Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork sales hit monthly high for 2021; Babylon secures $200m sustainability investment
WeWork Sales Hit Monthly High for 2021 in September
WeWork Cos. said its September revenue reached $228 million, its highest monthly sales this year, as the company prepares to list on the New York Stock Exchange.
At an online investor presentation Thursday, WeWork CEO Sandeep Mathrani painted a bright future for the flexible office space company, despite the delays in the return to the workplace caused by the coronavirus pandemic.
Preliminary third-quarter revenue totaled $658 million, up from $593 million in the prior quarter, the company said. Occupancy rates continued to climb, hitting 60% at the end of September, up from 52% in the prior quarter. Two years ago, its occupancy rates hovered above 70%.
WeWork is in the final stages of a plan to go public via a $9 billion merger with BowX Acquisition Corp. (NASDAQ:BOWX).
READBabylon Secures New $200m Sustainability-Linked Investment to Fuel Rapid Growth Plan
Babylon Holdings Limited, one of the world’s fastest-growing digital healthcare companies, today announced that it has secured a sustainability-linked investment of up to $200 million from Albacore Capital Group, a strategic capital investment firm.
Together with already committed PIPE capital of $230 million from institutional and strategic investors, Babylon will now have access to as much as $775 million of capital following the merger with Alkuri Global Acquisition Corp. (NASDAQ: KURI) assuming no redemptions, with a minimum of $430 million of capital guaranteed to continue fueling Babylon’s sustained growth.
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At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...