Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Betsy Cohen predicts about 30% of SPACs will bust, Ginkgo caught in short-seller selloff, and Sonder expands into France
Betsy Cohen Predicts About a Third of SPACs Will Bust
Blank-check sponsor Betsy Cohen said about 30% of all SPACs in the market will fail, in an interview on Wednesday at the Bloomberg Invest Global conference.
“Either they won’t be able to find companies in the time frame or they will find companies within that time frame but the public market investors will not support them,” Cohen said.
READWall Street Darling Ginkgo Caught in SPAC, Short-Seller Selloff
In the world of biotechnology and SPACs, wild fluctuations in stock prices are pretty typical. For Ginkgo Bioworks Inc. (NYSE:DNA) and its who’s-who list of Wall Street backers, it’s been a rough two weeks that’s seen about $5 billion in market value wiped out.
READSonder Holdings Inc. Expands into France with Addition of Paris Champs-Elysées Property
Sonder Holdings Inc., a leading next-generation hospitality company that is redefining the guest experience through technology and design, has expanded into France. Sonder recently launched inaugural operations in the country with the management of the Sonder Atala, a 48-unit property located steps from the iconic Champs-Elysées in Paris.
Sonder’s expansion into France follows the recent news of the Company’s plans to be publicly listed through a business combination with Gores Metropoulos II (NASDAQ: GMIIU).
READRedbox Expands Distribution Footprint of Its Streaming App to the PlayStation 5 Console
Redbox, a leading entertainment company, today announced it has expanded the distribution footprint for its streaming app to the PlayStation 5 console.
The app also gives consumers access to new release movies for rent or purchase through its Transactional Video on Demand service including, Candyman starring Jordan Peele and Stillwater starring Matt Damon. Redbox also announced the Redbox streaming app will soon be available on the PlayStation 4 console as well.
Redbox recently announced a definitive agreement to combine with Seaport Global Acquisition Corp. (NASDAQ: SGAM).
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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...