Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMA) announced this morning that it has jointly terminated its combination with battery-maker WaveTech, citing market conditions.
The short press release gave few further details, but the parties were past the merger’s outside date since March 31. Welsbach currently would have had enough cash from its trust to meet the deal’s $25 million minimum cash condition.
But, its trust had been reduced to $37.7 million with 53% of shares redeemed thus far and the transaction did not include other committed capital to provide more clarity into the final proceeds.
Welsbach also did not clarify in the release whether it intends to seek out a new combination target. It has time to consider its options, however, having secured an extension in May that would allow it to stretch to September 30 with monthly contributions to its trust of $125,000.
The SPAC has been searching for a combination target in the space of “energy transition metals” like rare earth miners or battery technology firms since its IPO in December 2021. It is led by CEO and Chairman Daniel Mamadou and COO Christopher Clower, both from Singapore-based energy investment firm Welsbach Holdings.
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...