Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023.
This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November.
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Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm.
Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or through privately negotiated transactions, including from SPAC shareholders that had elected to redeem shares.
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SPACs and the use of projections have gotten a fair amount of attention this year from both the media and the SEC. And the pending SEC SPAC Rule could have an additional effect on how bankers and SPAC teams handle projections in the future.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Cilo Cybin Holdings Ltd.,
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ACE Convergence (NASDAQ:ACEV) announced this morning that its shareholders have approved its business combination with electronics manufacturer Tempo during a special meeting held on November 17.
The SPAC did not disclose redemption amounts, but shares of ACEV traded above its trust value of $10 throughout its redemption deadline November 15.
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Metals Acquisition Corp. (NYSE:MTAL) announced that it has made a series of amendments to its combination the Glencore’s (LON:GLEN) CSA Copper Mine, shifting some portions of the compensation to contingencies based on commodity prices.
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OceanTech I (NASDAQ:OTEC) has postponed an extension vote scheduled for later today after receiving high redemption notices.
Shareholders requested to redeem a total of 9,449,599 shares, representing 91.5% of its shares outstanding.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Texas-based fintech firm GloriFi is shutting down and laid off most of its employees, the Wall Street Journal reported on Monday, citing people familiar with the matter.
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DHC Acquisition Corp (NASDAQ:DHCA) announced this morning that the leadership of its target company GloriFi have begun the process of winding down its operations.
The filing did not specify whether DHC was terminating its combination agreement, but this will presumably be void once the company no longer exists.
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Highland Transcend I (NASDAQ:HTPA) announced this morning that it will redeem all public shares effective December 8 as it will not complete a business combination.
Shareholders are expected to receive a redemption rate of $10.06 per share and Highland Transcend I is to cease all operations other than its winding down efforts on December 7.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
ACE Convergence (NASDAQ:ACEV) announced this afternoon that it has secured a committed equity facility of up to $100 million with White Lion Capital.
Under the terms of the facility, White Lion Capital has committed to purchase up to an aggregate of $100 million in the post-closing combined company’s common shares from time to time after the completion of the business combination between electronics manufacturer Tempo Automation and ACE at the request of the post-closing combined company.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Industrial Tech II (NASDAQ:ITAQ) has entered into a definitive agreement to combine with renewable energy producer NEXT Renewable Fuels, Inc. (“NEXT, “NXT” or the “Company”) at an enterprise value of $530 million, or 0.9x its 2025E EBITDA.
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PropTech Investment II (NASDAQ:PTIC) announced this morning that it has entered into a forward purchase agreement (FPA) for an OTC Equity Prepaid Forward Transaction with Vellar Opportunity Fund for its recently approved combination with rental marketplace Appreciate.
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