Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: DWAC delays meeting, Opendoor Technologies lays off 18% of workforce, and Bakkt to acquire Apex Crypto
Trump Media-Tied SPAC Still Can’t Get the Votes, Delays Meeting
The SPAC taking Donald Trump’s media venture public is running into a roadblock: Its own investors.
Digital World Acquisition Corp. (NASDAQ:DWAC) said on Thursday it will again delay a shareholder vote, this time to Nov. 22, for a no-cost deadline extension, the sixth postponement in the past two months. It’s the latest example that Trump’s loyal following of retail traders, regardless of their diamond hands, don’t understand the importance of voting.READ
Opendoor Technologies lays off about 18% of workforce
Property-selling platform Opendoor Technologies Inc (NASDAQ:OPEN) is laying off about 550 employees, Chief Executive Officer Eric Wu said on Wednesday.
“We’re navigating one of the most challenging real estate markets in 40 years and need to adjust our business,” Wu said in a blog post. The job cuts will result in an 18% reduction of Opendoor’s workforce.
Federal Reserve Chair Jerome Powell said in September the U.S. housing market will probably go through a “correction” after a period of “red hot” price increases that have put home ownership out of reach for many Americans. The company, which was earlier backed by SoftBank Group, went public via a reverse merger with a SPAC in 2020.
Bakkt to Acquire Apex Crypto
Bakkt Holdings, Inc. (NYSE: BKKT) (the “Company” or “Bakkt”), a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients, has signed a definitive agreement to acquire Apex Crypto, LLC from Apex Fintech Solutions, Inc. This acquisition is expected to significantly bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals including fintechs, trading app platforms, and neo-banks.
Under the terms of the agreement, Bakkt will acquire Apex Crypto for a maximum purchase price of $200 million.READ
VM Hotel SPAC Backs Out of Hotel Deals, Switches to Air Purification
A Canadian investment firm backed out of acquiring five hotels via a special purpose acquisition company (SPAC), and pivoted to an air-purification startup as its qualified acquisition.
VM Hotel Acquisition Corporation (VMH), a SPAC sponsored by VCM Global Asset Management, was launched in January 2021 with the expressed purpose of acquiring distressed hotel assets, according to its prospectus
VMH now plans to merge with Boynton Beach, Fla.-based Pyure, an indoor air-purification firm that was founded 15 years ago, according to a business combination agreement filed with the Alberta Exchange Commission.READ
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...
Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...
7GC & Co. (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....