Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: MSP Recovery plunges over 60% following merger, and Polestar invests in Israeli fast-charging battery startup
Mega-SPAC Mints a $21 Billion Fortune That Collapses in Minutes
MSP Recovery (NASDAQ:MSPR) was valued at $32.6 billion in its merger with special purpose acquisition company Lionheart Acquisition Corp. II, the largest such combination ever in the US as measured by enterprise value. It began trading Tuesday on the Nasdaq, plunging more than 60% to $3.85 at 10:04 a.m. in New York, less than an hour after its debut.
Miami attorney John H. Ruiz, 55, owns a 65% stake in the company. That position was worth $21.4 billion at the $10 merger price, but plunged to $8.3 billion after MSP began trading.
READPolestar Invests in Israeli Extreme Fast-Charging Battery Startup
Electric vehicle (EV) automaker Polestar is investing in Israeli startup StoreDot, a company working towards producing silicon-based EV batteries that can take on a claimed 160km of range in five minutes.
This is the first financial investment the Swedish-Chinese manufacturer has made in another company, and follows a similar investment from parent company Volvo.
Dubbed ‘100in5’, StoreDot’s technology is slated for production by 2024, and is apparently in “real-world testing by leading automotive manufacturers”.
Gores Guggenheim (NASDAQ:GGPI) entered into a definitive agreement to combine with Polestar on September 27, 2021.
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Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates...
At the SPAC of Dawn Coinbase (NASDAQ:COIN) notched a surprise profit of over $1.5 billion in the first quarter of 2024, well exceeding estimates, demonstrating the powerful effect of publicly traded ETFs have had on crypto marketplaces since the start of the year. The result has pushed the company to bump up its own guidance...
Online casino and sports company Rush Street (NYSE:RSI) is up +18.4% in trading today on the back of a solid first quarter earnings release, bringing the company’s stock to its highest price since the second half of 2022 (currently $7.60). This makes it the latest in a line of 2020 and 2021 de-SPACs that have...
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an...
Churchill Capital Corp IX (NASDAQ:CCIXU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIXU”, Thursday, May 2, 2024. The new SPAC will conduct a broad search and has not limited itself to any particular sector or focus, but it plans to...