DHC Acquisition Corp (NASDAQ:DHCA) announced this morning that the leadership of its target company GloriFi have begun the process of winding down its operations.
The filing did not specify whether DHC was terminating its combination agreement, but this will presumably be void once the company no longer exists.
The two sides announced their $1.7 billion combination just six months ago. But, even at the time, public details on GloriFi’s business plan were thin. GloriFi described itself as “a pro-freedom, pro-America, pro-capitalism technology company” that would soon offer financial services and lifestyle apps aimed at conservatives.
But aside from the general idea of credit and debit cards that would generate some benefits for conservative causes, GloriFi had little of its plans publicly fleshed out at the time of its July announcement, and it promised a presentation after Labor Day.
Instead, it began running short on funding in October, leading to the resignation of its CEO late last month. Yesterday, it laid off its staff saying it was closing shop, according to the Wall Street Journal.
DHC, which raised $309.5 million in its 2021 IPO has until March 2023 to complete a deal under its initial deadline. It is led by Co-CEO Christopher Gaertner, who also serves as vice chairman and global head technology investment banking at Rothschild & Co., and Co-CEO Thomas Morgan, who is the CEO of advisory firm Corps Capital.
Deals and Amendments Arogo Capital (OTC:AOGO) has received notice that its merger target Ayurcann Holdings (CSE:AYUR) has terminated their business combination citing a breach on behalf of the SPAC. Ayurcann expects to be paid a $250,000 breakup free from Arogo. News and Rumors PR: Smart TV firm Innovid (NYSE:CTV), which combined with ION 2 in...
At the SPAC of Dawn Wednesday night saw two more SPACs price their IPOs, which means November’s eight listings will now eclipse October’s haul of seven and the five IPOs of September. Amid this accelerating momentum, a new name could soon be seen on a number of new SPACs. EF Hutton rebranded to D. Boral...
CO2 Energy Transition Corp. (NASDAQ:NOEMU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NOEMU”, Thursday, November 21, 2024. The new SPAC intends to combine with a target company that is focused on reducing emissions through the generation of renewable energy or...
Dynamix Corporation (NASDAQ:DYNXU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DYNXU”, Thursday, November 21, 2024. The new SPAC intends to focus its search on companies that are within the energy transition, oil and gas, and power sectors. Dynamix Corporation is...
At the SPAC of Dawn One more shoe has dropped as the President-Elect Donald Trump works to staff his incoming administration and set priorities as he has appointed Cantor Fitzgerald CEO Howard Lutnick to lead the Department of Commerce. This ends speculation about where the head of 2024’s leading SPAC underwriter would land. The question...