Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Blue Owl to retire its Owl Rock and Dyal brands, former Lordstown Motors CEO cashes out
Blue Owl to Retire Its Owl Rock and Dyal Brands as Founders Feud
Blue Owl Capital Inc. (NYSE:OWL) is re-branding its business units in a public show of unity amid brewing tensions among the firm’s senior executives.
It’s renaming Dyal Capital, which takes stakes in private equity firms, to Blue Owl GP Strategic Capital, according to an investor letter seen by Bloomberg. Owl Rock (NYSE:ORCC), its direct lending arm, will become Blue Owl Credit, while its Oak Street real estate unit will be renamed Blue Owl Real Estate.
Blue Owl Capital was formed in 2021 after Owl Rock, founded by Marc Lipschultz and Doug Ostrover, merged with Dyal Capital, founded by Michael Rees, through a SPAC deal.
READFormer Lordstown Motors CEO Cashes Out
The former CEO of Lordstown Motors Corp. (NASDAQ:RIDE) has liquidated his remaining shares in the company he founded and from which he resigned two years ago.
According to a regulatory filing submitted Wednesday, Stephen S. Burns recently sold off nearly $3.9 million worth of common stock – the last of the more than 46 million shares the former CEO once owned when the company went public in October 2020.
The company went public via a special purpose acquisition company, or SPAC, in October 2020.
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FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...