Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPACs see a flurry of deals, first blank-check company in the Middle East surges
SPACs Make Flurry of Deals as Blank Checks Seek Something to Own
Blank-check companies settled on deals to buy a members-only startup airline, a startup augmented reality firm and a company called Two Bit Circus this month as SPACs face pressing deadlines to strike deals or close shop.
At least 16 special-purpose acquisition company tie-ups have been announced so far in May, the most since December, chipping away at a backlog of nearly 600 SPACs that need something to buy. Almost half the targets aren’t expected to be profitable this year, according to merger presentations, which could hurt their prospects in a sector that’s been one of the market’s worst performers.
READFirst SPAC in the Middle East Surges in Abu Dhabi Trading Debut
The first special purpose acquisition company to list in the Middle East soared in its Abu Dhabi trading debut as the region’s blank-check market gains traction.
ADC Acquisition Corp., backed by Abu Dhabi’s wealth fund ADQ and Chimera Investments, rose as much as 30% before trimming gains to trade at 11.48 dirhams as of 10:24 a.m. local time. The SPAC sold 36.7 million shares at 10 dirhams apiece.
Abu Dhabi is the first exchange in the Middle East to set up a legal framework for blank-check firms, with Dubai looking to follow suit. Saudi Arabia’s bourse said last year it’s still considering whether to open its doors to SPACs.
READNews and Rumors SpaceNews: Boeing (NYSE:BA) has sued Virgin Galactic (NASDAQ:SPCE) alleging the space tourism venture refused to pay $25 million it owed for design work and violated Boeing’s intellectual property rights. Virgin Galactic combined with Social Capital Hedosophia in 2019. Bloomberg: The most popular options contract for Trump Media (NASDAQ:DJT) predicts it to plunge...
APx (NASDAQ:APXI) has entered into a definitive agreement to combine with precision medicine firms OmnigenicsAI and MultiplAI at an enterprise value $340 million. Once combined, these companies will offer DNA tests to consumers linked to predictive insights on their nutritional and genomic health. The combined company is expected to trade on the Nasdaq under the...
At the SPAC of Dawn With the pricing of IB Acquisition Corp. (NASDAQ:IBACU), March now officially has two SPAC IPOs in the books but we”ll have to see if three price to match February’s numbers. The move brings 2024’s total count to six SPAC IPOs, which continues to be a slower pace than 2023, which turned...
IB Acquisition Corp. (NASDAQ:IBACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IBACU”, Tuesday, March 26, 2024. The new SPAC will have a broad search focus and will not be limited to a particular geographic region or industry, but believe there...
They say timing is everything and at the end of a week punctuated by two successful traditional IPOs from Astera and Reddit, the sponsor team that announced the CCIV/Lucid deal at the absolute peak of the capital markets insanity that was Q1-2021 dropped their latest new SPAC – Churchill Capital Corp. IX. Is this a...