Key Highlights

  • Melar Acquisition Corp. I (NASDAQ:MACI) traded about 20.45% higher near USD 13.25 in early trading on Monday, October 26, 2026, a premium of about 32.5% to the nominal USD 10 trust value, after holders approved the Everli Global merger.
  • RF Acquisition Corp II (NASDAQ:RFAI) rose 8.41% to about USD 28.35 with no company release, while redemption requests for 3,956,323 shares could leave a float of about 4.4 million shares.
  • Calisa Acquisition Corp (NASDAQ:ALIS) fell 10.49% to near USD 8.02 with no company release, about 22% below an estimated trust value of USD 10.31 per share, after the Goodvision AI merger was approved.
  • The three blank-check companies show premium and discount extremes: votes have passed, but closings, redemption totals and float sizes decide whether prices converge on trust value or on the target business.

Melar Acquisition Corp. I (NASDAQ:MACI): approval of the Everli merger

Melar Acquisition Corp. I (NASDAQ:MACI), a special purpose acquisition company (a listed shell formed to merge with a private business), traded about 20.45% higher near USD 13.25 in early trading on Monday, October 26, 2026. Its shareholders approved the business combination with Everli Global Inc., an Italian e-grocery technology and fulfilment platform, at an extraordinary general meeting on Thursday, October 22, 2026, according to the company's release. The combined company is planned to trade on Nasdaq as EVRL, with warrants as EVRLW. The price is an intraday figure.

A SPAC holds cash in trust, usually at about USD 10 per share, until it completes a merger, and holders may redeem before the vote; the redemption deadline was Tuesday, October 20, 2026. A price near USD 13.25 is a premium of about 32.5% to the nominal trust value, calculated from the intraday price, so it reflects expectations for Everli rather than trust cash. The release did not state redemption levels, trust value or a closing date. A high redemption rate would leave a small float and sharp swings around closing, and the premium can reverse if completion is delayed.

Other terms add context. The merger agreement is dated Wednesday, July 30, 2025, and the warrants carry an exercise price of USD 11.50 under the terms disclosed. Sponsor and Everli notes were increased to USD 3.61 million earlier in the process, which signals reliance on loans to fund the transaction. Investors should watch the Form 8-K with voting results, the redemption total and the first day of trading as EVRL.

RF Acquisition Corp II (NASDAQ:RFAI): a thin float ahead of a pending merger

RF Acquisition Corp II (NASDAQ:RFAI) rose 8.41% to about USD 28.35 in early trading on Monday, October 26, 2026, and the company has not issued a release explaining the move. Shareholders approved all six proposals at the extraordinary general meeting on Wednesday, August 19, 2026, with 6,765,584 votes in favour and 440,604 against. The agreement with Nanyang Biologics, through NYB Holdings Limited, has been valued at about USD 1.5 billion in public descriptions, and closing remains subject to conditions.

Preliminary requests covered 3,956,323 ordinary shares, against 8,343,765 shares entitled to vote at the record date, so roughly 4.4 million shares could remain, calculated from published figures. The requests can still be withdrawn with the company's consent, and the final redemption price will be known only at closing. With so few shares, a small number of buyers can move the price sharply, and a quote of USD 28.35 reflects expectations for the combined company rather than trust value. A failed closing could remove the premium quickly.

The group mechanism is clearest here, because a quote about 2.8 times the usual USD 10 level, by simple arithmetic, cannot rest on trust cash. Valuation is a second risk, since a deal described at USD 1.5 billion rests on a private company with no public trading history. Investors should watch the final redemption results, which the company has said it will disclose promptly after closing, and any announcement of a closing date.

Calisa Acquisition Corp (NASDAQ:ALIS): trading below its trust value

Calisa Acquisition Corp (NASDAQ:ALIS) fell 10.49% in early trading on Monday, October 26, 2026, to an intraday price near USD 8.02, and the company has not issued a release explaining the move. Its proxy materials estimated a redemption price of about USD 10.31 per share, from a trust of about USD 61.9 million at Monday, August 31, 2026, so the shares trade about 22% below that value, calculated from those figures. Shareholders approved the Goodvision AI Inc. merger and the name change to Goodvision AI Holding Limited on Thursday, October 8, 2026.

Goodvision holders receive 18,000,000 ordinary shares plus up to 3,600,000 earnout shares, and the combined company expects to trade as GVAI. Filings show the Goodvision chief executive controlling over 75% of the votes after the merger, which limits the influence of outside holders. Once redemptions are paid the cash left in the trust shrinks, so a merged company can trade well below the original USD 10 unit price. Filings give no closing date, and spreads to trust value can also reflect thin trading.

The contrast with the other two names is the direction of the gap. Where Melar and RF Acquisition Corp II trade above trust value on expected completion, Calisa trades below it, which may indicate that the market doubts that the post-merger company will hold a value near the cash redeemable today. Earnout shares of up to 3,600,000 add potential dilution, and an artificial intelligence business with no listed history is hard to value.

Where Things Stand

The answer is that the three prices are set by who remains after redemptions rather than by trust cash. Melar Acquisition Corp. I (NASDAQ:MACI) carries a premium of about 32.5% because the Everli vote passed on Thursday, October 22, 2026, while RF Acquisition Corp II (NASDAQ:RFAI) trades near USD 28.35 on a possible float of about 4.4 million shares, and Calisa Acquisition Corp (NASDAQ:ALIS) sits about 22% below an estimated trust value of USD 10.31. The next catalysts are the Melar closing notice and redemption total, the RF Acquisition final redemption figures, the Calisa move to the GVAI ticker and the Fed decision on Wednesday, October 28, 2026. Completion is not assured, intraday prices can reverse, and this is not investment advice.