Menu
Compare

Deal announced · 29 Oct 2025EURKU · NasdaqCIK 2000410Sponsor at IPO: Hercules Capital Management Corp

Eureka Acquisition Corp

$57.5MTrust raised at IPO · 1% of public shares left after its last counted vote

  1. IPO2 Jul 2024
  2. Searching12 months
  3. Deal announced29 Oct 2025
  4. Closed—

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

  1. 01

    Smaller than 100% of 2024’s SPAC IPOs.

    $57.5M raised, against a median of $184M for the 55 SPACs that priced in 2024.

  2. 02

    99% of public shares redeemed across 2 votes.

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

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

Key terms

Other 2024 SPAC IPOs →
IPO priced
2 Jul 2024
IPO closed
3 Jul 2024
Raised
$57.5M
Units sold
5,750,0001
Trust raised
$57.5M2
Trust per unit
$10.003
Unit
1 sh + 1 right (1/5)4
Months to complete
125
Deadline before extensions
3 Jul 2025
Over-allotment
Exercised in full

Each unit: “one Class A ordinary share and one right (each right entitling the holder to one-fifth of one Class A ordinary share)”

How it compares

Eureka Acquisition Corp against the 55 SPACs that priced in 2024.

Raised
$57.5M
93% of 2024 SPACs are above it
2024 median: $184M
Trust per unit
$10.00
51% of 2024 SPACs match it
2024 median: $10.00
Months to complete
12
87% of 2024 SPACs are above it
2024 median: 24
Redeemed across its votes
99%
93% of 2024 SPACs are below it
2024 median: 75%

Trust and redemptions

  1. Extension vote · 30 Jun 20253,038,722 of 5,750,000 redeemed (53%)
  2. Extension vote · 29 Jun 20262,655,132 of 2,711,278 redeemed (98%)

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

Company counsel

Underwriters’ counsel

Other SPACs from Hercules Capital Management

Hercules Capital Management’s track record →

Hercules Capital Management has brought 2 SPACs to market since 1 January 2019, $118M in all: 1 completed, 1 with a deal announced. 1 of the 1 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Columbus Acquisition Corp/Cayman Islands22 Jan 2025$60MCompletedWISeSat.Space Holdings Corp. (SAIQ)20
Eureka Acquisition Corp This SPAC2 Jul 2024$57.5MDeal announced——

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 2024 SPAC IPOs with Maxim Group LLC as bookrunner.

SPACIPORaisedUnitStatus
Horizon Space Acquisition II Corp.14 Nov 2024$69M1 sh + 1 right (1/10)Completed
ASPAC III Acquisition Corp.8 Nov 2024$60M1 sh + 1 right (1/10)Deal announced
JVSPAC Acquisition Corp.18 Jan 2024$57.5M1 sh + 1 right (1/4)Completed

Sources

  1. PFinal prospectus: 0001213900-24-058633
  2. 1Units sold: 0001213900-24-077395holders of the 5,750,000 units (the “Units”) sold in the Company’s initial public offering (the “Offering”) including Units sold upon a full exercise of the underwriters’ over-allotment option
  3. 2Trust raised: 0001213900-24-059818A total of $57,500,000 from the proceeds of the offerings of the Public Units and the sale of the Private Units (net of transaction expenses and working capital) were placed in the trust account.
  4. 3Trust per unit: 0001213900-24-058633or $10.00 per unit sold to the public in this offering (regardless of whether or not the over-allotment option is exercised)
  5. 4Unit composition: 0001213900-24-0586335,000,000 units, at $10.00 per unit, each unit consisting of one Class A ordinary share and one right.
  6. 5Months to complete: 0001213900-24-058633If we are unable to complete our initial business combination within 12 months from the closing of this offering (or up to 18 months from the closing of this offering if we extend the period of time

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.