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The Latest SPAC News and Rumors: March 16, 2023
by Marlena Haddad on 2023-03-16 at 12:05pm

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.

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Virgin 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.

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Tax 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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Recent Posts
by Kristi Marvin on 2023-03-30 at 7:37pm

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...

by Marlena Haddad on 2023-03-30 at 5:39pm

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...

by Marlena Haddad on 2023-03-30 at 5:02pm

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...

by Marlena Haddad on 2023-03-30 at 11:34am

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...

by Nicholas Alan Clayton on 2023-03-30 at 7:07am

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...

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