Yes, SPAC IPOs are still pricing (slowly). Trouble is, last year’s bubble valuations are making deals tougher to execute as committed financing dries up. Expect more cancellations.
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Yes, SPAC IPOs are still happening, even if the pace is down to a trickle. 6 IPOs so far this month, down from 20 in February and 109 last March.
SPAC IPOs down to a trickle
But as we’ve seen in recent weeks, even SPACs with DAs aren’t out of the woods yet. Without committed financing, we are starting to see many SPAC deals priced at aggressive 2021 valuations fall through the cracks. Expect to see more sweeteners and especially deal cancellations as we navigate volatile markets for the foreseeable future.
So far in March, we’ve seen 2 deSPACs make it out of the gate, down from 9 last year.
Not surprisingly, market volatility is closing the exits
NUBI prices $110M IPO
Nubia Brand International (NUBI) priced a $110M IPO: 1/2W, $10.20 trust. Targeting wireless telecom. Patrick Orlando of Digital World Acquisition Corp. (DWAC) is a “special advisor” to the board. The SPAC will be led by CEO Jaymes Winters, and CFO Vlad Prantsevich.
EF Hutton, division of Benchmark Investments, LLC, is acting as the sole book running manager for the offering.
FMAC sweetens terms for shareholders ahead of Starry Merger
FirstMark Horizon (FMAC) reminds investors that its sweetened the deal for its proposed merger with Starry. The company is allocating an additional 1M shares to non-redeeming stockholders. 2.4M shares out of 41.4M public shares have agreed not to redeem in exchange for bonus shares.
RCFLU/Gett terminate deal
Rosecliff Acquisition Corp. (RCFLU) terminated its merger agreement with Gett as a result of “recent market volatility.” Gett, a corporate ground transportation management (GTM) technology platform, says it exit the Russian market permanently. The company expects to enter 2023 as a “fast-growing and profitable company that will be ready to go public when markets return to a more actionable state.” Rosecliff will keep looking for a deal. A prospectus wasn’t even filed for this one.
Biggest SPAC Movers
Biggest SPAC Gainers
4.44% ~ $ 9.40 | BTNB – Bridgetown 2 Holdings Limited (Announced)
2.45% ~ $ 11.71 | CFVI – CF Acquisition Corp. VI (Announced)
1.54% ~ $ 71.37 | DWAC – Digital World Acquisition Corp. (Announced)
.91% ~ $ 9.95 | DNAA – Social Capital Suvretta Holdings Corp. I (Announced)
.89% ~ $ 10.21 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
.62% ~ $ 9.80 | RVAC – Riverview Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.88 | LCW – Learn CW Investment Corp (Pre-Deal)
.61% ~ $ 9.91 | PORT – Southport Acquisition Corporation (Pre-Deal)
.51% ~ $ 9.80 | PRPC – CC Neuberger Principal Holdings III (Pre-Deal)
.51% ~ $ 9.89 | VGII – Virgin Group Acquisition Corp. II (Announced)
.51% ~ $ 9.95 | SVNA – 7 Acquisition Corp (Pre-Deal)
.50% ~ $ 9.96 | VCXB – 10X Capital Venture Acquisition Corp. III (Pre-Deal)
.46% ~ $ 9.78 | LDHA – LDH Growth Corp I (Pre-Deal)
.45% ~ $ 10.02 | GACQ – Global Consumer Acquisition Corp. (Announced)
.41% ~ $ 9.76 | VAQC – Vector Acquisition Corporation II (Pre-Deal)
.41% ~ $ 9.78 | TWNI – Tailwind International Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.82 | MON – Monument Circle Acquisition Corp (Pre-Deal)
.41% ~ $ 9.88 | SPAQ – Spartan Acquisition Corp. III (Announced)
.40% ~ $ 9.94 | OCA – Omnichannel Acquisition Corp (Pre-Deal)
.40% ~ $ 9.97 | APN – Apeiron Capital Investment Corp. (Pre-Deal)
Biggest SPAC Losers
-20.02% ~ $ 7.95 | FMAC – FirstMark Horizon Acquisition Corp (Announced)
-1.92% ~ $ 9.71 | CPAA – Conyers Park III Acquisition Corp. (Pre-Deal)
-1.15% ~ $ 9.44 | MOTV – Motive Capital Corp (Announced)
-1.11% ~ $ 9.73 | TCOA – Trajectory Alpha Acquisition Corp. (Pre-Deal)
-.82% ~ $ 10.89 | GGPI – Gores Guggenheim, Inc (Announced)
-.60% ~ $ 9.89 | MCAF – Mountain Crest Acquisition Corp. IV (Pre-Deal)
-.53% ~ $ 9.84 | DAOO – Crypto 1 Acquisition Corp (Pre-Deal)
-.52% ~ $ 9.65 | APMI – AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.76 | RCLF – Rosecliff Acquisition Corp I (Pre-Deal)
-.51% ~ $ 9.80 | INAQ – Insight Acquisition Corp. (Pre-Deal)
-.50% ~ $ 9.87 | ACAB – Atlantic Coastal Acquisition Corp. II (Pre-Deal)
-.50% ~ $ 9.92 | MNTN – Everest Consolidator Acquisition Corp (Pre-Deal)
-.50% ~ $ 10.00 | DTRT – DTRT Health Acquisition Corp. (Pre-Deal)
-.44% ~ $ 10.14 | ADOC – Edoc Acquisition Corp (Announced)
-.40% ~ $ 9.87 | BNIX – Bannix Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.87 | ARTE – Artemis Strategic Investment Corporation (Pre-Deal)
-.40% ~ $ 10.07 | HUGS – USHG Acquisition Corp. (Announced)
-.31% ~ $ 9.70 | JUGG – Jaws Juggernaut Acquisition Corporation (Pre-Deal)
-.31% ~ $ 9.78 | NHIC – NewHold Investment Corp. II (Pre-Deal)
-.31% ~ $ 9.80 | MCAG – Mountain Crest Acquisition Corp. V (Pre-Deal)
Know Who Drives Return Podcast
Boardroom Alpha’s team talks to the public company and SPAC leaders that are driving return for shareholders, delivering on ESG promises, and more.
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Recent podcasts
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The Daily SPAC
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- SPAC Market Update November 10, 2026: GTEN Non-Reliance 8-K, LPAA Nasdaq NoticeNovember 10, 2026Gores Holdings X Inc (GTEN) filed a non-reliance 8-K on November 10, 2026, telling investors not to rely on previously issued financial statements. Separately, Launch One Acquisition Corp (LPAA) said Rodney Ferguson’s resignation left it below Nasdaq audit-committee and board-independence requirements.
- SPAC Market Update November 9, 2026: KFII Extension Passes After $240M Redemptions, PONO Cuts Blackstar DealNovember 9, 2026K&F Growth Acquisition Corp II (KFII) shareholders approved an extension to August 6, 2027 on November 6, 2026 after $240M was redeemed from trust. Separately, Pono Capital Four Inc (PONO) and Blackstar cut their merger’s base purchase price to $200 million and extended the closing deadline to June 30, 2027.
- SPAC Market Update November 6, 2026: KFII Extension Passes After $240M Redemptions, COPL $137M PulledNovember 6, 2026K&F Growth Acquisition Corp II (KFII) shareholders approved an extension to August 6, 2027 on November 6, 2026 after investors redeemed $240M from trust. Copley Acquisition Corp (COPL) also won approval to extend to November 2, 2027, with $137M pulled from trust.
- SPAC Market Update November 5, 2026: AACI-Brains, BHAV-Nemi Merger AnnouncementsNovember 5, 2026Armada Acquisition Corp III (AACI) announced a merger with Brains Bioceutical on November 5, 2026, and Bhav Acquisition Corp (BHAV) announced a merger with Nemi Corp the same day. Separately, Crown Proptech Acquisitions (CPTK) and Research Alliance Corp III (RACC) set deal votes for November 25 and November 24, respectively.
- SPAC Market Update November 4, 2026: NTWO Extension Passes After $154M RedemptionsNovember 4, 2026Newbury Street II Acquisition Corp (NTWO) won approval to extend its deadline to February 4, 2027 on November 4, 2026 after $154M was redeemed from trust. Separately, Lake Superior Acquisition Corp (LKSP) amended its Openmarkets merger agreement, changing sequencing and Pubco ownership and extending the outside date to March 31, 2027.
- SPAC Market Update November 3, 2026: CCXI-Agility Approval After $262M RedemptionsNovember 3, 2026Churchill Capital Corp XI (CCXI) won shareholder approval for its combination with Agility Robotics, Inc. on November 3, 2026 after $262M in redemptions. Cactus Acquisition Corp 1 Ltd (CCTSF) also approved an extension to November 2, 2027, with $560,570 removed from trust.