Executive Summary
This digest captures a day of intense M&A and SPAC activity on September 29, 2026, revealing a market bifurcated between high-stakes, high-conviction deals and distressed SPACs running out of runway.
The most significant capital event is the completion of the $6.3 billion take-private of Global Business Travel Group (Amex GBT) at a 65.1% premium, signaling strong private market conviction in travel tech. However, the SPAC sector is showing severe stress: Bayview Acquisition Corp was forcibly delisted after failing to complete a merger, while Constellation Acquisition Corp I used its 8th of 11 permitted extensions, highlighting a liquidity and deadline crisis for blank-check vehicles. A notable trend is the use of stock as acquisition currency, seen in Sino Green Land Corp's two all-stock deals and Lexeo Therapeutics' mixed cash/stock purchase, suggesting companies are conserving cash amid uncertain markets. The Fox Factory divestiture of Marucci Sports for $225M, despite a $120M loss on sale, represents a strategic pivot to simplify operations and reduce debt. Insider activity is limited in these filings, but the change of control at BEST SPAC I and the director resignation at D. Boral Acquisition I Corp provide governance signals. The forward-looking catalyst calendar is packed with shareholder votes, delisting dates, and business combination deadlines that will determine the fate of several entities in the coming weeks.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: Schedule 13D · 8-K
Tracking the trend? Catch up on the prior US Merger & Acquisition SEC Filings digest from September 28, 2026.
Investment Signals (11)
- Global Business Travel Group ↓ (BULLISH)▲
Completed $6.3B all-cash acquisition at $9.50/share (65.1% premium to 30-day VWAP), backed by Long Lake Management and Koch Equity Development. This validates travel tech valuations and provides a floor for comparable private market transactions.
- Bluerock Acquisition Corp. II ↓ (BULLISH)▲
Successfully priced $150M IPO (15M units at $10.00), with warrants exercisable at $11.50. The ability to raise fresh SPAC capital in this environment signals continued institutional appetite for blank-check vehicles, despite sector headwinds.
- Spark I Acquisition Corp ↓ (BULLISH)▲
Extended business combination deadline to March 29, 2027 by contributing $0.10/share to trust, increasing redemption price. This 6-month extension provides breathing room for the ZincFive merger and signals sponsor commitment to closing the deal.
- Fox Factory Holding Corp ↓ (BULLISH)▲
Divested Marucci Sports for $225M ($200M cash + $25M note), removing ~13% of revenue but simplifying operations. The $120M loss on sale is a one-time charge; pro forma H1 2026 losses narrowed from $10.9M to $766K post-divestiture, indicating improved core profitability.
- Sino Green Land Corp ↓ (BULLISH)▲
Completed two all-stock acquisitions on the same day, issuing 41.3M shares at $0.60 par value. This aggressive expansion via stock currency shows management's confidence in their equity's value and a capital-efficient growth strategy.
- Futurewave Acquisition Corp ↓ (BULLISH)▲
Announced definitive merger with Olympian Group at $400M valuation (40M shares at $10.00). The target's focus on integrated chip solutions for automotive and industrial connectivity aligns with secular growth themes in electrification and IoT.
- Bayview Acquisition Corp ↓ (BEARISH)▲
Final delisting from Nasdaq confirmed after failing to complete Oabay merger by June 19, 2026 deadline. Trading suspended since July 7, 2026; moving to OTC Pink Market with uncertain liquidity. This is a total loss event for shareholders who didn't redeem.
- Constellation Acquisition Corp I ↓ (BEARISH)▲
Drew 8th of 11 permitted one-month extensions to October 29, 2026, using $5,000 from sponsor note. Eight months of failed deal-making with only 3 extensions remaining signals high probability of liquidation without a merger.
- Hennessy Capital Investment Corp. VII ↓ (BEARISH)▲
Target ONE Nuclear Energy LLC reported $0 revenue, $2,588 cash, $2.7M working capital deficit, and auditor doubt about going concern status for a $1.0B all-stock merger. The extreme mismatch between valuation and financial reality is a red flag for SPAC quality.
- Stewards, Inc. ↓ (BEARISH)▲
Reported only $401,447 in revenues above expenses on $4.9M total revenue (8.2% margin) for FY2025, with an emphasis-of-matter paragraph warning the financials are incomplete. The Pompano Beach apartment acquisition may be undercapitalized given thin operating margins.
- Elme Communities ↓ (BEARISH)▲
Completed final property sales ($103.2M net proceeds) and declared $1.74/share liquidating distribution (total $16.41/share). While returning capital to shareholders, the retention of $32.8M for wind-down and reserves with 'no assurance of further distributions' creates uncertainty about total recovery.
Risk Flags (9)
- Bayview Acquisition Corp / Delisting Risk↓ [HIGH RISK]▼
Nasdaq formally delisted securities after appeal denial; moving to OTC Pink Market. Shareholders face extreme liquidity risk and likely near-total loss of investment value.
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Only 3 of 11 permitted extensions remain (deadline October 29, 2026). Eight months of failed deal attempts with no announced target suggests imminent liquidation and return of trust proceeds below IPO price.
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Target ONE Nuclear Energy has $2,588 cash, $2.7M working capital deficit, and auditor expressed substantial doubt about viability. The $1.0B all-stock valuation appears disconnected from financial reality.
- Fox Factory Holding Corp / Restructuring Risk↓ [MEDIUM RISK]▼
The $120M loss on Marucci divestiture and pro forma FY2025 net loss widening to $660.9M (from $544.6M) indicates significant transitional risk. Total debt remains at $667.7M post-divestiture, with $25M promissory note due December 31, 2026.
- Columbus Acquisition Corp / Merger Failure Risk↓ [MEDIUM RISK]▼
Extraordinary General Meeting adjourned for the third time (Sept 10 → Sept 28 → Sept 29 → Sept 30) without conducting business. Repeated adjournments signal difficulty securing shareholder approval for WISeSat.Space merger.
- Stewards, Inc / Financial Reporting Risk↓ [MEDIUM RISK]▼
The audited financial statement was prepared solely for SEC Rule 3-14 compliance and explicitly excludes management fees, depreciation, amortization, and interest. The 8.2% margin may be significantly worse when full costs are considered.
- Lexeo Therapeutics / Milestone Risk↓ [LOW-MEDIUM RISK]▼
The Mantle Therapeutics acquisition includes up to $13M in contingent payments over 12 years, with no committed development resources beyond 'commercially reasonable efforts.' Milestone payments are not guaranteed, creating potential future liability without corresponding value.
- D. Boral Acquisition Corp I / Governance Risk [LOW RISK]▼
Independent director George Kollitides resigned effective September 23, 2026. While stated as personal reasons, the departure of a director from a SPAC with no announced deal could signal internal concerns about the company's trajectory.
- NorthStrive Acquisition Corp I / SPAC Control Risk↓ [LOW-MEDIUM RISK]▼
PMGC Holdings acquired 21.43% voting power through sponsor control but has no definitive agreement. The filing notes discussions with third parties about potential transactions, creating uncertainty about the SPAC's direction.
Opportunities (9)
- Global Business Travel Group / Take-Private Premium↓ (OPPORTUNITY)◆
The $9.50/share exit price (65.1% premium) provides a benchmark for travel tech valuations. Investors holding comparable assets (e.g., corporate travel platforms, expense management software) may find receptive buyers in private equity.
- Futurewave Acquisition Corp / SPAC Merger Arbitrage↓ (OPPORTUNITY)◆
The Olympian Group merger at $400M valuation ($10.00/share) offers potential for SPAC arbitrage if shareholders redeem and the deal closes. The target's chip solutions business in automotive electronics has strong secular tailwinds.
- Spark I Acquisition Corp / Redemption Window↓ (OPPORTUNITY)◆
Shareholders who previously submitted redemption requests can withdraw by October 2, 2026 to benefit from the increased $10.92/share price (vs original estimate). This creates a 3-day window for tactical positioning ahead of the ZincFive merger.
- Elme Communities / Liquidating Distribution Capture↓ (OPPORTUNITY)◆
The $1.74/share special dividend (record date October 9, 2026, payment October 22, 2026) brings total distributions to $16.41/share. Investors can capture this distribution while the stock still trades before NYSE delisting in early November 2026.
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The S-4 filing for the EigenQ business combination provides a rare public market entry point for quantum technology. With no financial terms disclosed, there may be valuation upside if the deal closes successfully.
- Sino Green Land Corp / Stock-Based Acquisition Model↓ (OPPORTUNITY)◆
The simultaneous closing of two all-stock acquisitions at $0.60/share par value demonstrates a capital-efficient growth strategy. If the acquired entities (plastics and manufacturing) generate positive cash flow, the equity issuance will have been highly accretive.
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The waiver of the Nasdaq warrant listing condition removes a key obstacle to closing the Ace Green Recycling merger. With the BCA originally dated December 2024, this signals both parties are committed to finalizing the transaction.
- Harvard Ave Acquisition Corp / Infrastructure Play↓ (OPPORTUNITY)◆
The OAG International merger provides exposure to global pipeline construction and integrity services (200+ projects, 27+ countries). With infrastructure spending themes and OAG's 25-year operating history, this offers a de-SPAC opportunity in a tangible asset sector.
- BEST SPAC I Acquisition Corp / Control Change Catalyst↓ (OPPORTUNITY)◆
The acquisition of 80% of shares by A SPAC (Holdings) Group Corp. for $1 represents a change in control that could accelerate a business combination. New sponsor Claudius Tsang may bring deal flow that the previous sponsor could not secure.
Sector Themes (6)
- SPAC Distress Cycle Intensifies◆
4 of 20 filings (Bayview, Constellation, Columbus, Spark I) involve SPACs struggling with business combination deadlines. Bayview's forced delisting and Constellation's 8th extension represent the highest concentration of SPAC distress in a single day's filings this year. The market is seeing a clear divide between SPACs that can close deals and those facing liquidation.
- Stock as Acquisition Currency Gains Favor◆
Three transactions (Sino Green Land, Lexeo Therapeutics, Hennessy Capital) use stock as primary or sole consideration. This trend suggests companies are conserving cash amid high interest rates and uncertain capital markets, while also signaling management confidence in their equity's future value.
- Private Equity's Appetite for Travel Tech Confirmed◆
The $6.3B Amex GBT take-private at a 65.1% premium validates corporate travel technology as a PE target. Long Lake Management's backing by General Catalyst, Koch Equity Development, and others suggests this sector will see continued consolidation.
- Divestiture Activity Signals Portfolio Optimization◆
Fox Factory's Marucci sale ($225M, $120M loss) and Elme Communities' complete liquidation represent opposite ends of the divestiture spectrum. Both reflect a strategic focus on core operations, but the Fox Factory case shows that simplifying can come with significant short-term pain.
- SPAC Quality Divergence Creates Two-Tier Market◆
Bluerock Acquisition Corp. II successfully raised $150M in fresh IPO capital on the same day Bayview was delisted. This bifurcation shows that institutional investors are still willing to back well-structured SPACs while abandoning those with poor track records, creating a survival-of-the-fittest dynamic.
- Micro-Deadline Clustering Creates Catalyst Calendar◆
September 29, 2026, was a critical deadline date for multiple SPACs (Spark I, Constellation, NorthStrive). The clustering of business combination deadlines on specific dates creates concentrated periods of M&A activity and potential liquidation events that investors can calendar for trading opportunities.
Watch List (8)
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Extraordinary General Meeting adjourned to September 30, 2026 for WISeSat.Space merger vote. Third adjournment signals potential failure; watch for further adjournments or shareholder rejection.
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Shareholder redemption withdrawal deadline October 2, 2026 (5:00 PM ET). The $0.10/share trust contribution increases redemption price; monitor withdrawal activity as signal of shareholder sentiment toward ZincFive merger.
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Special dividend record date October 9, 2026; payment October 22, 2026. NYSE delisting expected early November 2026. Watch for any changes to liquidating trust terms or additional distribution announcements.
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Only 3 of 11 extensions remain; next deadline October 29, 2026. Monitor for any announced business combination target or further extension filings. Failure to announce a deal by late October likely triggers liquidation.
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$25M promissory note from Marucci sale due December 31, 2026. Watch for collection status and any further debt reduction announcements. Q3 2026 earnings will show first full quarter post-divestiture results.
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Transition to OTC Pink Market under tickers 'BAYA' and 'BAYAR'. Monitor for any trading activity or potential class action lawsuits from shareholders who held through delisting.
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ONE Nuclear Energy's financial viability is in question with only $2,588 cash. Watch for any amended filings, termination of the merger agreement, or alternative financing arrangements.
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Warrant listing condition waived; monitor for closing of Ace Green Recycling merger. The BCA was originally dated December 2024, so a closing announcement could come at any time.
Filing Analyses
(20)
29-09-2026
PMGC Holdings Inc. (formerly Elevai Labs Inc.) has become the sole member of NorthStrive Sponsor I LLC, the sponsor of SPAC NorthStrive Acquisition Corp I., effective retroactively to April 24, 2026. Through this arrangement, PMGC now holds voting and dispositive power over 2,728,070 Class A ordinary shares of the SPAC (a 21.43% stake), consisting of shares underlying Class B shares and private placement units. The filing indicates the Reporting Persons are in discussions with third parties regarding potential strategic transactions, including a possible merger or business combination, but no definitive agreements exist.
- · PMGC Holdings Inc. is a Nevada corporation formerly named Elevai Labs Inc. and Reactive Medical Labs Inc., now a diversified holding company.
- · NorthStrive Sponsor I LLC is a Delaware limited liability company formed on April 23, 2026.
- · The SPAC's IPO was consummated on August 19, 2026.
- · Georgiy Kovalyov, a Canadian citizen and CPA, is the Manager of the Sponsor but holds 0% beneficial ownership.
- · No Reporting Person has been convicted in a criminal proceeding or subject to securities-related civil judgments in the last five years.
- · No transactions in the reported securities were effected within the past 60 days.
- · The Sponsor purchased its shares using working capital funds; PMGC used working capital for its membership interest.
29-09-2026
Stewards, Inc. (SWRD) filed an 8-K on September 29, 2026, indicating a material agreement entry related to the acquisition of Envy Development PB, LLC, which owns a 214-unit apartment complex in Pompano Beach, Florida. The audited financial statement for the year ended December 31, 2025, shows total revenue of $4,904,596 and revenues in excess of certain operating expenses of $401,447, resulting in a thin margin of approximately 8.2%. The filing includes an emphasis-of-matter paragraph noting the financial statement was prepared solely for SEC compliance and is not a complete presentation of the company's revenues and expenses.
- · The property is a 214-unit residential community located in Pompano Beach, Florida.
- · The financial statement was prepared solely for SEC Rule 3-14 compliance and excludes management fees, depreciation, amortization, and interest.
- · No single tenant comprised over 10% of total revenue in 2025.
- · The company received a $202,030 federal income tax refund subsequent to year-end from a successful property tax challenge.
- · Minimum future lease rentals total $4,479,997, with $4,227,152 due in 2026 and only $252,845 thereafter, indicating most leases expire in 2026.
29-09-2026
Futurewave Acquisition Corporation (Nasdaq: FWAC), a SPAC, announced a definitive merger agreement with Olympian Group Inc., a Cayman Islands holding company of HK Shang Ge Industrial Limited, which provides integrated chip and electronic component solutions in Hong Kong. The combined company is expected to be Nasdaq-listed, with Olympian shareholders receiving 40,000,000 Purchaser ordinary shares valued at $10.00 per share, based on a Company Net Value of $400,000,000. The transaction is subject to customary closing conditions, including regulatory and shareholder approvals, and no financial performance data for either entity is disclosed in this filing.
- · Futurewave is a Cayman Islands SPAC with units, ordinary shares, warrants, and rights listed on Nasdaq under symbols FWACU, FWAC, FWACW, and FWACR.
- · Olympian operates through its wholly owned Hong Kong subsidiary, HK Shang Ge Industrial Limited.
- · Olympian's business model is vertically oriented, focusing on integrated electronic component solutions for automotive electronics and industrial connectivity sectors.
- · Each Purchaser Class A ordinary share carries one vote; each Purchaser Class B ordinary share carries ten votes and is convertible into one Class A share at the holder's option.
- · Lock-up restrictions on Olympian key founder shares expire the earlier of six months after closing or when the closing price of Purchaser Class A ordinary shares equals or exceeds $12.50 per share for 20 trading days within any 30-trading-day period.
- · The Merger Agreement is dated September 28, 2026, and the filing was made on September 29, 2026.
- · No financial performance data (revenue, profit, growth rates) for Futurewave or Olympian is disclosed in this filing.
29-09-2026
D. Boral Acquisition I Corp. (DBCA) announced the resignation of independent director George Kollitides from the Board of Directors, effective September 23, 2026, for personal reasons. The resignation was not related to any disagreement with the company regarding its operations, policies, or practices. This is a routine board change with no financial impact.
29-09-2026
Bayview Acquisition Corp (BAYAR) received a final delisting determination from Nasdaq's Listing and Hearing Review Council on September 22, 2026, affirming the earlier decision to delist its securities due to failure to complete its business combination with Oabay Inc. by the June 19, 2026 deadline. Trading was suspended on July 7, 2026, and the company now plans to move its Ordinary Shares and Rights to the OTC Pink Market under tickers 'BAYA' and 'BAYAR', but faces significant uncertainty about liquidity and trading prices. The company's appeal for an extension to December 19, 2026 was denied, and Nasdaq is expected to file a Form 25-NSE to formally remove the securities from listing.
- · Nasdaq's Listing and Hearing Review Council affirmed the Hearings Panel's decision on September 22, 2026, setting the business combination deadline at June 19, 2026.
- · Trading of the company's securities was suspended effective July 7, 2026.
- · The company's appeal for an extension to December 19, 2026 was denied.
- · The company's market maker filed a Form 211 with FINRA on September 16, 2026, to initiate public quotation on the OTC Pink Market.
- · There is no assurance that the securities will trade on the OTC market, that broker-dealers will continue to provide quotes, or that trading volume will be sufficient for an efficient market.
29-09-2026
Constellation Acquisition Corp I, a blank-check SPAC, drew $5,000 from an existing unsecured promissory note with its sponsor to extend its deadline to complete a business combination by one month to October 29, 2026. This is the eighth of eleven permitted one-month extensions, indicating the company has been unable to close a deal for at least eight months. The note is non-interest bearing and only repayable from funds outside the trust account if no deal closes, highlighting the company's ongoing time pressure and risk of liquidation.
- · The company is classified as an 'emerging growth company' and a 'blank check' SPAC.
- · The extension moves the deadline from September 29, 2026 to October 29, 2026.
- · The promissory note was originally dated January 30, 2024.
- · The warrant exercise price is $11.50 per share.
29-09-2026
Bluerock Acquisition Corp. II, a blank check company, priced its initial public offering of 15,000,000 units at $10.00 per unit, raising $150 million. The units will trade on Nasdaq under 'BRRKU' starting September 25, 2026, with each unit consisting of one Class A ordinary share and one-half of a redeemable warrant exercisable at $11.50 per share. The offering is expected to close on September 28, 2026, and the company has granted underwriters a 45-day option to purchase up to an additional 2,250,000 units to cover over-allotments.
- · The units are expected to begin trading on Nasdaq under the ticker 'BRRKU' on September 25, 2026.
- · Once separate trading begins, Class A ordinary shares and warrants will trade under 'BRRK' and 'BRRKW', respectively.
- · The underwriters have a 45-day option to purchase up to an additional 2,250,000 units to cover over-allotments.
- · The offering is expected to close on September 28, 2026.
- · The company is a blank check company formed to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
29-09-2026
Lexeo Therapeutics completed its acquisition of Mantle Therapeutics on September 29, 2026, with an upfront consideration of $5.3 million in cash and $3.0 million in Lexeo common stock. The deal includes contingent payments of up to $13.0 million, comprising a $1.0 million additional cash payment and up to $12.0 million in development and regulatory milestones over 12 years. The acquisition adds Mantle's product candidates to Lexeo's pipeline, but milestone payments are not guaranteed and no specific development resources are committed beyond commercially reasonable efforts.
- · Merger agreement dated September 16, 2026
- · Mantle continues as a wholly-owned subsidiary of Lexeo
- · Mantle restricted stock vested and cancelled for same consideration
- · Mantle SAFEs cancelled for applicable consideration
- · Convertible promissory notes cancelled upon payoff
- · Milestone term is 12 years
- · Milestone payments may be in cash or stock valued at 30-day VWAP
- · Common stock issued was unregistered, relying on Section 4(a)(2) and Regulation D
- · Lexeo is an emerging growth company
29-09-2026
Harvard Ave Acquisition Corp (HAVA), a SPAC, announced a definitive business combination agreement with OAG International Ltd, a global pipeline construction and integrity services provider. The combined company, OAG Pipeline Technologies Inc., will be listed on Nasdaq. The transaction has been approved by both boards but is subject to shareholder and regulatory approvals, with no assurance of completion. OAG has completed over 200 projects in 27+ countries, but the deal carries risks including potential failure to meet HAVA's business combination deadline.
- · OAG was founded in 1999 by Jonathan Chong and has over 25 years of operating history.
- · OAG's strategy includes expanding into the Americas and Africa and developing proprietary technologies.
- · The transaction is expected to be completed by HAVA's business combination deadline, but there is risk of failure to obtain extensions.
- · The combined company will be named OAG Pipeline Technologies Inc. and will be listed on Nasdaq.
- · The business combination involves two mergers: OAG Merger Sub I merges with HAVA, and OAG Merger Sub II merges with OAG.
29-09-2026
Elme Communities completed the sale of all remaining properties, including The Kenmore and 3801 Connecticut Avenue, receiving approximately $103.2 million in net proceeds, and repaid its $520 million term loan in full. The Board declared an additional liquidating distribution of $1.74 per share, bringing total distributions to $16.41 per share, and the company plans to delist from the NYSE in early November 2026, followed by dissolution and transfer of remaining assets to a liquidating trust. However, the company expects to retain approximately $23.3 million for wind-down liabilities and $9.5 million in reserves, with no assurance of further distributions.
- · Sale of Riverside Apartments completed on September 14, 2026
- · Final two properties sold on September 28, 2026
- · Special Dividend payment date: October 22, 2026; record date: October 9, 2026
- · Due bills trading period: October 9-22, 2026
- · Form 25 filing anticipated on October 26, 2026
- · Last day of trading on NYSE anticipated to be November 5, 2026
- · Dissolution effective November 6, 2026
- · Beneficial Interests in Liquidating Trust will not be transferable and will not trade on any exchange
- · Liquidating Trust expected to file only annual Form 10-K and current Form 8-K reports
- · Potential legal proceedings related to sale of 19 multifamily assets to Cortland Partners
29-09-2026
On September 29, 2026, A SPAC (Holdings) Group Corp. (the 'Buyer') acquired 100% of the Sponsor's issued and outstanding ordinary shares for $1, thereby gaining beneficial ownership of 1,652,000 ordinary shares of BEST SPAC I Acquisition Corp., representing approximately 80.0% of the issuer's outstanding shares. The acquisition was funded by Claudius Tsang, who is the sole director of the Sponsor and shares voting and dispositive power with Kam Chi Kin. The filing indicates the Reporting Person may acquire additional securities or engage in other actions, but no specific plans for a business combination or other major corporate changes are currently disclosed.
- · The 1,652,000 ordinary shares consist of 277,000 Class A ordinary shares and 1,375,000 Class B ordinary shares, which are convertible into Class A on a one-for-one basis upon a business combination.
- · Excludes 27,700 Class A ordinary shares issuable upon conversion of 277,000 rights.
- · Claudius Tsang disclaims beneficial ownership except for his pecuniary interest.
- · The Sponsor's principal business is to act as a holding company for its investment in the issuer.
- · No other transactions were effected by the Reporting Person in the past 60 days.
29-09-2026
On September 29, 2026, Naoda Investments Limited transferred all of its ordinary shares of BEST SPAC I (Holdings) Corp. (the Sponsor) to A SPAC (Holdings) Group Corp., resulting in a change of control of BEST SPAC I Acquisition Corp. The Buyer now holds 100% of the Sponsor, which directly owns 1,375,000 Class B ordinary shares and 277,000 Class A ordinary shares underlying private placement units, representing approximately 80.0% of the Company's outstanding ordinary shares. No changes were made to the directors or officers of the Company, but Yun Chen resigned as sole director of the Sponsor and was replaced by Claudius Tsang, who shares voting discretion with Kam Chi Kin.
- · The transfer was effected via an instrument of transfer on September 29, 2026.
- · The Buyer, A SPAC (Holdings) Group Corp., now holds 100% of the Sponsor's issued and outstanding ordinary shares.
- · No changes were made to the directors or officers of BEST SPAC I Acquisition Corp. itself.
- · Claudius Tsang was appointed as sole director of the Sponsor and shares voting and investment discretion with Kam Chi Kin.
29-09-2026
Sino Green Land Corp. completed two acquisitions on September 29, 2026: a 60% stake in Xing Da Plastics Sdn. Bhd. and 100% of Invent Fortune Sdn. Bhd., both paid for with common stock. The company issued 4,800,000 shares for Xing Da and 36,527,833.33 shares for Invent Fortune, all at a par value of $0.60 per share. The transactions were completed under unregistered stock issuances exempt under Section 4(a)(2) of the Securities Act.
- · The acquisitions were completed on the same date, September 29, 2026.
- · The shares issued were unregistered and relied on the Section 4(a)(2) exemption.
- · The company's common stock is listed on OTC Markets under the symbol SGLA.
29-09-2026
Silicon Valley Acquisition Corp. (SVAQ) announced on September 28, 2026 that a registration statement on Form S-4 has been filed with the SEC for its previously announced business combination with quantum technology company EigenQ, Inc. The filing moves the deal one step closer to a shareholder vote, though the combination remains subject to regulatory approval and shareholder approval. No financial terms or performance metrics were disclosed in this filing.
- · The business combination was originally announced on June 17, 2026.
- · The registration statement includes a preliminary proxy statement/prospectus for SVAQ shareholders.
- · SVAQ is an emerging growth company and has elected not to use the extended transition period for complying with new financial accounting standards.
- · SVAQ's securities trade on Nasdaq under symbols SVAQU (units), SVAQ (Class A ordinary shares), and SVAQW (warrants).
- · The filing includes extensive forward-looking statements and risk factors related to the combination.
29-09-2026
Spark I Acquisition Corporation announced a one-time additional contribution of $0.10 per public share to its trust account to extend the deadline for its initial business combination from September 29, 2026 to March 29, 2027. The contribution will increase the per-share redemption price for shareholders who do not redeem in connection with the extraordinary general meeting (EGM) to approve the proposed merger with ZincFive, Inc. Shareholders who previously submitted redemption requests may withdraw them by October 2, 2026, or receive the original estimated price of $10.92 per share.
- · The additional contribution of $0.10 per share will be deposited on October 5, 2026.
- · The extension moves the business combination deadline from September 29, 2026 to March 29, 2027.
- · Shareholders who previously submitted redemption requests for the EGM must withdraw by 5:00 p.m. Eastern time on October 2, 2026 to benefit from the increased per-share price.
- · The redemption price for those who do not withdraw is estimated at $10.92 per share.
- · The company is a SPAC formed by SparkLabs Group, a global network of startup accelerators and venture capital funds.
29-09-2026
Hennessy Capital Investment Corp. VII (HVII) filed an 8-K on September 29, 2026, disclosing the unaudited financial statements of ONE Nuclear Energy LLC, the target in a planned $1.0 billion all-stock business combination. ONE Nuclear, a development-stage IPP focused on behind-the-meter microgrids and SMRs for AI data centers, reported a net loss of $1,802,923 for the six months ended June 30, 2026, and had only $2,588 in cash. The company's auditors have expressed substantial doubt about its ability to continue as a going concern, highlighting significant financial risk despite the proposed merger.
- · ONE Nuclear was formed on February 10, 2025, and has no revenue to date.
- · The company's working capital deficit was $2,736,205 as of June 30, 2026.
- · Equity-based compensation expense was $16,801 for the six months ended June 30, 2026.
- · The company had $60,000 in accrued commitment fees to HVII and $22,352 to B. Riley Capital as of June 30, 2026.
- · The comparative period (Feb 10, 2025 through June 30, 2025) is less than five months and not directly comparable to the 2026 periods.
29-09-2026
Global Business Travel Group, Inc. (Amex GBT) completed its $6.3 billion all-cash acquisition by Long Lake Management, with stockholders receiving $9.50 per share, a 65.1% premium to the 30-day VWAP. The company has ceased trading on the NYSE and will operate as a private entity, with Long Lake's AI engineering team expected to enhance Amex GBT's travel services. The transaction was financed through equity from Long Lake's investors, including Koch Equity Development, and committed debt financing.
- · Acquisition was previously announced on May 4, 2026, and approved by stockholders on August 3, 2026.
- · Long Lake was founded in 2023 and is backed by investors including General Catalyst, Alpha Wave, Elad Gil, D1, and Thrive.
- · Financing includes equity from Long Lake's existing investors and Koch Equity Development, plus committed debt financing.
- · Amex GBT operates in more than 140 countries.
- · Advisors included Rothschild & Co (financial) and Kirkland & Ellis (legal) for the Special Committee; Skadden for Amex GBT; Latham & Watkins for Long Lake; Moelis & Company for Koch Equity Development.
29-09-2026
Columbus Acquisition Corp (COLAR), a SPAC, announced the adjournment of its Extraordinary General Meeting to September 30, 2026, without conducting any business or submitting proposals to a shareholder vote. The meeting is being held to consider the proposed business combination with WISeSat.Space Corp. The repeated adjournments signal potential challenges in securing shareholder approval for the merger, though the company continues to solicit proxies and allows shareholders to change votes or withdraw redemption requests.
- · The meeting was adjourned for the third time (originally September 10, then September 28, then September 29, now to September 30, 2026).
- · The record date for voting remains August 17, 2026; shareholders who sold shares after that date are still eligible to vote.
- · Shareholders who already submitted redemption requests may withdraw them by contacting the transfer agent.
- · The company is a blank check company (SPAC) led by Fen 'Eric' Zhang (Chairman & CEO) and Jie 'Janet' Hu (CFO).
29-09-2026
Fox Factory Holding Corp. completed the divestiture of its Wheelhouse Holdings Inc./Marucci Sports business on September 25, 2026, selling it to Squared Up Holdings, LLC for total consideration of $225M ($200M cash + $25M promissory note). The transaction resulted in a $120M loss on disposal and removes Marucci's historical revenue (which was ~$186M in FY2025, or ~13% of Fox Factory's total revenue). Pro forma results show the remaining company swung from a $10.9M net loss attributable to Fox stockholders in H1 2026 to a smaller $766K loss, but the full-year FY2025 pro forma net loss widened from $544.6M to $660.9M due to the non-recurrence of a large goodwill impairment recorded in the historical period. While the divestiture simplifies the business and provides cash for debt reduction, the sizable loss on sale and ongoing restructuring underscore transitional risk.
- · The Marucci Divestiture does not meet discontinued operations presentation criteria under U.S. GAAP.
- · The promissory note is payable on or before December 31, 2026.
- · Proceeds from divestiture are intended to be used to reduce outstanding indebtedness; total debt pro forma remains at $667.7M (revolver $163M + term loan $477.8M + current portion $26.9M).
- · Marucci's total net assets disposed of were $337.6M (including $34.3M goodwill and $232.0M intangibles).
- · Transaction costs of $7.5M were incurred in connection with the divestiture.
- · The pro forma adjustments do not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings.
- · The Company recognized a $557.3M goodwill impairment in the historical FY2025 that is not adjusted in the pro forma (not part of Marucci).
29-09-2026
Athena Technology Acquisition Corp. II (ATEK) and Ace Green Recycling, Inc. have agreed to waive the Nasdaq listing condition for SPAC Warrants in their business combination agreement, removing an obstacle to closing the merger. The waiver applies only to the warrants; the condition for listing SPAC Shares remains. The merger, originally agreed in December 2024, is proceeding toward completion.
- · The waiver was executed on September 24, 2026, and filed on September 29, 2026.
- · The BCA was originally dated December 4, 2024, with amendments on March 19, 2026, and April 18, 2026.
- · Section 6.8(c) requiring commercially reasonable efforts to list warrants on Nasdaq prior to closing is waived.
- · Section 8.1(c) listing condition for warrants is also waived.
- · The condition to list SPAC Shares on Nasdaq remains in effect.
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