RLH Capital

Founder and CIO of RLH Capital

Tweets are not investment advice.

[RLH Capital @valwithcatalyst]

I’m pleased to share RLH SPAC Fund’s Q1 2026 investor letter, which provides an update on performance and our current positioning.

More importantly, we outline what we believe is an increasingly compelling opportunity set in the SPAC market, driven by a meaningful dislocation between supply and transaction activity. In our view, this has created an environment where investors are being paid to wait, with attractive yields and embedded optionality.

https://t.co/YPSh5uzI2C

[RLH Capital @valwithcatalyst]

@Abe2948 I've been pushing the brokers on bcar, will do on bbcq. Clear that the bar is higher for SPACs than typical equities, but the more shareholders, the easier it will be to get them listed. CEPT took a while but finally got done

[𝗧𝗵𝗲 𝗨𝗺𝗽𝗶𝗿𝗲 @EricTheUmpire]

@pennycheck $BCAR might be a decent sympathy with great r/r.

https://t.co/TIw2MxA1kG

[RLH Capital @valwithcatalyst]

@AlphonseSoued https://t.co/URcfW88gI2

Click May and the CSV will download and you'll see CEPT on the list

[RLH Capital @valwithcatalyst]

$CEPT options tomorrow!

Now need to keep pushing for $BCAR

Seems to be a high bar for SPAC options, but it can be done!

[RLH Capital @valwithcatalyst]

@CallsPuts1 lol I did the $IGTA NRA, still waiting...

[RLH Capital @valwithcatalyst]

@CfaRoark @EricTheUmpire wish I was smart enough to know!

[RLH Capital @valwithcatalyst]

$BCAR / Exascale Labs S-4 Filed

https://t.co/EFVs1qm8mE

Re: options, waiting for exchanges to process current number of shareholders. That's the gating item for most of these SPAC option requests

[RLH Capital @valwithcatalyst]

$BCAR options are being reviewed for the shareholder requirement nest week

Assuming it meets the 2,000 shareholder requirement potential to see listing the following week

[RLH Capital @valwithcatalyst]

Weekly US IPO Volume Set for Highest Since 2021: ECM Watch

I've always said for SPACs to "be back" we need to see a broader capital markets recovery - IPOs, direct listings, M&A, etc.

This is a welcome development - although we are always one tweet away from a dramatic shift

[RLH Capital @valwithcatalyst]

@CfaRoark @EggPlatypus @Securitize Through your brokers option desk

[RLH Capital @valwithcatalyst]

@EggPlatypus @CfaRoark @Securitize Working on this one too!

[RLH Capital @valwithcatalyst]

@Abe2948 You would need to call one of the options desks to ask them

[RLH Capital @valwithcatalyst]

$BCAR options are being reviewed for the shareholder requirement nest week

Assuming it meets the 2,000 shareholder requirement potential to see listing the following week

[RLH Capital @valwithcatalyst]

$BCAR - listed options have been requested, following the same playbook as $WLAC

Hopefully a public S4 in a few weeks

[RLH Capital @valwithcatalyst]

@MaxJSteinberg I heard options were also requested a while back, not sure what the status is on that one

[RLH Capital @valwithcatalyst]

@ElGatoPartners That seems tough at this point, early to mid Q3 seems more likely but all dependant on when we see a public S4

[RLH Capital @valwithcatalyst]

$BCAR - listed options have been requested, following the same playbook as $WLAC

Hopefully a public S4 in a few weeks

[Odd Diligence @OddDiligence]

WLAC trading 80%+ over trust and close to closing... Neocloud stock prices are all going wild.

What could trade up next? Maybe $BCAR and their merger partner Exascale Labs. They are in the neocloud / ai infra space along with Boost Run (WLAC partner)

$BCAR now trades at $10.48 vs $10.27 cash in trust (2% premium)

[RLH Capital @valwithcatalyst]

$CAEP Just a reminder that they are adding 15c at the time of redemption

3/31/26 - 10Q (filed last night) shows $10.30 of cash in trust as of 3/31

However, if you look at the Proxy it states $10.45 inclusive of the 15c as of 3/31

We estimate ~4c of additional accrual from 3/31 to the 5/12 vote date

Key risk is the transaction not closing in which case we estimated YTW of ~4%

[RLH Capital @valwithcatalyst]

2/6 trading above $10.00, 2 more IPOs set to price tonight

$FTHAU $9.97
$MCAHU $9.98
$RREVU $9.98
$ARCLU $10.02
$GCGRU $10.05
$WENC/U $9.99

[RLH Capital @valwithcatalyst]

SPAC IPO $CAIIU $10.05/18m/0.5W traded down on its IPO today

There are 6 SPAC IPOs trying to price tonight:
$FTHAU - BTIG
$RREVU - Cohen
$WENC/U - EBC
$MCAHU - D. Boral
$GCGRU - Citi
$ARCLU - ARC

We continue to focus on the cadence of new issuance (72) vs. transaction announcements (25) YTD and reiterate the importance of selectivity.

[RLH Capital @valwithcatalyst]

@JasonSTLxYz @stepnotonpets I would guess they flip public in a few weeks. This is becoming increasingly popular, look at $CAEP and how quickly they went from public filing to effective.

[RLH Capital @valwithcatalyst]

@JasonSTLxYz @stepnotonpets Likely they filed confidentially