Soren Acquisition IPO Makes it 3 Already in January. Compass Digital Announced Deal with Key Mining. Welsbach Technology DeSPACs to Evolution Metals.
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DAILY SPAC UPDATE
NEW SPAC IPOs
Jan 07: SORN – Soren Acquisition Corp. $220M IPO
Jan 06: BIII – Black Spade Acquisition Iii Co $150M IPO
Jan 06: ARTC – Art Technology Acquisition Corp. $220M IPO
SPAC IPO: SOREN ACQUISITION CORP. (SORNU)
Ticker: SORNU (Units) | Size: $220 Million | Sponsor: Soren Holdings LLC (Arghavan Di Rezze)
Soren Acquisition Corp. priced its $220 million initial public offering yesterday and begins trading on the Nasdaq today. The Miami-based vehicle is the third SPAC to price in 2026, contributing to a steady start for SPAC issuance this year. Led by a management team with background in physician services and asset management, the SPAC enters the market with a broad mandate but a primary focus on the healthcare sector.
The Strategy: Soren intends to target “established businesses of scale” that demonstrate proven unit economics but may benefit from operational or managerial enhancements. The leadership team brings a mix of clinical and financial experience: CEO Arghavan Di Rezze previously served as Co-Founder and Chief Legal Officer of Theoria Medical, a large post-acute care platform, while CFO Jamie Weber currently serves as CFO of UNCAP Investment Management and Controller of SPARK Neuro. This combination suggests a search focus on healthcare services, diagnostics, or technology-enabled care delivery.
The Structure: The offering consists of 22 million units priced at $10.00. Each unit includes one Class A ordinary share and one-third of a redeemable warrant (exercisable at $11.50). This one-third warrant structure has become a standard feature for mid-to-large sized SPACs in the current market, balancing investor “sweeteners” with a manageable long-term share count. BTIG served as the sole book-running manager for the deal.
The Verdict: Soren represents a targeted play on the healthcare services and technology landscape. The team’s operational experience—particularly in scaling physician platforms and managing digital assets—positions them to evaluate targets with complex regulatory or technical requirements. For investors, the play rests on the management’s ability to identify a mid-market healthcare company that can utilize the $220 million in trust to fund organic expansion or a “roll-up” strategy in the fragmented healthcare services market.
SPAC DEALS ANNOUNCED
Jan 06 | CDAQ – Compass Digital Acquisition Corp + Key Mining Corp.
Key Mining Corp. is aiming to build a leading global mining platform by acquiring, advancing, and developing critical mineral assets throughout the Americas. The Company currently owns critical mineral assets in Chile and the United States. KMC’s flagship asset is the 100% owned Cerro Blanco titanium project, a high-grade rutile deposit, and a water desalination project that is under development, located in the Atacama Region of Chile. The Cerro Blanco project is the 10th largest rutile titanium dioxide deposit in the world and an advanced stage water desalination project site, which is intended to support further development and has received significant third-party offtake interest. KMC’s head office is located in Miami, Florida and its project office is located in Santiago, Chile.
DeSPACs
Jan 06: WTMA Welsbach Technology Metals * Evolution Metals
Evolution Metals is a refining, techonology and specialty chemicals company committed to establishing a secure, reliable global supply chain for critical minerals and materials. Its strategy is to acquire and further develop processing facilities to produce essential materials for electric vehicles, electronics, environmental technologies and aerospace and defense applications. EM aims to support the creation of jobs, industry and manufacturing to promote a greener future by providing custom solutions to support its clients globally. EM LLC is led by Chairman David Wilcox and Chief Executive Officer Frank Moon.
SEPARATE WARRANTS/RIGHTS
Jan 06: BLUEPORT ACQUISITION LTD (BPAC)
Jan 05: ALUSSA ENERGY ACQUISITION CORP II (ALUB)
SPAC NON-RELIANCE 8-K
BPGC Acquisition Corp. : Non-Reliance on Previously Issued Financials
SPAC DEAL TERMINATIONS (Last 10 Days)
2025-12-29: FVN + Viwo Technology Inc.
OTHER SPAC NEWS
GIG – GIGCAPITAL7 CORP * Investor Deck
CDAQ – COMPASS DIGITAL ACQUISITION CORP * Investor Deck
ROSS – ROSS ACQUISITION CORP II * Non-Reliance on Financial Statements
SPAC MOVERS
YESTERDAY’S TOP SPAC GAINERS
7.8% ~ $ 77.25 | AFJK – AIMEI HEALTH TECHNOLOGY CO LTD (Announced)
4.5% ~ $ 13.58 | PCSC – PERCEPTIVE CAPITAL SOLUTIONS CORP (Pre-Deal)
3.9% ~ $ 14.70 | TBMC – TRAILBLAZER MERGER CORP I (Announced)
1.2% ~ $ 10.98 | RTAC – RENATUS TACTICAL ACQUISITION CORP I (Pre-Deal)
1.1% ~ $ 12.20 | OAKU – OAK WOODS ACQUISITION CORP (Announced)
YESTERDAY’S TOP SPAC LOSERS
-8.7% ~ $ 17.00 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
-6.4% ~ $ 15.99 | ASPC – ASPAC III ACQUISITION CORP (Announced)
-6.0% ~ $ 14.32 | ALCY – ALCHEMY INVESTMENTS ACQUISITION CORP 1 (Announced)
-2.7% ~ $ 9.05 | RDAC – RISING DRAGON ACQUISITION CORP (Announced)
-2.6% ~ $ 13.16 | ESHA – ESH ACQUISITION CORP (Announced)
LATEST SPAC IPO PERFORMANCE
Jan 07 | SORN – Soren Acquisition Corp.
Jan 06 | ARTC – Art Technology Acquisition Corp.
Jan 06 | BIII – Black Spade Acquisition III Co
Dec 23 | $ 9.97 | SVAQ – Silicon Valley Acquisition Corp.
Dec 23 | $ 10.00 | SCPQ – Social Commerce Partners Corp
Dec 19 | $ 9.94 | BEBE – TGE Value Creative Solutions Corp
Dec 18 | $ 9.99 | ADAC – American Dynamism Acquisition Co
Dec 18 | $ 10.06 | VHCP – Vine Hill Capital Investment Corp. II
Dec 18 | $ 9.99 | LPCV – Launchpad Cadenza Acquisition Corp I
Dec 17 | $ 9.94 | IRHO – Iron Horse Acquisition Corp. II
Dec 17 | $ 10.27 | CCXI – Churchill Capital Corp XI
Dec 16 | $ 10.06 | CRAN – Crane Harbor Acquisition Corp. II
Dec 12 | $ 9.97 | ITHA – ITHAX Acquisition Corp III
Dec 12 | $ 9.96 | TWLV – Twelve Seas Investment Co III
Dec 11 | $ 10.08 | KBON – Karbon Capital Partners Corp.
Dec 11 | $ 10.00 | BLRK – Bluerock Acquisition Corp.
Dec 10 | $ 10.01 | MESH – Meshflow Acquisition Corp
Dec 09 | $ 10.06 | DSAC – Daedalus Special Acquisition Corp.