Daily SPAC Update – Feb 6, 2024

by | Feb 6, 2024

Daily SPAC Update for Feb 6, 2024. Legato III (LEGT) $175M IPO. MBTC Delays Deal Vote Again. SZZL Vote. GPAC Deal Deck.

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Daily SPAC Update

SPAC DEALS ANNOUNCED
SLAM + Lynk Global, Inc.

SPAC IPO
LEGT – Legato Merger Corp. III $175M IPO

EXTENSION VOTES
SZZL – SIZZLE ACQUISITION CORP * extend from Feb 8, 2024 to Aug 8, 2024

OTHER SPAC NEWS
MBTC – NOCTURNE ACQUISITION CORP * Article amendment vote * trust $11.70
CHEA – CHENGHE ACQUISITION CO * Update merger vote redemptions * 8,133,060 redeemed * trust $11.08
MBTC – NOCTURNE ACQUISITION CORP * Another deal delay; now to Feb 27
GPAC – GLOBAL PARTNER ACQUISITION CORP II * SPAC Deal Investor Deck

VOTE RESULTS
ARIZ – ARISZ ACQUISITION CORP * Extend to Nov 22, 2024 * 777,050 redeemed * trust $11.14
NFYS – ENPHYS ACQUISITION CORP * Extend to Jun 08, 2024 * 3,940,414 redeemed

YESTERDAY’S TOP SPAC GAINERS
32.08% ~ $ 7.04 | CHEA – Chenghe Acquisition Co. (Announced)
25.95% ~ $ 5.29 | LGST – Semper Paratus Acquisition Corp (Announced)
18.40% ~ $ 5.02 | ATAK – Aurora Technology Acquisition Corp. (Announced)
17.19% ~ $ 47.58 | DWAC – Digital World Acquisition Corp. (Announced)
10.50% ~ $ 12.16 | MBTC – Nocturne Acquisition Corporation (Announced)

YESTERDAY’S TOP SPAC LOSERS
-13.65% ~ $ 7.59 | QFTA – Quantum FinTech Acquisition Corp (Announced)
-13.34% ~ $ 9.81 | PBAX – Phoenix Biotech Acquisition Corp. (Announced)
-10.94% ~ $ 16.03 | MCAF – Mountain Crest Acquisition Corp. IV (Announced)
-8.63% ~ $ 11.75 | OTEC – OceanTech Acquisitions I Corp. (Announced)
-4.36% ~ $ 11.20 | BREZ – Breeze Holdings Acquisition Corp (Announced)

ICYMI: SPAC FINAL RULES APPROVED BY SEC

For most, the SPAC boom is long-dead and was unlikely to ever return to the levels of irrational exuberance seen during peak times. Still, the SEC has long wanted to layer on additional regulation to ensure that it doesn’t happen. On Jan 24 the SEC commission, chaired by Gary Gensler, voted 3-2 to adopt the new rules which will make SPACs feel a lot more like traditional IPOs. For more on the new rules and the market’s reaction, below are some good reads.

Recent Analysis

Daily SPAC Update – May 7, 2026

Shreya Acquisition Group (SAGU) launched its $100 million IPO today, marking the fourth SPAC IPO this month. Meanwhile, Legato Merger Corp III (LEGT) secured a three-month extension for its merger, with over $35 million redeemed. Additionally, Gigcapital7 Corp (GIG) holds a merger vote today with Hadron Energy, a leader in modular nuclear technology.

Daily SPAC Update – May 6, 2026

Vernal Capital Acquisition Corp. (VECA) IPO’d today, raising $100 million. This brings the month-to-date total to 3 IPOs, totaling $600 million. Drugs Made in America inks $1B AI deal.

Daily SPAC Update – May 5, 2026

APARADISE ACQUISITION CORP (APAD) and WILLOW LANE ACQUISITION CORP (WLAC) both secured deal approvals today, with APAD reporting 19.6M shares redeemed. Additionally, FSHP terminated its merger with Great Future Technology Inc, marking one of the few deal terminations in recent weeks.

Impactive Capital Secures Full Three-Seat Slate at WEX

Impactive Capital has reached a cooperation agreement with WEX Inc., securing all three board seats it sought. The agreement follows a proxy contest and addresses WEX’s underperformance, trailing the S&P 500 by 24 points on a three-year CAGR basis.

Beretta Holding Gains Two Seats at Sturm Ruger After Proxy Fight

Sturm, Ruger & Co. Inc. (RGR) and Beretta Holding S.A. have reached a cooperation agreement granting Beretta the right to appoint two independent directors post-2026 Annual Meeting. This move follows Beretta’s campaign for boardroom change, highlighting governance and performance issues.

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