Leapfrog $150M SPAC IPO. December SPAC IPOs Start Hot. HCYC Group Deal Goes to Vote. Corner Growth SPACs Look to Extend.

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LEAPFROG ACQUISITION CORP: INTERNATIONAL ENERGY SPAC ENTERS THE MARKET
Leapfrog Acquisition Corp (NASDAQ: LFACU) priced its $125 million IPO on December 5, 2025, offering 12.5 million units at $10.00 each, with BTIG as sole book-runner. Led by CEO Matthew R. Pollard, President/CIO Abhay N. Pande, and CFO Kevin M. Murphy, the SPAC brings a management team rooted in Asia-based advisory and investment firms, aligning with its strategy to pursue energy and infrastructure targets outside the United States, particularly across the international energy supply chain and critical minerals sectors. The deal includes the standard half-warrant exercisable at $11.50 and an over-allotment option that could bring the raise to $143.75 million. Leapfrog’s global focus differentiates it from most December issuers and positions it to tap into energy transition themes and supply chain diversification efforts in emerging markets, though investors should weigh geopolitical and regulatory risks inherent in cross-border deals.

DECEMBER 2025 SPAC IPO ACTIVITY: STRONG OPEN TO THE MONTH
The first week of December 2025 delivered a noticeably strong SPAC issuance window, with seven IPOs raising a combined $1.465 billion before over-allotments. The SPACs span defense, energy, manufacturing, and digital infrastructure, and include both established serial sponsors and new entrants. Offerings ranged from $125 million to $300 million, each structured with the now-standard half-warrant at an $11.50 strike. Several transactions also incorporated 15–20 percent over-allotment options, which could lift total proceeds meaningfully if exercised.

Market tone remains constructive: sponsors with credible sector expertise are returning after the post-2021 reset, and investor demand has concentrated around themes like aerospace and defense, domestic supply chain reinforcement, and energy transition. With all seven vehicles entering the market within days of one another, their combination timelines will likely overlap, setting up a competitive environment for high-quality targets but reinforcing that institutional confidence in the SPAC pathway has continued to rebuild through 2025.

SPAC VOTE RESULTS
BRR – COLUMBUS CIRCLE CAPITAL CORP I * Deal Approved with ProCap BTC, LLC
CEP – CANTOR EQUITY PARTNERS INC * Deal Approved with Twenty One Capital, Inc. * 1,596 redeemed * $17,157 removed * trust $10.75
CITE – CARTICA ACQUISITION CORP * Deal Approved with NIDAR INFRASTRUCTURE LIMITED
USCTF – ROTH CH ACQUISITION CO * Deal Approved with Sharon AI, Inc.

MERGER VOTES
ATMC – Alphatime Acquisition Corp + HCYC Group Company Limited
HCYC Asia has been in Hong Kong for a period of thirteen years. HCYC Asia holds a professional insurance brokerage license, allowing it to operate within Hong Kong’s insurance sector. HCYC Asia partners with multiple insurance companies, such as AXA China Region Insurance Co Ltd, AIA International Limited, Prudential Hong Kong Limited, FTLife Insurance Company Limited. HCYC actively leverages the resources and technological expertise of these business partners, with the aim of delivering professional, customized, and value-added services to both individual and corporate clients. HCYC believes this approach provides them, and HCYC Hong Kong, with a distinct advantage in the marketplace.

SPAC DEAL & EXTENSION VOTES SET
TRON2 – Corner Growth Acquisition Corp 2 * EXTENSION VOTE SET: Dec 23, 2025 * trust $0.25
COOL – Corner Growth Acquisition Corp * EXTENSION VOTE SET: Dec 22, 2025 * trust $11.69
CNDA – Concord Acquisition Corp Ii * EXTENSION VOTE SET: Dec 16, 2025 * trust $11.60

OTHER SPAC NEWS
DMYY – DMY SQUARED TECHNOLOGY GROUP INC * PIPE Update (with IonQ a DMY-related deSPAC)
CAEP – CANTOR EQUITY PARTNERS III INC * Media Transcript

SEPARATE WARRANTS/RIGHTS
Dec 09: CROWN RESERVE ACQUISITION CORP I (CRAC)
Dec 08: TAILWIND 20 ACQUISITION CORP (TDWD)
Dec 03: EVOLUTION GLOBAL ACQUISITION CORP (EVOX)

NEW SPAC IPOs
Dec 05: LFAC – Leapfrog Acquisition Corp $125M IPO
Dec 04: SAC – Safeguard Acquisition Corp. $200M IPO
Dec 04: AEAQ – Activate Energy Acquisition Corp. $200M IPO
Dec 04: NWAX – New America Acquisition I Corp. $300M IPO
Dec 03: GPAC – General Purpose Acquisition Corp. $200M IPO (+underwriter overallotment: $30M)
Dec 03: SBXE – Silverbox Corp V $240M IPO (+underwriter overallotment: $36M)
Dec 02: BIXI – Bitcoin Infrastructure Acquisition Corp Ltd. $200M IPO (+underwriter overallotment: $20M)
Nov 26: SCII – Sc Ii Acquisition Corp $150M IPO (+underwriter overallotment: $22.5M)
Nov 25: IGAC – Invest Green Acquisition Corp $150M IPO (+underwriter overallotment: $22.5M)

SPAC Movers

YESTERDAY’S TOP SPAC GAINERS
22.47% ~ $ 14.50 | CEP – CANTOR EQUITY PARTNERS INC (Announced)
9.97% ~ $ 12.90 | ATMC – ALPHATIME ACQUISITION CORP (Announced)
6.37% ~ $ 9.85 | RDAC – RISING DRAGON ACQUISITION CORP (Announced)
4.30% ~ $ 15.28 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
2.95% ~ $ 12.20 | ESHA – ESH ACQUISITION CORP (Announced)

YESTERDAY’S TOP SPAC LOSERS
-2.84% ~ $ 12.30 | HSPO – HORIZON SPACE ACQUISITION I CORP (Pre-Deal)
-1.92% ~ $ 8.02 | AFJK – AIMEI HEALTH TECHNOLOGY CO LTD (Announced)
-.76% ~ $ 10.42 | HSPT – HORIZON SPACE ACQUISITION II CORP (Announced)
-.65% ~ $ 10.72 | RFAI – RF ACQUISITION CORP II (Announced)
-.57% ~ $ 8.65 | ATMV – ALPHAVEST ACQUISITION CORP (Announced)

LATEST SPAC IPO PERFORMANCE
Dec 05 | LFAC – Leapfrog Acquisition Corp
Dec 04 | NWAX – New America Acquisition I Corp.
Dec 04 | SAC – Safeguard Acquisition Corp.
Dec 04 | AEAQ – Activate Energy Acquisition Corp.
Dec 03 | GPAC – General Purpose Acquisition Corp.
Dec 03 | SBXE – SilverBox Corp V
Dec 02 | BIXI – Bitcoin Infrastructure Acquisition Corp Ltd.
Nov 26 | $ 10.04 | SCII – SC II Acquisition Corp
Nov 25 | $ 10.00 | IGAC – Invest Green Acquisition Corp
Nov 21 | $ 10.01 | HCAC – Hall Chadwick Acquisition Corp
Nov 13 | $ 10.04 | ALUB – Alussa Energy Acquisition Corp. II
Nov 12 | BPAC – Blueport Acquisition Ltd
Nov 11 | $ 10.06 | EVOX – Evolution Global Acquisition Corp
Nov 07 | $ 10.03 | TDWD – Tailwind 2.0 Acquisition Corp.
Nov 07 | $ 10.12 | CRAC – Crown Reserve Acquisition Corp I