Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Palihapitiya sued over insider sale of Virgin Galactic shares and CaixaBank collaborates with D-Wave on new quantum applications
Palihapitiya Sued Over Insider Sale of Virgin Galactic Shares
Chamath Palihapitiya took advantage of his insider role as chairman of Virgin Galactic Holdings Inc. (NYSE:SPCE) to sell 10 million shares of the struggling space travel company for $315 million before he abruptly quit the board last month, a shareholder alleged in a lawsuit.
The complaint, filed on behalf of Virgin Galactic to seek damages from its directors and officers, also alleges that founder Richard Branson pocketed $301 million by dumping his shares while the stock price was “artificially inflated.”
READCaixaBank Group, D-Wave Collaborate on Innovative New Quantum Applications for Finance Industry
CaixaBank, the leading financial group in Spain, and D-Wave Systems Inc., a global leader in quantum computing systems, software, and services, and the only provider building both annealing and gate-model quantum computers, today announced the business results for two significant financial quantum hybrid computing applications for investment portfolio optimization and investment hedging calculation.
The quantum hybrid applications have significantly decreased compute time to solve complex financial problems, improving investment portfolio optimization, increasing a bond portfolio internal rate of return (IRR), and minimizing the capital needed for hedging operations, as a result of their collaboration.
D-Wave announced in February it has entered into a definitive merger agreement with DPCM Capital, Inc. (NYSE:XPOA).
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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...