The Latest SPAC News and Rumors: March 22, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Podcast: Greg Moran, Co-Founder and CEO of Zoomcar
Fighting for digital services market share in developed markets can be uphill sledding, but what if what you are offering has no legacy competitor to replace?
This week, we speak with Greg Moran, Co-Founder and CEO of Zoomcar. Zoomcar
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Digital World (DWAC) Replaces Patrick Orlando as CEO
Digital World (NASDAQ:DWAC) announced this morning that it has replaced CEO Patrick Orlando with Eric Swider, who is stepping up from a director position.
The move is the just the latest installment in a long, winding road that Digital World has taken since announcing a business combination with Trump Media and Technology Group (TMTG) all the way back in October 2021.
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DiamondHead Holdings Corp. (DHHC) Adds PIPE to Great Southern Homes Deal
DiamondHead Holdings Corp. (NASDAQ:DHHC) announced this morning that it has added convertible note and PIPE financing that is expected to bring up to $155 million in new financing to its combination with Great Southern Homes.
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The Latest Liquidations: March 21, 2023
Latest SPAC Liquidations: Aries I
Aries I Acquisition Corp. (RAM) to Liquidate on March 21
On March 21, Aries I Acquisition Corporation (NASDAQ:RAM) announced that it will not seek an extension of the time to complete an initial business combination and that it will redeem all of its outstanding Class A ordinary shares, effective as of the close of business on March 21.
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KludeIn I Acquisition Corp. (INKA) Shareholders Approve Near Deal
KludeIn I (NASDAQ:INKA) announced this afternoon that its shareholders have approved its combination with data intelligence platform Near.
Holders of 4,543,306 shares of KludeIn’s common stock were present at yesterday’s special meeting.
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Maxpro Capital Acquisition Corp. (JMAC) Shareholders Approve Apollomics Deal
Maxpro Capital (NASDAQ:JMAC) announced this afternoon that its shareholders have approved its combination with biopharmaceutical firm Apollomics.
An aggregate of 10,804,097 shares of Maxpro’s common stock were present at yesterday’s special meeting.
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Northern Revival Acquisition Corporation (NRAC) to Combine with Braiin in $190M Deal
Northern Revival (NASDAQ:NRAC) has entered into a definitive agreement to combine with agtech firm Braiin at an enterprise value of $190 million. Subiaco, Australia-based Braiin provides a range of software and hardware services to farmers designed to improve crop yields in Australia and the Asia Pacific region. The combined company is expected to trade onRead More
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The Latest SPAC News and Rumors: March 21, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: eToro secures $250M at $3.5B valuation after scrapping SPAC, DWAC stock gains amid speculation Trump may be arrested, and Morgan Creek SPAC ETF to shut down
eToro secures $250M at a $3.5B valuation after scrapping SPAC, seeing slower growth
After calling off its plans to go public via a SPAC at a $10.4 billion valuation in 2022, trading platform eToro has secured $250 million in funding at a $3.5 billion valuation.
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JATT Acquisition Corp. (JATT) Closes Zura Bio Deal
JATT Acquisition Corp. (NYSE: JATT) announced this morning that it has closed its combination with biotech firm Zura Bio.
The combined company’s shares and warrants are expected to begin trading on the Nasdaq later today, March 21, under the symbols “ZURA” and “ZURAW”, respectively.
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Aimfinity Investment Corp. I (AIMA) Undergoes Leadership Change
Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management.
On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase agreement with Xin Wang, Joshua Gordon, James J.
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New SPAC: AI Transportation Acquisition Corp. Files for $50M IPO
AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energyRead More
The Latest SPAC News and Rumors: March 20, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives”
Virgin Orbit plans for insolvency amid rescue talks with investors
Sky News has learned that the commercial space satellite venture founded by Sir Richard Branson’s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the event that it cannot secure new funding.
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Home Plate Acquisition Corporation (HPLT) to Combine with Heidmar in $214M Deal
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to tradeRead More
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two (TWOA) Postpones Extension Vote
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31.
Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024.
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SPAC IPO Terms Tracker: March Still Coming in Like a Lion
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should haveRead More
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The Latest Liquidations: March 17, 2023
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp.
Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24
Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27.
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Tech and Energy Transition Corp. (TETC) Shareholders Vote Against Extension, Forced to Liquidate
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination.
Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at yesterday’s special meeting, representing approximately 79.11% of the voting power of issued and outstanding shares.
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Direct Selling Acquisition Corp. (DSAQ) Adjourns Extension Vote, Signs LOI
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m.
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The Latest SPAC News and Rumors: March 17, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Saudi Arabia explores setting up framework for SPAC listings, and Boxed considers filing for bankruptcy
Saudi Arabia Explores Setting Up Framework for SPAC Listings
Saudi Arabia’s market regulator is looking into setting up a legal framework to allow special-purpose acquisition companies to list in the kingdom.
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