Daily SPAC Update – October 3, 2025

by | Oct 3, 2025

Range Capital II $200 Million SPAC IPO. Cartica Acquisition Extension Vote. Papaya Growth Amends Merger Agreement

Boardroom Alpha SPAC Resources
– Full SPAC Listing
– SPAC SEC Filings
– Boardroom Alpha IPO & SPAC Intelligence Platform (7-Day Trial)

Daily SPAC Update

Today’s update includes a fresh $200 million IPO from Range Capital Acquisition Corp II, an extension vote at Cartica Acquisition, and new deal announcements spanning biotech, blockchain, and clean energy. Investors continue to see a steady stream of blank-check launches, with nine SPAC IPOs priced in the last two weeks. Meanwhile, merger activity is continues to focus on innovative (read: exciting to investors) sectors — from Avalanche’s blockchain treasury vehicle to Singapore-based AI-driven drug discovery and Hadron’s modular nuclear power. Against this backdrop, several sponsors are amending or extending agreements to keep deals on track, underscoring both the opportunities and challenges still facing the SPAC market.

NEW SPAC IPO: Range Capital Acquisition Corp II $200M IPO
Range Capital Acquisition Corp. II launched its $200 million SPAC IPO on October 3, 2025, debuting 20 million units at $10 each on Nasdaq under ticker RNGTU. Led by Timothy Rotolo, the blank-check company plans to target overlooked North American businesses valued over $500 million, with BTIG as the sole bookrunner.

EXTENSION VOTES
CITE – CARTICA ACQUISITION CORP * vote October 3, 2025 -> extend from October 7, 2025 to February 7, 2026

SPAC DEALS ANNOUNCED
Oct 01 | MLAC – Mountain Lake Acquisition Corp + Avalanche Treasury Co

ABOUT Avalanche Treasury Co
Avalanche Treasury Co. (“AVAT”) is an ecosystem-aligned vehicle providing exposure to the Avalanche ecosystem through active treasury management, strategic investments, and an exclusive relationship with the Avalanche Foundation. AVAT bridges traditional finance and blockchain through a purpose-built operating system designed for institutional adoption.

CRYPTO PRIMER: What is the AVAX token?
AVAX is the native token of Avalanche, a next-generation blockchain built for speed, scale, and interoperability. Unlike many tokens that are used purely for speculation, AVAX is essential to the functioning of the network: it secures the system through staking, powers transactions, and serves as the entry point for developers and enterprises building on Avalanche. What makes AVAX stand out is its built-in scarcity. Every transaction fee is permanently burned, meaning the more the network is used, the fewer tokens remain in circulation. With a fixed long-term supply cap, this design gives AVAX characteristics more like a scarce asset than a typical digital utility token. Its applications are broad — from decentralized finance and NFTs to Web3 gaming and the tokenization of real-world assets. Increasingly, enterprises are exploring Avalanche to build custom blockchains for finance, insurance, and other industries.

Oct 02 | RFAI – Rf Acquisition Corp Ii + Nanyang Biologics Pte. Ltd.

ABOUT Nanyang Biologics Pte. Ltd.
The Company is an AI-driven drug discovery and biotechnology company accelerating the future of medicine through the convergence of artificial intelligence and natural compounds. Its flagship Vecura™ AI platform, powered by the proprietary Drug-Target Interaction Graph Neural Network (DTIGN), translates vast biochemical spaces into feasible drug candidates. Anchored in Singapore, NYB is building what they believe is one of the world’s largest AI-curated natural compound libraries in collaboration with global technology leaders NVIDIA, Hewlett Packard Enterprise (HPE), and Equinix, together with leading research institutions. Its pipeline of five molecules targets high unmet needs in oncology, cardiovascular, and mental health, led by NB-A002, a first-in-class targeted therapy addressing cancers with compromised DNA Damage response (DDR).

Sep 29 | GIG – Gigcapital7 Corp + Hadron Energy

ABOUT Hadron Energy
Hadron is a pioneer in MMR technology. Designed to deliver 10 MW of power, Hadron’s MMR will be smaller, more cost-effective, and faster to deploy than other proposed MMR power solutions. The revolutionary design of Hadron’s MMR allows its reactor core and containment shell to be transportable in a shipping container, providing a versatile deployment model for end users. Whether powering an artificial intelligence data center, remote community, or an industrial hub, Hadron’s MMR is expected to provide a reliable, safe and scalable nuclear energy solution.

SEPARATE WARRANTS/RIGHTS
Oct 02: HIGHVIEW MERGER CORP (HVMC)
Oct 02: STARRY SEA ACQUISITION CORP (SSEA)

OTHER SPAC NEWS
RFAI – RF ACQUISITION CORP II * Merger Agreement
PPYA – PAPAYA GROWTH OPPORTUNITY CORP I * Merger Agreement Amendment

DeSPACs
Oct 01: IROH DeSPAC to Rosey Sea Holdings / Zhong Guo Liang Tou Group (UCFI)

NEW SPAC IPOs
Oct 03: RNGT – Range Capital Acquisition Corp II $200M IPO
Oct 01: KRSP – Rice Acquisition Corp 3 $300M IPO
Oct 01: YCY – Aa Mission Acquisition Corp. II $100M IPO
Sep 30: BDCI – Btc Development Corp. $220M IPO
Sep 30: APAC – Stonebridge Acquisition II Corp $50M IPO
Sep 26: AEXA – American Exceptionalism Acquisition Corp. A $300M IPO
Sep 26: FCRS – Futurecrest Acquisition Corp. $250M IPO (+underwriter overallotment: $37.5M)
Sep 25: DMII – Drugs Made In America Acquisition II Corp. $500M IPO
Sep 25: EMIS – Emmis Acquisition Corp. $100M IPO (+underwriter overallotment: $15M)

SPAC Movers

YESTERDAY’S TOP SPAC GAINERS
5.11% ~ $ 16.88 | HOND – HCM II ACQUISITION CORP (Announced)
4.34% ~ $ 12.75 | DMYY – DMY SQUARED TECHNOLOGY GROUP INC (Announced)
3.57% ~ $ 11.90 | FORL – FOUR LEAF ACQUISITION CORP (Announced)
3.18% ~ $ 13.30 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
2.16% ~ $ 11.34 | DYCQ – DT CLOUD ACQUISITION CORP (Announced)

YESTERDAY’S TOP SPAC LOSERS
-1.07% ~ $ 23.13 | CEP – CANTOR EQUITY PARTNERS INC (Announced)
-.96% ~ $ 10.35 | ONCH – 1RT ACQUISITION CORP (Pre-Deal)
-.88% ~ $ 11.22 | NETD – NABORS ENERGY TRANSITION CORP II (Announced)
-.81% ~ $ 12.30 | SVII – SPRING VALLEY ACQUISITION CORP II (Announced)
-.77% ~ $ 10.37 | PCAP – PROCAP ACQUISITION CORP (Pre-Deal)

LATEST SPAC IPO PERFORMANCE
Oct 03 | RNGT – Range Capital Acquisition Corp II
Oct 01 | KRSP – Rice Acquisition Corp 3
Oct 01 | YCY – AA Mission Acquisition Corp. II
Sep 30 | BDCI – BTC Development Corp.
Sep 30 | APAC – StoneBridge Acquisition II Corp
Sep 26 | $ 10.53 | FCRS – FutureCrest Acquisition Corp.
Sep 26 | $ 10.92 | AEXA – American Exceptionalism Acquisition Corp. A
Sep 25 | $ 9.95 | DMII – Drugs Made In America Acquisition II Corp.
Sep 25 | $ 10.00 | EMIS – Emmis Acquisition Corp.
Sep 19 | $ 9.98 | LATA – Galata Acquisition Corp. II
Sep 16 | $ 9.97 | CHECU – Chenghe Acquisition III
Sep 12 | $ 10.05 | OTGA – OTG Acquisition Corp. I
Sep 10 | $ 10.24 | BLZR – Trailblazer Acquisition Corp.
Sep 09 | $ 10.06 | TLNC – Talon Capital Corp.
Sep 04 | $ 10.12 | GSRF – GSR IV Acquisition Corp.
Sep 04 | $ 10.31 | SVAC – Spring Valley Acquisition Corp. III

Recent Analysis

Daily SPAC Update – October 2, 2025

Another Crypto/SPAC Deal as Mountain Lake + Avalanche Treasury Company Announce. Welsbach Technology Metals Extends. Highview and Starry Sea Start Separate Trading.

Daily SPAC Update – October 1, 2025

SPACs Kick-Off October with $400 Million in New Issuance as AA Mission Acquisition II and Rice Acquisition 3 IPO. Oak Woods Adjourns Vote. Spring Valley and Chain Bridge Set Votes.

Daily SPAC Update – September 30, 2025

Gigcapital7 Deal with Hadron Energy. Starry Sea Binding LOI. DMY Squared Goes OTC. GSR III Gets Bigger PIPE. Healthcare AI Postpones Vote and Asks for Longer.

Subscribe to Boardroom Alpha Newsletters

Subscribe to Boardroom Alpha's research to receive the latest on governance, SPACs, and people.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.