Daily SPAC Update – September 3, 2025

by | Sep 3, 2025

Denali Capital + Semnur Pharmaceuticals Deal Vote. Solarius Capital Separate Trading. Dynamix Gets Ether Injection.

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MERGER VOTES
DECA – Denali Capital Acquisition Corp + Semnur Pharmaceuticals, Inc.
Semnur Pharmaceuticals, Inc. is a clinical-late stage specialty pharmaceutical company focused on the development and commercialization of novel non-opioid pain therapies. Semnur’s lead program, SP-102, is the first non-opioid novel gel formulation administered epidurally in development for patients with moderate to severe chronic radicular pain/sciatica. Semnur Pharmaceuticals, Inc. is headquartered in Palo Alto, California.

SEPARATE WARRANTS/RIGHTS
Sep 05: SOLARIUS CAPITAL ACQUISITION CORP (SOCA)
Sep 03: NMP ACQUISITION CORP (NMP)

OTHER SPAC NEWS
ETHM – DYNAMIX CORP * Stockholder Agreement

NEW SPAC IPOs
Aug 27: KOYN – CSLM Digital Asset Acquisition Corp III, Ltd $200M IPO (+underwriter overallotment: $30M)
Aug 27: MBVI – M3-Brigade Acquisition VI Corp. $300M IPO (+underwriter overallotment: $45M)

SPAC Movers

YESTERDAY’S TOP SPAC GAINERS
7.57% ~ $ 10.51 | IROH – IRON HORSE ACQUISITIONS CORP (Announced)
1.71% ~ $ 11.93 | ATMC – ALPHATIME ACQUISITION CORP (Announced)
1.16% ~ $ 11.31 | NETD – NABORS ENERGY TRANSITION CORP II (Announced)
.33% ~ $ 10.49 | GRAF – GRAF GLOBAL CORP (Pre-Deal)
.33% ~ $ 11.67 | TBMC – TRAILBLAZER MERGER CORP I (Announced)

YESTERDAY’S TOP SPAC LOSERS
-9.84% ~ $ 11.00 | EMCG – EMBRACE CHANGE ACQUISITION CORP (Announced)
-5.49% ~ $ 10.67 | YORK – YORKVILLE ACQUISITION CORP (Announced)
-4.35% ~ $ 11.00 | ALCY – ALCHEMY INVESTMENTS ACQUISITION CORP 1 (Announced)
-2.90% ~ $ 12.30 | DMYY – DMY SQUARED TECHNOLOGY GROUP INC (Pre-Deal)
-1.71% ~ $ 11.50 | HOND – HCM II ACQUISITION CORP (Announced)

LATEST SPAC IPO PERFORMANCE
Aug 27 | $ 10.06 | KOYN – CSLM Digital Asset Acquisition Corp III, Ltd
Aug 27 | $ 10.02 | MBVI – M3-Brigade Acquisition VI Corp.
Aug 21 | $ 10.10 | CEPF – Cantor Equity Partners IV, Inc.
Aug 12 | $ 10.05 | HVMC – Highview Merger Corp.
Aug 12 | $ 9.98 | MKLY – McKinley Acquisition Corp
Aug 08 | $ 10.04 | SSEA – STARRY SEA ACQUISITION CORP
Aug 05 | $ 10.04 | QUMS – Quantumsphere Acquisition Corp

Recent Analysis

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Elliott takes a $4B stake in PepsiCo, pushing for change. Boardroom Alpha analysis shows lagging TSR, governance red flags, insider selling, and weak board ratings. Our vote guidance calls for multiple ‘AGAINST’ votes, echoing Elliott’s recent wins at HPE, Honeywell, and Phillips 66.

Daily SPAC Update – September 2, 2025

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Daily SPAC Update – August 29, 2025

Breeze DeSPACs to YD BioPharma. New Sponsor/Team at Armada Acquisition II. NMP Acquisition Separate Trading. Cantor / BSTR Release New Investor Deck.

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