Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Digital World receives push-back in PIPE investor talks; Plaintiff lawyers increase focus on SPAC suits; Xos expands mobile EV-charger offerings
Trump-linked SPAC faces new pressure from PIPE investors as merger hangs in the balance
The Financial Times reported Tuesday that DWAC Chief Executive Patrick Orlando is negotiating with investors who said they would back the company through a private investment in public equity, or PIPE, deal. The $1 billion deal was set to expire Tuesday. Orlando was pushing for a 10-day extension, according to the newspaper.
The PIPE investors are hoping to bring down the minimum conversion price for their preferred stock from $10 to as low as $2, the FT reported, citing a person involved in the talks. That would boost their potential profit on the deal, even in the worst case scenario, as it would give the investors more shares and dilute other shareholders’ stakes – including Trump’s.
“Trump wants to make sure he doesn’t face a lot of dilution,” one person involved told the FT. “Optically, he wants to avoid a $2 floor. It looks weak and he doesn’t want to look weak.”
READApproved settlements with plaintiffs’ attorneys up 30% in 1H22, with SPACs and crypto in focus
According to Cornerstone Research, although new filings remain consistent with the first half of 2021, the number of approved settlements is up over 30% from the same time last year, and the median settlement amount has rebounded from the low that we reported in our 2021 Mid-Year Securities Litigation Update. SPAC and crypto-related filings continue to be a focus of plaintiffs’ attorneys, even as the nature of these suits continues to evolve.
SPAC-related filings are on track to meet or exceed last year’s chart-topping performance and already exceed the total SPAC-related filings in all of 2019 and 2020 combined. This increase is driven primarily by SPAC-related actions in the technology and industrial sectors that have offset a potential decline in actions in the consumer space. Cryptocurrency-related actions are also on pace to increase in 2022, driven in part by the continued increase in actions against crypto exchanges and allegations related to securitization in the first half of the year.
READXos Expands Offering of Xos Energy Solutions with Mobile Chargers; Secures Purchase Order from Morgan Services
Xos, Inc. (NASDAQ: XOS), a leading technology company that provides fleet services, software solutions, and manufactures Class 5 through Class 8 battery-electric commercial vehicles, today announced a new offering to Xos Energy Solutions™, its business unit focused on comprehensive infrastructure and consulting services: a suite of Xos DC Fast Chargers that are compatible with both passenger and commercial electric vehicles, enabling a wide range of applications.
The five chargers include: a 30kW portable EV charger, a 30kW wall-mount EV charger, a 60kW EV charger, a 150kW EV charger, and a 300kW EV charger. Additionally, Xos has secured a purchase order from Morgan Services, Inc., a Chicago-based linen and uniform rental services provider, for nine Xos DC Fast Chargers.
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At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...