Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: BuzzFeed fallout worsens while Solid Power surges in Nasdaq debut, and former Trump admin attorney joins Rumble as Legal Chief
BuzzFeed Fallout Worsens, Sheds 39% Since This Week’s Debut
BuzzFeed Inc.’s (NASDAQ:BZFD) plunge after leaping into the public market earlier this week is accelerating.
Shares of the digital media company spiraled 24% to $5.87 Thursday, closing at a fourth consecutive record low. BuzzFeed debuted on Dec. 6 after merging with blank-check company 890 5th Avenue Partners Inc., and since then it has shed nearly 40% of its value as the majority of investors opted not to participate, leaving the business with a fraction of the millions in funding it originally expected to receive.
READShares of Ford- and BMW-backed Battery Supplier Solid Power Surge in Nasdaq Debut
Shares of electric vehicle battery cell supplier Solid Power surged as much as 14% during the company’s Nasdaq debut Thursday morning following the completion of a SPAC deal.
The stock’s initial performance is similar to other electric vehicle related companies that have gone public through deals with blank-check companies. Many jump during initial trading to then level-off and become volatile over time.
Decarbonization Plus Acquisition Corp. III recently received shareholder approval of its combination with Solid Power.
READFormer Trump Admin Attorney Joins Platform Rumble as Legal Chief
Former Trump administration lawyer Michael Ellis has landed the top legal role at Rumble Inc., a Canadian video platform that has counted the former president as a member.
Ellis joined Rumble in November as its first-ever general counsel and corporate secretary, a company spokesman confirmed Thursday.
On December 2, CF Acquisition Corp. VI (NNASDAQ:CFVI) agreed to combine with Rumble.
READAI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while...
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
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...