December SPAC IPOs Hit 19 as Launchpad Cadenza, American Dynamism, and Vine Hill Capital II Debut. Papaya Growth and Concord Extensions Approved.
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SPAC IPO UPDATE
December SPAC issuance continues to grind higher as three additional vehicles priced on December 18, lifting the month’s total to 19 and reinforcing the steady $200 million deal-size sweet spot that has defined year-end activity. The latest group leans heavily toward sponsor repeatability and thematic clarity, with offerings tied to venture-style growth, U.S. industrial and defense resilience, and established lower-middle-market private equity playbooks.
LAUNCHPAD CADENZA ACQUISITION CORP I (LPCV) — $200 Million SPAC IPO
Ticker: LPCVU (Units) | Size: $200 million | Sponsor: Launchpad / Cadenza affiliates
Launchpad Cadenza Acquisition Corp I priced a $200 million IPO, positioning itself as a growth-oriented SPAC with roots in early-stage and emerging-company investing. The sponsor platform blends venture and public-market experience, a profile that has become increasingly common as sponsors look to bridge private innovation pipelines into the public markets.
Management: The team is led by CEO Max Shapiro and Chairman Kumar Dandapani, both co-founders and Managing Partners of Cadenza, a firm noted for its early-stage digital asset and fintech expertise. They are joined by CFO Jurgen van de Vyver, a Partner at Launchpad Capital.
Strategy: While broadly sector-agnostic, LPCV leans into the sponsor’s expertise in blockchain, fintech, and digital asset ecosystems. It seeks technology-enabled businesses operating at the intersection of growth and profitability, signaling openness to partnership-style transactions.
Structure: Units were priced at $10.00 and consist of one Class A ordinary share and one-third (1/3) of a redeemable warrant. This modest warrant coverage is consistent with current market norms aimed at containing dilution.
AMERICAN DYNAMISM ACQUISITION CO (ADAC) — $200 Million SPAC IPO
Ticker: ADACU (Units) | Size: $200 million | Sponsor: American Dynamism
American Drive Acquisition Co entered the market with a $200 million IPO, leaning directly into the “American Dynamism” theme: domestic industrial capacity, defense, and strategic technology. The positioning targets investors focused on U.S. manufacturing, supply-chain resilience, and national-security-adjacent sectors.
Management: The vehicle is led by CEO Anthony Eisenberg, Chairman Justin Connor, and CFO Jason Chryssicas. The board includes Bryan Dove (former CEO of Skyscanner) and Theo Osborne, signaling a blend of deep tech scaling and strategic venture experience.
Strategy: ADAC is expected to pursue businesses aligned with national interests, including defense technology, advanced manufacturing, aerospace, energy infrastructure, and industrial software. These sectors remain among the most consistent sources of de-SPAC activity in the current macro environment.
Structure: Units were issued at $10.00 and include one Class A share plus one-third (1/3) of a fractional warrant exercisable at $11.50 per share.
VINE HILL CAPITAL INVESTMENT CORP. II (VHCP) — $200 Million SPAC IPO
Ticker: VHCPU (Units) | Size: $200 million | Sponsor: Vine Hill Capital
Vine Hill Capital returned to the SPAC market with its second vehicle, upsizing its offering to $200 million due to strong investor demand. The increased deal size reflects continued interest in private-equity-backed sponsors with established sourcing networks and disciplined track records.
Management: Led by Ryan Levin, a seasoned executive with a background in actuarial science and investment management (including roles at Wingate and Destiny Health). Levin’s approach brings a disciplined, risk-management-focused lens to the SPAC process.
Strategy: VHCP is sector-agnostic, with a focus on identifying durable, cash-generative businesses that can benefit from operational improvements and disciplined capital allocation. The approach mirrors traditional middle-market private equity playbooks rather than high-burn venture strategies.
Structure: Units were priced at $10.00 and consist of one Class A ordinary share and one-third (1/3) of a redeemable warrant.
SPAC VOTE RESULTS
PPYA – PAPAYA GROWTH OPPORTUNITY CORP I * Extend to Dec 19, 2026 * 61,828 redeemed * $708,549 removed * trust $11.46
CNDA – CONCORD ACQUISITION CORP II * Extend to Dec 31, 2026 * trust $11.61
SEPARATE WARRANTS/RIGHTS
Dec 22: INVEST GREEN ACQUISITION CORP (IGAC)
Dec 17: BITCOIN INFRASTRUCTURE ACQUISITION CORP LTD (BIXI)
Dec 15: HARVARD AVE ACQUISITION CORP (HAVA)
Dec 15: MILUNA ACQUISITION CORP (MMTX)
NEW SPAC IPOs
Dec 18: LPCV – Launchpad Cadenza Acquisition Corp I $200M IPO
Dec 18: ADAC – American Dynamism Acquisition Co $200M IPO
Dec 18: VHCP – Vine Hill Capital Investment Corp. II $200M IPO
Dec 17: CCXI – Churchill Capital Corp XI $360M IPO
Dec 17: IRHO – Iron Horse Acquisition Corp. II $200M IPO
Dec 16: CRAN – Crane Harbor Acquisition Corp. II $300M IPO
Dec 12: TWLV – Twelve Seas Investment Co III $150M IPO (+underwriter overallotment: $22.5M)
Dec 12: ITHA – Ithax Acquisition Corp III $200M IPO (+underwriter overallotment: $30M)
Dec 11: BLRK – Bluerock Acquisition Corp. $150M IPO (+underwriter overallotment: $22.5M)
Dec 11: KBON – Karbon Capital Partners Corp. $300M IPO (+underwriter overallotment: $45M)
Dec 10: MESH – Meshflow Acquisition Corp $300M IPO (+underwriter overallotment: $45M)
Dec 09: DSAC – Daedalus Special Acquisition Corp. $225M IPO (+underwriter overallotment: $25M)
SPAC Movers
YESTERDAY’S TOP SPAC GAINERS
2.0% ~ $ 10.96 | VCIC – VINE HILL CAPITAL INVESTMENT CORP (Announced)
1.7% ~ $ 12.00 | PCSC – PERCEPTIVE CAPITAL SOLUTIONS CORP (Pre-Deal)
1.4% ~ $ 10.90 | DTSQ – DT CLOUD STAR ACQUISITION CORP (Pre-Deal)
1.1% ~ $ 11.76 | ESHA – ESH ACQUISITION CORP (Announced)
.8% ~ $ 10.44 | NOEM – CO2 ENERGY TRANSITION CORP (Pre-Deal)
YESTERDAY’S TOP SPAC LOSERS
-7.6% ~ $ 8.87 | RDAC – RISING DRAGON ACQUISITION CORP (Announced)
-3.5% ~ $ 26.01 | AFJK – AIMEI HEALTH TECHNOLOGY CO LTD (Announced)
-2.7% ~ $ 13.42 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
-1.3% ~ $ 11.71 | WLAC – WILLOW LANE ACQUISITION CORP (Announced)
-1.2% ~ $ 9.88 | MMTX – MILUNA ACQUISITION CORP (Pre-Deal)
LATEST SPAC IPO PERFORMANCE
Dec 18 | ADAC – American Dynamism Acquisition Co
Dec 18 | VHCP – Vine Hill Capital Investment Corp. II
Dec 18 | LPCV – Launchpad Cadenza Acquisition Corp I
Dec 17 | IRHO – Iron Horse Acquisition Corp. II
Dec 17 | CCXI – Churchill Capital Corp XI
Dec 16 | $ 10.05 | CRAN – Crane Harbor Acquisition Corp. II
Dec 12 | $ 9.97 | TWLV – Twelve Seas Investment Co III
Dec 12 | $ 9.95 | ITHA – ITHAX Acquisition Corp III
Dec 11 | $ 10.00 | BLRK – Bluerock Acquisition Corp.
Dec 11 | $ 10.08 | KBON – Karbon Capital Partners Corp.
Dec 10 | $ 10.01 | MESH – Meshflow Acquisition Corp
Dec 09 | $ 10.04 | DSAC – Daedalus Special Acquisition Corp.
Dec 05 | $ 10.03 | LFAC – Leapfrog Acquisition Corp
Dec 04 | $ 10.10 | SAC – Safeguard Acquisition Corp.
Dec 04 | $ 10.00 | AEAQ – Activate Energy Acquisition Corp.
Dec 04 | $ 10.33 | NWAX – New America Acquisition I Corp.
Dec 03 | $ 9.99 | GPAC – General Purpose Acquisition Corp.
Dec 03 | $ 10.07 | SBXE – SilverBox Corp V
Dec 02 | $ 10.01 | BIXI – Bitcoin Infrastructure Acquisition Corp Ltd.
Nov 26 | $ 10.08 | SCII – SC II Acquisition Corp
Nov 25 | $ 10.02 | IGAC – Invest Green Acquisition Corp
Nov 21 | $ 10.03 | HCAC – Hall Chadwick Acquisition Corp