RLH Capital

Pleased to share RLH SPAC Fund’s Q4 2025 investor letter. 2025 was our strongest year since inception, driven by disciplined SPAC arbitrage, selective NRAs, and proprietary structured opportunities. We believe the setup entering 2026 is constructive. Letter: dropbox.com/scl/fi/0knbi3c…

$MRLN $BACQ retained 2.45mm shares from the trust account sec.gov/Archives/edgar…

In the prospectus it states Public Shareholders must complete the procedures for electing to redeem their Public Shares in the manner described above prior to 5:00 p.m., Eastern Time, on March 10, 2026 (two business days before the initial scheduled date of the extraordinary general meeting), in order for their Public Shares to be redeemed. The shares must be settled, so the prior business day (March 9) would be the last day with the NAV floor. Different brokers may have different requirements for redeeming shares, so if you are buying to redeem, confirm with your broker.

@Spac__Trader I have a question. How do you determine when the NAV floor drops? In this case for $BACQ... Id like to understand what you read to learn this? Can you teach me/share with us? Does it say it in some filing in explicit words? Thank you in advance.

3 popular mergers, which all have rights, have merger votes set for this month. All of them are below NAV. $BACQ 3/12/26 ~$10.55 NAV redemption floor drop 3/10/26 $PELI 3/17/26 ~$10.28 NAV redemption floor drop 3/13/26 $CHAC 3/19/26 ~$10.33 NAV redemption floor drop 3/17/26

Wild stuff! I don't think this forces liquidation and $DMAA isnt mentioned at all. I think there is too much risk capital on the line to liquidate over this. This makes me believe DMAA will need to file a proxy in the next month for extension as it doesn't seem they have the cash to fund the extension as currently permitted.

I just saw this too, what the hell is even going on? Hard to follow the explanation, but sounds like theft? I would assume even to proceed to liquidation, they would need a new CEO? So I don't read a lot into that. As far as commons go, even if the ex-CEO stole $1M, that seems like less than half a penny per share? @valwithcatalyst you have any takes or insights you can share? @SPACuity

$DMAA $DMAAR $DMII $DMIIR looks like some drama sec.gov/ix?doc=/Archiv… but are they gonna liquidate ? if yes then why appoint a new CEO ? if no then these $DMAAR 's are the buy of the year

My @telegram account was compromised. If you receive any messages from @louiscamhi please ignore them until I regain control. I have submitted a recovery request but need assistance restoring my account. @telegram

The conference circuit continues! I’ll be at @iconnections_io #GlobalAltsMiami next week — always great to meet other managers, allocators, and deal folks. DM me if you’re around.

@Roth_Overlord @SPACspin @fastlapp @SPACMAN17 Warrant vote isn’t a closing condition. I’m guessing vote fails, deal closes, warrants stay outstanding

@SPACspin What’s your take as to next sequence of events @valwithcatalyst @fastlapp @SPACMAN17 . Vote fails and then they raise the buyout price?

$HYAC => $RMIX 🗳️📅 Merge vote on 3/17 and warrant vote 3/13.. they want to clean up those public wrts for $1 (currently trading ~$1.45... need about 5.55m of public wrts to vote yes ) of course, private wrts survive.. SPACs doing SPAC things #tANNI" target="_blank" rel="nofollow noopener">sec.gov/Archives/edgar…

$TVA And now you can buy in below the insider price Currently $10.61

@DoctorBradberry @SPACuity NWAX, AEXA you can say, UA, Yorkville took over another SPAC (don't recall the name)

@valwithcatalyst @SPACuity So who is on your radar for trump affiliated SPACs besides $RTAC and the Cantor SPACs? I believe the new $CLBR Trump Jr just IPO'd.

$TVA SPAC insider buy is interesting — not entirely sure how to interpret it Sponsor (Yorkville) acquired ~925k shares for ~$9.96mm (~$10.77/share), about $0.40 above NAV. On the surface, that’s bullish — committing additional capital ahead of a potential transaction. But if a deal announcement were imminent, they likely couldn’t be buying in the open market. Possibly just a high-conviction bet on their execution. Curious how others are reading this? @JulianKlymochko @vik_mittal

@SPACuity @DoctorBradberry So seems like same conclusion - all interpretations are positive, but also confused!

@DoctorBradberry @valwithcatalyst This would be poster-child for insider trading if there truly were an imminent merger announcement. Open/shut case. If that would be ignored due to Trump ties -- we're even further towards Banana Republic status than I previously thought, ha!

@DoctorBradberry @SPACuity I recall on rare occassion a Sponsor buying warrants after a transaction announcement, but I can't recall a time it happened before (common or warrants/rights)

@SPACuity @valwithcatalyst Have you ever seen a sponsor do this before? I can't think of one. I also have a hard time imagining the SEC being aggressive with a Trump connected SPAC. So maybe they do have a deal brewing.

Goldman Sachs Sees US IPO Volume Surging From 2025 Throughout 2025 I have been asked if SPACs are back and I have consistently said SPACs will not be back absent a full capital markets recovery including IPOs, Direct Listings and M&A GS forecasting more than 3x the IPO volume in 2026 vs 2025 is a great sign

$ETHM going for the record of most SEC filings (form 425) as part of a SPAC merger - 142 and counting!

@JulianKlymochko @fastlapp @SPACspin Agree with this. The IPO was marketed with built in extension terms that should be honored.

@fastlapp @SPACspin In my opinion stockholders should vote against extension payment reduction proposals, which is what happened here

$AAM 🚫🤝💀 LIQUIDATION! (NAV ~ $10.67) AA MISSION ACQUISITION CORP. ANNOUNCES RESULTS OF EXTRAORDINARY GENERAL MEETING AND REDEMPTION OF PUBLIC SHARES globenewswire.com/news-release/2…

Looking forward to hosting a session with @vik_mittal at The Uncorrelated Conference in Miami tomorrow (1/27) at 2:35 PM. If you’re attending, come say hello — happy to connect after the panel. uncorrelatedalts.com/miami26-agenda

@neilhar Thank you!

@valwithcatalyst congrats on a great year!

Pleased to share RLH SPAC Fund’s Q4 2025 investor letter. 2025 was our strongest year since inception, driven by disciplined SPAC arbitrage, selective NRAs, and proprietary structured opportunities. We believe the setup entering 2026 is constructive. Letter: dropbox.com/scl/fi/0knbi3c…

@MertonShare @marginofdanger I hear you and it's a fair point - except I don't know anyone who was happy with their allocations, even the ones who played every deal. When the market is hot the big commission paying non-SPAC guys come in and take their pound of flesh

More analysis of recent SPAC IPOs (last 30) SPAC IPOs continue to underperform. Net of financing costs (most SPAC investors own SPACs on margin) 21 of the last 30 SPAC IPOs have lost money We are hopeful that a combination or attractive SPAC announcements and improved IPO terms will reverse this trend

@marginofdanger Agree - it has surprised me that investors have been willing to participate at these terms. It's one thing to do a broker a favor, it's another when the majority of transactions are breaking deal price

@valwithcatalyst And the backlog of mediocre spac IPOs keeps growing and no signs yet of changes to sweeten the terms.

I like to separate rates high/low from risk on/off Decreasing rates lowers how much SPACs earn and also investor financing costs. I view rates declining as a modest negative to SPAC investors If lower rates do trigger risk on then that should benefit SPACs / reverse the trend. It is likely to happen via a speculative transaction announcement that trades well. Hopefully, multiple transactions!

@valwithcatalyst What do you think happens in a declining rate environment? Would think lower financing costs combined with likely more speculative behavior/deals would also reverse the trend?