M3-Brigade Merges with ReserveOne in Landmark SPAC Deal
Deal News | Jul 15, 2025 | Troutman Pepper Locke, LLP
In a major financial move, Troutman Pepper Locke has advised M3-Brigade Acquisition V Corp., a special purpose acquisition company (SPAC), in its merger with ReserveOne, Inc., a pioneering digital asset management firm. The merger deal anticipates generating over $1 billion in gross proceeds, including $297.7 million from M3-Brigade's trust account and $750 million in committed capital from institutional investors. The transaction, which is set to enhance ReserveOne's growth within the digital asset ecosystem, is expected to see the company's shares and warrants trade under the symbols RONE and RONEW, respectively. Troutman Pepper Locke, with its vast expertise and global presence, led by a team of seasoned attorneys, played a critical role in overseeing the merger process, helping M3-Brigade navigate the capital markets effectively.
Sectors
- Financial Services
- Legal Services
- Digital Asset Management
Geography
- United States – The participating SPAC, M3-Brigade, and the advising law firm, Troutman Pepper Locke, are both based in the United States, making this the primary geographical focus.
Industry
- Financial Services – This article is primarily about a merger in the financial services sector, specifically concerning the activities of a SPAC aimed at acquiring a firm in the digital asset management space.
- Legal Services – The involvement of the law firm, Troutman Pepper Locke, in the advisory capacity for the merger classifies this article under the legal services industry.
- Digital Asset Management – The article discusses ReserveOne, a digital asset management firm, indicating relevance to the digital asset management industry.
Financials
- 1 billion – Expected gross proceeds from the merger between M3-Brigade and ReserveOne.
- 297.7 million – Capital held in M3-Brigade's trust account as part of the merger proceeds.
- 750 million – Aggregate committed capital from institutional investors including common equity and warrants as part of the transaction.
- 500 million – Amount of common equity contributed by institutional investors.
- 250 million – Aggregate principal amount in convertible notes as part of the merger financing.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| M3-Brigade Acquisition V Corp. | Bidding Company | Company | A special purpose acquisition company formed to partner with firms undergoing growth, currently merging with ReserveOne. |
| ReserveOne, Inc. | Target Company | Company | A newly formed, innovative digital asset management firm involved in the SPAC merger with M3-Brigade. |
| Troutman Pepper Locke, LLP | Legal Advisor | Company | The law firm advising M3-Brigade in the merger with ReserveOne, offering legal expertise and capital markets guidance. |
| Patrick Costello, Joan Arnold, Joe Walsh, Howard Goldberg, Scott Grundei, Emma Teman, Joseph Chung | Legal Advisors | People | The team of attorneys from Troutman Pepper Locke, who led the advisory for M3-Brigade during the merger. |