This afternoon, we had yet another new SPAC filing, making the count four (4) for deals on file to IPO. Furthermore, that means that if all four price in October, we will match 2018’s deal count of 46. It also means we are very, very close to matching the 2018 total gross proceeds figure of $10.752 billion, i.e., if all four price (without over-allotments) SPACs will have raised $10.695 billion in 2019 year-to-date. However, what do we have on deck with today’s new SPAC filing?
For starters, the name is Galileo Acquisition Corp. (GLEO.U), a $100 million SPAC focused on “the consumer, retail, food & beverage, specialty industrial, technology or medtech sectors which are headquartered in Western Europe, with an emphasis on Italian family-owned businesses, portfolio companies of private equity funds, or corporate spin-offs, and that have significant North American exports and a clearly defined North American high growth strategy.” That’s a real kitchen sink, so for simplicity’s sake, let’s just say “Western Europe/Italy”.
Additionally, Galileo will be led by Luca Giacometti, who has previously been involved with four European-listed SPACs and has the distinction of launching the first blank check company under Italian law in 2011 (Made in Italy).
- 2017 – Glenalta (merged with CFT S.p.A.)
- 2015 – Glenalta Food (merged with Orsero S.p.A.),
- 2014 – IPO Challenger (merged with Italian Wine Brands S.p.A.),
- 2011 – Made in Italy 1 (merged with SeSa S.p.A.)
Apparently, Italian SPACs are all the rage and even Bob Diamond (the former Barclays chief executive) had one called “SPAXs“. But are Italian SPACs similar to U.S. listed ones? Hard to say. In the interest of time, I’ve only done a cursory bit of research on Italian SPACs (will be looking more closely soon), but the premise appears to be the same. It’s the investor base that’s probably going to be quite different though and that is really the crucial thing that matters. U.S. SPAC investors are a different breed and they can be tough on both on the front end as well as the back end. However, looking at the terms, we see that Galileo is a 21 months (+ 3 months with a definitive agreement), 1 full warrant, 100% in trust SPAC. It’s a fairly uncomplicated structure, straightforward, and they are looking at a broad swath of sectors within Western Europe and more specifically, Italy. On the surface, without hearing the team’s pitch, these terms seem sell-able.
More to come after doing a bit more research on Italian SPACs. For now, summary of terms below:


Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...