Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Energy storage stockholders sue SPAC board alleging deceit, Virgin Orbit stock falls on operations pause, and tax surprises surface for SPACs
Energy Storage Stockholders Sue SPAC Board Alleging Deceit
Stockholders for an energy storage company sued their firm’s board of directors alleging they misled investors when bringing their corporation public through a SPAC merger.
Eos Energy Enterprises Inc., formerly known as B. Riley Principal Merger Corp. II (BRII), renamed itself after merging with the energy storage firm Eos Energy Storage LLC on November 16, 2020.
READVirgin Orbit Stock Falls on Operations Pause
Virgin Orbit (NYSE: VORB) stock is crashing in US premarket price action today after the company announced that it is pausing its operations for a week and has reportedly furloughed most of its employees.
In its SEC filing, Virgin Orbit said, it is pausing operations until March 21 “in order to conserve capital while the Company conducts discussions with potential funding sources and explores strategic opportunities.”
NextGen II completed its business combination with Virgin Orbit in December 2021.
READTax Surprises Surface for SPACs, Spurring Need for Nexus Study
At year-end, unexpected US and state income tax impacts may arise for special purpose acquisition companies—even those formed in offshore locations. SPACs are a popular vehicle for accessing the capital markets—nearly 700 were established during 2021 and 2022, raising more than $175 billion.
Many of these companies were formed in locations such as the British Virgin Islands or the Cayman Islands, which are without US tax treaties. While these locations have historically enjoyed a low- or no-tax reputation, the reality has caught some accounting and management teams off guard. As a result, many professionals have been surprised to learn that tax liabilities may now exist in relation to their SPAC.
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Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...