Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: GloriFi to shut down, BM Technologies’ acquisition of Seattle community bank pushed to 2023, and Core Scientific loses $1.7 billion
Texas-based fintech firm GloriFi to shut down
Texas-based fintech firm GloriFi is shutting down and laid off most of its employees, the Wall Street Journal reported on Monday, citing people familiar with the matter.
The company’s decision comes after it failed to secure funding needed to carry its operations through the first quarter, the report said, citing an email from GloriFi’s chief marketing and communications officer Cathy Landtroop to employees.
In July, the company had agreed to go public in the United States by merging with special purpose acquisition company DHC Acquisition Corp (NASDAQ:DHCA), in a deal that valued the fintech at $1.7 billion.
READBM Technologies’ acquisition of Seattle community bank pushed to 2023
BM Technologies’ (NYSE:BMTX) said its planned $23 million acquisition of a Seattle-based community business bank has been pushed to 2023, following a decision to resubmit its merger application in order to answer questions from regulators regarding the tie-up.
BM Technologies was incubated by Wyomissing, Pennsylvania-based Customers Bank for five years before it was acquired for $140 million by special-purpose acquisition company Megalith Financial Acquisition Corp. in January 2021.
READBitcoin Miner Core Scientific Has Lost $1.7 Billion This Year
Core Scientific Inc. (NASDAQ:CORZW), the largest US publicly-traded Bitcoin mining company in terms of computing power which merged with Power & Digital Infrastructure Acquisition Corp. in January, said its loss for the first nine months of the year climbed to over $1.7 billion.
The Austin, Texas-based company is among the hardest hit miners with low Bitcoin prices depressing mining revenue to a record low. Soaring energy costs and more competition among miners have plummeted profit margins. Core Scientific first warned in October that it may have to file for bankruptcy if the company can’t find more funding to repay its debt that amounts to over $1 billion. It had a third-quarter loss of $434 million.
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Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...