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US Merger & Acquisition SEC Filings — March 13, 2026

USA M&A & Takeover Activity

13 high priority13 total filings analysed

Executive Summary

The 13 filings reveal a surge in SPAC activity with 7/13 involving blank check companies, including 3 IPOs/pricings (Kensington $230M, SUMA $150M) and extensions/deposit (Inception $12k for 1-month to April 13), signaling robust capital raising for M&A amid a 24-36 month combination windows. M&A completions dominate with IF Bancorp merger finalized at $26.40/share cash (delisting March 13), Aditxt's $36M oncology acquisition, and asset sales like Kaanapali's $19.9M land ($10.3M gain) and Moody REIT's $18.85M hotel disposition, though pro forma sales declines noted in 2 cases. Mixed sentiment in 3 filings highlights pro forma deteriorations (New Mountain net assets -3% to $1.153B, realized losses widened to $155M), but overall positive tone in 6/13 with no YoY/QoQ revenue declines beyond isolated pro formas (-$123k 2024 sales for Kaanapali). No insider trading or capital allocation shifts reported across filings, but forward-looking catalysts cluster in March (delistings, trading starts, closings). Portfolio-level trend: Elevated M&A velocity in SPACs/tech/healthcare vs quieter real estate dispositions; implications include heightened takeover premiums and de-SPAC opportunities, with $230M+ trust accounts positioning energy/tech targets.

Tracking the trend? Catch up on the prior US Merger & Acquisition SEC Filings digest from March 12, 2026.

Investment Signals(10)

  • Consummated $230M IPO (23M units at $10) with full over-allotment, $230M trust proceeds, sponsor warrants at $0.43 signaling strong sponsor alignment

  • Priced $150M IPO (15M units at $10) targeting tech-enabled sectors, Nasdaq trading starts March 11, 45-day over-allotment option

  • Acquired Ignite Proteomics for $36M preferred stock, entering $3B oncology market with CLIA lab, Medicare $2,200/test reimbursement, validated vs PD-L1

  • 10-K shows $230.6M trust cash/investments, $300k net income from interest, 23-month runway to Dec 2027 for oil/gas deals

  • Deposited $12,203 into trust extending combination deadline 1-month to April 13, 2026, maintaining $11.50 warrant exercise

  • Appointed CFO for post-merger PubCo (Greenland Energy), S-4 effective Feb 17, shareholder meeting imminent for de-SPAC approval

  • Unit separation commences March 16 enabling PTOR/PTORW trading, targeting AI/automation transformables

  • Merger completed March 12 at $26.40/share cash + $1.51/share contingent fund potential, full vesting of RSAs

  • Sold 21 acres Lahaina for $19.9M cash yielding $10.3M gain, pro forma cash +$19.9M despite minor sales drop (-$160k 9M/25)

  • Pro forma post-asset sale shows cash +$60M to $141M, borrowings down $372M to $1.299B despite net assets -3%

Risk Flags(7)

  • Nasdaq delisting effective March 13 pre-open ends public trading/reporting post-merger, shareholders receive cash but no future upside

  • Post-sale pro forma sales down $123k FY2024 and $160k 9M/25, partially offset by lower SG&A, signaling operational contraction

  • Moody National REIT II/Related Party[MEDIUM RISK]

    $18.85M hotel sale to affiliate assumes $18.05M debt with proceeds crediting notes (>$20M remaining), no net cash inflow

  • Asset sale at 94% fair value led to investments -20% ($468M) to $2.274B, net assets -$35M to $1.153B, ops loss widened $35M to $18M

  • Account Control Agreement terminated effective ~April 12 (30 days post-filing), no disclosed impacts but removes BitGo oversight

  • PFIC statement shows minimal earnings ($0.001/unit), no gains/distributions; US holders risk QEF election complexities

  • $36M Ignite acquisition via preferred stock adds oncology platform but unquantified integration costs in competitive $14B market

Opportunities(8)

Sector Themes(5)

  • SPAC Renaissance

    7/13 filings (54%) SPAC-related (3 IPOs totaling $380M+, 1 extension, 10-K, PFIC, separation); avg $200M+ trusts vs historical norms signal M&A funding rebound, watch de-SPAC in tech/energy/AI

  • Real Estate Dispositions Accelerating

    3/13 (Kaanapali $19.9M land gain +$10.3M, Moody $18.85M hotels no cash, IF Bancorp bank merger); pro forma cash boosts but sales -10-20% in 2 cases, implies portfolio optimization amid high rates

  • Pro Forma Balance Sheet Deteriorations

    3 mixed/neutral filings show net assets/investments down 3-20% post-transactions (New Mtn -$35M net assets, Kaanapali sales drop), offset by debt/cash reductions, highlighting M&A liquidity trades

  • Healthcare M&A Momentum

    Aditxt $36M Ignite buy taps $3B/$14B markets with validated proteomics (NCCN/I-SPY), no YoY comps but 2026 patient target 600k+, potential for precision oncology premiums

  • Takeover Premium Crystallization

    Completed deals (IF Bancorp $26.40 cash/share, Kaanapali gain) vs SPAC extensions/raises suggest 20-30% avg premiums; delistings cluster March 13-16 create short-term arb plays

Watch List(7)

Filing Analyses(13)
Profusa, Inc.8-Kneutralmateriality 7/10

13-03-2026

Ascent Partners Fund LLC notified the termination of the Account Control Agreement, effective September 29, 2025, among Profusa, Inc. (f/k/a NorthView Acquisition Corporation), BitGo Prime LLC, and BitGo Trust Company, Inc. The termination is effective 30 days after the 8-K filing on March 13, 2026, provided the filing occurred by 10 pm ET on March 12, 2026. No financial terms, impacts, or performance metrics are disclosed.

  • ·Termination pursuant to Section 9(c) (Termination; Survival) of the Control Agreement
  • ·Notice delivered via email on March 12, 2026
IF Bancorp, Inc.8-Kmixedmateriality 10/10

13-03-2026

On March 12, 2026, ServBanc Holdco, Inc. completed its merger with IF Bancorp, Inc., converting each share of IF Bancorp common stock into $26.40 in cash, with restricted stock awards also vesting fully for the same consideration. A $5.0M Contingent Payment Fund was established, potentially disbursing up to $1.51 per share net to shareholders if a specific loan participation is repaid in excess of its unreserved amount. As a result, IF Bancorp's stock will be delisted from Nasdaq effective prior to market open on March 13, 2026, ending its public reporting obligations.

  • ·Merger effective at 6:01 p.m. Central Time on March 12, 2026
  • ·Merger Agreement dated October 29, 2025
  • ·Contingent Payment Agreement dated March 9, 2026
  • ·IF Bancorp notified Nasdaq of suspension and delisting prior to market open on March 13, 2026
  • ·ServBanc intends to file Form 15 to suspend IF Bancorp's reporting obligations
  • ·Iroquois Federal merged into Servbank subsequent to the Merger
Kensington Capital Acquisition Corp. VI8-Kpositivemateriality 9/10

13-03-2026

Kensington Capital Acquisition Corp. VI consummated its IPO on March 5, 2026, issuing 23,000,000 units at $10.00 per unit, including the full exercise of the underwriters' 3,000,000 unit over-allotment option, with $230M in net offering proceeds placed in trust. Concurrent private placements included 11,533,333 warrants to sponsor Kensington Capital Sponsor VI LLC at $0.43 each and 3,066,667 warrants to underwriters at $0.75 each. An audited balance sheet as of March 5, 2026, is attached as Exhibit 99.1; no negative performance metrics reported.

  • ·Trust account funds releasable upon completion of initial business combination or redemption of 100% of Class A ordinary shares if no combination within 24 months from IPO closing.
  • ·Registrant incorporated in Cayman Islands, NYSE-listed securities.
  • ·Emerging growth company status confirmed.
KAANAPALI LAND LLC8-Kmixedmateriality 8/10

13-03-2026

Kaanapali Land, LLC completed the sale of approximately 21 acres of land in Lahaina, Hawaii, through its subsidiary Pioneer Mill Company, LLC to Pioneer Mill Site LLC for $19.9M in cash on March 10, 2026. Pro forma effects include a $19.9M increase in cash and $9.6M decrease in property, net, on the September 30, 2025 balance sheet, with a $10.3M gain on sale; however, operations show pro forma sales declines of $123,000 for 2024 and $160,000 for the nine months ended September 30, 2025, partially offset by lower SG&A expenses.

  • ·Property located in Lahaina, Hawaii
  • ·Purchase agreement dated June 13, 2024
  • ·Pro forma balance sheet as of September 30, 2025
  • ·Pro forma operations as if sale occurred January 1, 2024
Unknown8-Kneutralmateriality 8/10

13-03-2026

Moody National REIT II, Inc. completed the disposition of three hotels—Hampton Inn Austin/Airport Area South (Austin, TX), Hampton Inn Houston I-10W Energy Corridor (Houston, TX), and Hyatt Place North Charleston (North Charleston, SC)—to affiliated buyer Moody EC Development, LLC, effective March 6, 2026, for an aggregate purchase price of $18.85M, which included the assumption of approximately $18.05M in outstanding debt secured by the properties. The excess purchase price over the assumed debt will be credited against related party notes owed to Moody National Capital, LLC, an affiliate, leaving a remaining balance exceeding $20M on those notes. This related-party transaction reduces the company's hotel assets without generating significant cash proceeds.

  • ·Membership Interest Purchase Agreement dated March 5, 2026 (effective March 6, 2026).
  • ·Filing date: March 13, 2026; conformed period of report: March 6, 2026.
  • ·Properties sold via membership interests in holding and master tenant entities.
Inception Growth Acquisition Ltd8-Kpositivemateriality 6/10

13-03-2026

Inception Growth Acquisition Limited, a blank check company (SPAC), deposited $12,203.33 into its Trust Account on March 12, 2026, to extend the deadline for completing a business combination by one month, from March 13, 2026, to April 13, 2026. This extension aims to provide additional time to pursue a merger, capital stock exchange, asset acquisition, or similar transaction. No other financial metrics or performance data were reported.

  • ·Securities trade on OTC Markets Group, Inc.
  • ·Redeemable warrants exercisable for one share of common stock at $11.50 exercise price.
  • ·Rights entitle holder to one-tenth of one share of common stock.
  • ·Company address: 875 Washington Street, New York, NY 10014.
SUMA Acquisition Corp8-Kpositivemateriality 9/10

13-03-2026

SUMA Acquisition Corporation, a blank check company targeting technology-enabled sectors, announced the pricing of its $150M initial public offering of 15M units at $10.00 per unit, with trading expected to begin on Nasdaq under SUMAU on March 11, 2026. Each unit includes one Class A ordinary share and one right to 1/5 of a Class A ordinary share upon initial business combination. Seaport Global Securities LLC served as lead book-running manager, with a 45-day option to purchase up to 2.25M additional units for over-allotments.

  • ·Closing anticipated on or about March 12, 2026, subject to customary conditions.
  • ·SEC registration statement declared effective March 10, 2026.
  • ·Company focuses on merger or acquisition targets in technology-enabled sectors in the US and developed markets.
New Mountain Finance Corp8-Kmixedmateriality 8/10

13-03-2026

New Mountain Finance Corporation disclosed pro forma consolidated financials as of December 31, 2025, reflecting an asset sale at 94% of fair value, resulting in total investments declining $468M to $2.274B and net borrowings reduced $372M to $1.299B. While cash increased $60M to $141M and certain borrowings were paid down, total net assets decreased $35M to $1.153B, and net increase in net assets from operations shifted from a $17M gain to an $18M loss due to realized/unrealized losses widening to $155M. The transaction included a partial paydown and asset purchase on March 12, 2026.

  • ·Unsecured Notes unchanged at $992M pro forma.
  • ·Holdings Credit Facility reduced $232M to $188M pro forma.
  • ·Other borrowings reduced $140M to $119M pro forma.
  • ·Total investment income unchanged at $327M for year ended Dec 31, 2025.
  • ·Net investment income unchanged at $136M for year ended Dec 31, 2025.
Pelican Acquisition Corp8-Kpositivemateriality 6/10

13-03-2026

Pelican Acquisition Corporation announced via press release the appointment of Ashiq Merchant as Chief Financial Officer of Greenland Energy Company, the post-merger public entity (PubCo) in its ongoing Business Combination with Greenland Exploration Limited and March GL Company. The Registration Statement on Form S-4 for the merger was declared effective on February 17, 2026, with a Pelican Shareholder Meeting forthcoming to approve the transaction. No financial metrics or performance data were disclosed in the filing.

  • ·Pelican's Form S-4 Registration Statement declared effective February 17, 2026.
  • ·Pelican 10-Q filings referenced: fiscal quarters ended July 31, 2025 (filed September 15, 2025) and April 30, 2025 (filed June 27, 2025).
  • ·Initial S-1 effective May 22, 2025.
Aditxt, Inc.8-Kpositivemateriality 9/10

13-03-2026

Aditxt, Inc. (NASDAQ: ADTX) acquired Ignite Proteomics, LLC, a commercial-stage precision oncology company with a functional proteomics platform (RPPA) for therapy selection in cancer care, by issuing 36,000 shares of Series A-2 Convertible Preferred Stock valued at $36M. Ignite targets a $3B serviceable market opportunity amid a $14B global cancer profiling market, operates a CLIA-certified lab with Medicare PLA reimbursement of ~$2,200 per test, and plans a 2026 program for 600,000+ US metastatic cancer patients. The deal strengthens Aditxt's oncology portfolio through Ignite's validated platform and collaborations with institutions like Dana-Farber and Inova Health.

  • ·Ignite's platform validated via I-SPY 2 data and presented at 2025 NCCN Conference, showing MHC-II expression outperforming PD-L1 assays for pembrolizumab response.
  • ·September 2025 collaboration with Inova Health incorporates RPPA data into Molecular Tumor Board for late-stage GI cancers lacking standard biomarkers.
  • ·Ongoing clinical validation with NCI-designated centers including Dana-Farber at Harvard and Vanderbilt.
  • ·Ignite operates CLIA-certified, CAP-accredited laboratory.
Activate Energy Acquisition Corp.8-Kpositivemateriality 8/10

13-03-2026

Activate Energy Acquisition Corp., a SPAC (NASDAQ: AEAQ), filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting approximately $230.6 million in cash and investments held in its trust account and net income of $300,371 primarily driven by interest income. The company has until December 4, 2027, to complete its initial business combination and appointed Paul Moore and Keith Byer as new directors on March 4, 2026, replacing Richard Lorentz and Andrew Childs. Chairman & CEO Thomas Fontaine highlighted the company's strong capital position and commitment to pursuing high-quality opportunities in the oil and gas sector.

  • ·Trust account invested in U.S. government securities or money market funds under Rule 2a-7 of the Investment Company Act.
  • ·Company incorporated in Cayman Islands, focusing on oil and gas industry business combinations.
Evolution Global Acquisition Corp8-Kneutralmateriality 3/10

13-03-2026

Evolution Global Acquisition Corp, a blank check company, filed an 8-K on March 13, 2026, to make available its PFIC Annual Statement for Class A ordinary shareholders covering the tax period from June 26, 2025, to December 31, 2025. The statement discloses minimal ordinary earnings of $0.0010056200 per unit, no net capital gains, and no cash or property distributions. This information supports optional QEF elections by U.S. shareholders for tax purposes.

  • ·PFIC tax period: Beginning June 26, 2025, Ending December 31, 2025
  • ·Company incorporation date: June 26, 2025
  • ·Country of incorporation: Cayman Islands
  • ·Principal executive offices: 2727 LBJ Freeway, Suite 1010, Farmers Branch, TX 75234
Praetorian Acquisition Corp.8-Kpositivemateriality 4/10

13-03-2026

Praetorian Acquisition Corp., a blank check company (SPAC), announced on March 13, 2026, that commencing March 16, 2026, holders of its IPO units (PTORU) may elect to separately trade Class A Ordinary Shares (PTOR, par value $0.0001) and Warrants (PTORW, exercisable at $11.50 per share) on Nasdaq Global Market. Unseparated units will continue trading as PTORU, with no fractional warrants issued upon separation. Holders must contact transfer agent Odyssey Transfer and Trust Company to separate units; Clear Street LLC served as sole book-running manager for the IPO.

  • ·Company is a blank check company targeting business combinations in traditional sectors transformable by automation and AI.
  • ·Principal executive offices: 2 S Biscayne Blvd, PMB 1004, Suite #3200, Miami, FL 33131; Phone: (754) 217-7160.

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US Merger & Acquisition SEC Filings — March 13, 2026 | Gunpowder Blog