Apex Treasury Corp II just filed for a $250M IPO. It's a blank check company — no operations, just a pool of capital hunting for a merger or acquisition target. Units priced at $10.00.

$250M goes straight into a trust account (up to $287.5M if the over-allotment gets exercised). Only $1.3M sits outside the trust for working capital and deal-hunting expenses, plus $700K in offering costs. The clock is the story: 24 months to close a business combination. Miss it, and 100% of public shares get redeemed — with warrants potentially worth nothing. No extension means no deal, no deal means redemption. Worth flagging: if the sponsor and affiliates buy shares ahead of a combination vote, that can sway the outcome and shrink the public float. A wrinkle worth tracking before any deal vote. Bottom line: a plain-vanilla $250M SPAC in a market where blank checks are still ~54% of US IPOs but well off the 2021 mania. The trust is protected; the upside lives or dies on a deal found within 24 months.

$250M goes straight into a trust account (up to $287.5M if the over-allotment gets exercised). Only $1.3M sits outside the trust for working capital and deal-hunting expenses, plus $700K in offering c