Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Falcon’s Beyond and K11 plan to launch new entertainment franchises across China, WeWork to initiate renegotiations for almost all leases, and One Energy announces commercial operations of first Megawatt Hub
Global Entertainment Enterprise Falcon’s Beyond and Hong Kong-Based Cultural Commerce Giant K11 Group Plan to Launch New Entertainment Franchises and Attractions Across China
Falcon’s Beyond, a diversified global entertainment, consumer experience, and technology enterprise that accelerates intellectual property (IP) activations concurrently across physical and digital experiences, has announced its debut project as part of its joint venture with Raging Power Limited, an arm of K11 Group, the Hong Kong-based cultural commerce giant.
Through their joint venture, these two trailblazers in entertainment and retail, respectively, are expected to collaborate to develop and launch new entertainment franchises and location-based entertainment (LBE) attractions across China.
Last year, Falcon’s Beyond announced plans to become a publicly listed company through a definitive merger agreement with FAST Acquisition Corp. II (NYSE: FZT).
WeWork Declares Intent to Renegotiate Almost All Leases
After WeWork (NYSE:WE) warned last month that it might not be in business for much longer, its chief executive said on Wednesday that the co-working company was going to try to renegotiate nearly all of its leases and would probably pull out of underperforming locations.
The actions, detailed in a letter from David Tolley, who took over as chief executive after the sudden resignation of Sandeep Mathrani in May, are intended to reduce how much WeWork spends leasing office space.
WeWork went public in 2021 by merging with a blank check company, but its stock traded for pennies for months, prompting it to carry out a reverse stock split last week that was aimed at obtaining a share price above $1, a requirement for a New York Stock Exchange listing.
One Energy Announces Commercial Operations of First High-Voltage Megawatt Hub
One Energy Enterprises Inc., a vertically integrated industrial power solutions company, today announced that its first Megawatt Hub, in Findlay, Ohio has begun commercial operations.
One Energy’s Megawatt Hubs provide high-volume power connections for industries that require significant loads of power for their operations, such as electric truck charging, digital currency mining, and indoor farming. A typical factory might use between five and ten MW of power. The Findlay Megawatt Hub is a 30-megawatt (MW) site that is expandable to 150 MW and includes the first fully digital, plug-and-play, transmission-voltage substation in the United States.
On August 15, 2023, One Energy Enterprises Inc. and TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) announced that they have entered into a definitive Business Combination Agreement.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...