Liquidated · 27 Dec 2022SHCAU · NasdaqCIK 1848558Sponsor at IPO: Spindletop Health Sponsor Group, LLC

Spindletop Health Acquisition Corp.

$235MTrust raised at IPO

IPO3 Nov 2021
Searching15 months
Deal announced—
Liquidated27 Dec 2022

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

01
Smaller than 62% of 2021’s SPAC IPOs.
$230M raised, against a median of $239M for the 610 SPACs that priced in 2021.
02
$10.20 in trust per unit, above the 2021 median.
The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.
03
The trust was liquidated.
Public shares were redeemed and the SPAC did not complete a merger.

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

Key terms

Other 2021 SPAC IPOs →

IPO priced: 3 Nov 2021
IPO closed: 8 Nov 2021
Raised: $230M¹
Units sold: 23,000,000²
Trust raised: $235M³
Trust per unit: $10.20⁴
Unit: 1 sh + ½ warrant⁵
Months to complete: 15⁶
Deadline before extensions: 8 Feb 2023
Over-allotment: Exercised in full

Each unit: “one share of Class A common stock and one-half of one redeemable warrant”

How it compares

Spindletop Health Acquisition Corp. against the 610 SPACs that priced in 2021.

Raised: $230M; 50% of 2021 SPACs are above it; 2021 median: $239M
Trust per unit: $10.20; 83% of 2021 SPACs are below it; 2021 median: $10.00
Months to complete: 15; 75% of 2021 SPACs are above it; 2021 median: 24

Trust and redemptions

No extension or merger vote with paid redemptions is on record for this SPAC yet.

Firms named in the prospectus

Bookrunners

Sponsor

No other SPAC from Spindletop Health Sponsor Group, LLC or a vehicle of the same name priced since 1 January 2019.

Peers

Other 2021 SPAC IPOs with Barclays Capital Inc. as bookrunner.

SPAC	IPO	Raised	Unit	Status
Growth for Good Acquisition Corp	9 Dec 2021	$253M	1 sh + ½ warrant + 1 right (1/2)	Liquidated
Power & Digital Infrastructure Acquisition II Corp.	9 Dec 2021	$288M	1 sh + ½ warrant	Completed
Capitalworks Emerging Markets Acquisition Corp	30 Nov 2021	$230M	1 sh + ½ warrant	Deal announced
RCF Acquisition Corp.	9 Nov 2021	$230M	1 sh + ½ warrant	Completed
Anthemis Digital Acquisitions I Corp	27 Oct 2021	$230M	1 sh + ½ warrant	Liquidated

Sources

PFinal prospectus: 0001193125-21-321576
1Gross proceeds: 0001193125-21-330082The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $230,000,000.
2Units sold: 0001193125-21-330082consummated its initial public offering (the “IPO”) of 23,000,000 units (the “Units”), including the issuance of 3,000,000 Units as a result of the underwriter’s exercise in full of its over-allotment option.
3Trust raised: 0001193125-21-330082A total of $234,600,000, comprised of $225,400,000 of the proceeds from the IPO (which amount includes $8,050,000 of the underwriter’s deferred discount) and $9,200,000 of the proceeds of the sale of the Private Placement Warrants
4Trust per unit: 0001193125-21-321576$204.0 million or $234.6 million if the underwriters’ over-allotment option is exercised in full ($10.20 per unit in either case) will be deposited into a trust account
5Unit composition: 0001193125-21-321576Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.
6Months to complete: 0001193125-21-321576If we do not complete our business combination within 15 months from the closing of this offering

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.

Smaller than 62% of 2021’s SPAC IPOs.

$10.20 in trust per unit, above the 2021 median.

The trust was liquidated.