$MLAC $NCTY $RFAI
Interesting spacs
MLAC :
1. Avalanche Treasury Co. Announces $675 Million+ Business Combination with Mountain Lake Acquisition Corp. with Goal to Build $1 Billion+ Ecosystem Treasury
Wednesday, 1st October at 7:00 pm
Exclusive relationship with Avalanche Foundation, beginning with $200 million discounted token sale at announcement
$675 million+ transaction, including approximately $460 million in treasury assets following equity private placement financing, assuming no MLAC redemptions
0.77x mNAV entry point delivering 23% discount to investors
Avalanche Treasury Co. (AVAT), an ecosystem-aligned digital asset treasury company with an exclusive relationship with the Avalanche Foundation, today announced a definitive business combination agreement with Mountain Lake Acquisition Corp. (NASDAQ: MLAC) valued at over $675 million. The transaction includes approximately $460 million in treasury assets and is designed to create a leading public vehicle for AVAX exposure. The combined company expects to list on Nasdaq in Q1 2026, subject to regulatory and shareholder approval.
AVAT launches with an initial AVAX token purchase at a discount to market price and 18-month priority on Avalanche Foundation sales to U.S. digital asset treasury companies. AVAT delivers an entry point of 0.77x multiple of net asset value ("mNAV") for investors, a 23% discount compared to buying AVAX directly or through passive ETF alternatives (in each case as of today).
"Many institutions have difficulty accessing digital assets or are limited to holding native tokens without yield or ecosystem integration. We created Avalanche Treasury Co. to offer something we believe will be more valuable than passive exposure," said AVAT CEO, Bart Smith. "This is a public company launching as an active, strategic partner within the Avalanche network, offering a level of integration and alignment that investors have been demanding."
The transaction comes as anticipated regulatory clarity is expected to accelerate institutional adoption. Avalanche has emerged as an enterprise blockchain of choice, with major corporations, financial institutions, and government entities building production applications on its multi-L1 framework. The network's multi-L1 framework allows institutions to launch custom blockchains while maintaining interoperability with other blockchains on the Avalanche network.
"This team and advisory group have the institutional credibility and crypto-native expertise to execute at scale," said Paul Grinberg, Chairman & CEO of MLAC. "Avalanche's architecture addresses real enterprise needs in ways other protocols simply don't. What attracted us to this transaction is AVAT's operational mandate and building a treasury that actively drives token utility and adoption, not just buying and holding."
AVAT believes that it represents an evolution in digital asset treasuries, moving beyond passive accumulation models and simple ETF wrappers. AVAT intends to deploy capital directly into the Avalanche ecosystem through three strategic pillars: targeted protocol investments to drive adoption and transaction flow, partnership activation with enterprises building on-chain rails for RWAs, stablecoins, and payments, and direct support for institutional L1 launches with validator resources and liquidity.
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AVAT CEO Bart Smith brings over two decades of Wall Street experience from Susquehanna International Group and AllianceBernstein, where he was an early pioneer in bridging Wall Street and digital assets with one of the first dedicated desks of its time. The executive team includes COO Laine Litman (formerly President of HiddenRoad and Head of FI & FX, Co-Head of Crypto at Virtu Financial) and Chief Strategy Officer Budd White (former Chief Product Officer at Multisig Labs).
The transaction has attracted significant participation from leading institutional investors and crypto-native firms, including Dragonfly, ParaFi Capital, VanEck, Emin Gün Sirer, FalconX, Monarq, Galaxy Digital, Pantera Capital, CoinFund, IMC, Kraken, Borderless, and Hunting Hill. This diverse investor base represents a powerful combination of traditional asset managers, digital asset specialists, and ecosystem participants who bring both capital and strategic value to AVAT's mission. FalconX will be providing execution and credit services to support the company's trading and capital deployment activities. Additionally, Monarq will serve as an asset manager for AVAT, contributing institutional-grade portfolio management expertise to the company's treasury operations.
The proposed transactions are expected to close in Q1 2026, subject to regulatory and shareholder approval. Upon closing, AVAT intends to begin deploying capital into strategic ecosystem investments while establishing its validator infrastructure.
RFAI NCTY
2. The9's Singapore Investee NYB Announce Plan to Go Nasdaq via US$1.5 Billion Business Combination with SPAC RF Acquisition Corp II
Thursday, 2nd October at 7:00 am
NYB Partnered with Nvidia, HP and Equinix to Build the World's Largest Natural Compound Library for AI Drug Discovery
SINGAPORE, Oct. 2, 2025 /PRNewswire/ -- The9 Limited (NASDAQ: NCTY) today announced that its Singapore investee company Nanyang Biologics Pte. Ltd. ("NYB"), together with its subsidiaries and affiliates, entered into a business combination agreement with RF Acquisition Corp II ("RFAI") (NASDAQ: RFAI), a publicly traded special purpose acquisition company, in a transaction that will result in NYB becoming a publicly listed company (the "Proposed Transaction"). Following the closing, the combined company (the "Combined Company") is expected to be listed on Nasdaq under the reserved ticker symbol "NYB".
The Proposed Transaction gives NYB approximately $1.5 billion in pre-transaction equity value. NYB's existing shareholders, including The9, will roll over 100% of the equity and retain a majority of the Combined Company's outstanding shares, while NYB will also designate a majority of the Combined Company's board of directors. The transaction has been approved by the Board of Directors of NYB and RFAI, and its closing is expected to be in the first or second quarter of 2026, subject to shareholders' approval and the satisfaction of customary closing conditions. Additional information about the Proposed Transaction, including a copy of the business combination agreement and investor presentation, will be provided in one or more Current Reports on Form 8-K to be filed by RFAI with the SEC.
Following the Proposed Transaction, NYB aims to accelerate the discovery of more effective drug molecules and identify active ingredients from natural sources for use in both pharmaceuticals and traditional medicine by utilizing its AI platform accelerating therapeutic discoveries.
In June 2025, NYB was crowned the 1st Prize Winner among over 700 regional startups in the SuperAI Genesis Startup Competition 2025, held at SuperAI Singapore, Asia's largest AI event. among over 700 regional startups
In August 2025, NYB entered into a Memorandum of Understanding with Nvidia, Hewlett Packard Enterprise and Equinix focusing on building the largest natural compound library in the world, developing scalable AI platforms for drug discovery, and creating secure, enterprise-grade infrastructure for healthcare innovation. AI-driven drug discovery requires large-scale molecular screening and cloud-based collaboration. Sovereign digital infrastructure, meaning that data is strictly protected and complies with national and regional regulatory requirements, is particularly important for drug development, as it involves a large number of highly sensitive scientific research information, such as biopharmaceutical data and molecular screening models.
NYB holds a growing portfolio of patents across its drug-candidate pipeline and proprietary nutraceuticals. NYB is developing first-in-class precision medicines for cancers caused by DNA damage repair (DDR) deficiencies and drug resistance. NYB's lead candidate, NB-A002, has achieved successful preclinical results. NB-A002 is the first therapy to target ILF2 (Interleukin Enhancer Binding Factor 2), a previously undruggable therapeutic target for cancer treatment. With millions of new cancer patients each year presenting DDR or Homologous recombination alterations — and no approved therapies available for patients who develop resistance to PARP inhibitors — NB-A002 represents a significant opportunity to expand the field of synthetic lethality in oncology.
NYB Chairman, Dr Roland Ong, commented on the plan going public and the collaboration with the world's top leaders in technology and innovation, " We are delighted to announce our combination with RFAI, marking an important milestone in NYB's journey. Public listing can definitely speed up our AI-driven drug discovery. It breaks through barriers that have long hindered the advancement of medicine, significantly reduced R&D time and costs while opening new opportunities for humanity to pursue longevity. Our proprietary DTIGN platform has mapped vast numbers of molecules and successfully identified promising candidates, strengthening the feasibility of a new era of drug development.
"Since we received our first funding from The9 in 2020, NYB's mission is to turn this hidden chemistry into therapies and wellness solutions. To achieve this, we have built one of the world's most diverse living libraries — already comprising over 50,000 unique organisms and their chemical compounds — and paired it with our proprietary AI platform, to uncover what was once invisible. This initiative also positions Singapore as a global hub where biodiversity meets artificial intelligence, and where hidden compounds are translated into breakthroughs for better healthcare, wellness, and everyday life."
