Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Wynn Resorts looks to sell sports betting business, and UAE approves regulatory framework for SPACs
Wynn Resorts Looks to Sell Online Sports Betting Biz at Steep Discount
Wynn Resorts (NASDAQ:WYNN) is looking to unload its online sports-betting business at a steep discount as the fledgling niche faces painful losses from stiff taxes and costly promotions needed to lure customers, according to The Post.
Just a few months ago, Wynn said it was scrapping plans it disclosed in May to merge Wynn Interactive with Bill Foley’s Austerlitz Acquisition Corporation (NYSE:AUS).
The Las Vegas-based casino giant is quietly shopping its Wynn Interactive unit, operator of the WynnBet online gaming app, and has slashed the asking price to $500 million after floating a $3 billion valuation less than a year ago.
READUAE Regulator Approves Gulf’s First SPAC Framework
The United Arab Emirates’ Securities and Commodities Authority (SCA) has approved a regulatory framework for SPACs, the first in the Gulf, the Abu Dhabi Media Office said on Monday.
The regulation also allows sponsors abroad to apply for approval to list their SPACs on the Abu Dhabi Securities Exchange (ADX), the office said.
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News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...
At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...
News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...
Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...
At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....