Evolution Global Acquisition Corp. (EVOXU), a SPAC focused on critical minerals, rallied in its NASDAQ debut today on Tuesday, Nov. 11, 2025 – which also is observed as Veterans Day. Evolution Global Acquisition Corp. opened at $10.14 – up 14 cents – at 11:40 a.m. EST; it ended its first day of NASDAQ trading at $10.13 – up 13 cents from its SPAC IPO price – on volume of about 9.22 million. (Editor’s Note: This story was updated with joint book-runner information disclosed in an SEC filing available after the Veterans Day holiday.)
Evolution Global Acquisition upsized its SPAC IPO at pricing to 21 million units – up from 17.5 million in the prospectus – and priced the deal at $10.00 per unit – to raise $210 million on Monday night, Nov. 10, 2025. Each unit consisted of one share of stock and one-half of one redeemable warrant.
Cohen & Company Capital Markets was the lead joint book-runner. Clear Street also acted as a joint book-runner, according to the final prospectus.
“We expect to target companies involved in the exploration, processing, production, and domestic refining and recycling of minerals essential to national defense, clean energy independence, and technological leadership, preferably with enabling technologies,” Evolution Global Acquisition Corp. said in the prospectus.
Those critical minerals include lithium, nickel, cobalt, copper, uranium and rare earth elements, according to Evolution Global Acquisition’s prospectus.
Evolution Global Acquisition became the fifth SPAC IPO priced in November. For the year 2025 so far, 117 SPAC IPOs have been priced.