Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: DWAC slides after key executives quit, FinAccel spends $200M for Indonesia digital banking push, and Hertz buys 65,000 EVs from Polestar
Trump-Tied Social Media SPAC Slides After Key Executives Quit
Shares of the shell company taking Donald Trump’s media venture public extended their selloff after a report that a pair of key executives resigned and Elon Musk bought a sizable stake in social media competitor Twitter Inc. (NYSE:TWTR).
Digital World Acquisition Corp. (NASDAQ:DWAC), the special-purpose acquisition company merging with Trump Media & Technology Group, fell as much as 14% Monday to extend a losing streak for a seventh-straight day as downloads of the Truth Social app dry. The decline was triggered by a Reuters report that Truth Social’s chiefs of technology and product development Josh Adams and Billy Boozer have resigned and as Musk became Twitter’s largest shareholder.
READFinAccel Spends $200 Million for Indonesia Digital Banking Push
FinAccel Pte, the parent company of fintech platform Kredivo, has acquired a majority stake in Indonesia’s PT Bank Bisnis Internasional TB, pitting itself against Southeast Asia’s biggest internet companies for a share of a growing digital banking arena.
The Singapore-based company, which spent a total of about $200 million on accumulating the holding, will have a 75% stake in the Jakarta-based lender by the end of this week, Chief Executive Officer Akshay Garg said in an interview.
FinAccel’s purchase comes shortly after its planned merger with a blank-check company collapsed. The combination with Chicago-based Victory Park Capital Advisors LLC (NASDAQ:VCTR) was canceled after a tepid climate rocked confidence in many deals.
READHertz to Buy Up to 65,000 Electric Vehicles From Polestar
Rental car firm Hertz Global Holdings (NASDAQ:HTZ) said on Monday it would buy up to 65,000 electric vehicles over five years from Swedish EV maker Polestar, the latest move by the rental car firm to add zero-emission models.
The Florida-based rental car company said that it would initially order the Polestar 2 sedan. Hertz shares were up 1.75% in premarket trading Monday.
Polestar, which was founded by China’s Geely and Volvo Cars, is set to merge with special purpose acquisition company Gores Guggenheim Inc (NASDAQ:GGPI) this year.
READSwvl Advances in Nasdaq Debut After Queen’s Gambit SPAC Tie-Up
Swvl Holdings Corp. (NASDAQ:SWVL), a Dubai-based mass transit startup, rose in its Nasdaq debut following a merger with blank-check firm Queen’s Gambit Growth Capital.
Shares gained as much as 9.8% to $10.30 on Friday. The deal originally valued the company at $1.5 billion, making Swvl one of the Persian Gulf’s few so-called unicorns.
READRumble Launches New Feature, and Releases iPhone App in Brazil & Portugal
Today, the video-sharing platform Rumble announced that the company has released a new mobile application on the iOS operating system that includes a full-screen vertical discovery feature and customized design for low-light environments, known as “dark mode.” The company also released the iPhone app in two new markets, Brazil and Portugal.
The company announced in December 2021 the execution of a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).
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Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...