New York, June 5, 2026, 13:05 (EDT)
- Vine Hill Capital Investment Corp. II closed at $10.01, off one cent, with a single share changing hands.
- The blank-check firm had $232.3 million in trust as of March 31, working out to $10.10 for each redeemable Class A share.
- U.S. stocks slipped Friday as hotter jobs data lifted yields.
Vine Hill Capital Investment Corp. II’s Class A stock was flat Friday, trading near $10 while the wider U.S. market dropped.
VHCP shares on Nasdaq last changed hands at $10.01, off a penny from the close. Just one share traded as of 10:05 a.m. EDT, according to data. VHCPW warrants were last quoted at 44 cents, with the last trade there recorded a day earlier.
That slim volume is in play because Vine Hill II is a SPAC, or special purpose acquisition company. SPACs are blank-check firms that collect money for a future merger with a private company. With no deal yet named or closed, investors often zero in on the trust cash, the pool set aside for public holders if certain redemptions come up.
Vine Hill II reported in its May 14 quarterly filing that its trust account held $232.3 million as of March 31, or $10.10 per Class A share available for redemption. The SPAC had $2.3 million in cash apart from the trust. The company said it has not started running its business or generated any operating revenue.
Vine Hill II posted $1.6 million in net income for the March quarter, with gains mostly from interest earned on trust cash. The results were trimmed by $437,000 in general and administrative expenses. The profit was interest income—not earnings from any operating business.
Vine Hill Capital Investment Corp II brought in $230 million in December through a sale of 23 million units priced at $10 each, with the total including shares sold after underwriters used their over-allotment option. Each unit came with a Class A share and a third of a redeemable warrant—letting buyers purchase stock later at a set price.
Units started separate trading Feb. 9, with VHCP for ordinary shares, VHCPW for warrants, and VHCPU for units that weren’t split.
Vine Hill II stayed quiet while U.S. stocks had a tougher morning. Wall Street’s main indexes slipped after May jobs numbers came in stronger than forecast, lifting Treasury yields and boosting bets the Fed could stay hawkish. As of 11:52 a.m., the Nasdaq Composite dropped 2.37% and the S&P 500 shed 1.40%. “There’s been a pretty tremendous run in equities,” Charlie Ripley, senior investment strategist at Allianz Investment Management, said to Reuters. Reuters
SPAC issuance hasn’t stopped yet. Boardroom Alpha’s tracker counted 104 new U.S. blank-check IPOs this year, bringing in $18.2 billion. That includes FutureCorp Space Acquisition 1 on June 5, as well as InterPrivate Investment Partners V and Long Table Growth Corp, which both priced on June 4.
Vine Hill II’s sponsor also backed Vine Hill Capital Investment Corp. Nasdaq Trader said VCIC finished its merger with CoinShares International on March 31. The shares, warrants, and units for VCIC were suspended after the closing.
But that doesn’t mean risk is off the table just because the stock trades close to trust value. Vine Hill II still needs to close a business combination by Dec. 19, 2027, and its own filing warns there’s no guarantee. Trust cash could also get hit by creditor claims. ARC Group said June 4 that median redemption rates at closing have stayed above 89% for the last 20 completed SPAC mergers—so investors are still pulling money before deals finish.
Vine Hill II isn’t getting priced like a growth play at the moment. The market seems to view it as a cash-backed option tied to a later deal. The price hasn’t moved much. Low volumes show there’s hardly any money behind the trade.
