Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Traveloka to raise up to $400 million, Citadel alumni team up with JDS’s Stern for new blank-check firm, and Roivant aborts plans to buy back its own SPAC
Traveloka in Talks to Raise Up to $400 Million for SPAC Deal
Indonesia’s Traveloka is in talks with potential investors to raise as much as $400 million as part of its plan to go public through merging with a SPAC backed by Richard Li and Peter Thiel.
The PIPE would be part of a deal to merge the Jakarta-based online travel startup with Bridgetown Holdings Ltd. as soon as this year, said Bloomberg. The merger is set to value the combined entity at about $5 billion.
Citadel Alumni Team Up With JDS’s Stern for New Blank-Check Firm
A pair of former Citadel credit analysts are teaming up with real estate developer Michael Stern to launch a new SPAC, according to Bloomberg.
The blank-check company, dubbed Onyx Acquisition Co. I, has filed confidential paperwork with the SEC. It’s set to seek $200 million and plans to target companies in the general industrials and construction-technology sectors with an enterprise value of $1 billion to $2 billion.
READSPAC-on-SPAC Deal Falls Apart, And So Does Immunovant’s Stock
A private drugmaker aborted plans to buy back its own SPAC at a hefty premium, sending shares of Immunovant Inc. plunging to an all-time low.
The withdrawal by Roivant Sciences unwinds part of its plan to go public by selling itself to a SPAC, and then using the proceeds to reacquire full ownership of Immunovant, which it merged into another SPAC in 2019.
Immunovant’s stock, which topped $53 last year, closed 26% lower.
READGrab Loss Narrows on Food Delivery Ahead of SPAC Merger
Singapore’s Grab Holdings Inc., set to go public in the U.S. through a merger with a SPAC, reported a narrower loss for the first quarter as the pandemic boosted demand for food delivery.
The company’s net loss shrank to $652 million in the quarter ended March 31 from $771 million a year earlier, Southeast Asia’s most valuable startup said on Monday.
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AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...