Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Dune SPAC sues TradeZero, Tiket mulls Blibli merger before Jakarta IPO, and BlackSky looks to expand military business
Dune SPAC Sues TradeZero for ‘Outright Falsehoods’ About Merger
Dune Acquisition Corp. (NASDAQ:DUNE) and its backers filed suit in Delaware, claiming brokerage platform TradeZero Holding Corp. duped them into a $556 million reverse merger before “trying to run out the clock on the transaction” and stick the blank-check company with the substantial cost of calling it off.
The lawsuit, made public late Wednesday, accuses TradeZero and its senior leaders of defrauding Dune into the deal with bogus financial figures and “stonewalling” its request for an update before pulling a “last-minute bait and switch” that completely undermined the merger’s logic.
READTiket Said to Mull Blibli Merger Before $1 Billion Jakarta IPO
Tiket.com, an Indonesian online travel booking company, is considering a merger with e-commerce platform Blibli after talks with a blank-check company fell through.
The travel firm could join with PT Global Digital Niaga, as Blibli is formally known, ahead of a planned initial public offering in Jakarta. A first-time share sale for the combined firm could raise about $1 billion. Both companies count Indonesian conglomerate Djarum Group as a backer.
READBlackSky Looks to Expand its Military Business Amid Growing Interest in Commercial Satellite Imagery
Amid a surge in demand for satellite imagery, BlackSky (NYSE:BKSY) is looking to expand its national security and defense business, CEO Brian O’Toole told SpaceNews.
“The Defense Department is interested in tactical ISR [intelligence, surveillance and reconnaissance] from space,” he said. “There’s quite a bit of opportunity there. ISR is clearly becoming a priority and commercial capabilities have a role to play.”
BlackSky in September became a publicly traded company after closing a merger with Osprey Technology.
READ
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...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...