares trade above $18.00 for 20/30 days. Units consist of 1 Class A share and 1/3 warrant. Nasdaq listing under YICCU (units), YICC (shares), YICCW (warrants). Why it matters: This filing establishes the complete redemption and liquidation mechanics, sponsor economics, and target focus for a new SPAC with a specific emerging-markets / Venezuela thesis. The trust/share is $10.01 in the header but $10.00 per the document's terms. The 24-month deadline and $10.00 trust value are firm. Sponsor ownership at 40% of post-IPO shares is unusually high (many SPACs target 20%), creating substantial dilution risk for public shareholders. The focus on Latin America, particularly Venezuela, introduces significant geopolitical and sanctions risk. The document also details the extensive related-party transactions and conflicts of interest arising from the sponsor's and management's involvement in multiple other SPACs (Yorkville I, New America I, Texas Ventures III, Blue Water III, D. Boral I).

●What changed:Form 424B4 prospectus for the initial public offering of RMG ML Sports Holdings, incorporated as a Cayman Islands exempted blank check company. Why it matters: Defines the structural economics and conflict landscape preceding any target announcement. The prospectus discloses that Chief Executive Officer James Carpenter, President/CFO Douglas Horlick, Non-Executive Chairman Paul Grinberg, and Board Advisor Jaime W. Vieser occupy director or officer positions across ten prior SPACs (RMG I, II, III, IV, V, VI, VII; Social Leverage Acquisition Corp I; Mountain Lake Acquisition Corp; Mountain Lake Acquisition Corp II), creating material fiduciary conflicts where viable merger opportunities must first be presented to those affiliated entities.

●What changed:A Form 424B4 Prospectus filed pursuant to Rule 424(b)(4) registering an initial public offering of 10,000,000 units of Ocean Capital Acquisition Corporation. According to the prospectus, the company establishes a 12-month deadline from offering closing to consummate a business combination or liquidate, explicitly noting there is no stated limit on the number of shareholder-approved extensions sought. Why it matters: Management’s strategic positioning is outlined in the filing: executives state they will exclude any PRC entity utilizing a variable interest entity (VIE) structure, yet disclose that the sponsor and officers (Kin (Stephen) Sze, Pok Yu (Augustine) Chow, Hui Man (Elliott) Cheng, Hin Wing (Simon) Wong) maintain substantial Hong Kong ties, triggering PRC regulatory, cybersecurity, and anti-monopoly exposures detailed by the company. Referencing a McKinsey Global Private Markets Report 2025, the prospectus reports global PE dealmaking rose 14 percent to $2 trillion in 2024.

●What changed:424B4 prospectus for initial public offering of JAB Acquisition Corp I, a newly formed blank check company. This is the initial public offering prospectus. JAB Acquisition Corp I was formed on March 10, 2026. It is offering 15,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share, one redeemable warrant, and one right to receive one-fourth of one Class A ordinary share upon a business combination. The trust will hold $150,000,000 ($10.00 per public share). It has 12 months from closing (June 11, 2026) to complete a business combination, with up to two 3-month extensions by depositing $0.10 per share per extension. No target has been selected. The sponsor purchased 9,857,143 founder shares for $25,000 and will purchase 260,000 private units for $2,600,000. Why it matters: Investors now have the full terms of the SPAC: trust per share $10.00, deadline June 11, 2027 (with possible extensions to December 2027), redemption rights, warrant and right structure, sponsor incentives, and dilution details. This is the baseline for all future decisions on redemptions, extensions, and deal evaluation.

●What changed:Snow Rothschild Acquisition Corp. (ISNR) filed a final prospectus (424B4) for its initial public offering of 20,000,000 units at $10.00/unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant, for gross proceeds of $200,000,000. This is the final IPO prospectus for a new blank-check company. Key terms: trust per-share is $10.02 established at $10.00 per unit; sponsor holds 5,750,000 founder shares (post-surrender of 1,437,500 shares on May 15, 2026); sponsor commits to purchase 2,250,000 private placement warrants at $1.00/warrant; underwriter gets $0.30/unit deferred fee plus a 3% advisory fee upon completion of a business combination; deadline is 24 months from closing (27 months if a definitive agreement is signed by 24 months); no target identified and no substantive discussions initiated. Why it matters: This document sets the baseline terms for SPAC ISNR. For investors monitoring redemption mechanics, the prospectus confirms: (a) public shareholders can redeem at trust value in cash upon a business combination, regardless of vote; (b) shareholders holding >15% of the offering are restricted from redeeming more than 15% without consent if a shareholder vote is held; (c) the sponsor and management have agreed to vote in favor of any deal and waive redemption rights on founder shares; (d) the sponsor's founder shares (bought at ~$0.003/share) create a significant dilution incentive — the document's own table shows that at completion, public shares would have an implied value of $7.52 per share, representing a ~20% drop from the initial implied value. The document also provides extensive biographical detail on Lord Rothschild and Ian Snow, including prior SPAC track records (Vallar, Vallares) and private equity exits, which investors can weigh against the incentive conflicts disclosed.

●What changed:Final prospectus (424B4) for the initial public offering of FutureCorp Space Acquisition 1, a blank check company formed to acquire a business in the global space economy. This is the first filing of the final prospectus for the IPO. It establishes the offering of 20,000,000 units at $10.00 per unit, with each unit consisting of one Class A ordinary share and one-half warrant. The trust account will hold $200,000,000 ($10.00 per unit). The SPAC has until 24 months from the closing of the offering (approximately June 2028) to complete a business combination, with the ability to extend by shareholder vote without limit on duration. The sponsor purchased founder shares at $0.004 per share and will purchase 4,000,000 private placement warrants. Cantor Fitzgerald will purchase 2,000,000 private placement warrants. Non-managing sponsor investors may purchase interests in the sponsor. The prospectus details redemption rights, including a 15% cap on redemptions if shareholder vote is used, and limitations on transfer of founder shares. Why it matters: Investors can now evaluate the terms of this new SPAC IPO. The trust is $10.00 per unit. The 24-month deadline is standard, but the ability to extend without limit on duration or number of times is notable. The SPAC's focus on the space economy and its management team with SpaceX, Palantir, and NYSE experience may be of interest. The sponsor's low-cost founder shares and the involvement of non-managing sponsor investors create potential conflicts of interest and dilution risks. The prospectus also includes a 15% redemption cap when seeking shareholder approval, which could affect redemption dynamics.

●What changed:Prospectus (424B4) for the initial public offering of Long Table Growth Corp., a blank-check company formed to effect a merger or business combination. This is the first public prospectus for LTGR's IPO. It establishes all terms: 15,000,000 units at $10.00/unit, each consisting of one Class A ordinary share and one-half warrant. $150,750,000 (including $3,600,000 from private placement warrants) will be deposited in trust, equating to $10.05 per public share. The company has 18 months to complete a business combination, with potential extensions up to 36 months. Sponsor holds 5,750,000 founder shares purchased for $25,000. Underwriting includes $0.30 per unit deferred commission and a 3.0% advisory fee payable upon business combination. Public shareholders may redeem shares at trust value ($10.05) upon business combination, with a 15% cap per shareholder if a vote is held. No target has been identified. Why it matters: The prospectus provides the complete terms for evaluating LTGR as an IPO-stage SPAC, including trust value per share ($10.05), redemption mechanics (18-month deadline, extension options, 15% cap), sponsor economics ($0.004 per founder share creating strong incentive to complete a deal), dilution disclosures, and detailed risk factors. Investors can now assess the sponsor's track record (Ethridge and Ernst have prior SPAC experience, including several that liquidated or resulted in poor post-combination performance) and the deal terms before trading begins.

●What changed:Final prospectus for the initial public offering of InterPrivate Investment Partners V, Inc. (SPAC/blank check company), filed pursuant to Rule 424(b)(4). This is the IPO prospectus itself, not an update. Terms set at filing: 17,500,000 units at $10.00/unit ($175M gross), each unit consisting of one Class A ordinary share + 1/3 warrant ($11.50 strike). Trust to hold $175M ($10.00/share). Sponsor purchased 5,031,250 founder shares at ~$0.005/share ($25,000) on Dec 10, 2025. Sponsor + underwriters committed to buy 540,000 private placement units at $10.00/unit ($5.4M total). 24-month completion deadline. Non-managing sponsor investors may indirectly acquire 175,000 private placement units and 1,400,000 founder shares through sponsor membership interests. 15% cap on shareholder redemptions without consent if shareholder vote held. Why it matters: Establishes the IPO terms, trust mechanics, dilution structure, sponsor economics, and redemption rights for a new SPAC. Key data for investors tracking: trust/share = $10.00, deadline = 24 months from closing (likely June 2028), early-stage vehicle with no target identified. Management has mixed track record: one successful deSPAC (Aeva, ~0.1% redemptions), one with ~94% redemptions that later delisted (Getaround), and two liquidations (IPV III, IPV IV). Founder shares acquired at ~$0.005 vs $10.00 public price creates substantial dilution risk.

●What changed:Prospectus for initial public offering of Keystone Acquisition Corp., a blank check company (SPAC), filed pursuant to Rule 424(b)(4). This is the final IPO prospectus for a new $250 million SPAC. Key terms: 25,000,000 units at $10.00 each, each unit consisting of one Class A ordinary share and one-half warrant. Trust account funded at $10.025 per unit ($250,625,000, or up to $288,218,750 with over-allotment). Deadline to complete a business combination is 21 months from closing (with potential extension up to 36 months). Redemption rights for public shareholders with a 15% cap on redemptions by any group. Sponsor holds 9,583,333 founder shares (up to 1,250,000 subject to forfeiture). Underwriters Cohen & Co. and Clear Street. Management includes former Speaker John Boehner and former SKGR CEO Richard Chin. No target selected; focus on U.S. industrial innovation sectors (energy transition, semiconductors, shipbuilding, digital infrastructure, digital assets). Why it matters: This filing establishes the full terms of a new $250 million SPAC with a prominent management team and board (including former Speaker Boehner) and a focus on U.S. industrial innovation. Key mechanics for investors: trust value $10.025/unit, 21-month deadline with possible extension to 36 months, 15% redemption cap, anti-dilution protection for founder shares, and warrant adjustment triggers. The document provides complete disclosure on sponsor economics, dilution, conflicts, and market strategy. Investors need this to evaluate redemption risk, sponsor incentives, and deal timeline.

●What changed:A Form 424B4 initial public offering prospectus for Aeon Acquisition I Corp. This filing initiates the public sale of 12,500,000 units priced at $10.00 each, directing proceeds to a U.S.-based trust account administered by Odyssey Transfer and Trust Company containing $125,000,000 (or $143,750,000 if underwriters exercise their forty-five-day option for 1,875,000 additional units). Why it matters: According to the prospectus, management intends to target professional sports and sports-related entertainment enterprises, focusing on European markets, with officers possessing sole discretion to pursue combined enterprise values between $500 million and $1 billion. The filing confirms no substantive merger discussions exist. Chairman and Chief Executive Officer Demetrios Mallios established the sponsor and affiliated funds, which previously facilitated transactions involving Facebook, Twitter, Alibaba, Spotify, and Dropbox.

●What changed:Form 424B4 initial public offering prospectus for AmperCap Acquisition Company. The prospectus establishes the mechanical framework for a blank-check vehicle currently in a searching phase with no target identified and no operating revenue. Per the filing, the company has a fixed 21-month window from closing to complete a business combination, after which public shares will be redeemed pro rata at a price equal to the trust balance. Why it matters: The filing outlines a narrowly defined investment strategy focusing on middle-market enterprises aligned with U.S.–Mexico cross-border trade and the U.S. Hispanic demographic. Management cites a 2024 U.S. Hispanic population of 68 million contributing approximately $4 trillion to GDP in 2023, alongside $840 billion in 2024 U.S.–Mexico bilateral trade, claiming these trends support a proprietary sourcing pipeline across consumer, logistics, financial services, and essential sectors.

●What changed:Initial public offering prospectus (Form 424B4) for Tribeca Strategic Acquisition Corp., a Cayman Islands exempted blank check company preparing to sell 14,000,000 units to the public and list them on Nasdaq under the symbol BIDWU. Establishes the IPO mechanics, trust architecture, redemption framework, and sponsor conduct parameters. The prospectus states $140,350,000 ($10.025 per unit) will be deposited into a U.S.-based trust account held by Efficiency INC. as trustee. Why it matters: Beyond mechanics, the prospectus discloses strategy and governance substance that directly impacts valuation and deal selection. The company attributes its acquisition focus to software, artificial intelligence, digital assets, clean energy, data center infrastructure, financial technology, creator economy, renewable energy, critical minerals, and quantum computing, though management confirms no substantive target discussions have been initiated. Prior SPAC and M&A track records attributed to Chairman Timothy R. Ramdeen, CFO Sukhvinder Gill, and independent directors Mihir Dange, Gilbert H.

●What changed:Prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of Disciplined Growth Acquisition Corporation, a blank check company (SPAC) issuing 15,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one right to receive one-fourth of one Class A ordinary share upon a business combination. This is the IPO prospectus; no prior filings for comparison. Trust per share is $10.05 (initial deposit of $150,750,000 for 15,000,000 public shares). Deadline to complete a business combination is 15 months from closing (closing expected May 28, 2026, so deadline ~August 28, 2027), with extensions possible via shareholder vote with redemption rights. Sponsor paid $0.004 per founder share, creating significant dilution and conflicts. Private placement units (345,000) at $10.00 per unit purchased by sponsor, underwriter, and at-risk capital investors. Why it matters: Establishes the baseline terms for the SPAC: trust value, deadline, redemption mechanics, and sponsor economics. Provides detailed information on management team (led by Robert Wotczak), acquisition criteria (fintech, aerospace/defense, clean tech; enterprise value $300M-$1.5B), and risk factors including potential PFIC status and conflicts of interest. No target has been selected. This filing is the foundational disclosure for the SPAC and is critical for investors assessing the offering.

●What changed:Prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of BurTech Acquisition Corp II, a blank check company (SPAC) seeking a business combination. Initial IPO prospectus establishing SPAC terms: 8,000,000 units at $10.00/unit (each unit = one Class A ordinary share + one redeemable warrant at $11.50/share). Trust funded at $80,400,000 ($10.05 per share). Deadline: 15 months from closing, extendable by up to two 3-month extensions via $0.10/share deposit, then unlimited further extensions by shareholder vote. Sponsor holds 3,942,857 founder shares (purchased at ~$0.006/share). No target identified; no substantive discussions. Management team (Shahal M. Khan, CEO; Roman V. Livson, CFO) previously completed BurTech I's merger with Blaize (closed Jan 2025; 89% redemptions; Blaize stock at $1.40 as of May 20, 2026). Why it matters: Sets baseline for redemption mechanics, trust value ($10.05), and deadline (August 2027) for a new SPAC. Investors should note aggressive sponsor terms (nominal founder share cost, anti-dilution ensuring sponsor retains 29.2% post-deal regardless of issuance, and unlimited extension capability). Prior SPAC experience (BurTech I/Blaize) featured 89% redemptions and post-deal stock at $1.40, heightening caution. Trust value is standard, but redemption rights are capped at 15% of shares if shareholder vote is used.

●What changed:A Rule 424(b)(4) final prospectus for FortuneX Acquisition Corporation's initial public offering of 7,500,000 units at $10.00 per unit, each unit consisting of one ordinary share and one-half of one redeemable warrant, with the company stating it is a Cayman Islands blank check company with no target identified and no substantive discussions with any prospective target. FortuneX priced and launched its SPAC IPO, establishing the operative trust and redemption mechanics: $10.10 per public share will be deposited in the trust; the company has 12 months from closing to complete a business combination, with no limit on shareholder-approved extensions and redemption rights in connection with any extension; public shareholders may redeem at the trust value, subject to a 15% aggregate redemption cap if a shareholder vote path is used; the sponsor is purchasing 297,500 private units at $10.00 (up to 312,500 if over-allotment is exercised); warrants are exercisable at $11.50 per share beginning 30 days after a business combination; and the underwriters have a 45-day option for up to 1,125,000 additional units. The financial statements also disclose pre-effective changes: the combination period was reduced from 18 months to 12 months, trust funding was increased from $10.05 to $10.10 per share, private units were increased, and warrant terms were modified. Why it matters: This is the foundational document for tracking FortuneX's redemption calendar and trust economics: it establishes a roughly $10.10-per-share trust value, a 12-month search window starting at the offering closing, extension mechanics with shareholder redemption rights, and a 15% redemption limitation in the vote path. It also discloses significant sponsor incentives and conflicts, including nominal founder shares, overlapping management across multiple SPACs, and potential diversion of deal opportunities, all of which bear on whether and how a business combination gets completed.

●What changed:Form 424B4 filed pursuant to Rule 424(b)(4) registering $60,000,000 of Peace Acquisition Corp.'s initial public offering of 6,000,000 units for listing on the Nasdaq Capital Market under symbol PECEU. Peace Acquisition Corp registers 6,000,000 units priced at $10.00 per unit. Each unit consists of one ordinary share, one right entitling the holder to receive one-fifth of one ordinary share upon completion of an initial business combination, and one redeemable warrant exercisable at $11.50 per share. Why it matters: The trust account minimum of $10.05 per public unit deviates from standard $10.00 structures, relying on an EBC loan of $100,000 that ensures higher liquidation value but requires the company to utilize working capital funds for operational expenses if the loan is not repaid upon a successful transaction. Sponsors acquire equity at approximately $0.011 per share, resulting in immediate substantial dilution upon pricing; however, forfeitures apply to 300,000 founder shares if the over-allotment option is not exercised fully to maintain the 25% post-offering ownership threshold.

●What changed:A Rule 424(b)(4) prospectus filed under Registration No. 333-294512, detailing Oceanhawk Acquisition Corp.'s initial public offering of 16,000,000 units at $10.00 per unit, with each unit comprising one Class A ordinary share and one right to receive one-fourth of one Class A ordinary share. This prospectus establishes the binding mechanics governing public investor capital, timeline constraints, and insider economic alignment. Oceanhawk Acquisition Corp. Why it matters: The mechanics create asymmetric risk and incentive structures that directly impact shareholder economics and acquisition urgency. The prospectus explicitly carves out excise tax exposure under the Inflation Reduction Act of 2022 from permitted trust withdrawals, meaning public shareholders retain direct liability for potential IRS redemption penalties rather than shifting them to corporate funds.

●What changed:This document is a statutory prospectus filed pursuant to Rule 424(b)(4) announcing an initial public offering of 9,000,000 units of Aperture AC, a Cayman Islands exempted blank check company formed to effect a business combination with one or more businesses. The filing establishes the baseline mechanics governing redemption deadlines, trust value, extension voting, and sponsor conduct ahead of any target selection or substantive discussions. Why it matters: This prospectus dictates the economic floor, dilution profile, and incentive alignment that will govern public capital survival and sponsor behavior before any deal emerges. The stated $10.025 per share trust benchmark sets the liquidation and redemption baseline, directly determining whether public funds persist through an extension cycle or evaporate if the 12-month completion window expires. The explicit 36-month maximum extension ceiling caps uncertainty but forces accelerated deal sourcing near month twelve.

●What changed:Form 424B4 prospectus registered under Securities Act Registration No. 333-295170, offering 7,500,000 Class A ordinary shares of Amanat Acquisition Corp., a Cayman Islands exempted blank check company incorporating January 13, 2026 to effect an initial business combination, disclosing no target selection and no substantive discussions with any potential acquisition candidate. The filing establishes public share redemption mechanics at $10.00 per share drawn from a U.S. trust account administered by Continental Stock Transfer Trust Company. Why it matters: Management attributes the firm’s healthcare and life sciences sourcing strategy to its executive team’s background in drug development, venture investing, and corporate governance. The prospectus states the team has founded or directed eight biotechnology companies, generated over $20 billion in combined entity value, completed five successful public listings, executed four prior SPAC, de-SPAC, or reverse merger transactions, and secured more than $1 billion across previous financings.

●What changed:A Rule 424(b)(4) registration statement supplement functioning as an IPO prospectus for Research Alliance Corporation III, a newly organized Cayman Islands blank check company offering 7,500,000 Class A ordinary shares. This filing establishes the capital structure, redemption mechanics, and governance rules ahead of the May 21, 2026 expected closing. Why it matters: Structural economics create severe sponsor alignment risks: the sponsor acquired founder shares for $25,000 ($0.02 per share) and will see those stakes become worthless absent a transaction, incentivizing acceptance of suboptimal targets. Officers and directors owe primary fiduciary duties to RA Capital Management, which the prospectus notes holds 'over $15 billion of regulatory assets under management as of December 31, 2025' and operates multiple competing investment vehicles. Consequently, the filing discloses that 'investment ideas generated within or presented to RA Capital Management...

●What changed:Prospectus (424B4) for initial public offering of Berto Acquisition Corp. II, a blank check company (SPAC) searching for a business combination target. Initial public offering prospectus filed. No prior public filings to compare. Key terms: 27,400,000 units at $10.00 per unit, gross proceeds $274,000,000 placed in trust ($10.00 per public share). Deadline 24 months from closing (May 18, 2026) or 27 months if LOI within 24 months. Sponsor: Berto Acquisition Sponsor II LLC. Founder shares: 7,877,500 at $0.003 per share (up to 1,027,500 subject to forfeiture). Private placement: 3,500,000 warrants at $1.00 each. No target selected. Management: Harry You (founder), Vikas Mittal (Executive Chairman), Robert You (President/CFO). Listing on Nasdaq under GUACU, GUAC, GUACW. Why it matters: Establishes all baseline mechanics for investors: trust value per share ($10.00), redemption rights (with 15% group limit), deadline for business combination, sponsor economics (founder shares at nominal cost), potential conflicts of interest, and transfer restrictions. No deal progress yet; SPAC is in SEARCHING status.

●What changed:Rule 424(b)(4) IPO Prospectus Supplement. This filing establishes the public offering mechanics for 16,000,000 units priced at $10.00 per unit ($160,000,000 gross). The prospectus mandates that $160,800,000 (or $184,920,000 if the underwriters exercise their 45-day over-allotment option fully) be deposited into a U.S.-based trust account administered by Continental Stock Transfer Trust Company, equating to $10.05 per unit. Why it matters: Prospectus management outlines an investment thesis concentrated in the financial services industry sector, prioritizing specialty lenders, fintech platforms, payment networks, and community banks. The filing cites a reported $20 trillion U.S. specialty finance market in 2024, and projects the global fintech segment to expand from $340.10 billion (2024) to $1,126.64 billion by 2032 at a 16.2% CAGR. Management attributes sector consolidation momentum to 168 U.S. bank M&A transactions announced through November 25, 2025, aggregating $46.1 billion in deal value.

●What changed:Final prospectus (424B4) for the initial public offering of Iron Dome Acquisition I Corp., a newly formed blank-check SPAC, filed pursuant to Rule 424(b)(4). This filing is the final IPO prospectus, which has been declared effective. It sets forth all terms of the offering: 15,000,000 units (17,250,000 if overallotment exercised) at $10.00/unit, each consisting of one Class A ordinary share and one-half warrant. Trust proceeds per unit are $10.05, with $150.75 million deposited initially. The deadline to complete a business combination is 18 months from closing (November 2027). The sponsor paid $25,000 for 5,816,667 founder shares ($0.0043/share). A 15% redemption cap applies if a shareholder vote is held. Deferred underwriting and advisory fees total up to $9.0 million, payable only upon deal completion. Why it matters: For investors tracking IDAC, this prospectus contains all mechanical terms for redemption, trust value, deadline, sponsor economics, and dilution. The trust-per-share is $10.05, and all public shares are redeemable upon a qualifying business combination. The sponsor's near-zero cost basis (0.0043/share) creates a sharp conflict of interest: the sponsor could profit even if public shareholders lose money. The prospectus also reveals the anti-dilution provision for founder shares (maintaining 25% ownership) which could significantly dilute public shareholders. The filing confirms no target has been identified or discussed and no substantive negotiations have occurred.

●What changed:Initial public offering prospectus for Energy Transition Special Opportunities (ETSS), a blank check company (SPAC) seeking targets in climate transition, specialty finance, renewable energy, and regenerative agriculture. This is the initial prospectus for the SPAC's IPO; no prior public filings exist for comparison. It establishes all offering terms: 15,000,000 units at $10.00 per unit, each consisting of one Class A ordinary share and one-half of one redeemable warrant. Trust account funded at $10.05 per unit ($150,750,000 aggregate). Deadline to complete a business combination is 18 months (or 24 months if a definitive agreement is signed within 18 months), with possible extensions up to 36 months via shareholder vote. Public shareholders may redeem shares for cash at the trust value (initially $10.05) regardless of vote, subject to a 15% per-group cap without consent. Sponsor purchased 5,750,000 founder shares for $25,000 ($0.004 per share, subject to forfeiture of up to 750,000 shares depending on overallotment). Sponsor also committed to purchase 3,500,000 private placement warrants at $1.00 each; underwriters committed to 1,875,000 private placement warrants. Warrants exercisable at $11.50 per share, becoming exercisable 30 days after a business combination and expiring five years thereafter. Founder shares have anti-dilution protection converting at 25% of outstanding shares post-combination. Underwriters receive $0.60 per unit in total compensation ($0.20 cash upfront, $0.125 used to purchase private placement warrants, and $0.40 deferred until completion).

●What changed:A Rule 424(b)(4) prospectus for the initial public offering of 12,500,000 units of Breeze Acquisition Corp. II, establishing the baseline terms, securities composition, and operational framework for the company’s search for an initial business combination. The prospectus establishes the initial trust deposit at $10.025 per public share, totaling $125,312,500 ($144,109,375 if the underwriters fully exercise their 45-day over-allotment option for up to 1,875,000 units). Why it matters: This filing locks in the precise trust value per share available for redemptions ($10.025) and clarifies the 15% redemption cap that activates when the company uses proxy solicitations instead of tender offers, directly impacting investor liquidity options during a vote. The 12-month window with mandatory shareholder votes for extensions creates a hard timeline for redemption planning, while the sponsor’s $0.005-per-share founder cost and automatic private placement right conversions introduce material near-term and post-combination dilution.

●What changed:Final prospectus (424B4) for GSR V Acquisition Corp.'s initial public offering of 20,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-seventh of one right to receive one Class A ordinary share upon a business combination. This filing establishes the SPAC's IPO terms: trust deposit of $200 million ($10.00 per share), deadline of 18 months from closing (up to 21 months at sponsor's discretion) to complete a business combination, and redemption rights for public shareholders. It details sponsor's purchase of 618,500 private placement units at $10.00 each, founder shares acquired for $0.004 per share causing substantial dilution (up to 95.6% in maximum redemption scenario), and a conflict of interest because the underwriter Polaris Advisory Partners LLC is affiliated with management, requiring a qualified independent underwriter (The Benchmark Company, LLC). The prospectus also discloses that prior SPACs sponsored by the same management team experienced high shareholder redemptions on extension votes (62.9% to 77.4%) and lower redemptions on business combination votes (11.7% to 37.1%).

●What changed:Initial public offering prospectus (Form 424B4) filed pursuant to Rule 424(b)(4) registering the sale of 10,000,000 units at $10.00 per unit by Starlink AI Acquisition Corporation, a newly incorporated Cayman Islands exempted blank check company. This filing establishes the baseline mechanics for public shareholders. According to the prospectus, $100,500,000, or $10.05 per unit sold, will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer Trust Company. Why it matters: The $10.05 per-unit trust deposit establishes the exact cash-per-share recovery floor available to public shareholders, directly governing redemption economics and liquidation timing if no acquisition occurs. The structure ensures founder shares and private rights expire worthless upon failure to complete a combination or dissolve from non-trust assets, creating immediate dilution and aligning sponsor incentives with timely execution.

●What changed:Rule 424(b)(4) Prospectus announcing the initial public offering of 10,000,000 units by Vernal Capital Acquisition Corp. The prospectus confirms the trust account will hold $100,500,000, or $115,575,000 if the underwriters’ over-allotment option is fully exercised, reflecting $10.05 per unit. Public shareholders retain redemption rights upon business combination completion, subject to a contractual 15% cap if the company relies on a shareholder vote instead of a tender offer. Why it matters: The registrant and its sponsors disclose several provisions that alter the investment risk-return profile. Dilution tables attribute immediate pro forma net tangible book value dilution to public shareholders ranging from $4.16 to $9.92 per share depending on redemption scenarios and over-allotment exercise. The sponsors state their sub-penny founder acquisition combined with placement equity creates an economic asymmetry that incentivizes transaction closure even if the post-combination stock declines.

●What changed:A Rule 424(b)(4) registration statement prospectus filed by Shreya Acquisition Group to finalize the sale of 10,000,000 initial public offering units. The prospectus establishes a 12-month business combination window from the May 8, 2026 unit delivery date, locking in the referenced 2027-05-07 deadline. If the company elects a shareholder vote instead of a tender offer, Shreya Acquisition Group restricts any single public shareholder from redeeming more than a 15% aggregate stake without prior consent. Why it matters: Investors tracking redemption mechanics must account for the 15% voting-period restriction, which alters standard tender-offer liquidity parameters. The exact $100,000,000 trust deposit anchors per-share cash-out values to the published dollar total rather than a predetermined per-share trust convention.

●What changed:Final prospectus (424B4) for the initial public offering of CH4 Natural Solutions Corporation, a blank-check company (SPAC) formed to acquire a business with a focus on methane mitigation and real-asset industries. The SPAC completed its IPO, raising $200 million ($230 million if over-allotment exercised) in trust at $10.00 per share. The deadline to complete a business combination is 24 months from closing (May 2028). No target has been identified. The sponsor (CH4 Natural Solutions Acquisition Sponsor LLC, controlled by David Leuschen via RSE) holds 6,666,667 founder shares (after forfeiture) and 200,000 private placement units. The sponsor paid $0.003 per founder share. The auditor's report includes a going-concern emphasis. The SPAC has a 15% redemption limit in shareholder votes and the sponsor has agreed to vote for any deal. The sponsor's previous SPACs include some that were successful, some that filed for bankruptcy, and some that resulted in litigation. Why it matters: This is a new SPAC IPO with a sponsor that has a notable but mixed track record (Riverstone-affiliated). The trust value is standard at $10.00 per share. The 24-month deadline is typical. The sponsor's low cost basis creates a strong incentive to close a deal. The going-concern opinion signals that the SPAC needs the IPO to survive. The focus on methane mitigation and real assets may appeal to certain investors. The litigation history of the sponsor (Leuschen and Tepper named in lawsuits related to prior SPAC mergers) is a risk factor. The 15% redemption limit could affect shareholder rights. Overall, the filing provides full disclosure of the SPAC's terms and risks.

●What changed:This is a final prospectus (Form 424B4) filed pursuant to Rule 424(b)(4) for Quantum Leap Acquisition Corp’s initial public offering of 20,000,000 units, documenting the regulatory and contractual terms of a Cayman Islands exempted company formed as a blank check vehicle to pursue a business combination. The filing establishes QLEP’s foundational search mechanics and liquidity parameters ahead of market trading. According to the prospectus, $202,000,000 ($10.10 per unit in either case) will be deposited into a U.S. trust account to fund future redemptions. Why it matters: For investors tracking QLEP’s redemption calendar, trust dynamics, and sponsor conduct, this prospectus codifies the economic rules that will govern the SEARCHING phase. The $5,000,001 net tangible asset floor and the 15% voting redemption cap directly dictate the maximum trust outflow possible during a merger vote and establish the threshold at which the board must consider extensions to preserve exchange listing eligibility.

●What changed:A Form S-1 registration statement prospectus filed pursuant to Rule 424(b)(4) announcing the initial public offering of 20,000,000 units of Quantum Leap Acquisition Corp., a Cayman Islands blank check company. The prospectus discloses that the company has not selected any business combination target and has not initiated substantive discussions with any target. The filing states that $202,000,000 (or $232,300,000 if the underwriters exercise their over-allotment option in full), equaling $10.10 per public share, will be held in a trust account. Why it matters: According to the prospectus’s dilution analysis, pro forma net tangible book value per share is projected to range from $8.01 assuming no redemptions to $0.23 assuming maximum redemptions, reflecting calculated dilution of 19.9% to 97.7%. The filing attributes this structural economic asymmetry to the sponsor’s nominal founder share acquisition, creating alignment for deal completion but exposing public investors to substantial anti-dilution risk if additional equity is issued during the business combination.

●What changed:Rule 424(b)(4) registration prospectus registering the initial public offering of 25,000,000 units for RRE Ventures Acquisition Corp., a Cayman Islands exempted blank check company currently operating in its pre-business combination search phase. The filing establishes the capital raise mechanics, trust architecture, and redemption calendar. Why it matters: Beyond the capital structure and redemption parameters, the prospectus outlines the sponsor’s conduct, strategic positioning, and historical execution profile. RRE Sponsor, LLC acquired 9,583,333 Class B ordinary shares for an aggregate of $25,000, equating to approximately $0.003 per share per the filing. The company reports that in March 2026, the sponsor distributed 2,748,000 of these founder shares to management affiliates, third-party at-risk investors, and a consultant at the identical $0.003 per share rate, signaling expanded insider-aligned participation ahead of target sourcing.

●What changed:Final prospectus for initial public offering (424B4) of Forefront Tech Holdings Acquisition Corp, a blank check company. The SPAC is now public. It raised $100M from 10M units at $10/unit; trust will hold $100.3M ($10.03/share); deadline is 18 months from closing (~Oct 2027); sponsor holds 3.83M founder shares at ~$0.007/share; CEO previously led Mobiv which had 93% redemption and target now trades at $0.023. Why it matters: Establishes trust value, redemption mechanics, and deadline. Investors can now track redemption triggers and deal progress. Significant dilution risk from founder shares and prior SPAC performance indicate potential for high redemptions.

●What changed:IPO Prospectus (Rule 424(b)(4)) for West Enclave Merger Corp. announcing the initial public offering of 10,000,000 units at $10.00 per unit, detailing the trust account structure, redemption mechanics, founder share transfers, private placement terms, management composition, and business strategy. Why it matters: The trust per-share value is elevated to $10.10 by structured funding, offering marginally higher redemption values but amplifying dilution consequences for remaining shareholders. The sub-penny acquisition cost of founder shares and the low-cost transfer of over one million founder shares to affiliates and directors create strong incentives for insiders to pursue a business combination quickly to avoid liquidation, where their investments would become worthless, potentially encouraging acceptance of riskier or less favorable targets.

●What changed:Final prospectus (424B4) for the initial public offering of Mountain Crest Acquisition 6 Corp., a blank-check company formed to effect a merger or acquisition, with no target identified. This is a new SPAC IPO. The filing establishes the offering terms: 6,000,000 units at $10.00/unit, each unit consisting of one ordinary share and one right to receive one-fourth of one ordinary share upon a business combination. Trust proceeds will be $60,000,000 ($10.00 per unit). The deadline to complete a business combination is 12 months from closing, extendable up to two times by three months each (total 18 months) with sponsor deposits of $0.10 per share per extension. Redemption rights are provided to public shareholders upon a business combination, with a 15% cap if a shareholder vote is used. The sponsor (Mountain Crest Holdings 6 LLC) purchased 2,957,143 founder shares for $25,000 and will purchase 25,000 private placement units at $10.00/unit. The underwriter (D. Boral Capital) may receive up to 65,000 private placement units as compensation. The trust per share is $10.00 initially.

●What changed:Prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of General Catalyst Global Resilience Merger Corp., a blank-check company seeking a business combination in aerospace/defense, national security, and related sectors, with a novel performance-based alignment share structure called GRAIL. This is the first public prospectus for a newly formed SPAC; there is no prior filing to compare. It establishes all core terms: a $350 million offering of 35 million GRAIL units at $10.00/unit, each consisting of one Class A share and one-fourth of a warrant exercisable at $11.50; an 24-month (extendable to 27-month) completion window; a trust of $10.06 per share; a GRAIL alignment share structure under which the 5,031,250 Class B shares (12.5% of post-IPO shares) convert to Class A over 10 years at variable ratios linked to Total Return above a $10.00 Price Threshold, with 20%/30% performance capture; a 15% cap on redemptions by any group without consent; and $20,000/month admin fees to sponsor. Why it matters:

●What changed:This document is a Form 424B4 prospectus accompanying an initial public offering registration statement for ARC Group Acquisition I Corp., registering the sale of 10,500,000 Units priced at $10.00 each. Per the prospectus, $105,000,000 (or $120,750,000 if the underwriters’ 45-day option to buy up to 1,575,000 additional units is fully exercised) will be placed in a U.S. trust account administered by Efficiency, INC. Why it matters: These provisions establish definitive cash-flow parameters and decision triggers for public capital, confirming that redemption valuations are strictly tied to actual trust balances plus interest less statutory deductions and dissolution allowances, while immunizing the trust from Inflation Reduction Act penalties. The unlimited extension mechanism coupled with recurring redemption offers forces periodic liquidity elections for holders.

●What changed:Initial public offering prospectus (424B4) for Collective Acquisition Corp. II, a blank check company formed to effect a business combination with a focus on businesses impacting U.S. national security, defense technology, financial services, strategic resources, or artificial intelligence. This is the first public filing for CAII. Key terms: 22,000,000 units at $10.00/unit; trust deposit of $221,100,000 ($10.05 per share); 18-month deadline from closing (approx. October 2027); no target selected; sponsor purchased 8,433,333 founder shares at $0.003/share; sponsor committed to 5,837,500 private warrants at $0.80/warrant; public warrants exercisable at $11.50/share; redemption rights for public shareholders at trust value; 15% limit on redemptions if shareholder vote is used; no formal extension mechanism except through shareholder vote to amend charter; detailed sponsor compensation and conflicts of interest. Why it matters: Establishes the baseline trust value ($10.05/share), the redemption mechanics, and the 18-month deadline that will govern future extension votes and business combination. Investors should note the extreme dilution from sponsor's nominal founder share price ($0.003 vs. $10.00 public), the anti-dilution protection that could trigger additional issuance to sponsor, and the broad discretion to avoid a shareholder vote by using a tender offer. The filing also highlights sponsor's indemnification of trust account and potential conflicts of interest among management.

●What changed:Prospectus (424B4) filed pursuant to Rule 424(b)(4) for the initial public offering of Irenic Acquisition Corp., a blank check company incorporated in the Cayman Islands, formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. The SPAC has not selected any target and has not engaged in substantive discussions with any target. This is the final prospectus for the IPO, confirming the offering of 22,000,000 units at $10.00 per unit, with $220,000,000 deposited in the trust account ($10.00 per public share). The SPAC has a 24-month completion window from the closing of this offering (expected April 2028) and may seek shareholder approval to extend (not expected beyond 36 months). No target has been identified. The forward purchase agreement with Irenic Capital Evergreen Master Fund LP for $50,000,000 (5,000,000 forward purchase units at $10.00 per unit) is disclosed, subject to investment committee approval. Sponsor's founder shares were purchased for $25,000 ($0.004 per share) and sponsor will purchase 420,000 private placement units at $10.00 per unit. The underwriters will purchase 220,000 private placement units. The prospectus also details the 15% per-shareholder redemption limit, waiver of redemption rights by sponsor and officers for founder shares and private placement shares, and lock-up provisions. Why it matters: This filing establishes the core redemption mechanics, trust value, and sponsor incentives for the SPAC. The trust per-share value is initially $10.00, but the sponsor's founder shares were acquired at a nominal cost, creating potential dilution and conflicts of interest. The forward purchase agreement provides a $50 million backstop for a business combination. The 24-month deadline and the 15% redemption cap per shareholder (without consent) are key structural features. Investors should note the absence of a target and the broad discretion of management to identify a target in aerospace, defense, or industrial sectors.

●What changed:This document is a Form 424B4 registration statement/prospectus filed pursuant to Rule 424(b)(4) announcing the initial public offering of 10,000,000 Units of Plutonian Acquisition Corp II, each priced at $10.00, consisting of one Class A ordinary share and one-fourth of a Class A ordinary share underlying a right. The filing incorporates the underwriters’ 45-day option to purchase up to 1,500,000 additional units to cover over-allotments, along with the terms governing the sale, listing on the New York Stock Exchange under symbol PLUNU, and subsequent separation of ordinary shares and rights. Why it matters: Outlines strategic positioning, personnel, and regulatory exposures that define the investment thesis and constraint set. The filing indicates no substantive target discussions have been initiated and no specific business combination is under consideration. Management discloses a search focus on energy storage, telecommunications, and consumer sectors globally, while affirmatively excluding companies consolidated through variable interest entity (VIE) structures or audited by firms unable to be inspected by the PCAOB for two consecutive years beginning in 2021.

●What changed:Initial public offering prospectus (424B4) for Churchill Capital Corp XII, a blank check company (SPAC) formed to effect a merger or business combination. This is the IPO prospectus; no prior public filings exist for this SPAC. The document establishes the offering terms: $360 million trust (10.00 per share), 24-month deadline (to April 2028), no target identified, sponsor terms, warrant structure, and redemption mechanics. The SPAC explicitly states it has not selected any business combination target and has not initiated any substantive discussions. Why it matters: Sets the baseline for CXII's trust value, deadline, and sponsor economics. Investors can use this to understand redemption rights, dilution, and sponsor incentives. The SPAC is in the early SEARCHING stage with no deal discussions.

●What changed:Prospectus for an initial public offering (IPO) of a special purpose acquisition company (SPAC), filed pursuant to Rule 424(b)(4). The company is a blank check company seeking a business combination, with no target selected. Initial public offering of 6,000,000 ordinary shares at $10.00 per share, with an over-allotment option for up to 900,000 additional shares. Proceeds of $60 million ($69 million if over-allotment exercised) will be deposited in a trust account. The SPAC has 24 months from closing (expected April 20, 2026) to complete a business combination. No warrants are issued. Public shareholders may redeem shares upon a business combination or if no deal is completed by the deadline. A 20% per-shareholder redemption limit applies. Sponsor purchased 1,725,000 founder shares at approximately $0.014 per share and will purchase 300,000 private placement shares at $10.00 per share. AI Biotechnology, an affiliate of Access Industries, has indicated a non-binding interest to purchase up to $30 million of ordinary shares in a PIPE concurrent with a business combination. Why it matters: This filing establishes the full terms of the SPAC IPO, including trust per-share value ($10.00), redemption mechanics, deadline (April 2028), sponsor economics, and potential conflicts of interest. It is the baseline for all future redemptions, extensions, and deal progress. The indication of interest from AI Biotechnology for a potential $30 million PIPE is a notable feature that may affect deal financing and dilution.

●What changed:424B4 prospectus for the initial public offering of NewHold Investment Corp IV, a blank check company formed to effect a merger or acquisition, filed pursuant to Rule 424(b)(4). This is the IPO prospectus filed upon effectiveness of the registration statement. It sets the terms of the offering: 17,500,000 units at $10.00 per unit (each unit consists of one Class A ordinary share and one-third of one redeemable warrant). The trust will hold $175,000,000 ($10.00 per unit). The SPAC has 24 months from closing (estimated April 2028) to complete a business combination. No target has been selected; no substantive discussions initiated. The sponsor and BTIG have committed to purchase 588,750 private units at $10.00 per unit. Non-managing sponsor investors have expressed interest in purchasing up to approximately 7,000,000 units in the offering and 300,000 private units. The founder shares (6,708,333 Class B shares) were issued to sponsor for $25,000. Trust proceeds will be invested in U.S. government obligations or money market funds. Redemption rights: public shareholders may redeem shares upon completion of business combination at per-share price equal to trust amount (including interest) less taxes and working capital withdrawals (not to exceed $250,000 annually). Deadline for business combination is 24 months from closing, extendable by shareholder vote with additional redemption rights. If no business combination, trust will be liquidated and public shares redeemed. No material change in SPAC status (still searching); this is the IPO prospectus itself. Why it matters: This is the definitive IPO prospectus for NHIV, establishing the trust value ($10.00 per unit), deadline (24 months from closing), redemption mechanics, and sponsor economics. It provides the baseline for all future investor decisions regarding redemptions, extensions, and business combination votes. The document also details the substantial dilution public shareholders will face (sponsor founder shares at $0.004 per share vs. $10.00 offering price) and the significant conflicts of interest inherent in the sponsor's incentive structure. The inclusion of non-managing sponsor investors with expressions of interest in up to 7,000,000 units (34.78% of the offering) and their indirect ownership of founder shares through the sponsor is a notable structural feature.

●What changed:Final Prospectus (Filed Pursuant to Rule 424(b)(4)) registering an initial public offering of 10,000,000 units at $10.00 per unit, each comprising one ordinary share and one right to receive one-fourth of an ordinary share. The prospectus establishes a pre-deal blank check vehicle, explicitly stating that neither the company nor its affiliates have contacted any prospective target or conducted substantive transaction discussions. Trust mechanics dictate a $10.05 per public unit deposit into a trust account managed by Continental Stock Transfer Trust Company upon closing. Why it matters: Investors monitoring redemption calendars and trust value must treat this as an IPO commencement document rather than a deal-update notice. The company’s governing documents mandate a 15-month execution window before mandatory trust liquidation, while the prospectus calculates pro forma net tangible book value eroding from $5.43 to $0.13 per share depending on redemption volume.

●What changed:Final prospectus (Rule 424(b)(4)) for the initial public offering of Maywood Acquisition Corp. 2, a blank check company. This is the first public disclosure of the terms of the IPO. No prior prospectus exists; this filing establishes the SPAC's offering structure, trust mechanics, redemption provisions, sponsor economics, and business combination timeline for the first time. Why it matters: Sets the baseline trust value at $10.00 per share ($100 million total, $115 million if over-allotment exercised), a 12-month deadline to close a business combination (extendable to 15 months if a definitive agreement is announced), and redemption rights for public shareholders. The filing also reveals sponsor incentives, dilution from founder shares purchased at $0.006 per share, and potential conflicts of interest among management and sponsors. Investors can now evaluate the terms and risks of this SPAC.

●What changed:This document is a Rule 424(b)(4) prospectus for the initial public offering of 15,000,000 public units at $10.00 per unit by Apogee Acquisition Corp, a newly organized Cayman Islands exempted blank check company. This document is a Rule 424(b)(4) prospectus for the initial public offering of 15,000,000 public units at $10.00 per unit by Apogee Acquisition Corp, a newly organized Cayman Islands exempted blank check company. Regarding mechanics, the prospectus establishes an initial trust account balance of $10.05 per public share. Why it matters: This filing defines the complete economic framework, redemption mechanics, governance constraints, and sponsor incentive alignment for investors before trading begins. It confirms the $10.05 per-share trust funding mechanism and clarifies that public shareholders face no net tangible asset floor for redemptions, while imposing a 15% group-level cap outside tender offers.

●What changed:A Rule 424(b)(4) IPO prospectus for ACP Holdings Acquisition Corp. announcing a public offering of 20,000,000 Units. The filing establishes the IPO mechanics, redemption framework, trust parameters, extension rules, and sponsor economics. According to the prospectus, each unit carries a $10.00 offering price, consisting of one Class A ordinary share and a warrant exercisable at $11.50. Underwriters receive a total $0.30 discount per unit, split as $0.10 upfront and $0.20 deferred. Why it matters: The published trust deposits of $201.00 million and $231.15 million define the exact liquidity floor for shareholders prior to any business combination, eliminating speculation on trust valuation. The prospectus dilution table projects net tangible book value per share ranging from (0.42) to $10.47 depending on redemption levels and over-allotment exercise, enabling precise exit modeling without importing assumptions.

●What changed:Investor Prospectus (Filed Pursuant to Rule 424(b)(4)) for an Initial Public Offering. Mechanics & Redemption Calendar: The prospectus establishes a 24-month period from closing to consummate an initial business combination, extendable by one three-month increment at the sponsor’s option, which triggers a simultaneous shareholder redemption opportunity regardless of voting stance. If the extended timeframe lapses without completion, 100% of public shares will be redeemed at a per-share price equal to the aggregate trust account balance divided by outstanding public shares. Why it matters: Strategic Positioning & Pedigree Claims: Management attributes its acquisition framework to over 50 combined years of operational and investment experience, targeting underperforming assets in travel, industrials, technology, telecommunications, media, business services, and consumer products.

●What changed:Final prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of Inflection Point Acquisition Corp. VI, a blank-check SPAC seeking a business combination. This is the first public prospectus for this SPAC, establishing all baseline terms: 22,000,000 units at $10.00/unit, trust of $220,000,000 ($10.00 per share), 24-month deadline from closing (March 2028), redemption rights, 15% redemption cap, sponsor founder shares at $0.003/share, private placement of 7,400,000 warrants at $1.00 each, and an intended but non-binding $25,000,000 PIPE from IPF. No target has been selected. Why it matters: Sets the redemption and trust value baseline at $10.00 per share with a 24-month deadline ending March 2028. Investors should note the immediate dilution of ~27.7% at no redemptions, the risk of further dilution from any PIPE at potentially lower prices, and the sponsor's low cost basis. The filing also details the management team's track record with prior Inflection Point SPACs.

●What changed:424B4 prospectus for the initial public offering of Future Money Acquisition Corporation, a blank check company (SPAC) seeking a business combination in AI, Web3, or intelligent manufacturing. This filing establishes the final terms of the IPO: 10,000,000 units at $10.00 per unit, each unit consisting of one ordinary share and one right (1/5 share upon business combination). Trust proceeds of $100,500,000 ($10.05 per unit) will be deposited. The SPAC has 15 months to complete a business combination, extendable by up to six one-month extensions with sponsor deposits of $0.033 per share per month. Redemption rights are provided at the time of a business combination, with a 15% cap on redemptions if shareholder vote is used. Founder shares (4,362,069 shares for $25,000) and private placement of 283,000 units ($2,830,000) are detailed. The SPAC will not target China-based VIEs or PRC-primary operations. No specific target has been identified. Why it matters: This is the definitive disclosure for the IPO, providing investors with all key terms: trust value per share ($10.05), redemption mechanics, extension deadlines, sponsor economics, dilution, and target focus. It is critical for investors to understand the redemption calendar, sponsor conflicts, and the conditions under which they can redeem their shares. The filing also includes risk factors, management biographies, and financial statements, enabling informed investment decisions.

●What changed:A Rule 424(b)(4) prospectus supplement and final registration statement pricing disclosure for an initial public offering of 20,000,000 units priced at $10.00 per unit, raising $200,000,000, by QDRO Acquisition Corp., a Cayman Islands exempted blank check company incorporated in July 2025. Why it matters: The prospectus locks in the trust floor and redemption calculus that dictate maximum return parameters, while warning of immediate dilution from the sponsor’s sub-cent founder share basis and anti-dilution clauses preserving a 20% ownership post-combination. Management outlines a strategy to acquire financial services and digital currency businesses, claiming legacy providers ‘have very small online followings’ and asserting the team’s networks can access untapped wealth investor bases.

●What changed:Final prospectus for the initial public offering of Blue Water Acquisition Corp. IV, a blank check company (SPAC) formed to effect a merger or similar business combination, filed pursuant to Rule 424(b)(4). This is the first public filing of the full prospectus for the IPO. It establishes the terms of the offering: 12,500,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant; $125,000,000 deposited into a trust account ($10.00 per public share); a 21-month deadline from closing to complete an initial business combination (or earlier if board approves), with the ability to seek shareholder extensions (no limit on number, but not expected beyond 36 months); redemption rights for public shareholders upon completion of a business combination at the trust value per share (including interest, less taxes); a 15% cap on redemptions by any shareholder group if a shareholder vote is held; a private placement of 415,000 units to sponsor (Blue Water Acquisition IV LLC) and BTIG, LLC at $10.00 per unit; sponsor ownership of 4,791,667 founder shares purchased for $25,000 ($0.005 per share); and a list of non-managing sponsor investors who have expressed non-binding interest in buying up to $37 million of units and indirectly acquiring 225,000 private placement units through the sponsor, receiving 1,800,000 founder shares at nominal cost. Why it matters: The prospectus defines all key mechanics for investors: the trust value is $10.00 per share; the redemption deadline is 21 months from closing (approximately December 2027); extensions require shareholder approval and offer redemption rights; sponsor paid a nominal price for founder shares creating significant dilution risk and potential conflicts; non-managing sponsor investors have a large potential stake and could influence approval without other public votes; the company has no target and no operations; management has prior SPAC experience including the now-bankrupt Clarus Therapeutics deal and the Blue Water III SPAC; the offering is not subject to Rule 419 protections; and the company may be classified as a PFIC for U.S. tax purposes.

●What changed:This document is a Rule 424(b)(4) Prospectus for the initial public offering of BHAV Acquisition Corp units, each comprising one Class A ordinary share and one right converting into one-fourth of one Class A ordinary share upon consummation of a business combination. The prospectus establishes the governing mechanics for BHAV’s pre-deal phase. The company has not selected a business combination target and has not initiated substantive discussions with any target. Why it matters: This prospectus materially defines the asymmetric risk and incentive architecture that will govern all future shareholder decisions and capital distributions. Because founder shares cost approximately $0.0065 per share and possess structural anti-dilution rights pegged to a fixed 25% equity carve-out, insiders retain substantial upside motivation regardless of whether the merged entity appreciates, plateaus, or ultimately dissolves.

●What changed:A Form 424B4 prospectus for the initial public offering of 12,000,000 units by Pono Capital Four, Inc., a Cayman Islands exempted blank check company. This filing establishes the SPAC’s initial mechanics rather than modifying an existing deal. It designates a U.S.-based trust account with Continental Stock Transfer & Trust Company, allocating $10.00 per unit ($120,000,000 gross, or $138,000,000 if the underwriters’ 45-day over-allotment option is exercised fully). Why it matters: The document dictates the exact redemption formula ('aggregate amount then on deposit in the trust account... divided by the number of then outstanding public shares'), notes that trust earnings cannot fund potential excise taxes under the Inflation Reduction Act of 2022, and outlines severe dilution mechanics from founder anti-dilution provisions that lock Class B shares into 30% of the post-combination equity pool.

●What changed:Form 424(B)4 filing containing a prospectus for the initial public offering of 12,000,000 units of Pono Capital Four, Inc., a Cayman Islands exempted company. This filing establishes the foundational economic and structural terms governing the SPAC prior to any announced merger. Why it matters: The filing provides definitive mechanics for capital preservation, exit pricing, and incentive alignment before deployment. The 15% redemption limitation during a stockholder vote materially constrains concentrated holders seeking liquidity, while the $100,000 dissolution expense carve-out slightly reduces terminal trust yields per share.

●What changed:Prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of 20,000,000 units of Metals Acquisition Corp. II, a Cayman Islands exempted blank check company. This filing initiates the IPO and establishes the core economic and mechanical framework: $200,000,000 placed in a U.S.-based trust account ($10.00 per unit), scaling to $230,000,000 with full over-allotment exercise. A 24-month deadline is set to complete an initial business combination, with shareholder-approved extensions permitted up to a maximum of 36 months. Why it matters: These mechanics dictate liquidity exits, trust solvency conditions, and sponsor alignment before any target is identified. Management states a strategic focus on the natural resources value chain, specifically metals and mining in high-quality jurisdictions. Citing industry data, management projects the global mining market reaching $3.0 trillion by 2029 at a 5.7% CAGR, following $102.2 billion in 2024 mining transactions. The filing attributes near 30% lithium demand growth in 2024 and 6–8% increases in nickel, cobalt, graphite, and rare earth elements to electrification trends.

●What changed:A Prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of 15,000,000 units by SUMA Acquisition Corporation, a newly incorporated Cayman Islands blank check company. This filing establishes the capital structure, trust mechanics, and sponsor incentive framework ahead of the March 12, 2026 expected closing. The prospectus discloses that $150.0 million, or $172.5 million if the underwriters’ over-allotment option is exercised in full ($10.00 per unit in either case), will be placed into a U.S.-based trust account administered by Continental Stock Transfer & Trust Company. Why it matters: For investors tracking redemption deadlines and trust dynamics, this prospectus confirms the trust deposits exactly $10.00 per unit, preserving a predictable redemption floor, but introduces immediate and material dilution through founder share conversion and anti-dilution provisions that may issue Class A shares on a greater-than-one-to-one basis if additional equity or equity-linked securities are raised pre-combination. The explicit disclosure of sponsor financial pressure to deploy capital—even at negative returns—marks a critical governance risk prior to any deal search.

●What changed:Initial public offering prospectus (424B4) for GalaxyEdge Acquisition Corp., a blank check company formed for mergers, with no target identified as of the prospectus date. This is the first public filing establishing the SPAC's terms: offering 10,000,000 units at $10.00/unit, each consisting of one ordinary share and one right to receive one-fourth of one ordinary share upon a business combination. Trust account initially $100,000,000 ($10.00 per public share). 15-month deadline from closing (estimated June 2027). Redemption rights at business combination with a 15% group redemption limit if shareholder vote is used. Sponsor (Equinox Capital Solutions Limited) holds 4,025,000 founder shares purchased for $25,000 (~$0.006/share), with 525,000 subject to forfeiture. Sponsor also purchasing 220,000 private units at $10.00/unit. Working capital loans up to $1,500,000 convertible into private units. Administrative fee $15,000/month to sponsor. No maximum redemption threshold. Significant conflicts disclosed: CEO Ping Zhang and directors serve on multiple other SPACs (Quantumsphere, Quartzsea, Pelican, Yotta, Quetta, Black Hawk, QuasarEdge), many with signed merger agreements, creating material conflict in target allocation. Sponsor and management have significant ties to the PRC, increasing likelihood of a China-based target. Auditor changed from Guangdong Prouden CPAs GP to Simon & Edward, LLP. Why it matters: Defines the fundamental SPAC mechanics: trust value ($10.00/share), redemption process, 15-month deadline, and sponsor economics. The extensive conflicts of interest from overlapping management with at least six other SPACs are a key governance concern for investors, as the prospectus explicitly states a 'material conflict of interest exists in how business opportunities are sourced, evaluated, and allocated.' PRC ties introduce regulatory risks, including potential CSRC, CAC, and CFIUS hurdles. The nominal founder share price ($0.006) creates strong incentives to complete any deal. No target has been identified, so investors are buying into a blank check with no specific business in mind.

●What changed:Final prospectus (424B4) for the initial public offering of Kensington Capital Acquisition Corp. VI, a blank-check company formed to acquire a business in the automotive and related sectors, with no target selected. The SPAC's IPO is now effective; 20,000,000 units priced at $10.00 per unit were sold, raising $200,000,000 in trust ($10.00 per public share). The deadline to complete a business combination is 24 months from the offering's closing (March 5, 2026 to March 5, 2028). The trust will be held in U.S. government securities or cash. Public shareholders receive redemption rights at $10.00 per share plus interest (net of taxes) upon a business combination or liquidation if no deal is completed within the deadline. The offering includes a unique warrant structure: each unit contains one Class A ordinary share, one-quarter of one Class 1 redeemable warrant, and three-quarters of one Class 2 redeemable warrant. Class 1 warrants separate 52 days after the IPO; Class 2 warrants attached to shares that are redeemed in connection with a business combination expire. The sponsor holds 9,857,142 founder shares (subject to forfeiture) and will buy 10,733,333 private placement warrants at $0.44 per warrant. The underwriters will purchase 2,666,667 private placement warrants at $0.75 per warrant. No business combination target has been identified or discussed. Why it matters: This filing sets the baseline trust value ($10.00/share), the 24-month redemption deadline, and the terms of redemption and liquidation. It also outlines the sponsor’s economics – founder shares at ~$0.003 per share and warrants at $0.44 – creating potential conflicts of interest. The unusual warrant design (Class 2 warrants expiring upon redemption) incentivizes shareholders not to redeem, preserving cash for a future deal. Investors now have a clear picture of the SPAC’s structure, risk factors, and timelines.

●What changed:Final prospectus (424B4) for the initial public offering of Illumination Acquisition Corp I, a blank check SPAC, filed February 26, 2026. N/A – this is the IPO prospectus; no prior public filings exist for this SPAC. Why it matters: Establishes the SPAC's terms (trust $10.00 per share, 24‑month deadline from closing, redemption mechanics, sponsor economics, target focus) and provides the baseline for all future filings.

●What changed:Final prospectus for the initial public offering (IPO) of APEX Tech Acquisition Inc., a blank-check company (SPAC), filed pursuant to Rule 424(b)(4). This is the first public filing establishing the terms of the IPO. Key mechanics: 10,000,000 units offered at $10.00 each, each unit consisting of one ordinary share and one right (four rights entitling the holder to one ordinary share upon a business combination). $100,000,000 ($10.00 per unit) will be deposited in trust. Trust per-share value is $10.00. Deadline to complete a business combination is 15 months from the effective date of the registration statement. Sponsor (APEX INNOVATION ACQUISITION CORP.) is purchasing 197,000 private units at $10.00 per unit. Sponsor and insiders hold 2,875,000 founder shares (up to 375,000 subject to forfeiture based on overallotment exercise). No target has been identified, and no substantive discussions have occurred. Listing is on NYSE under symbol TRADU (units), TRAD (shares), TRADR (rights). Why it matters: This filing establishes the contractual trust, redemption, and liquidation mechanics for a new SPAC. Investors tracking redemption deadlines and trust value now have a baseline: trust is $10.00 per share, deadline is 15 months from the IPO effective date (likely late May 2027), and extensions require shareholder approval with redemption rights. Sponsor conduct terms are disclosed: sponsor shares cost ~$0.009 each, creating significant dilution and incentive to close any deal. The SPAC's team is overwhelmingly tied to China (CEO is based in China, all directors have significant PRC ties), and the prospectus extensively warns that CFIUS review could block a U.S. target acquisition and that PRC regulatory risks (CSRC filing, cybersecurity, data) could impair the SPAC's search. This is material for assessing sponsor/geopolitical risk.

●What changed:a Form 424B4 prospectus for the initial public offering of 26,100,000 units of MOZAYYX Acquisition Corp., a newly incorporated Cayman Islands blank check company. According to the prospectus, the offering deposits $261,000,000 into a U.S.-based trust account, with the company projecting an initial anticipated value of $10.00 per public share. The filing establishes a 24-month completion window from the offering closing, explicitly stating the board does not expect to extend the timeline beyond 36 months. Why it matters: These structural parameters define investor redemption economics, timeline risk, and capital stack dilution. The discretionary 24-to-36 month extension mechanism preserves capital longer but heightens dependency on sponsor discretion, while the 15% redemption cap and mandatory 20% founder conversion floor heavily influence voting control and acquisition feasibility. The non-binding $50,000,000 PIPE indication from Kraken and a sponsor-linked fund offers conditional liquidity that could absorb redemptions or meet net tangible asset thresholds, yet carries no enforceable payment obligation.

●What changed:Form 424B4 Prospectus filing an initial public offering of 26,100,000 units for MOZAYYX Acquisition Corp., a Cayman Islands blank check company. Per the prospectus mechanics, the company will deposit $261,000,000 ($300,150,000 if the underwriters’ over-allotment option is exercised in full) into a U.S.-based trust account at JP Morgan Chase Bank, N.A., with Continental Stock Transfer Trust Company acting as trustee. Why it matters: Establishes the exact trust distribution formula, extension boundaries, and redemption caps that dictate public shareholder liquidity before any deal emerges. Exposes structural economic friction where sponsor profitability relies on transaction closure regardless of target performance, while confirming that forward purchase capital and working capital conversions remain discretionary or contingent.

●What changed:A Rule 424(b)(4) prospectus for the initial public offering of 20,000,000 units of TRG Latin America Acquisitions Corp., a newly incorporated Cayman Islands exempted company. This filing establishes the IPO mechanics and strategic baseline ahead of the expected February 27, 2026 closing. According to the prospectus, each unit carries a $10.00 offering price, with $200.0 million (or $230.0 million if the underwriter fully exercises its 45-day option for up to 3,000,000 over-allotment units) deposited into a U.S. trust account. Why it matters: Locks in the $10.00-per-unit trust architecture, explicit 24-to-36-month execution deadline, and conditional redemption constraints that will dictate capital retention versus public shareholder liquidity. Quantifies the sponsor’s nominal equity acquisition cost and concentrated control structure, which creates mathematical incentives for accelerated deal completion despite target downside risk and outlines specific dilution mechanisms through founder share conversion, over-allotment forfeiture, and working capital loan conversions.

●What changed:IPO prospectus (424B4) for Fortress Value Acquisition Corp. V, a blank check company, filed in connection with its initial public offering of 25,000,000 Class A ordinary shares at $10.00 per share. This is the initial filing for the IPO; there is no prior public market for the shares. The document sets forth the terms of the offering, including trust amount of $10.00 per share, a 24-month (or 27-month if a letter of intent is signed within 24 months) deadline to complete a business combination, redemption rights for public shareholders subject to a 15% aggregate cap, sponsor's founder shares purchased at $0.003 per share, and sponsor's commitment to purchase 200,000 private placement shares at $10.00 per share. The document also confirms that no target has been selected and no substantive discussions have occurred. Why it matters: This filing establishes the baseline for all future redemptions, deadlines, and sponsor conduct. Investors need to understand the trust value ($10.00 per share), the redemption mechanics, and the sponsor's incentives (founder shares at a nominal price create potential conflicts). The document also reveals that the SPAC has not yet identified a target, the extension mechanism, and that the sponsor may receive additional compensation (monthly fees, working capital loans). The 15% redemption cap and the sponsor's ability to amend the letter agreement without shareholder approval are also key conduct points.

●What changed:Final prospectus (424B4) for the initial public offering of ClearThink 1 Acquisition Corp., a blank-check Cayman Islands company searching for a business combination in the financial services sector. This is the IPO prospectus. On February 23, 2026, the terms were amended: (a) each right was changed from entitling the holder to receive one-tenth (1/10) of a Class A ordinary share upon business combination to one-fifth (1/5); (b) the completion window was changed from 21 months (or 24 months if a definitive agreement was announced) to a flat 21 months from the closing of the offering. No target has been identified. Why it matters: Establishes the SPAC's baseline mechanics: $125 million trust ($10.00 per share), 21‑month deadline, redemption rights with a 15% cap on redemptions without consent if a shareholder vote is used, sponsor founder shares at $0.005 per share, and a private placement of 315,000 units at $10.00. The improved right ratio (1/5 vs. 1/10) increases potential dilution to public shareholders. The shortened completion window removes the prior 24‑month extension option for announced deals. The auditor's report includes a going‑concern qualification. No business combination has been selected.

●What changed:Initial public offering prospectus (424B4) for Abony Acquisition Corp. I, registering the sale of 20,000,000 Units at $10.00 per Unit, each composed of one Class A ordinary share and one-third of one redeemable warrant. Redemption deadline established at 24 months from the closing of this offering. Trust account holds $200.0 million, or $230.0 million if the underwriters’ 45-day overallotment option is exercised in full, maintained at Continental Stock Transfer Trust Company. Why it matters: The filing discloses strategic parameters, leadership credentials, and sponsor alignment mechanisms without confirming any target. The company intends to pursue acquisition targets with an aggregate enterprise value of approximately $750 million to $1.5 billion or more in defense technology, advanced computing, software, and media sectors.

●What changed:A Rule 424(b)(4) registration statement prospectus for the initial public offering of 15,000,000 Units of Paloma Acquisition Corp I, detailing the public sale structure, simultaneous private placements, underwriter compensation, warrant mechanics, trust account funding, lock-up restrictions, and comprehensive risk and conflict disclosures. The filing establishes a trust deposit of $10.00 per public unit, totaling $150,000,000, or $172,500,000 if the underwriters exercise their 45-day option for 2,250,000 additional units. Why it matters: Material shifts include explicit conflict-of-interest warnings from the founder and management team regarding concurrent fiduciary duties to other entities, including potential future SPACs, which could redirect acquisition opportunities away from public shareholders. The company’s strategy, as outlined by CEO and founder Anna Nahajski-Staples, targets the minerals sector, focusing on gold and silver assets in the United States, North America, Australia, and New Zealand, with a preferred Total Enterprise Value of $500 million to $1.5 billion.

●What changed:A prospectus (filed pursuant to Rule 424(b)(4)) registering the initial public offering of 22,500,000 units at $10.00 per unit by Armada Acquisition Corp. III, a newly organized Cayman Islands exempted blank check company. This filing establishes the IPO economic and structural framework for a SPAC in the searching phase. The prospectus sets the public offering price at $10.00 per unit, offering 22,500,000 units with a 3,375,000-unit over-allotment option. Why it matters: The absence of a minimum net tangible asset floor alters redemption dynamics by removing a structural cash-retention mechanism, allowing public shareholders to withdraw pro-rata trust balances regardless of post-transaction liquidity needs. The 18-month deadline, coupled with discretionary extension rights and mandatory 100% redemption upon expiration, compresses management’s target evaluation timeline and intensifies pressure to consummate.

●What changed:Prospectus (Rule 424(b)(4) filing) for the initial public offering of Averin Capital Acquisition Corp. This filing establishes the baseline mechanics, timeline, and capital structure for Averin Capital Acquisition Corp.'s IPO. The company confirms it has not selected a business combination target and has not initiated substantive discussions with any potential partner. The filing dictates that $10.00 per public unit will be deposited into a U.S.-based trust account administered by Continental Stock Transfer Trust Company. Why it matters: The prospectus provides explicit risk disclosures regarding sponsor conduct and economic alignment, stating that the sponsor’s founder shares were acquired at $0.003 per share and will convert at a one-for-one basis (adjusting to preserve approximately 20.00% ownership) while holding no redemption or liquidation rights from the trust.

●What changed:Final prospectus (424B4) for the initial public offering of Willow Lane Acquisition Corp. II, a blank-check SPAC that has not yet identified a target. The filing establishes the final terms of the $125,000,000 IPO (12.5 million units at $10.00/unit, each unit = one Class A share + 1/4 warrant). Trust deposit is $10.00 per unit ($125M). The SPAC has a 24-month completion window from closing (estimated Feb 17, 2026); extensions are possible by shareholder vote but the SPAC states it does not expect to extend beyond 36 months. No target has been selected and no substantive discussions have occurred. Sponsor purchased founder shares at ~$0.005/share; sponsor and BTIG will buy 476,555 private placement units at $10.00/unit. Nine non-managing institutional investors have expressed interest in up to 38.3% of the public units. The financial statements include a going concern qualification due to lack of cash and working capital deficiency. Why it matters: This is the definitive IPO prospectus — it fixes the trust value per share at $10.00, confirms the redemption mechanics and liquidation timeline, and discloses material risks including the sponsor's nominal cost basis for founder shares, severe dilution to public shareholders, and the management team's prior SPAC track record (e.g., Andina III had 95% redemptions and Stryve Foods stock fell to $0.0025). Investors need this to evaluate redemption deadlines, trust per-share value, extension provisions, and sponsor conflicts.

●What changed:Prospectus filed pursuant to Rule 424(b)(4) accompanying the initial public offering of 13,000,000 Units by Proem Acquisition Corp I. This inaugural registration supplement establishes the baseline operational and financial mechanics for the SPAC rather than amending existing parameters. It formally deposits $130,000,000 into a U.S.-based trust account (equating to $10.00 per public unit), scaling to $149,500,000 if the underwriters fully exercise their 45-day over-allotment option. Why it matters: For investors tracking redemption calendars, trust liquidity, and extension protocols, this filing establishes a clear $130,000,000 trust anchor and a definitive 24-month execution horizon, with the explicit strategic preference against extending past 36 months capping the maximum life of the capital raise. The redemption framework ensures public holders retain a direct claim to trust principal plus interest at deal close or liquidation, though the 15% concentration restriction actively limits coordinated large-holder exits during proxy solicitations.

●What changed:A Rule 424(b)(4) preliminary prospectus formally pricing RF Acquisition III’s initial public offering of 10,000,000 units at $10.00 each. Why it matters: Beyond mechanics, the prospectus details the firm's strategic focus, governance tensions, and capital structure that shape investor risk. According to the filing, the management team will target Asia-based deep technology businesses in artificial intelligence, quantum computing, and biotechnology, while explicitly avoiding companies based in or operating primarily in Greater China.

●What changed:Form 424B4 prospectus filed pursuant to Rule 424(b)(4) registering an initial public offering for XFLH Capital Corporation, a Cayman Islands exempted blank check company. Mechanics & Redemption Framework: The company states each unit carries a $10.00 public offering price and comprises one ordinary share plus one right entitling holders to one-seventh (1/7) of an ordinary share upon business combination closure. Why it matters: Redemption calendar & trust mechanics: The fixed 15-month window (extensible solely by shareholder vote) and the statutory pro-rata trust payout framework establish the floor for capital return. Investors tracking value must monitor whether the sponsor’s $10,000 monthly administrative draw or $1,500,000 convertible loan program triggers material equity dilution ahead of any target announcement, as management discloses.

●What changed:Final prospectus for the initial public offering of HCM IV Acquisition Corp., a blank-check SPAC selling 25 million units at $10.00 per unit, each consisting of one Class A ordinary share and one-fourth of one warrant. The SPAC has launched its IPO. No target has been selected. Trust deposits will be $250 million ($10 per unit). The completion deadline is 24 months from the IPO's closing (by February 2028). Sponsor (HCM Investor Holdings IV, LLC) holds 8.625 million founder shares purchased for $25,000. A private placement of 4,666,667 warrants at $1.50 each will raise $7 million. Non-managing sponsor investors (institutional investors) may indirectly acquire 3.5 million private warrants and 2.1 million founder shares via membership interests in the sponsor. Why it matters: This is the SPAC's foundational IPO filing. It establishes the trust value, redemption mechanics (shareholders can redeem at $10 per share plus interest, minus taxes), the 24-month deadline, sponsor economics (founder shares costing $0.003 per share vs. public $10.00), and the priority of HCM III over HACQ in deal sourcing. It also discloses that prior SPACs sponsored by the management team — HCM I (MRNO, closing price $0.94) and HCM II (IMSR, $7.41) — experienced significant post-close declines, and that 83% of HCM I shares were redeemed before its combination.

●What changed:Final prospectus (424B4) for the initial public offering of D. Boral Acquisition I Corp., a blank-check SPAC, registering 25,000,000 units at $10.00 per unit. This is the IPO prospectus for a newly formed SPAC. No business combination target has been selected. The trust will hold $250,000,000 ($10.00 per unit). The deadline to complete a business combination is 18 months from closing, with one 3-month extension at the sponsor's option. Redemption rights are standard: public shareholders may redeem at the time of a business combination for cash equal to the trust account amount per share. A 15% cap on redemptions applies if a shareholder vote is used. The sponsor (D. Boral Sponsor I LLC) purchased founder shares at $0.002 per share and will buy 200,000 private units at $10.00 each. Why it matters: This filing establishes the full terms of a new SPAC IPO. For investors tracking redemption deadlines, the deadline is 18 months from the February 12, 2026 closing date (i.e., August 12, 2027), with a possible sponsor extension to November 12, 2027. The trust value is $10.00 per share initially, but the prompt states trust/share is $10.14, likely reflecting interest. The document includes extensive risk factors, dilution disclosures, and conflict-of-interest descriptions. The sponsor's low cost basis ($0.002 per founder share) and the underwriter's affiliation create significant incentive alignment risks.

●What changed:Prospectus filed under Rule 424(b)(4) for Columbus Circle Capital Corp II, a newly-formed SPAC conducting an initial public offering of 20,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of a redeemable warrant. This is the final prospectus for the IPO itself, not an update to an existing DEAL_ANNOUNCED SPAC—the SPAC is just going public. This is the initial public offering prospectus for a brand-new SPAC. Key mechanics: trust per share is $10.00 (200,000,000 deposited for 20,000,000 units); deadline is 24 months from closing (February 2028); founder shares are 7,666,667 Class B shares purchased for $25,000 (approx. $0.003/share) with up to 1,000,000 subject to forfeiture based on overallotment; anti-dilution provision adjusts Class B-to-Class A conversion ratio to maintain 25% aggregate ownership if additional equity is issued in the business combination; sponsor, officers, and directors have agreed to vote founder shares and private placement shares in favor of a business combination; non-managing sponsor investors may indirectly purchase 265,000 private placement units and 1,514,286 founder shares through sponsor membership interests; the underwriters (CCM and Clear Street) will receive a $4,000,000 underwriting fee and up to $8,000,000 business combination marketing fee; working capital loans of up to $1,500,000 may be converted into private placement units at $10.00/unit. The prospectus also discloses that the prior SPAC (Columbus Circle 1) experienced 91.2% redemption (23,434,229 of 25,000,000 shares) in its December 2025 business combination with ProCap BTC, and that the combined company (ProCap Financial Inc.) had a share price of $2.31 as of February 9, 2026. Why it matters: This filing establishes the baseline trust value, deadline, dilution mechanics, and sponsor incentives for a new SPAC. The 91.2% redemption rate and subsequent stock price decline of the prior Cohen-affiliated SPAC (Columbus Circle 1/ProCap Financial) is a critical track record disclosure that investors should weigh heavily. The sponsor's nominal cost for founder shares creates significant potential profit even if the post-combination stock price declines materially, and the anti-dilution protection could further dilute public shareholders. The 24-month deadline is standard but the failure of a prior sponsor-affiliated SPAC to retain shareholders raises questions.

●What changed:Final prospectus for an initial public offering (SEC Form 424B4) of Idea Acquisition Corp., a blank-check SPAC raising $350 million to acquire a company in the AI/LLM software vertical. This is the IPO prospectus itself — the SPAC is newly formed, has not selected a target, and has not initiated substantive discussions. It establishes the structure for the offering: 35 million units at $10.00/unit, $350 million deposited in trust ($10.00/share), a 24-month deadline to complete a business combination (to Feb 2028), the ability to seek shareholder extensions (up to 36 months), sponsor founder shares purchased for $25,000 (approx $0.002/share), and sponsor/underwriter private placement of 6 million warrants at $1.50 each. Why it matters: This filing establishes the baseline for IACO's trust value ($10.13/share as of filing, with $10.00 deposited per unit), deadline (Feb 11, 2028), and terms. Investors tracking redemptions and sponsor conduct should note the 15% cap on any single shareholder's redemptions absent consent, the sponsor's nominal $0.002/share cost for founder shares creating obvious incentive misalignment, and lock-ups (founder shares for 1 year post-deal; private placement warrants for 30 days post-deal). The prospectus warns the SPAC may be deemed a PFIC and acknowledges heightened Investment Company Act risk from holding trust assets over time, with a plan to possibly liquidate to cash to mitigate that.

●What changed:Prospectus filed pursuant to Rule 424(b)(4) accompanying the registration statement for the initial public offering of 20,000,000 units of Spartacus Acquisition Corp. II. This filing establishes the baseline mechanics for Spartacus Acquisition Corp. II ahead of its anticipated February 12, 2026 market launch. The prospectus states a trust account will be funded with $200,000,000 (or $230,000,000 if the underwriters fully exercise their 45-day over-allotment option) held at Continental Stock Transfer Trust Company. Why it matters: The document dictates the liquidity framework, dilution exposure, and extension parameters for investors. Because redemption payouts depend on the actual trust balance net of the specified $300,000 annual interest withdrawal cap and tax allowances, the eventual distribution may diverge from standard market conventions. The 24-month operational window capped at 36 months establishes the absolute timeline for liquidation or merger. Anti-dilution mechanics tied to the 25% founder stake and cashless warrant exercises introduce explicit equity compression risks.

●What changed:Final IPO prospectus (424B4) for Columbus Circle Capital Corp II, a blank-check company, filed to register its initial public offering of 20,000,000 units at $10.00 per unit. Initial filing of the final prospectus; establishes all terms of the SPAC IPO, including trust deposit of $10.00 per unit, 24-month completion window (through February 2028), redemption rights, warrant terms, sponsor compensation and share structure, and conflicts of interest. Why it matters: Defines the core mechanics for investors: trust value of $10.00 per share, deadline for a business combination, redemption procedures, and the significant dilution and incentive structures created by sponsor-held founder shares purchased for $0.003 per share. Sets the framework for evaluating sponsor conduct and future deal proposals.

●What changed:Form 424B4 prospectus registering Spring Valley Acquisition Corp. IV's initial public offering of $200,000,000 of units, each comprising one Class A ordinary share and one-fourth of one redeemable public warrant, priced at $10.00 per unit with a prospectus date of February 9, 2026. Why it matters: The $10.00 per unit trust deposit anchors the liquidation reference for public shareholders, though the filing explicitly warns creditor claims may take priority over public redemption rights, introducing tail risk to the trust balance. The 24-month operational window locks the 2028-02-10 terminal date, with extension votes mandating simultaneous proxy/tender redemption windows at the prevailing trust pro-rata amount; failure to secure a deal or shareholder-approved extension triggers 100% public share liquidation at the net trust balance.

●What changed:A Form 424B4 prospectus filed pursuant to Rule 424(b)(4) registering the initial public offering of 15,000,000 units of SPACSphere Acquisition Corp. This filing establishes baseline mechanics rather than amending prior terms. The prospectus specifies that $10.00 per unit ($150,000,000 total, or $172,500,000 if the underwriters’ over-allotment option is exercised in full) will be deposited into a U.S. trust account maintained by Odyssey Transfer and Trust Company. Redemption is priced at the aggregate trust balance as of two business days prior to consummation, net of permitted withdrawals. Why it matters: The document materializes severe structural misalignments between sponsor compensation and public shareholder outcomes. Because the prospectus discloses that the sponsor’s foundational investment costs approximately $0.004 per share and that $2,794,650 in private placement units and restricted shares would expire worthless without a transaction, the filing itself warns this creates an economic incentive for sponsors, officers, and directors to pursue combinations even with targets that subsequently decline in value or prove unprofitable for public investors.

●What changed:Final prospectus (424B4) for the initial public offering of Cambridge Acquisition Corp., a blank-check company formed to effect a merger or similar business combination. The offering is for 20,000,000 units at $10.00 per unit, each consisting of one Class A ordinary share and one-third of one redeemable warrant. The trust account will hold $200,000,000 ($10.00 per public share). The company has until 24 months from the closing date (February 9, 2026) to complete a business combination, with possible extensions by shareholder vote. No target has been selected and no substantive discussions have occurred. This is the initial prospectus for the SPAC's IPO. All terms are being established for the first time. Key terms: $10.00 per unit, 20 million units, trust $200 million, 24-month deadline, sponsor owns 25% via founder shares purchased at $0.003 per share, sponsor also purchasing 455,000 private placement units at $10.00 each. Public shareholders have redemption rights at the time of business combination. There is a 15% cap on redemptions by any single shareholder group if a shareholder vote is held. The company intends to focus on high-growth recession-resilient sectors including harm-reduction, wellness, hemp-derived consumables, psychedelics, and technology-enabled platforms.

●What changed:This is a final prospectus (424B4) for the initial public offering (IPO) of Hennessy Capital Investment Corp. VIII (HCIC), a newly formed blank-check company. The document constitutes the registration statement that becomes effective and is used to sell securities to the public. This filing is the first public disclosure of the final terms of the IPO. It establishes the trust at $210,000,000 (assuming no over-allotment), confirms trust per-share value of $10.00, and sets the 24-month deadline to complete a business combination from the closing of this offering (closing on or about February 6, 2026, making the deadline approximately February 5, 2028). It details the sponsor structure, the 30.1% founder share structure (higher than the typical 20%), and the specific redemption mechanics (including a 15% aggregate cap on shareholder redemptions if a shareholder vote is used). Why it matters: This filing provides the baseline trust value ($10.00/share), deadline, and all operating terms that will govern the SPAC until a deal is announced. Investors can now assess the sponsor's track record (detailed in the prospectus), the dilution from the 30.1% founder shares, and the specific terms under which they can redeem. The document also establishes the current shareholder base.

●What changed:Final prospectus (424B4) for the initial public offering of Cantor Equity Partners VI, Inc., a blank check SPAC seeking a business combination, with terms including 10,000,000 Class A ordinary shares at $10.00 per share, a $100 million trust ($10.00 per share), a 24-month deadline, and sponsor founder shares at $0.009 per share. This is the first offering document for this SPAC, establishing all IPO terms including trust size, redemption rights, sponsor compensation, deadline, and conflict disclosures; no prior public filing exists for CEPS. Why it matters: Sets the baseline trust value ($10.00 per share), deadline (February 2028), sponsor economics (founder shares at nominal cost, private placement at $10.00), redemption mechanics, and significant conflicts of interest with Cantor and multiple other active SPACs; investors need these terms to assess the SPAC's structure and risks.

●What changed:A final prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of a blank check company (SPAC), Colombier Acquisition Corp. III. This is the first public filing pricing and launching the IPO of 26,000,000 units at $10.00 per unit, raising $260,000,000, placed into trust at $10.02 per share as of the December 31, 2025 filing date. The trust per-share value at that date per the corporation's own analysis (assuming no exercise of the over-allotment and assuming no redemptions) is shown as $10.02. The company has a 24-month deadline to close a business combination (extendable to 27 months with a signed letter of intent), with no automatic monthly extension provisions. The deadline runs from the closing of this offering, anticipated February 5, 2026, making the base deadline February 2028. Why it matters: This filing establishes the core redemption mechanics and trust value for the SPAC's lifecycle. Investors need the $10.02 trust value (per the prospectus's own December 31, 2025 balance sheet capsule) and the 24-27 month deadline to track redemption risk. The prospectus discloses that the sponsor paid $0.003 per founder share, creating a massive dilution incentive. The sponsor (Colombier Sponsor III LLC, controlled by Omeed Malik) will own 25.3% of post-offering shares for a $25,000 investment plus $1.5 million in private placement units. The underwriter (Roth Capital) receives 260,000 founder shares as compensation instead of a cash discount. The document details a 15% cap on any single shareholder's redemption if a shareholder vote is used. The search strategy explicitly targets the 'EIG' (Entrepreneurship, Innovation, Growth) economy in sectors like AI, defense tech, and domestic manufacturing. Names on the lock-up agreement include Donald J. Trump, Jr., Chamath Palihapitiya, Blake Masters, and Laura Ingraham.

●What changed:Final prospectus (424B4) for the initial public offering of a newly organized blank-check SPAC, establishing the definitive terms of the offering and the company's governing documents. No prior prospectus exists for this SPAC. This filing sets the IPO terms: 15,000,000 units at $10.00 per unit ($150,000,000 gross), each unit consisting of one Class A ordinary share and one-half of one redeemable warrant ($11.50 exercise price). Trust account initially $10.00 per public share. Deadline to complete a business combination is 24 months from closing (estimated February 4, 2028). Sponsor purchased 5,750,000 founder shares for $25,000 ($0.00435/share). Sponsor and underwriter commit to purchase 401,000 private placement units at $10.00 per unit. No target business identified. Redemption rights: public shareholders may redeem shares upon completion of a business combination or upon certain charter amendments; no minimum tangible asset threshold; 20% cap on redemptions by any group if shareholder vote is used. Lock-up periods: founder shares locked up for 180 days post-business combination or until $11.50 price trigger; private placement units locked up for 30 days post-business combination. Why it matters: Establishes the baseline trust value ($10.00 per share) and deadline (February 4, 2028) for all future redemption calculations, extension votes, and trust distributions. Discloses sponsor's nominal cost for founder shares and potential dilution. Provides the governance framework for shareholder redemptions and sponsor conduct. No target has been selected; investors are committing capital without a specific acquisition in view.

●What changed:An IPO prospectus (Rule 424(b)(4) filing) establishing the initial public offering of M Evo Global Acquisition Corp II units. This prospectus codifies the foundational mechanics for redemptions, trust maintenance, extensions, and sponsor compensation ahead of any target search. Per the filing, proceeds of $270,000,000 (or $300,000,000 if the underwriters exercise their 3,000,000-unit over-allotment option) will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer and Trust Company, reflecting a stated $10.00 per unit placement. Why it matters: Investors receive a complete, pre-negotiated capital structure before target identification, enabling accurate modeling of dilution floors and liquidity exits. The 15% single-entity redemption cap materially alters standard SPAC dynamics by protecting the trust account from being stripped by coordinated activist campaigns or algorithmic trading, thereby preserving capital for larger transactions. The mandatory deduction of up to $100,000 for liquidation expenses ensures the final per-share distribution will mathematically trail the gross trust balance.

●What changed:424B4 prospectus for the initial public offering of Muzero Acquisition Corp, a blank-check SPAC. This is the final prospectus for MUZE's IPO, setting the terms of the offering: 17,500,000 units at $10.00/unit, $175 million in trust ($10.15/share as of filing date), 24-month deadline to February 2028, with a 15% redemption cap per shareholder if a vote is held, and no target selected. The document also discloses that the independent auditor's report contains a going concern qualification. Why it matters: This is the definitive IPO document for a new SPAC. It sets all the mechanical terms investors need to track: trust value per share ($10.15 as of this filing), redemption mechanics (available regardless of vote, 15% cap if shareholder vote held), deadline structure (24 months from closing, extendable with shareholder vote), sponsor economics ($0.004/share for founder shares vs $10.00 for public), and the significant dilution public shareholders face. It also confirms no target discussions have occurred.

●What changed:A Rule 424(b)(4) Prospectus for the initial public offering of 5,000,000 units of Newbridge Acquisition Limited, a British Virgin Islands blank check company, priced at $10.00 per unit. The prospectus establishes that public shareholders hold redemption rights triggered at a per-share price calculated by dividing the aggregate Equiniti Trust Company, LLC trust account balance by public shares. Why it matters: For investors tracking redemption timelines and sponsor alignment, the filing confirms that extension periods bypass shareholder votes and redemption opportunities, effectively transferring timeline control entirely to Wealth Path Holdings Limited. The documented anti-dilution mechanism ensures that any equity or equity-linked securities deployed to close a merger will disproportionately dilute public shareholders unless explicitly waived. Attributed to management disclosures, prior leadership experience spans past SPAC transactions with Scienjoy Inc.

●What changed:Initial public offering prospectus (424B4) for K2 Capital Acquisition Corporation, a blank check company (SPAC), filed pursuant to Rule 424(b)(4) after the registration statement became effective. First-time public disclosure of the SPAC's IPO terms, including trust mechanics, redemption rights, deadline, sponsor compensation, and capital structure. Why it matters: Establishes the baseline trust value of $10.00 per share, a 18-month deadline to complete a business combination (extendable via unlimited shareholder votes), and details on sponsor economics (founder shares at ~$0.004 per share). Investors should note substantial dilution risk, potential conflicts of interest due to low sponsor cost basis, and the anti-dilution provision that could increase founder share conversion ratio above 1:1.

●What changed:Final prospectus for initial public offering of 10,000,000 units at $10.00 per unit, each consisting of one Class A ordinary share and one right to receive one-fifth of a Class A ordinary share upon a business combination. This is the initial public offering prospectus for White Pearl Acquisition Corp., a blank check company. No prior public filings exist; this establishes all terms of the SPAC for the first time. Why it matters: Sets the terms for redemption (trust value initially $10.00 per share, redeemable upon business combination or liquidation after 18 months), deadline (18 months from closing, approximately August 2027), sponsor economics (founder shares purchased for $0.0065 per share, creating significant dilution risk), and risk factors including significant China-related legal and operational risks due to sponsor and management ties. Investors use this to evaluate the SPAC's structure and risks.

●What changed:Prospectus for initial public offering of Xsolla SPAC 1, a blank check company (Cayman Islands exempted), filed pursuant to Rule 424(b)(4). Initial public offering effective; 20,000,000 units offered at $10.00 per unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant. $200,000,000 deposited into trust account ($10.00 per public share). Deadline to complete initial business combination is 24 months from closing (January 2028). No target has been selected and no substantive discussions have occurred. Sponsor purchased 7,666,667 founder shares for $25,000 ($0.0033 per share) and committed to buy 400,000 private placement units at $10.00 per unit ($4,000,000). Sponsor will receive $10,000 per month for office and administrative support. Redemption rights: public shareholders may redeem shares upon completion of business combination at per-share price equal to trust account amount (including interest) divided by number of public shares. Extensions possible via shareholder vote with no limit on number. Management team includes Aleksandr Agapitov (Chairman, founder of Xsolla), Dmitry Burkovskiy (CEO), Rytis Joseph Jan (CFO), Carla Bedrosian (CLO), and six independent directors. Target industry focus: video games, fintech, ad tech, telecommunications. Target enterprise value: $500 million to $1 billion. Why it matters: This filing establishes the SPAC's core terms: trust size, per-share redemption value, deadline, sponsor economics, and redemption mechanics. All future redemptions, extensions, and business combination decisions will be measured against these baseline terms. It also provides detailed background on management, strategy, and conflicts of interest, which are critical for evaluating sponsor conduct and deal prospects.

●What changed:Final prospectus (424B4) for the initial public offering of KRAKacquisition Corp, a blank check company formed by Kraken, Tribe Capital, and Natural Capital to acquire a business in the digital asset ecosystem. The offering is 30,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-fourth of one warrant. This document establishes the IPO terms and all SPAC mechanics for KRAQ. Key terms: $300 million trust ($10.00 per share), 24-month deadline from closing (January 29, 2026), no minimum redemption threshold, 15% aggregate redemption limit per group, sponsor holds 19.7% of shares via founder shares purchased for $0.0029 each, sponsor also purchases 2.25M private placement warrants at $1.00 each. Redemption rights upon business combination at trust value per share. Extensions require shareholder vote with redemption rights. No target selected; focus on digital asset infrastructure. Why it matters: This is the foundational document for the SPAC. Investors need to know the trust value ($10.00 per share initially, may grow with interest), the deadline (24 months from Jan 29, 2026), the sponsor's low-cost founder shares creating alignment/incentive issues, the lack of a minimum redemption threshold, and the redemption mechanics. The involvement of Kraken, Tribe, and Natural Capital adds credibility but also potential conflicts. The document also details warrant terms, dilution, and sponsor compensation. This filing is material for all future tracking of KRAQ's progress.

●What changed:Prospectus (424B4) for initial public offering of a special purpose acquisition company (SPAC) – United Acquisition Corp. I, a blank-check company searching for a business combination target. This is the final prospectus for the IPO, establishing the initial terms: 10,000,000 units at $10.00/unit, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant (exercise price $11.50). Trust account initially $10.00 per public share ($100 million). Deadline to complete a business combination is 24 months from closing (expected ~January 30, 2028). Public shareholders may redeem shares for cash at the trust per-share amount upon completion of a business combination. If seeking shareholder approval, a shareholder (together with affiliates) is limited to redeeming no more than 15% of public shares without consent. No minimum net tangible asset condition. Sponsor obtained founder shares at $0.009 per share, creating potential conflicts of interest. Sponsor also commits to purchase private placement warrants and units. Underwriters have a 45-day over-allotment option for up to 1,500,000 additional units.

●What changed:A Rule 424(b)(4) IPO prospectus for Space Asset Acquisition Corp. detailing the initial public offering of 20,000,000 units priced at $10.00 each, with each unit comprising one Class A ordinary share and one-third of one redeemable warrant, accompanied by a simultaneous private placement of up to 645,000 units. The filing establishes a fixed 24-month completion window from the anticipated January 29, 2026 closing, mandating that $200,000,000 ($10.00 per public share) be deposited into a United States trust account administered by Efficiency INC. Why it matters: According to the prospectus, the company targets the global space economy, technology, and defense sectors, claiming market expansion from approximately $450 billion in 2020 to $613 billion in 2024, with independent forecasts projecting growth to $1.16 trillion in 2030 and $1.8 trillion by 2035. The filing states private sector investment rose from under $1 billion in the early 2010s to more than $10 billion recently, while government budgets include sustained U.S.

●What changed:An initial public offering prospectus (424B4) for a newly formed blank-check company, Mountain Lake Acquisition Corp. II, filed pursuant to Rule 424(b)(4). This is the IPO prospectus for a SPAC that had not previously selected a target. The document establishes the terms of the offering: 31,320,000 units at $10.00 per unit ($313.2 million), with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant (exercise price $11.50). The trust is seeded with $10.00 per public share, and the deadline to complete a business combination is 24 months from the closing of this offering (January 28, 2028). The sponsor (Mountain Lake Acquisition Sponsor II LLC) and BTIG are purchasing 886,400 private placement units at $10.00 each. The prospectus also details founder shares (12,006,000 Class B shares, held by sponsor, convertible into Class A at deal close), transfer restrictions, redemption mechanics, and extensive conflict-of-interest and risk disclosures. Why it matters: This filing establishes the baseline terms for all future redemption calculations, trust value tracking, and deal evaluation for MLAA. The trust per-share amount is set at $10.00 at IPO. The deadline is 24 months post-close (January 28, 2028). The document confirms the sponsor and underwriter stakes, founder share dilution, and the redemption mechanics (shareholders can redeem regardless of vote, with a 15% cap if a shareholder vote is used). The lack of a selected target means the SPAC is in 'searching' status. The disclosure of a prior failed SPAC (SLAC, which liquidated) and an active SPAC (MLAC) controlled by the same management team is material for assessing sponsor conduct and potential conflicts of interest.

●What changed:A final prospectus filed pursuant to Rule 424(b)(4) for the initial public offering of GigCapital9 Corp., a newly organized blank check company/SPAC seeking a business combination. GIX completed its $220 million IPO on January 28, 2026, selling 22,000,000 units at $10.00 per unit. $10.00 per public unit ($220,000,000 total) is deposited into the trust. The trust-per-share starts at $10.00, not the provided 'trust/share $10.15'. The deadline to complete a business combination is 24 months from closing (by approximately January 2028). The sponsor (GigAcquisitions9 Corp., controlled by Dr. Avi Katz and Dr. Raluca Dinu) and other insiders purchased 107,500 private placement units at $9.7374 each. Ten groups of institutional investors (non-managing investors) committed to purchase 3,178,430 Class B shares and 260,000 private placement units simultaneously. The prospectus discloses extensive dilution, a nominal purchase price for founder/insider shares ($0.0091 per share aggregate), and significant potential conflicts of interest due to sponsor and management incentives. The SPAC has not selected a target. It intends to focus on aerospace/defense services and TMT (including cybersecurity, quantum, AI/ML). Five of the sponsor's prior eight SPACs completed deals, one entered into a deal, one liquidated, and one is still searching.

●What changed:Prospectus filed pursuant to Rule 424(b)(4) for an initial public offering of units. This document is a prospectus filed pursuant to Rule 424(b)(4) for an initial public offering of units. Regarding mechanics, the company states it has not selected a business combination target and has not initiated substantive discussions with any target. Why it matters: Investors monitoring this SPAC should recognize that the absence of a target or active discussions confirms the entity remains in the initial search phase, making the prospectus structuring the primary reference for valuation dynamics. The defined redemption formula and exclusion of Inflation Reduction Act excise taxes establish clear liquidity baselines, while the unlimited extension framework paired with mandatory pro-rata trust distributions preserves shareholder optionality without imposing hard deadlines beyond the disclosed 24-to-27-month window.

●What changed:A prospectus (Form 424B4) for the initial public offering of 24,000,000 units of Archimedes Tech SPAC Partners III Co., a Cayman Islands exempted blank check company incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination. The filing establishes the structural mechanics for the public offering and post-IPO period. Why it matters: The prospectus outlines a strategy focused on identifying targets in the artificial intelligence, cloud services, and automotive technology sectors, primarily in the United States. Management disclosures attribute prior transaction experience to the executive team and board, referencing their roles in Archimedes Tech SPAC Partners Co. (which merged with SoundHound AI in April 2022, with approximately 96% of public shares redeemed), Ackrell SPAC Partners I Co. (liquidated in August 2022), Global SPAC Partners Co.