The Latest SPAC News and Rumors: August 10, 2023

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The Latest SPAC News and Rumors: August 10, 2023

by Marlena Haddad on 2023-08-10 at 12:02pm

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Virgin Galactic carries first tourists to edge of space, DWAC climbs following extension of outside date, and Lotus produces record number of cars in first half of 2023

Virgin Galactic Carries First Tourists to the Edge of Space

Virgin Galactic Holdings Inc. (NYSE:SPCE) carried its first private tourists to the edge of space, a long-awaited milestone in founder Richard Branson’s quest to build a “spaceline for Earth.”

The VSS Unity craft reached space shortly before 9:30 a.m. local time Thursday, Virgin Galactic said on a livestream of the event, roughly an hour after it took off from a New Mexico spaceport. The tourist mission, which offered passengers several minutes of weightlessness before descending back to solid ground, was the company’s second commercial flight following a recent research operation.

Virgin Galactic’s shares rose 1.8% to $3.44 as of 11:27 a.m. in New York, paring an earlier gain of as much as 3.8%. The stock was down nearly 3% this year through Wednesday and remains well below the highs of more than $55 in 2021. It was publicly listed through a reverse merger with Social Capital Hedosophia Acquisition Corp. in 2019.

Trump-Tied SPAC Climbs as Merger Partners Extend Pact Timing

The blank-check firm struggling to take Donald Trump’s social media company public rallied in premarket trading after the two companies reached an agreement that pushes back one impediment to the deal reaching completion. Others still loom.

The SPAC, Digital World Acquisition Corp. (NASDAQ:DWAC), and Trump Media & Technology Group said they extended the deadline for their dual commitment to the merger — known as the outside date — until Dec. 31, according to a filing Wednesday.

That could give the parties almost four extra months to solidify the pact after Trump Media had previously signaled it didn’t believe it was bound to keep negotiating beyond a Sept. 8 deadline, according to filings.

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Lotus produces record 2,200 sports cars in first half of 2023

The British carmaker Lotus produced a record number of sports cars in the first half of 2023, as it gears up for a huge push behind sales of a new electric SUV under its Chinese owners’ expansion plans.

Lotus, which marked its 75th anniversary this year, produced 2,200 vehicles in the first six months of the year at its factory in a former second world war bomber factory at Hethel in Norfolk.

Bushveld Minerals to receive 22% stake in VRFB after note redemption

Bushveld Minerals Ltd on Wednesday said holders of convertible loan notes in Mustang Energy PLC have elected to redeem their notes.

Bushveld is a South Africa-focused iron ore and tin exploration and development company, while Mustang is a London-based special purpose acquisition company focused on energy storage and stationary battery assets.

Following the redemption, Mustang will transfer its 22% interest in VRFB Holdings Ltd, meaning that VRFB will be wholly owned by Bushveld and Acacia Resources Ltd.

Bitdeer, B. Riley Financial enter into agreement for $150M share purchase

Bitdeer, a crypto mining firm spun off from mining manufacturer Bitmain, has entered into an agreement with the financial services firm B. Riley Financial to sell up to $150 million of its Class A ordinary shares.

According to an Aug. 9 filing with the United States Securities and Exchange Commission (SEC), B. Riley will have the right, but not the obligation, to purchase a specified number of Bitdeer’s shares over three years. The agreement’s rules include a maximum purchase of 1 million shares or 25% of Bitdeer’s shares traded on the Nasdaq during the purchase period.

Bitdeer went public in a SPAC deal with Blue Safari Group in April, following months of delays due to the crypto winter.

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