Daily SPAC Update – September 22, 2025

by | Sep 22, 2025

Patria Latin American Liquidates at $12.35. Cartica Extension Vote Set. IB Acquisition Shareholders to Vote on Extension. HCM III Separate Trading Today.

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Daily SPAC Update

EXTENSION VOTES
IBAC – IB ACQUISITION CORP * vote September 22, 2025 -> extend from September 28, 2025 to March 28, 2026

SPAC DEAL & EXTENSION VOTES SET
CITE – Cartica Acquisition Corp * EXTENSION VOTE SET: Oct 03, 2025 * trust $12.44

SPAC LIQUIDATIONS
Patria Acquisition Corp. (PLAO)-> Liquidation on Sep 26

SEPARATE WARRANTS/RIGHTS
Sep 22: HCM III ACQUISITION CORP (HCMA)
Sep 19: CSLM DIGITAL ASSET ACQUISITION CORP III LTD (KOYN)

OTHER SPAC NEWS
PLAO – PATRIA LATIN AMERICAN OPPORTUNITY ACQUISITION CORP * Liquidation-> 2025-09-26 * trust $12.35
WLAC – WILLOW LANE ACQUISITION CORP * Merger Agreement
ESHA – ESH ACQUISITION CORP * Merger Agreement
IRRX – INTEGRATED RAIL & RESOURCES ACQUISITION CORP * Merger Agreement Amendment

NEW SPAC IPOs
Sep 19: LATA – Galata Acquisition Corp. Ii $150M IPO
Sep 16: CHECU – Chenghe Acquisition Iii $110M IPO (+underwriter overallotment: $16.5M)
Sep 12: OTGA – Otg Acquisition Corp. I $200M IPO (+underwriter overallotment: $30M)

SPAC IPO UPDATE
Glatata Acquisition’s $150M debut brings the 2025 SPAC IPO count to 91 year-to-date. That’s already on pace to double last year’s total—a clear sign that SPACs are regaining momentum. Still, the story isn’t all fireworks.

May’s surge gave hope for a sustained breakout, but since then the market has settled into a slower, steadier rhythm. Activity has cooled, but it hasn’t vanished—far from it.

The big picture: SPAC IPO activity is now at its highest sustained level since the peak-SPAC era. While the pace may not match the mania of 2021, the consistency we’re seeing today could be even more important for market health. For participants, that means opportunity in a market that’s more in balance and sustainable as a vehicle for public market activity.

SPAC IPO Update - September 9, 2025

SPAC Movers

YESTERDAY’S TOP SPAC GAINERS
46.92% ~ $ 22.20 | ATMV – ALPHAVEST ACQUISITION CORP (Announced)
8.18% ~ $ 12.17 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
5.47% ~ $ 13.50 | HOND – HCM II ACQUISITION CORP (Announced)
4.46% ~ $ 12.65 | ISRL – ISRAEL ACQUISITIONS CORP (Announced)
3.30% ~ $ 13.79 | DMYY – DMY SQUARED TECHNOLOGY GROUP INC (Announced)

YESTERDAY’S TOP SPAC LOSERS
-2.81% ~ $ 11.08 | AACT – ARES ACQUISITION CORP II (Announced)
-.39% ~ $ 10.18 | PCAP – PROCAP ACQUISITION CORP (Pre-Deal)
-.39% ~ $ 10.21 | GTEN – GORES HOLDINGS X INC (Pre-Deal)
-.33% ~ $ 10.29 | FACT – FACT II ACQUISITION CORP (Pre-Deal)
-.28% ~ $ 10.75 | LEGT – LEGATO MERGER CORP III (Pre-Deal)

LATEST SPAC IPO PERFORMANCE
Sep 19 | LATA – Galata Acquisition Corp. II
Sep 16 | $ 9.99 | CHECU – Chenghe Acquisition III
Sep 12 | $ 10.04 | OTGA – OTG Acquisition Corp. I
Sep 10 | $ 10.06 | BLZR – Trailblazer Acquisition Corp.
Sep 09 | $ 10.03 | TLNC – Talon Capital Corp.
Sep 04 | $ 10.15 | SVAC – Spring Valley Acquisition Corp. III
Sep 04 | $ 10.16 | GSRF – GSR IV Acquisition Corp.
Aug 27 | $ 10.08 | MBVI – M3-Brigade Acquisition VI Corp.
Aug 27 | $ 10.14 | KOYN – CSLM Digital Asset Acquisition Corp III, Ltd

Recent Analysis

Daily SPAC Update – September 25, 2025

Emmis Acquisition and Drugs Made in America II SPAC IPOs Make it Almost 100 for 2025. Kodiak Robotics / Ares DeSPACs. Yorkville Takes Over Sponsorship of Texas Ventures III.

Executive Moves Update – September 19, 2025

Struggling Crown Castle names Christian Hillabrant CEO, Dexcom appoints interim leaders, Canopy Growth installs CFO amid losses, Bank of America strengthens leadership team. See this week’s key executive moves.

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