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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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...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...