Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Zhaogang nears Hong Kong’s first SPAC merger, VinFast shares lose $83B as surge reverses, and SRIVARU awarded key patent
China Steel Website Zhaogang Nears Hong Kong’s First SPAC Merger, Sources Say
Chinese steel trading website Zhaogang.com is nearing a deal to merge with a Hong Kong-listed blank-check company backed by China Merchants Bank Co.’s overseas asset management arm, people with knowledge of the matter said.
The Shanghai-based company is in advanced talks to combine with special purpose acquisition company Aquila Acquisition Corp., the people said, asking not to be identified as the information isn’t public.
VinFast Shares Lose $83 Billion as World-Beating Surge Reverses
The head-scratching rally in VinFast Auto Ltd. (NASDAQ:VFS) shares came to a sudden halt on Tuesday, erasing $83 billion of market value.
The unprofitable and thinly traded maker of electric cars tumbled 44% in New York, snapping a six-day winning streak. It had been rising faster than any other large-cap stock worldwide, jumping 688% from its debut in a SPAC listing on Aug. 15 through Monday’s close.
Despite the wipeout, VinFast’s nearly $107 billion market capitalization still makes it larger than companies like BlackRock Inc. and FedEx Corp.
SRIVARU Awarded Key Patent for Motorcycle Chassis with Traction Battery Pack Protection System
SRIVARU, a commercial-stage provider of premium electric motorcycles, today announced it has been awarded a key patent from the Patent Office, Government of India, titled “Motorcycle Chassis with Traction Battery Pack Protection System” (patent #201841037229). The new patent provides the company with design IP protection in India for 20 years. In addition, the company plans to apply for patent protection in other target markets.
On March 13, 2023, SRIVARU announced an agreement for a business combination with Mobiv Acquisition Corp (“Mobiv”) (Nasdaq: MOBV).
READPalantir SPAC Spree Draws Insider Trading Lawsuit Against Thiel
A pension fund sued Peter Thiel and other Palantir Technologies Inc. (NYSE:PLTR) board members over claims they made billions in insider trades while jacking up its stock price through a spree of reckless investments with doomed blank-check companies.
The shareholder lawsuit, made public late Monday, also targets company president Stephen Cohen and CEO Alex Karp, who co-founded Palantir with Thiel, its chairman. The suit says they drove the analytics business to invest hundreds of millions with special purpose acquisition companies in exchange for side deals they could use to report revenue they knew Palantir would never see.
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...