Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: MSP Recovery plunges over 60% following merger, and Polestar invests in Israeli fast-charging battery startup
Mega-SPAC Mints a $21 Billion Fortune That Collapses in Minutes
MSP Recovery (NASDAQ:MSPR) was valued at $32.6 billion in its merger with special purpose acquisition company Lionheart Acquisition Corp. II, the largest such combination ever in the US as measured by enterprise value. It began trading Tuesday on the Nasdaq, plunging more than 60% to $3.85 at 10:04 a.m. in New York, less than an hour after its debut.
Miami attorney John H. Ruiz, 55, owns a 65% stake in the company. That position was worth $21.4 billion at the $10 merger price, but plunged to $8.3 billion after MSP began trading.
READPolestar Invests in Israeli Extreme Fast-Charging Battery Startup
Electric vehicle (EV) automaker Polestar is investing in Israeli startup StoreDot, a company working towards producing silicon-based EV batteries that can take on a claimed 160km of range in five minutes.
This is the first financial investment the Swedish-Chinese manufacturer has made in another company, and follows a similar investment from parent company Volvo.
Dubbed ‘100in5’, StoreDot’s technology is slated for production by 2024, and is apparently in “real-world testing by leading automotive manufacturers”.
Gores Guggenheim (NASDAQ:GGPI) entered into a definitive agreement to combine with Polestar on September 27, 2021.
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Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...