Research · Living data · Updated 2026-07-17
Every SPAC and IPO warrant with exercise price, expiry, conversion ratio, and live redemption status.
Warrants are the leveraged, high-variance component of the SPAC and IPO ecosystem, and their terms — strike, expiry, ratio, redemption — are buried in warrant agreements that most data providers ignore. NextTrack tracks 614 live warrant securities plus deep historical pricing, each carrying its full exercise terms and current redemption status. The count refreshes on every rebuild.
| Metric | Live figure |
|---|---|
| NextTrack tracks | 614 public warrants |
| Last updated | 2026-07-17 |
A SPAC warrant is a security, usually issued with the SPAC IPO unit, that gives the holder the right to buy shares of the combined company at a fixed exercise price — commonly $11.50 — for a set period after the merger closes. Units typically split into shares and warrants that trade separately, and because a unit often contains only a fraction of a warrant (a half or a third), warrants aggregate to whole units for exercise.
Four terms drive a warrant's worth: the **exercise price** (the strike to convert), the **expiry** (usually five years after de-SPAC), the **conversion ratio** (shares per warrant), and the **redemption status**. Redemption is the one that catches holders off guard — when the underlying trades above a threshold (often $18 for 20 of 30 days), the company can issue a call notice forcing holders to exercise or lose the warrant, which caps the upside. NextTrack pulls those redemption notices from 8-K filings as they happen.
Warrant terms are extracted from SEC warrant agreements and prospectuses and linked to the underlying SPAC or company. Redemption notices are pulled from 8-K filings in real time, and a theoretical exercise-ratio-adjusted reference value is computed for comparison against the market. The full warrant screener is in the app. For the SPACs these warrants attach to, see the [2026 SPAC list](/research/spac-list-2026).
Warrant dataset & methodology · 2026 SPAC list & tracker · Warrant glossary