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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Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...