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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Terms Tracker for the Week Ending March 7, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was an extremely quiet week on the SPAC front with no IPOs pricing, but there were three new S-1 filings. There was also only...
At the SPAC of Dawn If things seem like they are accelerating fast to start 2025, that is even more so for the space sector, which had a big, and occasionally explosive, week this week. 2023 de-SPAC Intuitive Machines (NASDAQ:LUNR) landed on the moon a second time yesterday afternoon, but it may have seen its...
At the SPAC of Dawn SPACs have largely steered clear of the fintech sector, which used to be among its favorite hunting grounds of late, both due to unfavorable macro pressures and the lack of clear action on the traditional IPO side to comp to. That may soon change as buy-now-pay-later firm Klarna has confidentially...
At the SPAC of Dawn Stock market whip saws based on US government action are not likely going anywhere as President Donald Trump conceded “a little disturbance” is coming to the economy in a speech before a joint session of Congress. This pain in the short term is to be primarily the result of the...
Cal Redwood Acquisition Corp. has filed for a $200 million SPAC IPO, aiming to focus on opportunities in the TMT (Technology, Media, and Telecommunications) sector. The blank-check company intends to list on the Nasdaq under the symbol “CRAU”, offering 20,000,000 units at $10.00 each, with the trust funded at 100%. The unit structure includes a...