DataTrack

$GULTU Well update. Flight from Fort Worth TX to Washington DC. Pulled out of hole with a burn shoe and ran in hole with an overshot tool. The tool latched onto the fish at 30,278 ft, but while attempting to work it, the fish was jarred with no movement and overpull was lost. Pulled out of hole again with the overshot, but there was no recovery. The overshot was found to be swollen and the grapple was broken. Rigged up electric line equipment, then ran a pulsed neutron log from 30,240 ft to 29,000 ft and again from 27,295 ft to 26,800 ft. Pulled out of hole and rigged down electric line equipment, then ran in hole with open ended drill pipe.

Top 5 funds with the highest concentration of pre-merger SPACs as a percentage of total portfolio AUM per Q1 2026 13F: 1) RLH Capital LLC 80% 2) GRITSTONE ASSET MANAGEMENT LLC 77% 3) Wealthspring Capital LLC 75% 4) METEORA CAPITAL, LLC 69% 5) Crossingbridge Advisors, LLC 68%

Top 5 listed pre merger SPACs least owned by funds per Q1 2026 13F's: 1) $CAQ 3 funds own 2) $NBRG 3 funds own 3) $AACI 4 funds own 4) $ASPC 4 funds own 5) $HCIC 5 funds own

$ETHM Interesting distinction in SPAC letter agreements. Some SPACs only waive sponsor rights to the Trust Account and founder share liquidation proceeds. Others go much further and waive claims to “any other asset of the Company.” That wording could matter A LOT in scenarios involving merger termination fees, litigation recoveries, or other non-trust assets. Dynamix doesn't include that language. $NETD did. If there’s ever a fight over who owns a termination fee in liquidation, that difference may become extremely important under NY contract law.

"He added that the company’s choice to go public via de-SPAC—a process where a privately held company merges with a shell company that is already public—had enabled General Fusion to secure $100 million of pipe capital"

Top 10 Pre Merger SPACs owned by funds Q1 2026 in order: $CEPF, $CEPV, $CAEP, $AEXA, $CEPT, $EVAC, $CEPO, $XRPN, $CGCT, $OBA

@SPACuity @JulianKlymochko @fastlapp I'd throw Jacob Ma-Weaver of Cable Car Capital and Funicular Funds in the mix. They've been suing and winning lawsuits against SPACs for pocketing termination fees for years.

@JulianKlymochko @fastlapp Citadel gobbled up a lot of shares on the initial termination news I’m sure they’ll sue. Now that we know the $50 million was received will be interesting to see who else might want to play.

When the best performing SPAC of the year is due to terminating their merger and collecting a $50 million break fee 😭 $DYNC $ETHM $DYNX

@AndUpstream @CallsPuts1 Being rich doesn’t mean you stop using outside capital if it makes sense.

@DataTracker87 @CallsPuts1 Uhh I think the Moncriefs are good for the extra capex lol. ESP with insurance paying for most of it

$GULTU Private jet linked to Highlander Well operator has seen renewed activity after ~4 months of inactivity. Recent flights include: Lake Charles → Ft Worth → San Antonio → Ft Worth → Washington, D.C.

$MBAV This one should be an interesting vote to watch. sec.gov/Archives/edgar… spacinsider.substack.com/p/one-crypto-d…

@CallsPuts1 Raise some extra cash or pivot to sidetrack maybe

@DataTracker87 flying to escort the burn shoes ?

@mhp79_sfa @Catahoula_Value @thepatheticpawn My read is they briefly engaged and likely moved the fish slightly upward, but no portion of the fish or bottom hole assembly was successfully brought to surface in this run.

@Catahoula_Value @thepatheticpawn @DataTracker87 yep, long trip to 30kft

$GULTU Well update. No flights. The crew pulled out of the hole with a mule shoe and then ran back in with an overshot fishing tool. They successfully latched onto the fish at 30,272 ft and applied 13,000 pounds of overpull. They were able to pull one stand while maintaining 90,000 pounds of overpull at 30,260 ft. The crew then pulled out of the hole with the overshot, but no recovery was made because the grapple had broken. After that, they ran back in with a diamond burn shoe and burned over the fish from 30,274 ft to 30,282 ft. The crew later pulled out of the hole with the burn shoe to 24,614 ft.

"The boom in IPOs is happening alongside a flurry of special purpose acquisition company (SPAC) listings. These issues have raised an additional US$97.6 billion so far this year, Refinitiv noted." investmentexecutive.com/news/markets/s…

SPAC Conference 2026. June 9-10, 2026 • Westchester Country Club, New York spacconference.com

$NETD Court battle continues over who gets term fee. "SPAC Says Investor Bought In Knowing $29M Deal Had Failed" law360.com/articles/24724…

$FGMC set June 9th 2026 vote date on amended S-4 filed May 6th 2026. Another S-4 was filed May 8th 2026 with minimal changes from previous S-4. SEC EFFECT likely soon. Shares still trade below NAV. sec.gov/ix?doc=/Archiv… sec.gov/ix?doc=/Archiv… #boxabl

Nasdaq Raises Bar for SPAC IPOs: What Deal Teams Need to Know jdsupra.com/legalnews/nasd… | by @CooleyLLP

@ewrqljkx Excerpt was in IMTA and MEMORANDUM OF ASSOCIATION in amended S-1 but as @fastlapp pointed out, the super 8-K filed after IPO removed the wording permitting company to withdraw interest from trust for working capital.

@DataTracker87 What does the excerpt say that suggests this?

$DAAQ They can use 100% of available interest for working capital if they choose, as long as no tax obligation needs it. Hope this doesn't become a trend. Bad for SPAC arbs & hard to model NAV. sec.gov/Archives/edgar…

@fastlapp Yes, found it and you are correct. They removed the section permitting them to take working capital in super 8-K.

@DataTracker87 final IMTA is in the super 8-k filed after the ipo.