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.READ
BM 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.READ
Bitcoin 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.READ
Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...