Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Rumble stock rises after CEO says he won’t sell shares when lock-up period ends, One Energy announces commercial operation of digital substation, and Singapore Exchange becomes first major bourse in Asia to allow SPAC listings
Rumble stock rises after CEO Chris Pavlovski says he won’t sell any shares when the lock-up period ends
Shares of Rumble Inc. (NASDAQ:RUM) rose 0.9% in premarket trading Tuesday, after the video-sharing and social-media site’s Founder and Chief Executive Chris Pavlovski said he will “not sell” any of its shares with the lock-up period ends.
“When the lock-up is lifted, it will become evident who truly stands for free speech and who has other motivations. I, for one, remain deeply and passionately committed to our mission to protect a free and open internet,” Pavlovski said. “I did not take Rumble public just to sell my shares as soon as I can, and therefore have no plans to sell.”
The company went public in September 2022 after the acquisition by SPAC CF Acquisition Corp. VI closed on Sept. 16. The lock-up agreement stipulates that Pavlovski, who owns a 44.6% stake in Rumble, would be able to start selling his shares on the one-year anniversary of the closing date.
READOne Energy Announces Commercial Operation of First Fully Digital Substation in the U.S.
One Energy Enterprises Inc., a vertically integrated industrial power solutions company, today announced that the first fully digital, plug-and-play, transmission-voltage substation in the United States at One Energy’s Findlay headquarters, has completed energization and testing and begun commercial operation. One Energy’s digital substation, intended to power a Megawatt Hub, was built as proof of concept for the company’s new, fully digital station architecture.
On August 15, One Energy Enterprises Inc. and TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) announced that they have entered into a definitive business combination agreement.
READSingapore Exchange Becomes the First Major Bourse in Asia to Allow SPAC Listings
As of September 3, 2021, the Singapore Exchange (SGX) is among Asia’s first major bourse to allow the listing of SPACs in a move that the city-state hopes will attract more firms to raise funds amid a stagnating IPO market.
The SGX has introduced a new framework to enable SPACs to list on the exchange, such as minimum market capitalization requirements, minimum SPAC IPO price, and minimum public float, among others.
Singapore’s benchmark index has traditionally been dominated by companies in property and finance, but through SPACs, the SGX has set its sights on attracting tech companies.
READMore Korean companies eying SPAC mergers to raise funds
A growing number of South Korean companies are going public by merging with a SPAC, with such mergers hitting an all-time high at the end of August. Analysts note that more companies are choosing to take a detour instead of a direct listing due to the worsening fundraising environment, including those for IPOs and investments, and the rising number of SPACs listed by brokerage houses this year.
According to the Korea Exchange on Sunday, 27 preliminary review requests were filed for SPAC mergers between January and August this year, up 68 percent from 16 a year ago.
READLatest SPAC Liquidations: Schultze Special Purpose Acquisition Corp. II Schultze Special Purpose Acquisition Corp. II (SAMA) to Liquidate on October 11, 2023 Schultze Special Purpose Acquisition Corp. II (Nasdaq: SAMA), announced that it will redeem all of the outstanding shares of its Class A common stock effective as of October 11, 2023. The Company expects...
Mercato Partners Acquisition Corporation (NASDAQ:MPRA) announced this afternoon via 8-K that its shareholders have approved its combination with Nuvini at a special meeting held earlier today. With 79.74% of the voting power of the Common Stock participating in the vote, the combination was overwhelmingly approved. 7,975,698 shares were recorded voting for the transaction, while only 38,008...
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2. Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Law firm Schulte sues SPAC over fees from failed Philippine casino merger U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees...
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...