For subscribers that have a Database Subscription, we’ve added a new table that you can now find under the SPACs tab: At-Risk Capital / Promote.
We’ve detailed each SPAC team’s at-risk capital as well as the sponsor’s promote for all SPACs by category: Searching for a Target, Announced a Transaction, and currently Filed for IPO. Now you can see just how much is at stake…
A snapshot of the current “Filed for IPO” category has been provided below, but in order to view the other two categories, you will need to be a subscriber.
For those unfamiliar with the term, the at-risk capital of the sponsors is contributed at the time of the IPO via a private placement purchase of either warrants or units. It is this capital that pays for the expenses of the offering (i.e., underwriters’ discount, legal and accounting fees, printing costs, filing fees, etc.) and is what brings the trust amount to 100% (or greater if the trust is over-funded). However, it is fully “at-risk” since if the SPAC cannot complete a business combination and liquidates, the sponsor loses the entire investment. It’s some serious “skin in the game.”
For subscribers you can find the new table HERE.
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...