Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump-tied DWAC tumbles following grand jury subpoena and car charging start-up EO opts for private funding
Trump-Tied SPAC Tumbles After Disclosing Grand Jury Subpoena
Digital World Acquisition Corp. (NASDAQ:DWAC), the special purpose acquisition company merging with Trump Media & Technology Group, tumbled after disclosing that a federal grand jury in the Southern District of New York issued subpoenas to the company and members of its board of directors.
The SPAC slumped 10% at the start of Monday’s trading, opening at the lowest level since the deal was announced last year. Warrants that are tied to the SPAC fell as much as 7% to $7.18 before trimming losses, they traded as high as $79 in October.
READCar charging start-up EO dumps SPAC for private funding
EO, a British provider of electric vehicle charging to companies such as Amazon and Tesco, is close to securing private funds to back its expansion into the EU and US after a failed attempt to float in the US through a Spac. EO was forced this year to ditch a $675mn deal to combine with First Reserve Sustainable Growth (NASDAQ:FRSG), a New York-listed special purpose acquisition company.
The move came as the war in Ukraine and wider slump in tech-related stocks caused the market for Spac backed flotations to freeze. Charlie Jardine, who founded EO Charging in 2014, said it had been a “challenging time to go public” but that the collapse of the deal now looked like a “gift”.
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Terms Tracker for the Week Ending April 12, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of April is still feeling pretty sleepy, but there’s reason to believe that will change relatively soon with some notable events lined up...
The SPAC boom of 2020-2021 brought the asset class into sectors they had never entered before and that had generated few if any public companies of any kind. Space was one of these, but it appeared to be a passing fascination as soon as macro financial winds changed. That could be about to change once...
At the SPAC of Dawn As portions of the market rallied suddenly yesterday from Wednesday’s inflation gloom, LiveWire (NYSE:LVWR) was among the surprising gainers. The manufacturer of electric motorcycles that spun out from Harley Davidson in a 2022 SPAC deal with AEA-Bridges has never been among the flashiest EV de-SPACs, but it has quietly provided...
SPACs have brought a number of sustainability companies to market, but the economics of carbon credits have always been on the edge of those specific opportunities. Focus Impact Acquisition Corp. (NASDAQ:FIAC) aims to change that with its $213 million combination with DevvStream, a Canadian company focused on generating carbon credits with proprietary technology-based approaches. This week, we...
At the SPAC of Dawn Yesterday’s high CPI readings may have dampened hopes of summer rate cuts, but the public markets do seem increasingly content to shoot towards the cosmos in terms of the new types of companies they hope to welcome. SPACs have been a major part of commercial space ventures accessing public capital,...