Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims
Trump-Tied SPAC’s Shares Jump After Historic New York Charge
The criminal case against Donald Trump is providing a lift to the blank-check firm taking his media company public, as well as other stocks tied to the former president, as traders bet the news will drive traffic to conservative outlets.
Digital World Acquisition Corp.(NASDAQ:DWAC), the special-purpose acquisition company merging with Trump Media, rallied as much as 10%. Meanwhile, Phunware Inc.(NASDAQ:PHUN), a software company that worked on Trump’s 2020 reelection campaign, gained as much as 5.6% and Rumble Inc.(NASDAQ:RUM), the Peter Thiel-backed conservative video network, climbed as much as 11% after reporting results.
READPair of Delaware Chancery Court Decisions Deny Motions To Dismiss SPAC Shareholder’s Fiduciary Breach Claims, Following MultiPlan
On January 4, 2023, and again on March 1, 2023, Vice Chancellor Lori Will of the Delaware Court of Chancery denied motions to dismiss claims against directors and controlling shareholders of GigCapital-affiliated special purpose acquisition companies (“SPACs”) for alleged fiduciary duty breaches. Delman v. Gigacquisitions3, LLC, et. al., C.A. No. 2021-0679-LWW (Del. Ct. Ch. Jan. 4, 2023) (“Gigacquisitions3”); Laidlaw v. Gigacquisitions2, LLC, et. al., C.A. No. 2021-0821-LWW (Del. Ct. Ch. Mar. 1, 2023) (“Gigacquisitions2”).
In the second of the two decisions, Gigacquisitions2, the Court noted that the “legal theories presented and defendants named are largely indistinguishable” between the two cases.
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Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...