XFLH Capital, Proem Acquistion, and HCM IV IPO to Make it 15 for February. Inception Growth Extension Approved. Churchill Capital + Infleqtion and Horizon Space II + SL Bio Deal Votes.
Boardroom Alpha SPAC Resources
– Full SPAC Listing
– SPAC SEC Filings
– Boardroom Alpha IPO & SPAC Intelligence Platform (7-Day Trial)
SPAC IPO UPDATE
SPAC IPO Count
SPAC IPO: XFLH CAPITAL CORP (XFLH)
Ticker: XFLH (Units: XFLHU)
Size: $100 Million
Sponsor: XFLH Holdings Limited
XFLH Capital Corp. priced its upsized $100 million initial public offering on February 11, 2026, and begins trading on the Nasdaq today. Originally seeking $60 million, the 67% increase in deal size signals robust appetite for middle-market growth vehicles, despite the team’s specific focus on the complex regulatory landscape of Asian markets. The company is positioning itself as a bridge for growth-stage entities requiring a sophisticated public entry, particularly those avoiding the scrutiny pitfalls of non-PCAOB compliant audits.
Strategy: The SPAC is targeting middle-market growth businesses in Asia, with a primary focus on the People’s Republic of China. Management is hunting for targets with enterprise values between $200 million and $400 million that demonstrate stable free cash flow and a proven track record of revenue growth.
Leadership Team:
- Yanzhe Yang (CEO & Director): Founder and CEO of Aorui Health Management with extensive experience in strategic investment and corporate consulting.
- Tianshi Yang (CFO): A seasoned finance executive with a decade of experience across four Nasdaq-listed entities, including SunCar Technology Group and TD Holdings.
Structure: 10 million units at $10.00. Each unit consists of one ordinary share and one right to receive one-seventh (1/7) of an ordinary share upon completion of a business combination. Maxim Group LLC acted as the lead book-running manager.
SPAC IPO: PROEM ACQUISITION CORP. I (PAAC)
Ticker: PAAC (Units: PAACU)
Size: $130 Million
Sponsor: Proem SPAC Partners I LLC
Proem Acquisition Corp. I priced its $130 million IPO on February 11, 2026, hitting the Nasdaq Global Market today. The vehicle is steered by a high-pedigree management team with deep roots in the tech and social media sectors. By leveraging the sponsor’s background at Snap and Proem Asset Management, the SPAC aims to capitalize on the current valuation reset in the global technology sector, seeking targets that offer “disruptive” potential rather than just incremental growth.
Strategy: While broadly focused, the SPAC is aggressively pursuing global technology businesses. Key criteria include companies with large addressable markets (TAM), innovative proprietary capabilities, and a clear path to sustainable growth in the public markets.
Leadership Team:
- Imran Khan (CEO & Chairman): Founder of Proem Asset Management and e-commerce platform Verishop. Khan is best known as the former Chief Strategy Officer of Snap Inc. (SNAP).
- Greg Pearson (CFO): Partner at Proem Asset Management and a CPA with a background in complex financial operations and compliance.
Structure: 13 million units at $10.00. Each unit consists of one ordinary share and one-half (1/2) of one redeemable warrant. Clear Street LLC acted as the sole book-running manager.
SPAC IPO: HCM IV ACQUISITION CORP. (HACQ)
Ticker: HACQ (Units: HACQU)
Size: $250 Million
Sponsor: Hondius Capital Management
HCM IV Acquisition Corp. priced its $250 million IPO on February 11, 2026, marking the fourth vehicle from the Hondius Capital team. The launch follows a string of successful exits, including the recent merger of HCM II with Terrestrial Energy. Led by former Cantor Fitzgerald CEO Shawn Matthews, this latest vehicle is significantly larger than its predecessors, reflecting the sponsor’s confidence in sourcing “fundamentally sound” tech targets that are currently undervalued or require capital for scale.
Strategy: The team is concentrated on technology and software infrastructure within the financial services, real estate, and asset management verticals. They are targeting established, domestic and global businesses that provide disruptive innovations to the “FinTech” and “PropTech” ecosystems.
Leadership Team:
- Shawn Matthews (Chairman & CEO): Founder of Hondius Capital and former CEO of Cantor Fitzgerald & Co. (2009–2018).
- Steve Bischoff (CFO): An executive with deep roots in the financial services sector and current EVP at Atlantic Home Loans.
Structure: 25 million units at $10.00. Each unit consists of one Class A ordinary share and one-quarter (1/4) of one redeemable warrant. Cantor Fitzgerald & Co. acted as the sole book-runner.
NEW SPAC IPOs
Feb 12: HACQ – HCM IV Acquisition Corp. $250M IPO
Feb 12: XFLH – XFLH Capital Corp $100M IPO
Feb 12: PAAC – Proem Acquisition Corp. I $130M IPO
Feb 11: CMII – Columbus Circle Capital Corp II $200M IPO
Feb 11: TMTS – Spartacus Acquisition Corp. II $200M IPO
Feb 11: DBCA – D. Boral Acquisition I Corp. $250M IPO
Feb 11: IACO – Idea Acquisition Corp. $350M IPO
Feb 10: SVIV – Spring Valley Acquisition Corp. IV $200M IPO
Feb 06: CAQ – Cambridge Acquisition Corp. $200M IPO (+underwriter overallotment: $30M)
Feb 06: SSAC – Spacsphere Acquisition Corp. $150M IPO (+underwriter overallotment: $22.5M)
Feb 05: CEPS – Cantor Equity Partners VI, Inc. $100M IPO (+underwriter overallotment: $15M)
Feb 05: HCIC – Hennessy Capital Investment Corp. VIII $210M IPO (+underwriter overallotment: $31.5M)
Feb 04: CLBR – Colombier Acquisition Corp. III $260M IPO (+underwriter overallotment: $39M)
Feb 03: IRAB – Iris Acquisition Corp Ii $150M IPO (+underwriter overallotment: $18.5M)
Feb 02: WPAC – White Pearl Acquisition Corp $100M IPO (+underwriter overallotment: $15M)
DAILY SPAC UPDATE
SPAC VOTE RESULTS
IGTA – INCEPTION GROWTH ACQUISITION LTD * Extend to Aug 13, 2026 * 13,851 redeemed
MERGER VOTES
CCCX – Churchill Capital Corp X + Infleqtion
Infleqtion is a global leader in neutral-atom quantum technology. We design and build quantum computers, precision sensors, and quantum software for governments, enterprises, and research institutions. Our commercial portfolio includes quantum computers as well as quantum RF systems, quantum clocks, and inertial navigation solutions. Infleqtion is the partner of choice for governments and commercial customers seeking cutting-edge quantum capabilities.
HSPT – Horizon Space Acquisition II Corp + SL Bio Ltd.
SL Bio is a biomedical company focused on developing innovative cellular and gene therapies for cancer treatment and regenerative medicine. Leveraging proprietary technologies and strategic partnerships, the company is advancing next-generation immunotherapies and exosome-based products for both medical and consumer applications. SL Bio’s approach combines scientific expertise with a commitment to improving patient outcomes and addressing unmet needs in healthcare. SL Bio also offers ISO-certified, dermatologically tested cow milk-derived exosome-based products and plant extract products for skin and hair care, with commercial distribution in Asia.
SPAC DEAL & EXTENSION VOTES SET
TETEF – Technology & Telecommunication Acquisition Corp * EXTENSION VOTE SET: Feb 20, 2026 * trust $12.92
SPAC EXECUTIVE / DIRECTOR MOVES
| Company | Ticker | Moves |
|---|---|---|
| BLEICHROEDER ACQUISITION CORP II | BBCQ |
|
SEPARATE WARRANTS/RIGHTS
Feb 12: SILICON VALLEY ACQUISITION CORP (SVAQ)
Feb 12: SOCIAL COMMERCE PARTNERS CORP (SCPQ)
Feb 09: LAUNCHPAD CADENZA ACQUISITION CORP I (LPCV)
Feb 09: CHURCHILL CAPITAL CORP XI (CCXI)
Feb 09: VINE HILL CAPITAL INVESTMENT CORP II (VHCP)
SPAC MOVERS
YESTERDAY’S TOP SPAC GAINERS
13.3% ~ $ 14.35 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
6.7% ~ $ 10.72 | HSPT – HORIZON SPACE ACQUISITION II CORP (Announced)
3.2% ~ $ 12.88 | ASPC – ASPAC III ACQUISITION CORP (Announced)
1.8% ~ $ 13.90 | PCSC – PERCEPTIVE CAPITAL SOLUTIONS CORP (Pre-Deal)
1.1% ~ $ 11.51 | AEXA – AMERICAN EXCEPTIONALISM ACQUISITION CORP A (Pre-Deal)
YESTERDAY’S TOP SPAC LOSERS
-12.3% ~ $ 5.70 | RDAC – RISING DRAGON ACQUISITION CORP (Announced)
-1.3% ~ $ 9.87 | ADAC – AMERICAN DRIVE ACQUISITION CO (Pre-Deal)
-1.3% ~ $ 9.88 | ZKP – LAFAYETTE DIGITAL ACQUISITION CORP I (Pre-Deal)
-1.2% ~ $ 11.70 | TBMC – TRAILBLAZER MERGER CORP I (Announced)
-1.2% ~ $ 10.24 | CCXI – CHURCHILL CAPITAL CORP XI (Pre-Deal)