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
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The Daily SPAC
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- SPAC Market Update September 15, 2026: DMAA Amends PAGC Deal at $2.85B, HUDA-Aiways Vote ClearsSeptember 15, 2026Drugs Made in America Acquisition Corp (DMAA) signed an amended and restated merger agreement with PAGC on September 15, 2026, setting a $2.85B closing valuation with APQC and a Delaware domestication. Separately, Hudson Acquisition I Corp (HUDA) won approval for its Aiways Automobile Europe GmbH combination after 6,140 shares were redeemed and $67,724 left trust.
- SPAC Market Update September 14, 2026: RIBB-DRC Vote Clears, CHPG-Futuremain DealSeptember 14, 2026Ribbon Acquisition Corp (RIBB) won approval for its DRC Medicine Ltd. merger on September 14, 2026 after 3,429,838 shares were redeemed and $36M was removed from trust. Separately, Championsgate Acquisition Corp (CHPG) announced a merger with Futuremain Co., Ltd., a Korean engineering and IT company focused on machinery safety diagnostics.
- SPAC Market Update September 11, 2026: APUR to Merge with Atlantic HPC, ARCL-Firstborn DealSeptember 11, 2026Aperture Ac (APUR) announced a merger with Atlantic HPC Group Inc on September 11, 2026, adding a bitcoin-mining and AI-infrastructure target as September SPAC IPO issuance totaled $100M through 11 sessions. Separately, Arc Group Acquisition I Corp (ARCL) signed Firstborn Top Capital Sdn Bhd, a Malaysian private-financing company.
- SPAC Market Update September 10, 2026: POLE $172M Extension Redemption, ALCYF Extension ApprovalSeptember 10, 2026Andretti Acquisition Corp II (POLE) won approval to extend its deadline to September 9, 2027, on September 10, 2026, after investors redeemed 15,776,190 shares and pulled $172M from trust. Separately, Alchemy Investments Acquisition Corp 1 (ALCYF) also won approval to extend to September 9, 2027, with Cartiga, LLC listed as its target.
- SPAC Update Sept 9, 2026: NMP + Gibson Technical Services & Meshflow + HGP Intelligent EnergySeptember 9, 2026Meshflow Acquisition Corp (MESH) announced a merger with HGP Intelligent Energy, LLC, a Dallas nuclear load-following technology developer, on September 8, 2026. Separately, Nmp Acquisition Corp (NMP) announced a merger with Gibson Technical Services, Inc., a telecommunications infrastructure services provider.
- SPAC Market Update September 8, 2026: CAPN Ends Mango Merger, Sets Sep 23 Extension VoteSeptember 8, 2026Cayson Acquisition Corp (CAPN) terminated its Mango merger on September 8, 2026, with Mango set to reimburse expenses through a convertible promissory note. Separately, CAPN set a September 23, 2026 extension vote as it resumes its target search.