SPAC Founding CEO Silver Exits Seven Months After $300 Million IPO
Management crisis
Company Background
M Evo Global Acquisition Corp II is a Cayman Islands blank check company formed for the purpose of completing a business combination with one or more targets. On February 2, 2026, it raised $300 million in its initial public offering, selling 30 million units at $10 each — including the full exercise of the underwriters' over-allotment option. The entire $300 million was deposited into a trust account invested in U.S. government treasury obligations, where it remains pending a deal close or liquidation. The company has 24 months from the IPO close, until February 2028, to complete a business combination or return funds to public shareholders.
The sponsor, Evolution Sponsor Holdings LLC II, holds 10 million Class B founder shares representing 25% of the post-IPO share count, acquired for $25,000. At IPO close, the company also paid a $900,000 advisory fee to Evolution Capital Pty Ltd — a management consulting firm of which Silver was managing member — under an agreement covering corporate strategy and business planning services. The company's market capitalization is approximately $400.8 million.
What Was Disclosed
Stephen M. Silver resigned from his roles as Chief Executive Officer, Chairman of the Board, and board member on September 9, 2026, with the departure taking effect immediately. The filing states his resignation "was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices" — language required by SEC rules when a director or officer departs, but not an independent substantive explanation of what prompted the exit.