Metals Acquisition II IPOs. Inflection Point IV + Merlin and Voyager + VERAXA Deal Votes. Harry You Talks Up Quantum Deal for DMY.
SPAC IPO UPDATE
SPAC IPO Count
SPAC IPO: METALS ACQUISITION CORP. II (MTAL)
Ticker: MTAL (Units: MTALU)
Size: $200 Million
Sponsor: Metals Acquisition Corp. II (Metals Acquisition Limited)
Metals Acquisition Corp. II priced its $200 million initial public offering on March 11, 2026, and begins trading on the NYSE today. This is the second blank-check vehicle from Mick McMullen and the Metals Acquisition Limited (MAC) team, following their successful $1.1 billion acquisition of the CSA Copper Mine from Glencore in 2023. The sponsor is doubling down on a proven thesis: acquiring high-quality, cash-generative mining assets that are critical to the global energy transition.
Strategy: The SPAC is targeting metals and mining assets globally, with a specific focus on “green” metals—copper, nickel, lithium, and cobalt—essential for the electrification of the global economy. The team prioritizes brownfield assets in stable jurisdictions (Tier 1 mining districts) where they can apply operational expertise to optimize production and extend mine life.
Leadership Team:
- Mick McMullen (CEO & Director): A veteran mining executive and former CEO of Detour Gold, where he oversaw a turnaround leading to a $3.7 billion acquisition by Kirkland Lake Gold.
- Marthinus J. Kloppers (Chairman): The former CEO of BHP, bringing unparalleled institutional weight and M&A experience to the deal-sourcing pipeline.
- Danielle Kaesermann (CFO): An experienced mining finance professional with a track record in structured finance and capital markets within the natural resources sector.
Structure: 20 million units at $10.00. Each unit consists of one ordinary share and one-third (1/3) of one redeemable warrant. Each whole warrant entitles the holder to purchase one ordinary share at $11.50. The structure is traditional for high-conviction sector plays, providing investors with leveraged upside in a volatile commodities market. Citigroup and Canaccord Genuity acted as joint book-running managers.
| Date | Ticker | Issuer | IPO Size |
|---|---|---|---|
| Mar 12 | MTAL | Metals Acquisition Corp. II | $200M |
| Mar 11 | SUMA | SUMA Acquisition Corp | $150M |
| Mar 04 | GLED | GALAXYEDGE ACQUISITION CORP | $100M |
| Mar 04 | KCAC | KENSINGTON CAPITAL ACQUISITION CORP VI | $200M $30M overallotment |
DAILY SPAC UPDATE
SPAC MERGER VOTES
BACQ – Inflection Point Acquisition Corp Iv + Merlin
Merlin is the leading U.S.-based developer of cost-effective, takeoff-to-touchdown autonomy for both legacy and next-generation airborne systems. Our aircraft-agnostic, AI-powered software is purpose-built for military and civil programs, and is powering an expanding range of missions and aircraft, proven through hundreds of autonomous flights from test facilities across the globe. With $100M+ total in awarded contracts from military customers, Merlin is helping to solve national security challenges through safe, reliable autonomy.
VACH – Voyager Acquisition Corp + VERAXA Biotech
At VERAXA Biotech, we are building a premier engine for the discovery and development of next-generation antibody-based therapeutics, including BiTAC antibody-drug conjugates (“BiTAC ADCs”), bispecific T cell engagers (“BiTAC TCEs”), and other innovative formats. Powered by a suite of transformative technologies and guided by rigorous quality-by-design principles, we are rapidly advancing our pipeline of ADCs and proprietary BiTAC formats into clinical development and beyond. VERAXA Biotech was founded on scientific breakthroughs made at the European Molecular Biology Laboratory (“EMBL”), a world-renowned institution known for pioneering life science research and cutting-edge technologies.
EXTENSION VOTES
RIBB – RIBBON ACQUISITION CORP
WELNF – INTEGRATED WELLNESS ACQUISITION CORP
DEAL TERMINATION: YOTA – YOTTA ACQUISITION CORP
Deal Termination: Effective March 4, 2026
Target: DRIVEiT Financial Auto Group, Inc.
Yotta Acquisition Corp. formally pulled the plug on its business combination with DRIVEiT Financial Auto Group, Inc. on March 4, 2026. The termination ends a merger process originally initiated in August 2024 that sought to bring the electric vehicle “superstore” operator public at a $100 million equity valuation. With the DRIVEiT deal off the table and the SPAC’s combination window narrowing, Yotta now faces the immediate pressure of securing a new target or proceeding toward mandatory liquidation.
This marks the second high-profile failure for the Yotta team. The SPAC previously spent nearly a year pursuing a $275 million merger with NaturalShrimp Incorporated, a deal that was ultimately terminated by the target in July 2023. NaturalShrimp cited Yotta’s inability to meet the “Net Tangible Asset” requirement—a $5 million minimum threshold—as the primary cause for the breach. The subsequent fallout included a disputed $3 million termination fee and mutual accusations of contractual non-performance.
OTHER SPAC NEWS
DMYY – DMY SQUARED TECHNOLOGY GROUP INC * Media Transcript
LKSP – LAKE SUPERIOR ACQUISITION CORP * Investor Deck
SEPARATE WARRANTS/RIGHTS
Mar 16: ARCHIMEDES TECH SPAC PARTNERS III CO (ARCI)
Mar 13: X3 ACQUISITION CORP LTD (XCBE)
Mar 10: INFINITE EAGLE ACQUISITION CORP (IEAG)
Mar 09: FG IMPERII ACQUISITION CORP (FGII)
Mar 09: XFLH CAPITAL CORP (XFLH)
| Company | Ticker | Moves |
|---|---|---|
| CANTOR EQUITY PARTNERS V INC | CEPV |
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| CAPITALWORKS EMERGING MARKETS ACQUISITION CORP | CMCAF |
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SPAC MOVERS
| Company | Ticker | Change | Price | Stage |
|---|---|---|---|---|
| TRAILBLAZER MERGER CORP I | TBMC | 18.7% | $ 11.81 | Announced |
| RISING DRAGON ACQUISITION CORP | RDAC | 8.0% | $ 5.37 | Announced |
| ASPAC III ACQUISITION CORP | ASPC | 2.3% | $ 11.15 | Announced |
| DT CLOUD STAR ACQUISITION CORP | DTSQ | 1.9% | $ 11.06 | Announced |
| QUETTA ACQUISITION CORP | QETA | 1.7% | $ 11.50 | Pre-Deal |
| Company | Ticker | Change | Price | Stage |
|---|---|---|---|---|
| INFLECTION POINT ACQUISITION CORP IV | BACQ | -23.6% | $ 8.01 | Announced |
| HORIZON SPACE ACQUISITION II CORP | HSPT | -2.7% | $ 9.05 | Announced |
| PERCEPTIVE CAPITAL SOLUTIONS CORP | PCSC | -1.9% | $ 11.53 | Pre-Deal |
| AMERICAN EXCEPTIONALISM ACQUISITION CORP A | AEXA | -1.3% | $ 11.10 | Pre-Deal |
| CAYSON ACQUISITION CORP | CAPN | -1.2% | $ 10.78 | Announced |