Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump Social SPAC sinks as downloads slump 95%, SPAC seizes on SEC’s proposed rules to fight investor suit, and France’s InVivo plans retail tie-up
SPAC Tied to Trump’s Social Media Venture Sinks as Downloads Slump 95%
Shares of the blank-check firm bringing Donald Trump’s media venture public are sinking with daily downloads for the former president’s social media app declining 95% since launching last month.
Digital World Acquisition Corp. (NASDAQ:DWAC), the special-purpose acquisition company merging with Trump Media & Technology Group, has shed 31% of its value since shares soared late in February when the Truth Social app launched on the Apple App Store.
READSPAC Seizes on SEC’s Proposed Rules to Fight Investor Suit
A blank-check company co-founded by Noam Gottesman told a court that newly proposed SEC rules support its legal defense against an investor.
The company’s filing appears to be the first to invoke the U.S. Securities and Exchange Commission proposal in a legal battle over whether certain SPACs are really investment companies.
The rules would require SPACs to disclose more information about their sponsors and potential conflicts of interest. Gottesman’s SPAC, Go Acquisition (NYSE:GOAC), which he founded with Hertz Global Holdings Inc. Chairman Greg O’Hara, told a federal judge in a letter Thursday that the rules bolster Go’s case against the investor, George Assad.
READFrance’s InVivo Plans Retail Tie-Up With Neil-Backed SPAC
French agribusiness group InVivo has entered exclusive negotiations to merge its retail activities with 2MX Organic, an acquisition vehicle backed by French telecoms billionaire Xavier Niel, the companies said on Thursday.
The planned deal is based on a 675 million euro ($748 million) enterprise value for InVivo Retail, they said.
READEV Startup Faraday Future Tumbles After Disclosing SEC Probe
Faraday Future Intelligent Electric Inc.’s (NASDAQ:FFIE) stock plunged after the electric-vehicle startup revealed it’s under investigation by the U.S. Securities and Exchange Commission.
Members of the management team and employees recently received subpoenas related to a formal probe of the company, Faraday said Thursday in a statement. The company is “cooperating fully” with the investigation, which Faraday said is related to an internal inquiry previously underway.
Faraday had been looking into false representations made by executives to investors around its 2021 merger with Property Solutions Acquisition Corp.
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At the SPAC of Dawn As the countdown to the Fed’s 2 pm ET rate cut decision tick down, the space sector continues to be one of the main areas of SPAC activity most unblemished from the volatility ahead of the move. AST SpaceMobile (NASDAQ:ASTS) and Intuitive Machines (NASDAQ:LUNR) each finished up significantly in Tuesday...
At the SPAC of Dawn De-SPACs have continued to be able to raise significant capital this quarter. This morning, two more companies launched share offerings while another pulled in private capital funding from a strategic partner. This is a good sign for the ability of SPACs to raise PIPE capital for any forthcoming deals as...
At the SPAC of Dawn SPACs have scheduled eight extension votes ahead of what is frequently a busy Christmas week for the market, although none of these are set to complete a deal. There will also be plenty of economic indicator releases this week, but only manufacturing numbers slated for this morning. Meanwhile the market’s...
Terms Tracker for the Week Ending December 13, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed three more IPO pricings this week bringing the 2024 YTD count to 55 with $9.3 billion in total gross proceeds raised. However, December...
At the SPAC of Dawn As the sun sets on SEC Chair Gary Gensler’s term, so too is some of the conventional wisdom around SPACs that came to prominence immediately after the SPAC boom of 2020-2021. Aside from the fact that a large portion of the listed companies that emerged from that class are now...