<!DOCTYPE html><html><head></head><body><h3>Terms Tracker for the Week Ending February 14, 2025</h3>
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Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings.
It was another active week in the SPAC market, with four new SPACs filing to IPO and three new IPOs pricing—all of which managed to stay above their $10.00 IPO price on day one. Plus, all three recorded day-one VWAPS above $10.00, pushing the monthly average performance back into positive territory.
Additionally, Cohen &amp; Company has now pulled into the lead in 2025 for new SPAC filings + IPOs priced (see chart below), thanks to the two technology-focused SPACs it underwrote this week.
Meanwhile, we’re heading into a short trading week with the President’s Day holiday and school winter breaks, so activity may slow down temporarily.
<h3 data-pm-slice="1 3 []">New SPAC Filings</h3>
Four new SPACs filed S-1s this week, covering a mix of technology and generalist strategies:
<ul data-spread="true">
<li><a href="https://www.spacinsider.com/spac/texas-ventures-acquisition-iii-corp" target="_blank" rel="noopener">Texas Ventures Acquisition III Corp</a>. (Filed 2/10/2025) is a $200 million SPAC underwritten by Cohen &amp; Company, focusing on technology. It will hold 100.5% in trust and has 18 months to complete a business combination. Notable terms include a 1/2 warrant per unit and a 25% sponsor promote.</li>
<li><a href="https://www.spacinsider.com/spac/uy-scuti-acquisition-corp" target="_blank" rel="noopener">UY Scuti Acquisition Corp.</a> (Filed 2/11/2025) is a $50 million offering underwritten by Maxim Group, with a broad sector focus. It is structured as a 12-month SPAC, with two potential 3-month extensions at $0.10 per share. This deal includes 1 right per 1/5 of a share, but no warrants.</li>
<li><a href="https://www.spacinsider.com/spac/harvard-ave-acquisition-corporation" target="_blank" rel="noopener">Harvard Ave Acquisition Corporation</a> (Filed 2/11/2025) is a $250 million SPAC underwritten by D. Boral, targeting a generalist strategy. It will hold 100% in trust and has 18 months to find a target. The terms include 1 right per 1/8 of a share, no warrants, and two 3-month extensions at $0.10 per share.</li>
<li><a href="https://www.spacinsider.com/spac/crane-harbor-acquisition-corp" target="_blank" rel="noopener">Crane Harbor Acquisition Corp.</a> (Filed 2/12/2025) is a $175 million technology-focused SPAC underwritten by Cohen &amp; Company. It features 100% held in trust, a 24-month timeline, 1 right per 1/12 of a share, and a 25% sponsor promote. Notably, its deferred underwriter fee will be calculated based on the trust balance after redemptions at closing.</li>
</ul>
As for where things stand with the underwriters and SPAC count, it was a busy week for new issuance. For Cohen &amp; Company, it was very, very busy with two IPOs priced and two more new SPACs filing to IPO. However, this comes on the heels of two other new SPACs filing last Friday too.
As a result, Cohen has taken back the lead from BTIG, but it’s still very close. And, if past experience is any guide, the rankings will shift again next week.
Plus, Santander moves up the board with an IPO priced this week as well, and keep in mind that Santander is the underwriter for <a href="https://www.spacinsider.com/spac/live-oak-acquisition-corp-v" target="_blank" rel="noopener">Live Oak Acquisition Corp. V</a>, which filed an amendment this week. That’s usually an indication that an IPO pricing is soon. Another one to watch is D. Boral, which has four potential IPOs in the starting gates. However, so does Cantor, which is always a formidable underwriting competitor.
Next week “should” be on the slower side given that it’s a shortened holiday week, but with SPACs you never know. In typical “off months” like August, or during holiday seasons, SPACs are usually still active.&nbsp; So, there’s always a possibility we see additional IPOs price next week.
<img data-recalc-dims="1" loading="lazy" decoding="async" class="size-full wp-image-257860 alignnone" src="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/2025-SPAC-IPO-Count-IPOs-On-file-by-Underwriter-8.png?resize=640%2C395&amp;ssl=1" alt="2025 SPAC IPO Count + IPOs On-file, by Underwriter (8)" width="640" height="395" srcset="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/2025-SPAC-IPO-Count-IPOs-On-file-by-Underwriter-8.png?w=682&amp;ssl=1 682w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/2025-SPAC-IPO-Count-IPOs-On-file-by-Underwriter-8.png?resize=300%2C185&amp;ssl=1 300w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/2025-SPAC-IPO-Count-IPOs-On-file-by-Underwriter-8.png?resize=150%2C93&amp;ssl=1 150w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/2025-SPAC-IPO-Count-IPOs-On-file-by-Underwriter-8.png?resize=556%2C343&amp;ssl=1 556w" sizes="auto, (max-width: 640px) 100vw, 640px">
<h3>Amendments on the Move</h3>
This week saw two SPACs file amended S-1s, but only one with notable changes:
<ul data-spread="false">
<li><a href="https://www.sec.gov/Archives/edgar/data/2034334/000114036125003614/ny20034162x19_s1a.htm" target="_blank">Artius II Acquisition Inc.</a> – No changes and priced its IPO.</li>
<li>
<a href="https://www.sec.gov/Archives/edgar/data/2048951/000121390025013532/ea0227275-02.htm" target="_blank">Live Oak Acquisition Corp. V</a> – Upfront underwriter fee increased from 0.0125% to 0.125%. Percent held in trust increased from 100.00% to 100.50%. Warrants in Unit increased from 1/3 to 1/2. Removed provision allowing permitted withdrawals of up to $400,000 annually from interest earned on the trust account to be used for working capital. The auto extension for an additional 3 months with LOI or DA was removed.
</li>
</ul>
<h3>A Look At the Stats</h3>
Once again, there were no registration withdrawals (RW), but there was one abandonment from <a href="https://www.spacinsider.com/spac/jj-opportunity-corp" target="_blank" rel="noopener">JJ Opportunity Corp.</a>&nbsp;&nbsp;Additionally, there was one termination&nbsp;this week from <a href="https://www.spacinsider.com/spac/zalatoris-acquisition-corp" target="_blank" rel="noopener">Zalatoris Acquisition Corp.</a>, which also liquidated its trust. Lastly, we moved <a href="https://www.spacinsider.com/spac/future-health-esg-corp" target="_blank" rel="noopener">Future Health ESG Corp.</a> to “liquidated” as well, despite a lack of 8-K or press release announcing the redemption of its trust. However, it was reported liquidated on Robinhood’s platform.
As a result of this week’s movements in the filings and IPOs, the number of SPACs on file to IPO is now 33, same as last week.
Additionally, the 2025 year-to-date liquidation total is now six.
The SPACs with liquidation announcements this week were:
<ul>
<li>None</li>
</ul>
The SPACs that completed their liquidations this week:
<ul>
<li><a href="https://www.spacinsider.com/spac/zalatoris-acquisition-corp" target="_blank" rel="noopener">Zalatoris Acquisition Corp.</a></li>
<li><a href="https://www.spacinsider.com/spac/future-health-esg-corp" target="_blank" rel="noopener">Future Health ESG Corp.</a></li>
</ul>
As for SPACs searching for targets, that number is now 103, factoring in this week’s IPOs and liquidation activity.
<h3>Terms Tracker</h3>
Four new SPAC S-1s were filed this week:
<ul data-spread="false">
<li><a href="https://www.spacinsider.com/news/headline-post/new-spac-texas-ventures-acquisition-iii-corp-tvacu-files-for-200m-ipo" target="_blank">Texas Ventures Acquisition III Corp</a></li>
<li><a href="https://www.spacinsider.com/news/headline-post/new-spac-uy-scuti-acquisition-corp-uyscu-files-for-50m-ipo" target="_blank">UY Scuti Acquisition Corp.</a></li>
<li><a href="https://www.spacinsider.com/news/headline-post/new-spac-harvard-ave-acquisition-corporation-havau-files-for-250m-ipo" target="_blank">Harvard Ave Acquisition Corporation</a></li>
<li><a href="https://www.spacinsider.com/news/headline-post/new-spac-crane-harbor-acquisition-corp-chacu-files-for-175m-ipo" target="_blank">Crane Harbor Acquisition Corp.</a></li>
</ul>
Links above are provided to the full write-ups, but you can check on any previous filings, by visiting our&nbsp;<a href="https://www.spacinsider.com/news/new-s-1-filings" target="_blank">S-1 Filings</a> page.
<img data-recalc-dims="1" loading="lazy" decoding="async" class="alignnone wp-image-257884 size-full" src="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/spac-terms-tracker-2025-02-14T103923.306.png?resize=640%2C427&amp;ssl=1" alt="spac-terms-tracker" width="640" height="427" srcset="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/spac-terms-tracker-2025-02-14T103923.306.png?w=1200&amp;ssl=1 1200w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/spac-terms-tracker-2025-02-14T103923.306.png?resize=300%2C200&amp;ssl=1 300w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/spac-terms-tracker-2025-02-14T103923.306.png?resize=1024%2C683&amp;ssl=1 1024w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/spac-terms-tracker-2025-02-14T103923.306.png?resize=150%2C100&amp;ssl=1 150w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/spac-terms-tracker-2025-02-14T103923.306.png?resize=768%2C512&amp;ssl=1 768w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/spac-terms-tracker-2025-02-14T103923.306.png?resize=556%2C371&amp;ssl=1 556w" sizes="auto, (max-width: 640px) 100vw, 640px">
[Read here for a&nbsp;<a href="https://old.spacinsider.com/2020/12/30/launching-our-spac-ipo-terms-tracker/" target="_blank" rel="noopener">refresher on our methodology</a>]
<ul>
<li>The Terms Diffusion Index oscillates around 50.0, assigning a 1.0 value to all positive changes, a 0.5 value to “no changes”, and a 0.0 value to negative changes. Therefore, readings above 50.0 would indicate SPAC terms were loosening on the week, while a reading below 50.0 signals tightening.</li>
</ul>
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<h3>IPO Performances from Last Week</h3>
SPACs had three IPOs price this week: <a href="https://www.spacinsider.com/spac/archimedes-tech-spac-partners-ii-co" target="_blank" rel="noopener">Archimedes Tech SPAC Partners II Co.</a>, <a href="https://www.spacinsider.com/spac/artius-ii-acquisition-inc" target="_blank" rel="noopener">Artius II Acquisition Inc.</a>, and <a href="https://www.spacinsider.com/spac/maywood-acquisition-corp" target="_blank" rel="noopener">Maywood Acquisition Corp.</a>
Archimedes, which raised $200 million and was underwritten by BTIG, held a 1/2 warrant in its unit and 100.5% in trust, equating to $10.05 per unit day-one. On its first day of trading, it recorded a VWAP of $10.0194, translating to a performance of -0.304% relative to its NAV of $10.05.
As for Artius II and Maywood, both were 100.0% in trust deals with rights in their units and both managed to stay above their $10.00 IPO price.
In Artius II’s case, which was a $200 million deal underwritten by Santander, it notched a day-one VWAP of $10.0154, which resulted in a day-one performance relative to NAV of 0.154%.
Maywood’s performance was slightly better with a day-one VWAP of $10.0349 for a day-one performance of 0.349%. However, Maywood has a shorter duration of 15 months and bigger right (1 for 1/5), whereas Artius II has 18 months and a right at 1 for 1/10. Maywood, which was underwritten by Cohen &amp; Company, also raised a smaller amount at $75 million.
Nonetheless, the results of this week’s three IPOs pushed the February monthly average back into positive territory at 0.02%, with a monthly IPO count to-date of four.
<img data-recalc-dims="1" loading="lazy" decoding="async" class="alignnone wp-image-257882 size-full" src="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPAC-IPOs-Day-1-VWAP-With-_-Without-Anchor-Investors-by-IPO-Date-11.png?resize=640%2C396&amp;ssl=1" alt="SPAC IPOs Day 1 VWAP With _ Without Anchor Investors by IPO Date (11)" width="640" height="396" srcset="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPAC-IPOs-Day-1-VWAP-With-_-Without-Anchor-Investors-by-IPO-Date-11.png?w=1076&amp;ssl=1 1076w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPAC-IPOs-Day-1-VWAP-With-_-Without-Anchor-Investors-by-IPO-Date-11.png?resize=300%2C186&amp;ssl=1 300w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPAC-IPOs-Day-1-VWAP-With-_-Without-Anchor-Investors-by-IPO-Date-11.png?resize=1024%2C634&amp;ssl=1 1024w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPAC-IPOs-Day-1-VWAP-With-_-Without-Anchor-Investors-by-IPO-Date-11.png?resize=150%2C93&amp;ssl=1 150w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPAC-IPOs-Day-1-VWAP-With-_-Without-Anchor-Investors-by-IPO-Date-11.png?resize=768%2C475&amp;ssl=1 768w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPAC-IPOs-Day-1-VWAP-With-_-Without-Anchor-Investors-by-IPO-Date-11.png?resize=556%2C344&amp;ssl=1 556w" sizes="auto, (max-width: 640px) 100vw, 640px">
<img data-recalc-dims="1" loading="lazy" decoding="async" class="alignnone wp-image-257883 size-full" src="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?resize=640%2C396&amp;ssl=1" alt="SPACInsider IPO Performance Tracker (40)" width="640" height="396" srcset="https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?w=1733&amp;ssl=1 1733w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?resize=300%2C186&amp;ssl=1 300w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?resize=1024%2C633&amp;ssl=1 1024w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?resize=150%2C93&amp;ssl=1 150w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?resize=768%2C475&amp;ssl=1 768w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?resize=1536%2C950&amp;ssl=1 1536w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?resize=556%2C344&amp;ssl=1 556w, https://i0.wp.com/old.spacinsider.com/wp-content/uploads/2025/02/SPACInsider-IPO-Performance-Tracker-40.png?w=1280&amp;ssl=1 1280w" sizes="auto, (max-width: 640px) 100vw, 640px">
Note: Based on the unit’s (or share’s) day-1 VWAP.
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SPAC IPO Terms Tracker: February 14, 2025

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