New York, June 4, 2026, 05:05 (EDT)
Blueport Acquisition Ltd was unchanged at $10.07 on Wednesday. The Nasdaq SPAC stuck close to its $10 listing price as traders looked for more filings on its planned tie-up with Singapore’s SingAuto Inc. Shares moved in a tight range, changing hands between $10.07 and $10.09 in the June 3 session, according to Google Finance.
Blueport hasn’t moved much, which is important because it’s still just a SPAC. The company is a listed cash shell created to merge with a private firm and list it. It’s not running as a normal operating business yet.
Blueport’s trade now isn’t really on quarterly numbers. It’s about deal risk, redemption value, and if shareholders will support SingAuto. Redemption value is the cash that public holders might take out of the SPAC’s trust if they’d rather not go along with the merged company.
Blueport said on May 1 it will merge with SingAuto, a company making green cold-chain logistics tech for smart commercial EVs. The merger would put a new holding firm on Nasdaq, pending regulatory and shareholder signoff.
Blueport CEO William S. Rosenstadt said the firm had been “actively and diligently searching” for an acquisition and said SingAuto was “a uniquely compelling company” in green cold-chain logistics tech. SingAuto Chairman and CEO Yuqiang Liu said the merger would boost the company’s position in the market and speed its growth plan. GlobeNewswire
Blueport’s merger plan looks big against its own market cap. In its quarterly filing, Blueport said SingAuto shareholders are set to get 120 million shares in the combined company, priced at $10 a share. That puts the deal value at $1.2 billion, all paid in stock.
Blueport’s balance sheet remains in line with what’s seen from most SPACs. As of March 31, the company had $58.3 million in trust investments, just $97,816 in cash held outside the trust, and posted first-quarter net income of $150,174, which came from interest on its trust account, not from any operating revenue.
The company said operating revenue won’t come in until it finishes a business combination, if at all. In November, it raised $57.5 million by selling 5.75 million IPO units at $10 apiece and put all $57.5 million into its trust account.
SPAC peers like Aldabra 4 Liquidity Opportunity Vehicle, Fortress Value Acquisition Corp V, and GalaxyEdge Acquisition Corp are listed by Google Finance close to Blueport, all trading near $10. These names tend to stay around their cash-in-trust value until something like a deal vote or redemption deadline shifts the price.
Nasdaq Composite lost 0.9% Wednesday with U.S. stocks weaker as tensions in the Middle East rose and oil prices climbed. Blueport still finished flat, which looked more like SPAC-specific stalling than a merger endorsement.
But Blueport laid out the risks. The SingAuto deal needs to clear the SEC, get Nasdaq’s green light and a shareholder vote. The company said there’s no guarantee the deal will close as planned, or at all. Blueport’s 10-Q said it has until Feb. 13, 2027, to wrap up a business combo unless that deadline gets extended. If it misses, the company will have to liquidate, according to its charter.
Right now, the stock isn’t showing much. The next real shift could depend on what turns up in the proxy, shareholder redemptions, and how much cash is left in the deal when the vote happens.
