New York, May 28, 2026, 06:05 EDT
- Paloma Class A shares were last at $9.86. Its units traded at $10.03.
- The SPAC, listed on Nasdaq, remains a cash shell and hasn’t reported any operating revenue ahead of a merger.
- New mining IPOs and SPAC activity are putting attention on metals deals and blank-check activity.
Paloma Acquisition Corp I’s Class A shares held under the typical $10 SPAC mark before Thursday’s regular Nasdaq open, as the new metals-focused shell stuck close to its trust value and stayed far from a pure mining play. PALO last changed hands at $9.86. The company’s units, PALOU, were at $10.03, with warrants, PALOW, quoted at $0.42.
Paloma is out in the market now, seeking a deal as metals listings grab fresh headlines in New York. U.S. stock-index futures slipped early Thursday, with traders eyeing Middle East worries and new inflation numbers. That’s not the easiest setup for smaller, recently listed stocks.
Paloma is a SPAC, or special-purpose acquisition company. It raises money in an IPO, then hunts for a private business to merge with. The initial hurdle for investors isn’t production, sales or profits. The question is if management can secure a deal, strike terms, and prevent too many shareholders from redeeming their shares for cash.
The company’s quarterly filing listed $165.1 million in marketable securities held in its trust account as of March 31, plus $1.2 million in cash outside the trust. It reported a net loss of $1.0 million in the first quarter and said it has not started operations or reported operating revenue.
Paloma raised $150 million in its IPO in February, selling 15 million units at $10 apiece. Founder and CEO Anna Nahajski-Staples said back then the team had “significant experience in precious metals and M&A” and planned to follow a disciplined business-combination process. TMX Newsfile
Paloma unit holders have been able to split their holdings into Class A ordinary shares and warrants since April 13. The shares now trade as PALO, and the warrants under PALOW. Units that haven’t been separated still trade as PALOU.
Paloma says it’s looking at deals in mining and precious metals, targeting gold and silver in the U.S. and critical minerals in North America, Australia and New Zealand. The company is near an active part of the listing market but hasn’t named a target.
Paloma now has more to go on. Reuters said this week at least 18 mining companies have completed or tried for U.S. listings this year, versus three in 2025. Critical-minerals groups are moving to take advantage of defense demand and U.S. supply-chain worries.
Investor focus is getting split. Sunshine Silver Mining & Refining wants up to $2.32 billion in a U.S. IPO. Barrick Mining has a possible North American gold-assets listing in view, and McEwen Copper is planning an IPO too. These join a growing list in metals capital markets.
The worry is that even with a hot metals story, Paloma may not land a solid SPAC deal. The company needs to pick up an asset at a price the public market wants, and investors can still walk away if they do not like the deal. Paloma itself warns in its filing there is no guarantee it will pull off a business combination.
Paloma shares are holding around $10. The market pricing puts most of the value on Paloma’s cash in trust. There’s not much trading yet on anything tied to an active mine, reserves, or what management says the company could do.
