Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork warns of possible bankruptcy, DoubleDragon considers Nasdaq SPAC listing for hotel arm, and Wheels Up gets fresh liquidity boost from Delta
WeWork shares sink after warning of bankruptcy risk
WeWork (NYSE:WE) warned of a possible bankruptcy in a stunning reversal of fortune for the shared workspace provider that four years ago was one of the world’s most prized startups with a valuation of $47 billion.
The SoftBank-backed company, valued at just $446.8 million as of last close, has been in turmoil ever since it filed its IPO paperwork in 2019 as investors pointed out governance issues involving its then founder-CEO Adam Neumann.
The company went public in 2021 through a SPAC merger after abandoning its IPO plans, but the struggles continued as investors doubted its business model while clients moved to hybrid work since the pandemic.
Philippines’ DoubleDragon considers Nasdaq SPAC listing for hotel arm
Philippine real estate company DoubleDragon Corp said on Tuesday it is considering listing its Singapore-registered unit Hotel101 Global on the U.S. Nasdaq via a merger with a SPAC.
DoubleDragon confirmed in response to a local media report that it was weighing the SPAC route as one option to accelerate the international expansion of hotel group Hotel101.
Private-Jet Firm Wheels Up Seeks Rescue Funding
Wheels Up Experience Inc. (NYSE:UP) just got a fresh liquidity boost from its largest shareholder, Delta Air Lines Inc. (NYSE: DAL).
The struggling concierge jet-service firm has been seeking new financing from investors as its cash dwindles, according to people with knowledge of the situation. It has been working with Jefferies Financial Group Inc. and Kirkland & Ellis to explore options, including asset sales and cost cutting, to improve profitability.
The New York-based company, which lets customers book private charter flights by the hour, has garnered big-name investors including former LVMH executives and the consumer-focused private equity firm L Catterton, but has reported losses in every quarter since it went public through a reverse merger with Aspirational Consumer Lifestyle Corp. in mid-2021.
eureKING to buy SCTbio, plans Paris-listed biotech firm
French SPAC eureKING on Wednesday said it would acquire full ownership of SCTbio with a view to creating a new biotech company, which will be listed in Paris.
eureKING said it will pay around 13.08 million euros ($14.35 million) for 67% of the share capital, on a fully diluted basis, of SCTbio, a pharma company specializing in the cell and gene-therapy field.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Shell company Vertex Tech to buy streaming platform in landmark deal for Singapore Singapore’s Vertex Technology Acquisition Corp (VTAC) (VERT.SI) will buy live streaming platform 17LIVE Inc for up to S$925.1 million ($676 million), the special purpose...
Graf Acquisition Corp. IV (NYSE:GFOR) has closed its combination with NKGen Biotech and its shares and warrants will begin trading on the Nasdaq under the symbols “NKGN” and “NKGNW” today. The SPAC secured shareholder approval for the deal last week with 84.3% redemptions. Graf IV CEO James Graf is set to join the combined company...
An In-Depth Look at SPAC Activity Throughout the Third Quarter of 2023 Below is a summary of the year-to-date SPAC performance. We’re now three-quarters of the way through 2023 and while activity remains muted, there is a sense that SPACs have run the most difficult part of the “correction” gauntlet and have reached a better...
Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...