SPAC

BEST SPAC I Acquisition Corp. completed its $55 million IPO, priced at $10 per unit, on Nasdaq under the symbol BSAAU. The British Virgin Islands-based SPAC’s offering, managed by Maxim Group LLC, includes an over-allotment option. With focus on the consumer goods sector, the company aims to merge with a suitable target. The SEC declared the registration statement effective on June 12, 2025.

Denali Capital Acquisition Corp (DECA) extended its business combination deadline to July 11, 2025. To support this, they deposited $874.78 into their trust account, funded by a convertible promissory note from Scilex (SCLX). The note, with a $180,000 principal cap and no interest, converts to DECA shares at $10.00 each. Remaining funds from the note are available for future extensions.

Oyster Enterprises II Acquisition Corp upsized its IPO to $220 million (22M units at $10), listing on Nasdaq as OYSEU on May 22, 2025. The SPAC replaces traditional warrants with fractional share rights to minimize investor dilution, targeting AI, blockchain, media, and real estate sectors. Led by tech-linked executives including Divya Narendra, it leverages a $253 million potential warchest with underwriters’ 15% over-allotment option. While benefiting from recovering SPAC market trends and high-growth tech sectors, challenges include competition for acquisitions, undisclosed targets, and prolonged merger timelines prevalent in the post-2023 SPAC landscape. BTIG serves as sole bookrunner.