Jersey Mike’s SPAC Merger Sparks 2.8% Share Rally
SPCX•SPCX agreed to merge with Jersey Mike’s, taking the sandwich chain public via a SPAC business combination that triggered a 2.8% share rally. Investors are pricing in new growth capital and a rebranding of SPCX as Jersey Mike’s upon deal closing.
1. Merger Agreement Details
SPCX and Jersey Mike’s signed a definitive agreement to complete a business combination that will convert SPCX into the publicly traded vehicle for the sandwich chain. The transaction will release SPAC trust funds to the merged company and result in a corporate name change to Jersey Mike’s.
2. Shareholder Approval and Stock Reaction
SPCX investors approved the merger ahead of schedule, and the stock jumped 2.8% on the announcement as trading volume spiked. Market participants cited the deal as a catalyst for fresh capital allocation and upside potential in the restaurant sector.
3. Growth and Capital Deployment
Jersey Mike’s plans to deploy the SPAC trust proceeds to fund new franchised and corporate location openings and strengthen its digital ordering platform. Management targets mid-single-digit same-store sales growth and improved unit-level margins with the added liquidity.
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