Daily SPAC Update – March 9, 2026

by | Mar 9, 2026

Drugs Made in America CEO Lynn Stockwell Terminated after Improper Withdrawals. DMY Squared Increases PIPE. Plum IV $4.7B Deal with CTR.

SPAC IPO UPDATE

SPAC IPO Count

Monthly IPOs (last 13 months)
Latest: 2•Prior: 27•MoM: -25
3
Mar ’25
12
Apr ’25
22
May ’25
10
Jun ’25
13
Jul ’25
8
Aug ’25
14
Sep ’25
14
Oct ’25
10
Nov ’25
22
Dec ’25
24
Jan ’26
27Peak
Feb ’26
2
Mar ’26
Source: Boardroom Alpha
 
New SPAC IPOs
DateTickerIssuerIPO Size
Mar 04GLEDGALAXYEDGE ACQUISITION CORP$100M
Mar 04KCACKENSINGTON CAPITAL ACQUISITION CORP VI$200M  $30M overallotment
Feb 27ILLUILLUMINATION ACQUISITION CORP I$200M  $30M overallotment
Source: Boardroom Alpha

DAILY SPAC UPDATE

DMAA & DMII TERMINATE CEO AFTER IMPROPER WITHDRAWALS
Governance issues surfaced at the Drugs Made In America SPAC complex after its sponsor withdrew more than $1.3 million from the working capital account of Drugs Made In America Acquisition II Corp. shortly after its September 2025 IPO. The withdrawals included amounts exceeding previously advanced funds, an apparent $566,269 overpayment, and at least $200,000 used for expenses unrelated to the SPAC.

After the board demanded repayment and the sponsor indicated it could not return the funds, the episode triggered a leadership shake-up across the affiliated SPAC vehicles.

CEO and Executive Chair Lynn Stockwell stepped down, and veteran banker Roger Bendelac was installed as CEO.

While the financial issue occurred at Drugs Made In America Acquisition II, the governance fallout extended to the related Drugs Made In America Acquisition Corp., which said its trust account remained intact but implemented parallel leadership changes due to the shared sponsor structure.

SPAC DEALS ANNOUNCED
Mar 09 | PLMK – Plum Acquisition Corp IV + Controlled Thermal Resources Holdings Inc

ABOUT Controlled Thermal Resources Holdings Inc
CTR is advancing geothermal baseload energy, battery-grade lithium chemicals, and critical minerals production at its Hell’s Kitchen project in southern California. CTR’s leadership team has successfully developed and managed geothermal power plant operations in California’s Salton Sea region for 30+ years. CTR’s mission is to strengthen U.S. energy security and supply chain resilience by providing strategic resources essential to technology, manufacturing, and defense.

OTHER SPAC NEWS
DMAA – DRUGS MADE IN AMERICA ACQUISITION CORP * CEO terminated for improper trust withdrawals
DMII – DRUGS MADE IN AMERICA ACQUISITION II CORP * CEO terminated for improper trust withdrawals
DMII – DRUGS MADE IN AMERICA ACQUISITION II CORP * Confirmed Trust amount
ISRLF – ISRAEL ACQUISITIONS CORP * Merger Agreement Amendment
DMYY – DMY SQUARED TECHNOLOGY GROUP INC * PIPE Update
CPTK – CROWN PROPTECH ACQUISITIONS * Voting Agreement
SVAC – SPRING VALLEY ACQUISITION CORP III * Media Transcript

SPAC Executive & Director Moves
CompanyTickerMoves
DRUGS MADE IN AMERICA ACQUISITION CORPDMAA
  • Lynn Stockwell resigned as CEO, Executive Chair, and Board member, while Roger Bendelac was appointed as the new CEO, effective February 28, 2026.  (view source)
DRUGS MADE IN AMERICA ACQUISITION II CORPDMII
  • Lynn Stockwell resigned as CEO, Executive Chair, and Board member effective February 28, 2026, and was replaced by Roger Bendelac as CEO on the same date.  (view source)
Source: SEC EDGAR filings via Boardroom Alpha

SPAC MOVERS

YESTERDAY’S TOP SPAC GAINERS
CompanyTickerChangePriceStage
RISING DRAGON ACQUISITION CORPRDAC 5.0%$ 5.27Announced
DT CLOUD STAR ACQUISITION CORPDTSQ 1.9%$ 11.06Announced
QUETTA ACQUISITION CORPQETA 1.7%$ 11.50Pre-Deal
LAUNCH ONE ACQUISITION CORPLPAA 0.8%$ 10.74Pre-Deal
HIGHVIEW MERGER CORPHVMC 0.5%$ 10.12Pre-Deal
 
YESTERDAY’S TOP SPAC LOSERS
CompanyTickerChangePriceStage
HORIZON SPACE ACQUISITION II CORPHSPT -3.8%$ 9.50Announced
TRAILBLAZER MERGER CORP ITBMC -2.5%$ 9.95Announced
AIMEI HEALTH TECHNOLOGY CO LTDAFJK -2.2%$ 30.06Announced
PERCEPTIVE CAPITAL SOLUTIONS CORPPCSC -2.0%$ 11.52Pre-Deal
AA MISSION ACQUISITION CORP IIYCY -1.2%$ 9.95Pre-Deal
Source: Boardroom Alpha market data

Recent Analysis

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