Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Intuitive Machine soars 330%, FaZe Clan drops 20% of its workforce
Space-Exploration Co.’s 330% Jump Shines in Sea of De-SPAC Pain
It’s been a brutal start to the year for companies bold enough to go public through SPAC mergers, but in that sea of red, a space-exploration company stands out as a raging success.
Intuitive Machines Inc. (NASDAQ:LUNR), which debuted earlier this week, has soared 330% to $44.77 after more than tripling on Thursday, triggering at least seven halts. The Houston-based company, with the ticker LUNR, is the top performing de-SPAC to start trading this year.
READFaZe Clan reportedly drops 20% of its workforce as stock price plummets
FaZe Clan (NASDAQ: FAZE) has reportedly laid off 20% of its overall workforce as the gaming and online entertainment brand continues to see its stock price plummet in 2023.
Staff members have allegedly been let go at a gradual pace since December, 2022, with the full round of layoffs only just concluded in February, 2023. Workers were seemingly notified at an all-hands meeting earlier this week.
Electric Vehicle Makers Eye SPAC Stock Fixes in Delaware Hearing
Marathon hearings begin Monday in a Delaware court where more than 20 businesses seek retroactive validation for common stock issued as part of a blank-check merger with a shell entity.
Most of the companies say they may have issued millions of shares without stockholder authorization—in some cases hundreds of millions—after misreading, or getting bad legal advice about, an obscure statutory provision. Now they face uncertainty about their capital structure, with potentially chaotic consequences for the status of their stock and shareholders.
Billionaire Bill Foley Accused of Pushing ‘Horrific’ SPAC Deal
Billionaire businessman Bill Foley—a prolific dealmaker who owns two professional sports teams—is facing investor litigation over claims he made a killing steering a shell company into a “horrific” blank-check merger with Paysafe Ltd.
An investor sued Foley and other architects of the transaction Thursday, claiming they were motivated to engineer the catastrophic deal by the capital structure of Foley Trasimene Acquisition Corp. II, which stood to give them a huge windfall from any merger, even a bad one.
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m. The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Saudi Arabia explores setting up framework for SPAC listings, and Boxed considers filing for bankruptcy Saudi Arabia Explores Setting Up Framework for SPAC Listings Saudi Arabia’s market regulator is looking into setting up a...