Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Traveloka to raise up to $400 million, Citadel alumni team up with JDS’s Stern for new blank-check firm, and Roivant aborts plans to buy back its own SPAC
Traveloka in Talks to Raise Up to $400 Million for SPAC Deal
Indonesia’s Traveloka is in talks with potential investors to raise as much as $400 million as part of its plan to go public through merging with a SPAC backed by Richard Li and Peter Thiel.
The PIPE would be part of a deal to merge the Jakarta-based online travel startup with Bridgetown Holdings Ltd. as soon as this year, said Bloomberg. The merger is set to value the combined entity at about $5 billion.
Citadel Alumni Team Up With JDS’s Stern for New Blank-Check Firm
A pair of former Citadel credit analysts are teaming up with real estate developer Michael Stern to launch a new SPAC, according to Bloomberg.
The blank-check company, dubbed Onyx Acquisition Co. I, has filed confidential paperwork with the SEC. It’s set to seek $200 million and plans to target companies in the general industrials and construction-technology sectors with an enterprise value of $1 billion to $2 billion.
READSPAC-on-SPAC Deal Falls Apart, And So Does Immunovant’s Stock
A private drugmaker aborted plans to buy back its own SPAC at a hefty premium, sending shares of Immunovant Inc. plunging to an all-time low.
The withdrawal by Roivant Sciences unwinds part of its plan to go public by selling itself to a SPAC, and then using the proceeds to reacquire full ownership of Immunovant, which it merged into another SPAC in 2019.
Immunovant’s stock, which topped $53 last year, closed 26% lower.
READGrab Loss Narrows on Food Delivery Ahead of SPAC Merger
Singapore’s Grab Holdings Inc., set to go public in the U.S. through a merger with a SPAC, reported a narrower loss for the first quarter as the pandemic boosted demand for food delivery.
The company’s net loss shrank to $652 million in the quarter ended March 31 from $771 million a year earlier, Southeast Asia’s most valuable startup said on Monday.
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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...