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Metals Acquisition Corp. IIMTAL

Class A MTALUnits MTAL-UNWarrants MTAL-WTCIK 0002107724

Cash in trust

$232.4M

$232,411,975

Trust per share

Redemption value

IPO

Mar 2026

Combination deadline

Mar 12, 2028

555 days remaining

Filings on record

30

Latest Aug 12, 2026

Overview

Metals Acquisition Corp. II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002107724. It completed its initial public offering in Mar 2026 and listing on NYSE. Class A shares trade under the ticker MTAL, units under MTAL-UN, warrants under MTAL-WT on NYSE. The vehicle is sponsored by MAC through MAC Partners LLC. The mandate targets energy. IPO closed, trust funded, no definitive agreement announced.

we intend to acquire.
The mandate, as stated in the IPO prospectus

Reading the filings

Arithmetic on what Metals Acquisition Corp. II has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.

  • Time on the clock

    555 days to the Mar 12, 2028 deadline. The vehicle is early in its search window, and the deadline is not yet the binding constraint.

  • Underwriting

    Cohen & Company led the offering. It has been named on 47 SPAC IPOs, book-running 46 of them, and 50% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.

Scores

Recomputed 4m ago

Three readings of Metals Acquisition Corp. II, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built

FOMO

Low

How much attention is this vehicle attracting right now?

19/100

  • Filing activity38

    2 in 30 days

  • News coverage0

    0 stories in 30 days

Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.

Potential

Moderate

How likely is this vehicle to complete a combination, and at what scale?

50/100

  • Trust scale59

    $232M

  • Stage40

    searching

Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.

These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.

SEC filing history

Free tier: filings older than 24 hours
  • 10-Q

    Quarterly report

    Accession 0001213900-26-088472

    Aug 12, 2026

    22d ago

    Open filing
  • SCHEDULE 13G/A

    Amended beneficial ownership report (passive)

    Accession 0001104659-26-094234

    Aug 11, 2026

    23d ago

    Open filing
  • SCHEDULE 13G

    Beneficial ownership report (passive)

    Accession 0001214659-26-006437

    May 15, 2026

    3mo ago

    Open filing
  • 10-Q

    Quarterly report

    Accession 0001213900-26-055808

    May 13, 2026

    3mo ago

    Open filing
  • SCHEDULE 13G

    Beneficial ownership report (passive)

    Accession 0000919574-26-002943

    May 13, 2026

    3mo ago

    Open filing
  • SCHEDULE 13G/A

    Amended beneficial ownership report (passive)

    Accession 0001172661-26-001605

    May 5, 2026

    4mo ago

    Open filing
  • SCHEDULE 13G

    Beneficial ownership report (passive)

    Accession 0001172661-26-001604

    May 5, 2026

    4mo ago

    Open filing
  • SCHEDULE 13G

    Beneficial ownership report (passive)

    Accession 0001172661-26-001603

    May 5, 2026

    4mo ago

    Open filing
  • 8-K

    Other events

    Items 8.01, 9.01 · Accession 0001213900-26-041519

    Apr 8, 2026

    4mo ago

    Open filing
  • SCHEDULE 13G

    Beneficial ownership report (passive)

    Accession 0001907809-26-000004

    Apr 7, 2026

    5mo ago

    Open filing
  • SCHEDULE 13G

    Beneficial ownership report (passive)

    Accession 0001104659-26-032139

    Mar 19, 2026

    5mo ago

    Open filing
  • 8-K

    Other events

    Items 8.01, 9.01 · Accession 0001213900-26-031847

    Mar 19, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001907809-26-000003

    Mar 18, 2026

    5mo ago

    Open filing
  • 8-K

    Entry into a material definitive agreement; Other events

    Items 1.01, 3.02, 5.02, 5.03, 8.01, 9.01 · Accession 0001213900-26-028425

    Mar 16, 2026

    5mo ago

    Open filing
  • 424B4

    Final IPO prospectus

    Accession 0001213900-26-027035

    Mar 12, 2026

    5mo ago

    Open filing
  • EFFECT

    Notice of effectiveness

    Accession 9999999995-26-000791

    Mar 12, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001213900-26-026426

    Mar 11, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001213900-26-026425

    Mar 11, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001213900-26-026424

    Mar 11, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001213900-26-026422

    Mar 11, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001213900-26-026421

    Mar 11, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001213900-26-026420

    Mar 11, 2026

    5mo ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001213900-26-026418

    Mar 11, 2026

    5mo ago

    Open filing
  • CERT

    Exchange listing certification

    Accession 0000876661-26-000225

    Mar 11, 2026

    5mo ago

    Open filing
  • 8-A12B

    Registration of securities on an exchange

    Accession 0001213900-26-026046

    Mar 11, 2026

    5mo ago

    Open filing
  • CORRESP

    Correspondence with SEC staff

    Accession 0001213900-26-024591

    Mar 6, 2026

    6mo ago

    Open filing
  • CORRESP

    Correspondence with SEC staff

    Accession 0001213900-26-024588

    Mar 6, 2026

    6mo ago

    Open filing
  • S-1/A

    Amended IPO registration statement

    Accession 0001213900-26-021799

    Feb 27, 2026

    6mo ago

    Open filing
  • UPLOAD

    SEC staff comment letter

    Accession 0000000000-26-001917

    Feb 24, 2026

    6mo ago

    Open filing
  • S-1

    Registration statement for the initial public offering

    Accession 0001213900-26-010840

    Feb 2, 2026

    7mo ago

    Open filing

Metals Acquisition Corp. II: questions answered

What is Metals Acquisition Corp. II (MTAL)?

Metals Acquisition Corp. II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002107724. It completed its initial public offering in Mar 2026 and listing on NYSE. Class A shares trade under the ticker MTAL, units under MTAL-UN, warrants under MTAL-WT on NYSE. The vehicle is sponsored by MAC through MAC Partners LLC. The mandate targets energy. IPO closed, trust funded, no definitive agreement announced.

How much does Metals Acquisition Corp. II hold in trust?

Approximately $232,411,975, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.

When must Metals Acquisition Corp. II complete a merger?

By Mar 12, 2028. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.

What happens if Metals Acquisition Corp. II does not find a target in time?

The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.

Can I redeem shares in Metals Acquisition Corp. II, and at what price?

Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.

What tickers does Metals Acquisition Corp. II trade under?

Class A shares trade as MTAL on NYSE, the units as MTAL-UN, and the warrants as MTAL-WT. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.

Is the trust value the same as the share price for Metals Acquisition Corp. II?

No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.

How much dilution do Metals Acquisition Corp. II's founder shares and warrants create?

Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.

Who sponsors Metals Acquisition Corp. II, and what is their track record?

MAC Partners LLC is the sponsor entity, part of the MAC franchise. This is the only vehicle we have attributed to that sponsor.

Which banks underwrote the Metals Acquisition Corp. II IPO?

Cohen & Company. Cohen & Company was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.

Is Metals Acquisition Corp. II tradeable, and where?

Yes. MTAL returned a live quote of $10.21 on NYSE. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.

Is Metals Acquisition Corp. II a good investment?

That is not a question this site answers. Metals Acquisition Corp. II is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.

Where does this Metals Acquisition Corp. II data come from?

Filings Metals Acquisition Corp. II submitted to the SEC under CIK 0002107724: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.

Compiled by the SPACListing research desk

Last reconciled Sep 4, 2026

Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.

Read the full methodology · What is in the dataset · Report a correction

SPACListing is a reference-data service, not an investment adviser. Nothing here is a recommendation to buy or sell any security.

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The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.