SPACInsider Logo
DHC Acquisition Corp. (DHCA) Target Company GloriFi Winding Down
DHC Acquisition Corp. (DHCA) Target Company GloriFi Winding Down
by Nicholas Alan Clayton on 2022-11-22 at 8:15am

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.

 

Recent Posts
by Kristi Marvin on 2022-11-28 at 8:27pm

Considerations for Creating Shareholder Value in a Volatile Market   Join us for a virtual panel on December 14, 2022 The current trends of rising interest rates and inflationary cost increases, among other things, have imposed downward pressures on publicly traded equity prices, especially for businesses that became publicly traded via a de-SPAC merger. Please...

by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved