SPAC Market Update

LAST WEEK IN REVIEW

• No new SPAC IPOs priced this     past week
• No new SPAC IPOs were put into     registration
• 4 SPACs announced business combinations for a total EV     of ~$1.7B. Transactions include: Inflection Point II / USA Rare Earth (EV     of ~$870.0M) and Plum III / Tactical Resources Corp. (EV of     ~$589.3M)

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U.S. SPAC Market

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Total Active SPACs

204

$12.5bln

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Pre-Deal/Seeking

105

$9.2bln

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Announced Mergers

99

$3.4bln

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S-1s Awaiting Pricing

33

4.4bln

Monday8/19:

• CVII:     On August 18, CVII announced     they have terminated their business combination with CorpAcq. CVII will     liquidate at a stated trust of $10.84 and last day of trading was Friday.
• SOND: On     August 19, SOND announced     that they have signed a long-term licensing agreement with Marriott. The     warrants (SONDW) have takeout protection, a $230 strike, and a 1/19/27     expiry.
• ATMV:     On  August 19, ATMV announced     they have entered into a merger agreement with AMC Corp, a vision AI     platform.
• GTAC: On     August 19, GTAC announced     they terminated their deal with Tyfon and received a termination fee.

Wednesday8/21:

• YOTA: On     August 21, YOTA announced     they have entered into a merger agreement with DRIVEiT Financial Auto     Group, an operator of electric vehicle superstores.

Thursday8/22:

• IPXX: On     August 22, IPXX announced     they have entered into a merger agreement with USA Rare Earth, a domestic     rare earth mining and magnet company.
• VSAC: On     August 22, VSAC announced     they have terminated their merger agreement with Mediforum and     concurrently signed a LOI to merge with Convergence CT, a health care data     management firm.
• ISRL: On     August 22, ISRL announced     they have mutually terminated their merger agreement with PomVom. ISRL did     not state whether they would seek another target or liquidate.
• TRTLF: On     August 22, TRTLF announced     they will liquidate. They did not provide a redemption value.

Friday8/23:

• PLMJ: On     August 23, PLMJ announced     they have entered into a definitive business combination with Tactical     Resources, a North American rare earth elements company.

Friday8/23 post-close:

• IRAA: On     August 23, IRAA announced     they have canceled their transaction vote with Liminatus Pharma scheduled     for 8/29/24. The company plans to announce a rescheduled date at some     point.
• SBXC: On     August 23, SBXC announced     they have postponed their extension vote from 8/23 to 8/27.

Extensions paid:

• CSTAF –     1 month
• GAQ –     1 month
• OCAX –     1 month

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