New York, June 5, 2026, 13:02 EDT
- Lafayette Digital Acquisition Corp. I’s Class A stock was quoted at $9.94 in a delayed Nasdaq table for June 5, nearly even with its $10 IPO price.
- Wall Street slid as stronger U.S. payrolls pushed Treasury yields higher and fueled talk of more rate hikes.
- The company remains a pre-deal SPAC. Its value is mostly about cash in trust and deal risk, not operating numbers.
Lafayette Digital Acquisition Corp. I hovered close to $10 on Friday. The blank-check firm’s shares barely moved on the Nasdaq amid light volume. Broader markets traded lower.
Nasdaq’s delayed table showed Lafayette’s Class A shares (ZKP) at $9.94 as of June 5, with 6,179 shares changing hands. The price was 0.6% lower than the $10 IPO price from January.
Lafayette’s slow action on the tape is important since the stock is still a special purpose acquisition company, or SPAC. It’s a listed cash shell, so it raises cash before finding a company to merge with. For these SPACs, traders usually focus on the gap between the share price and how much cash is sitting in trust, not traditional figures like revenue or profit.
Wall Street lost ground Friday after May nonfarm payrolls increased by 172,000, coming in far above the 85,000 expected in a Reuters poll. Treasury yields moved up as traders started to price in a Fed rate hike later this year. “People are pricing in 100% probability of a Fed hike later this year,” Charlie Ripley, senior investment strategist for Allianz Investment Management, told Reuters. “There’s been a pretty tremendous run in equities.” Reuters
Lafayette’s recent filing spells out why its shares move differently than fast-growing tech names. The company said it hadn’t posted any operating revenue and still hadn’t picked a merger target as of March 31. Its trust account, which holds the IPO cash mostly for a deal or redemptions, had $289.7 million with interest. Redemption value came in at $10.08 a share at the end of the quarter. The filing also flagged serious doubt over Lafayette’s ability to stay in business if it doesn’t close a combination by Jan. 12, 2028.
The risk and potential are both clear. If the deal looks good, the stock may break above cash value. But if the target disappoints, redemptions stay high, or rates stay tough, shares could stick around trust value. If there’s no deal done in time, it could end in a liquidation.
Lafayette brought in $287.5 million in gross proceeds in January after selling 28.75 million units at $10 each. The deal included the full underwriters’ over-allotment option. Each unit had one Class A share and a quarter of a redeemable warrant. BTIG led as sole book-runner.
Class A shares (ZKP), warrants (ZKPW), and unseparated units (ZKPU) started trading separately from Feb. 4, the company said. Only whole warrants trade, and each warrant lets holders buy shares later at a fixed price.
SPAC peers didn’t move much. SC II Acquisition traded at $10.04, Soren Acquisition at $9.94, and American Drive Acquisition was at $10.00 with Lafayette, keeping close to $10 as pre-deal SPACs often stay pinned near cash value before announcing a target.
Lafayette’s next significant market move will probably be an 8-K filing with details on a target, financing terms, or some other major update. Any changes in the stock price before that are more likely to reflect issues like liquidity, rates, or what investors want to pay for cash parked in a SPAC trust, rather than signal anything about the company’s future plans.
