Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Chamath Palihapitiya steps down from Virgin Galactic, speculative investors drive 700% spike in former SPACs with low floats, and Bakkt slides 19%
Virgin Galactic Chairman Chamath Palihapitiya Steps Down From Board
Serial dealmaker Chamath Palihapitiya stepped down as chairman of Virgin Galactic Holdings Inc. (NYSE:SPCE), an abrupt departure as the space-tourism company moves from startup phase toward paying flights.
Palihapitiya plans to focus on his other board commitments and the resignation did not result from any disagreements with the company, Virgin Galactic said Friday. Current director and Chief Investment Officer Evan Lovell was appointed interim chairman as the company begins a search for a successor.
READSpeculators Drive 700% Jump in Former SPACs With Low Floats
Speculative investors are piling into shares of companies that went public by merging with blank-check firms with low floats, according to Bloomberg.
At one point on Thursday, luxury travel company Inspirato Inc. (NASDAQ:ISPO) soared as much as 772% while Cepton Inc. (NASDAQ:CPTN) surged 746% and Middle Eastern Spotify Technology SA rival Anghami Inc. (NASDAQ:ANGH) tripled. The three recently combined with SPACs that saw the majority of investors opt to return their shares in the shell company for cash.
READCrypto Platform Bakkt Dives as Forecast Dims Post-SPAC Optimism
Bakkt Holdings Inc. (NYSE:BKKT) shares slid 19%, the biggest drop since mid-December, after quarterly results left investors questioning how long the digital-asset marketplace will take to realize its much ballyhooed potential.
The slide comes even after the Alpharetta, Georgia-based company reported revenue of $39.4 million, an almost 40% jump from the year-earlier period. Investors on a conference call keyed on the firm’s 2022 outlook, asking whether Bakkt could meet months-old projections made in the midst of its merger with a blank-check company.
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Terms Tracker for the Week Ending June 2, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As is typical of slow holiday weeks, this past week for SPACs was no exception. To wit, there were zero new S-1s filed, zero amendments...
Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...
Athena Technology Acquisition Corp. II (NYSE:ATEK) announced this afternoon that it is postponing its extension vote scheduled for June 12 until June 13. Shareholders at the special meeting are to vote on a proposal to allow Athena Technology II to extend its transaction deadline on a monthly basis up to nine times from June 14,...