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SearchingIPODU · NasdaqCIK 2041047Sponsor at IPO: Dune Acquisition Holdings II LLC

Dune Acquisition Corp II

Now Collective Acquisition Corp. · Name history

$144MTrust raised at IPO · 11% of public shares left after its last counted vote

  1. IPO6 May 2025
  2. Searching15 months
  3. Deal announced—
  4. Closed—

Deadline before any extension: 8 Aug 2026 (15 months from the IPO closing). Extensions approved later are not added.

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 80% of 2025’s SPAC IPOs.

    $144M raised, against a median of $230M for the 143 SPACs that priced in 2025.

  2. 02

    $10.03 in trust per unit, above the 2025 median.

    The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    89% of public shares redeemed across 1 vote.

    1 extension vote, counted from the SPAC’s 8-Ks. 11% of the public shares remained after the last one.

  4. 04

    Original deadline August 2026.

    15 months from the IPO closing, before any extension. No business combination agreement is in force.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2025 SPAC IPOs →
IPO priced
6 May 2025
IPO closed
8 May 2025
Raised
$144M1
Units sold
14,375,0002
Trust raised
$144M3
Trust per unit
$10.034
Unit
1 sh + 1 warrant5
Months to complete
156
Deadline before extensions
8 Aug 2026
Over-allotment
Exercised in full

Each unit: “one Class A ordinary share and three-quarters of one redeemable warrant”

Name history

The same company under every name it has filed with the SEC, tracked by its CIK, 2041047. This page keeps its IPO name; the others lead here.

  1. Dune Acquisition Corp IIAt IPO23 Oct 2024 – 27 Mar 2026
  2. Collective Acquisition Corp.Now27 Mar 2026 – today

Dates are those EDGAR records for each name, as of 16 October 2026. A name change follows a shareholder vote or a merger’s closing, and is reported in an 8-K.

How it compares

Dune Acquisition Corp II against the 143 SPACs that priced in 2025.

Raised
$144M
78% of 2025 SPACs are above it
2025 median: $230M
Trust per unit
$10.03
83% of 2025 SPACs are below it
2025 median: $10.00
Months to complete
15
89% of 2025 SPACs are above it
2025 median: 24
Redeemed across its votes
89%
65% of 2025 SPACs are below it
2025 median: 81%

Trust and redemptions

  1. Extension vote · 4 Aug 202612,863,312 of 14,375,000 redeemed (89%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Bookrunners

Underwriters’ counsel

Other SPACs from Dune

Dune’s track record →

Dune has brought 2 SPACs to market since 1 January 2019, $316M in all: 1 completed, 1 searching. 1 of the 1 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Dune Acquisition Corp II This SPAC6 May 2025$144MSearching——
Dune Acquisition CorpIPO before 202117 Dec 2020$173MCompletedGlobal Gas Corporation (HGAS)36

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2025 SPAC IPOs with Clear Street LLC as bookrunner.

SPACIPORaisedUnitStatus
Silicon Valley Acquisition Corp.22 Dec 2025$215M1 sh + ½ warrantDeal announced
Viking Acquisition Corp I30 Oct 2025$230M1 sh + ⅓ warrantCompleted
AA Mission Acquisition Corp. II30 Sept 2025$115M1 sh + ½ warrantSearching
Spring Valley Acquisition Corp. III3 Sept 2025$230M1 sh + ⅓ warrantUnder review
Cohen Circle Acquisition Corp. II30 Jun 2025$253M1 sh + ¼ warrantSearching

Sources

  1. PFinal prospectus: 0001213900-25-040894
  2. 1Gross proceeds: 0001213900-25-041208The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $143,750,000.
  3. 2Units sold: 0001213900-25-043358On May 8, 2025, the Company consummated the Initial Public Offering of 14,375,000 units (the “Units”), which includes the full exercise by the underwriters of their over-allotment option in the amount of 1,875,000 Units
  4. 3Trust raised: 0001213900-25-043358Following the closing of the Initial Public Offering on May 8, 2025, an amount of $144,109,375 ($10.025 per Unit) from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants was held in a Trust Account
  5. 4Trust per unit: 0001213900-25-040894$125,312,500, or $144,109,375 if the underwriters’ overallotment option is exercised in full ($10.025 per unit in either case), will be placed into a U.S.-based trust account
  6. 5Unit composition: 0001213900-25-040894Each unit has an offering price of $10.00 and consists of one Class A ordinary share and three-quarters of one redeemable warrant.
  7. 6Months to complete: 0001213900-25-040894We have until the date that is 15 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve, to consummate our initial business combination.

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.