Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump SPAC investors charged in $22M scheme, Lordstown says it has had confidential settlement talks with SEC, and Virgin Galactic enters space tourism era with commercial debut
Trump SPAC Investors Charged in $22 Million Scheme
Three investors in the special purpose acquisition company that has agreed to take Trump Media & Technology Group Corp. public were indicted on charges they used inside information about the deal to make $22 million in illegal trades.
Digital World Acquisition Corp. (NASDAQ:DWAC) is a SPAC that has signed a deal to merge with Trump Media, which runs Donald Trump’s “Truth Social” network, and take it public.
Michael Shvartsman, the CEO of Rocket One Capital LLC. and his brother Gerald Shvartsman, were named in a federal indictment unsealed Thursday in Manhattan federal court. Bruce Garelick, chief investment officer of Rocket and a member of the DWAC board, was also named.READ
Bankrupt Lordstown Says It’s Held Confidential Settlement Talks With SEC
Bankrupt Lordstown Motors Corp. (NASDAQ:RIDE) has had confidential settlement talks with the US Securities and Exchange Commission, which has previously inquired about whether the electric vehicle startup misled investors in relation to its merger with a blank-check company when it went public in 2020.
Lordstown lawyer Thomas Lauria said during the company’s debut bankruptcy hearing in Delaware Wednesday that the SEC’s investigation could result in civil claims but it’s not yet known whether discussions will result in a settlement or future litigation.READ
Virgin Galactic Enters Space Tourism Era With Commercial Debut
Fifteen years later than planned, Richard Branson’s vision for space tourism is poised to become a reality.
Virgin Galactic Holdings Inc. (NYSE:SPCE) will begin commercial operations Thursday when it sends six people to the edge of space and back. It’ll offer paying passengers several minutes of weightlessness during the 90-minute research mission from New Mexico.READ
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...