Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Rumble stock rises after CEO says he won’t sell shares when lock-up period ends, One Energy announces commercial operation of digital substation, and Singapore Exchange becomes first major bourse in Asia to allow SPAC listings
Rumble stock rises after CEO Chris Pavlovski says he won’t sell any shares when the lock-up period ends
Shares of Rumble Inc. (NASDAQ:RUM) rose 0.9% in premarket trading Tuesday, after the video-sharing and social-media site’s Founder and Chief Executive Chris Pavlovski said he will “not sell” any of its shares with the lock-up period ends.
“When the lock-up is lifted, it will become evident who truly stands for free speech and who has other motivations. I, for one, remain deeply and passionately committed to our mission to protect a free and open internet,” Pavlovski said. “I did not take Rumble public just to sell my shares as soon as I can, and therefore have no plans to sell.”
The company went public in September 2022 after the acquisition by SPAC CF Acquisition Corp. VI closed on Sept. 16. The lock-up agreement stipulates that Pavlovski, who owns a 44.6% stake in Rumble, would be able to start selling his shares on the one-year anniversary of the closing date.READ
One Energy Announces Commercial Operation of First Fully Digital Substation in the U.S.
One Energy Enterprises Inc., a vertically integrated industrial power solutions company, today announced that the first fully digital, plug-and-play, transmission-voltage substation in the United States at One Energy’s Findlay headquarters, has completed energization and testing and begun commercial operation. One Energy’s digital substation, intended to power a Megawatt Hub, was built as proof of concept for the company’s new, fully digital station architecture.
On August 15, One Energy Enterprises Inc. and TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) announced that they have entered into a definitive business combination agreement.READ
Singapore Exchange Becomes the First Major Bourse in Asia to Allow SPAC Listings
As of September 3, 2021, the Singapore Exchange (SGX) is among Asia’s first major bourse to allow the listing of SPACs in a move that the city-state hopes will attract more firms to raise funds amid a stagnating IPO market.
The SGX has introduced a new framework to enable SPACs to list on the exchange, such as minimum market capitalization requirements, minimum SPAC IPO price, and minimum public float, among others.
Singapore’s benchmark index has traditionally been dominated by companies in property and finance, but through SPACs, the SGX has set its sights on attracting tech companies.READ
More Korean companies eying SPAC mergers to raise funds
A growing number of South Korean companies are going public by merging with a SPAC, with such mergers hitting an all-time high at the end of August. Analysts note that more companies are choosing to take a detour instead of a direct listing due to the worsening fundraising environment, including those for IPOs and investments, and the rising number of SPACs listed by brokerage houses this year.
According to the Korea Exchange on Sunday, 27 preliminary review requests were filed for SPAC mergers between January and August this year, up 68 percent from 16 a year ago.READ
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...
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....
Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...
Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....