Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Execs leave Digital World as Trump Launches NFT collection, Faraday Future slides on capex plans
Three Execs Abruptly Depart SPAC As Lingering Investigations And Market Chaos Imperil Deal
Digital World Acquisition Corp., the special-purpose acquisition company picked to take former President Donald Trump’s social media company public, unveiled a series of high-level departures on Friday since the end of last month—deepening potential worries for the firm as it struggles to finalize a deal amid regulatory investigations and broader market chaos.
In a regulatory filing released Friday morning, Digital World announced board member Rodrigo Veloso and chief financial officer Lee Jacobson sent letters of resignation to the company on December 9, while board member Luiz Philippe Braganza informed the firm of his departure on November 28.
READFaraday Future slides after signaling need for funds to start production
Shares of Faraday Future Intelligent Electric (NASDAQ:FFIE), which combined with Property Solutions in July 2021, tumbled 21% on Friday after the company unveiled production plans for its much-delayed luxury electric car that hinged on securing additional financing.
The company is in talks with new and existing investors to raise the $150 million to $170 million in capital needed to start production in March and deliveries a month later of the FF 91 Futurist, Faraday disclosed on Thursday.
READDonald Trump’s launch of $99 NFTs sparks 10% decline in Digital World SPAC linked to Truth Social
Former President Donald Trump’s launch of $99 digital NFTs failed to gin up excitement among investors in the Digital World Acquisition SPAC (NASDAQ:DWAC) that is seeking to merge with Trump’s Truth Social.
Shares of Digital World Acquisition initially spiked as much as 10% on Wednesday after Trump teased a “major announcement.” The stock has had a knack for rallying ahead of anticipated Trump rallies and other developments related to his 2024 re-election bid.
But Digital World stock gave up all of those gains on Thursday after the “major announcement” turned out to be the launch of the ‘Donald Trump Digital Trading Card Collection’ at a time when the crypto and NFT market has been decimated.
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Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...
Latest SPAC Liquidations: TCV Acquisition Corp. TCV Acquisition Corp. (TCVA) to Liquidate on April 13 TCV Acquisition Corp. (Nasdaq: TCVA) announced that it intends to dissolve and liquidate. It will redeem all of the outstanding Class A ordinary shares that were included in its initial public offering at a per-share redemption price of approximately $10.24. As...
DiamondHead Holding Corps. (NASDAQ:DHHC) announced that it has closed its combination with Great Southern Homes and the combined company will be renamed United Homes Group. The deal was approved by shareholders during a meeting last Thursday, and only 109,426 shares were redeemed in connection with the vote, but DiamondHead saw about 87% redemptions in total...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Volta sued over SPAC deal, Liberty Resources establishes M&A Transition Taskforce, and chancery validates SPACs’ charter amendments and share issuances Volta Sued Over SPAC Deal as $169M Shell Sale Is Approved An investor sued...
Maxpro Capital (NASDAQ:JMAC) announced that it has closed its combination with clinical-stage biotech firm Apollomics and the combined company’s shares and warrants are to begin trading today on the Nasdaq under the symbols “APLM” and “APLMW”, respectively. Apollomics is set to receive $21.35 million in proceeds from a PIPE that Maxpro announced in February and...