Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Forbes enters into exclusive buyout talks with investor group, Intuitive Machines mission control cleared to track Artemis I, and court partially rebukes securities suit against Virgin Galactic SPAC deal
Forbes enters into exclusive buyout talks with investor group
Business news and information publisher Forbes said on Wednesday it has entered into “exclusive discussions” with an investor consortium for the sale of the company.
The move comes months after the publisher pulled out of a deal to go public through a special purpose acquisition company. In August, it said it hired Citigroup to manage the sale.
The consortium comprises of family offices and global investors, a Forbes spokesman said in a statement, but did not disclose the value of the deal.
READIntuitive Machines Mission Control Cleared to Track Artemis I Mission
Intuitive Machines, LLC (“Intuitive Machines” or the “Company”), a leading exploration, infrastructure, and services company, today announced NASA’s approval for Intuitive Machines to utilize its mission control and global ground station network to track the Artemis I Mission (“Artemis I”). Artemis I is NASA’s first mission in a series of increasingly complex missions that are expected to enable human exploration to the Moon and Mars.
As previously announced on September 16, 2022, Intuitive Machines signed a definitive business combination agreement with Inflection Point Acquisition Corp. (Nasdaq: IPAX, IPAXU, IPAXW).
READCourt Partially Rebukes Securities Suit Against Virgin Galactic SPAC Deal
On Monday, Judge Allyne Ross of the Eastern District of New York issued an opinion that granted in part and denied in part a motion to dismiss the complaint in a federal securities law class action brought against Virgin Galactic (NYSE:SPCE), Richard Branson and other individual defendants.
Plaintiffs allege violations of Sections 10(b), 20(a) and 20(A) of the Securities Exchange Act of 1934. Defendants’ motion addressed the sufficiency of the allegations in the Corrected Amended Complaint. In their 153 page pleading, plaintiffs allege that at the beginning of the class period (when Virgin Galactic went public), “Defendants claimed it [Virgin Galactic] was on the cusp of sending tourists to space.” In fact, according to plaintiffs, the program had tremendous safety problems. “When the truth emerged through unexplained flight program delay after unexplained delay, as well as several corrective disclosures, investors suffered tremendous losses.”
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At the SPAC of Dawn Futures remain red as the market waits to take in a raft of economic indicators today. US retail sales are set to be released within the hour followed by industrial production, capacity utilization and business inventory readings. All could show the signs of some trade-related disruption, but a that could...
Vendome Acquisition Corporation I (NASDAQ:VNMEU) has filed for a $150 million SPAC to hunt for a consumer target in a developed market. Investors in the new SPAC will get a 1/2 warrant in each unit and its trust is not overfunded. But, Vendome I may potentially have a sooner redemption event than most recently issued...
Timber Road Acquisition Corp. (NASDAQ:TMRDU) has filed for a $200 million SPAC to put its team’s real estate investing experience to work as it conducts a broad search for a target. The new SPAC is to include one right to a 1/8 share in each unit and is underwritten by Roth Capital Partners. It becomes Roth’s...
At the SPAC of Dawn Votes are beginning to come in as the market returns to normal business, and four SPACs still have four more special meetings on the docket for extensions this week. TLGY (OTC:TLGYF) is set to have its meeting at 9 am ET today and it primed the pump with a letter...
Gores Holdings X, Inc. (NASDAQ:GTENU) has filed for a $260 million SPAC to continue building the consistent track record of the Gores team. This is to be the team’s first outing with Santander as its underwriter after all 15 previous Gores SPACs were underwritten by Deutsche Bank. Of these, 14 made it to an IPO...