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The Latest SPAC News and Rumors: April 28, 2023
by Marlena Haddad on 2023-04-28 at 11:32am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Terran Orbital receives milestone payment for Rivada constellation and ex-CFO of African Gold Acquisition Corp. gets 3 years in scheme to trade meme stocks, crypto 

Terran Orbital Receives Milestone Payment for Rivada Constellation 

Terran Orbital (NYS: LLAP) announced on Thursday that it received a milestone payment for the $2.4 billion, 300-satellite constellation it is building for Rivada Space Networks. Terran Orbital, which is a wholly-owned subsidiary of Tyvak Nano-Satellite Systems, also announced completion of the screening of industrial partners and trade studies that will support the acquisition process and system engineering.


Ex-SPAC CFO Gets 3 Years in Scheme to Trade Meme Stocks, Crypto

The former chief financial officer for a group of special purpose acquisition companies was sentenced to three years in prison for a scheme to embezzle more than $5 million to trade in crypto assets and meme stocks.

Cooper Morgenthau, 36, of African Gold Acquisition Corp., admitted stealing the money from the SPACs for more than a year beginning in June 2021. He was sentenced in a hearing on Thursday, Manhattan US Attorney Damian Williams said in a statement.



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