The Latest SPAC News and Rumors: July 7, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News:  Alliance Entertainment acquires Think 3Fold to expand licensed toy and collectible division 

Alliance Entertainment Acquires Think 3Fold to Expand Rapidly Growing Licensed Toy and Collectible Division  

Alliance Entertainment Holding Corporation (“Alliance Entertainment”), a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, today announced the July 1, 2022, closing on the acquisition of Think 3Fold, a distributor of toys and collectibles.

Gobi Acquisition Corp. Wants Shareholders to Vote on Liquidating

In a usual move this afternoon, Gobi Acquisition Corp. (Nasdaq: GOBI) filed a proxy for a shareholder vote, but it’s not to extend its deadline. Instead, Gobi intends to shrink its timeline so it can liquidate early.

The Latest SPAC News and Rumors: July 6, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News:  SatixFy Technology enables 5G through LEO constellation, and American Acquisition Opportunity’s target, Royalty, enters into data center agreement

SatixFy Technology Enables First 5G link through a LEO constellation

SatixFy Communications Ltd.

Benessere Capital (BENE) Extends Redemption Deadline for Vote

Benessere (NYSE:BENE) announced this morning that it has extended the redemption deadline in connection with its upcoming extension vote to 5 pm ET today.

Shareholders are set to vote at a special meeting at noon tomorrow, July 7, to extend the SPAC’s transaction deadline from July 7 to January 7, 2023.

Social Capital Suvretta III (DNAC) to Postpone Shareholder Vote

Social Capital Suvretta Holdings Corp. III (NASDAQ:DNAC) announced in an 8-K this morning that it intends to adjourn its 10 am ET special meeting to complete its combination with drug developer ProKidney and reconvene on a later unspecified date.

The Latest SPAC News and Rumors: July 5, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Virgin Orbit carries out first night mission for US Space Force and Circle CEO says USDC stablecoin provider is in strongest position ever 

Virgin Orbit carries out its first night mission for the US Space Force

Virgin Orbit (NASDAQ:VORB) has ticked off another milestone for its fledgling launch business, successfully carrying out its first night-time mission over the weekend and deploying satellites into low-Earth orbit.

FinTech V (FTCV) Terminates eToro Deal

FinTech V (NASDAQ:FTCV) announced this morning that it has mutually terminated its combination agreement with social investing network eToro.

While most SPACs that have recently terminated their deals have pointed towards current market conditions as the main culprit, Fintech V disclosed that it was unable to meet certain closing conditions and specifically, “the Company’s registration statement, within the timeframe outlined by the Merger Agreement and as extended by the Merger Agreement Amendment”.

The Latest SPAC News and Rumors: July 1, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: eToro to abandon Fintech V deal, NYSE pitches US listings to Middle Eastern tech firms, and experts say lack of education threatens future of SPACs in UAE

Israel eToro to abandon deal to go public via SPAC merger

Online brokerage eToro and Betsy Cohen-backed blank-check firm FinTech Acquisition Corp V (NASDAQ:FTCV) are planning to let the Thursday deadline for their merger pass without closing the deal, The Information reported, citing a person familiar with the matter.

Energy Vault (NRGV) Announces Redemption of Warrants

Energy Vault (NYSE: NRGV) announced this morning that it will be redeeming its outstanding warrants for shares.

Warrantholders have until 5 pm EST on Monday, August 1 to exercise their warrants and any warrants that remain unexercised immediately after the deadline will be void and no longer exercisable.

USHG Acquisition Corp. (HUGS) Discontinues Panera Brands Partnership

USHG (NYSE:HUGS) announced this morning that it would not extend an agreement to partner in an IPO for restaurant operator Panera announced in November.

Always something of an oddity, USHG’s plan bore some semblance to Pershing Square Tontine’s (NYSE:PSTH) bid to join in Universal Music’s (AS:UMG) Amsterdam IPO.

G3 VRM Acquisition Corp. (GGGVU) to Liquidate Trust

G3 VRM Acquisition Corp. (NASDAQ:GGGVU) announced this morning that it will dissolve and liquidate its trust.

Following the close of business on July 6, public shares will be cancelled and will represent only the right to receive the redemption amount of $10.15, at which time the G3 VRM anticipates that its securities will cease trading on The Nasdaq.

North Atlantic (NAAC) Terminates TeleSign Deal

North Atlantic (NASDAQ:NAAC) announced this afternoon that it has mutually terminated its combination agreement with communications platform Telesign, effective immediately.

Similar to a handful of other SPACs we’ve seen, North Atlantic cited current market conditions as the root of the termination.

Kismet Acquisition Two Corp. (KAII) Sponsor Sells Entire Interest to Quadro

Kismet Two (NASDAQ:KAII) has sold all of its sponsor economics to Quadro Sponsor LLC, including 6,250,000 promote shares and 4,400,000 warrants.

The new sponsor will be led by Dimitri Elkin who is signing on as CEO and will also serve as the company’s principal financial and accounting officer.

Top 3 SPAC Targets – Music

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among companies in the music industry. We look at why they are compelling and why each could be a fit for a blank-check merger.