Daily Digest — September 16, 2026

Just filed

Oceanhawk Acquisition II Corp.

No ticker yet · Initial S-1 · $150,000,000 trust · Nasdaq

Oceanhawk Acquisition II is a blank-check company filing to put $150 million — or up to $172.5 million if the greenshoe is exercised — into trust at $10.00 per unit, with 720 days to close a deal. The "II" in the name matters: the sponsor ran a predecessor SPAC that raised $184 million, but the S-1 discloses no outcome for that vehicle — no merger completed, no target named, nothing. That silence is the first thing worth reading in this filing.

The structural wrinkle is StoneX Financial Inc., which is simultaneously the sole book-running underwriter and a private placement participant purchasing $1.5 million in private units alongside the sponsor's own $4 million commitment. Wearing both hats in the same transaction creates an alignment question the filing doesn't resolve. Sponsor founder shares — 5.75 million acquired for $25,000 in aggregate — represent 25% of post-IPO shares. At no-redemption, the implied net tangible book value per share is $6.66 against a $10.00 offer price, a dilution of 33.4% baked in before any deal is found.

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SPACCircle Acquisition Corp.

SCQC · Initial S-1 · $150,000,000 trust · Nasdaq

SPACCircle Acquisition Corp. is filing to raise $150 million — up to $172.5 million with greenshoe — at $10.00 per unit, with a 365-day combination deadline that is notably tighter than many peers. Each unit carries three components: a share, a warrant exercisable at $11.50, and a right converting at one-third of a share — a structure that layers dilution on top of the standard founder share economics. Sponsor founder shares total 5.75 million, purchased for $25,000, targeting 25% of post-IPO ownership — a step above the conventional blank-check standard.

The filing discloses a peer data point that warrants attention: FORL, another SPAC in the same SPACCatalyst network, saw 62.7% of its public shares redeemed at the extension meeting — a high redemption rate that suggests the market's patience with this sponsor network is limited. Working capital outside the trust stands at $790,000, a thin cushion for a vehicle that has a year to find and close a target. The sole underwriter is D. Boral Capital LLC.