Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Falcon’s Beyond and K11 plan to launch new entertainment franchises across China, WeWork to initiate renegotiations for almost all leases, and One Energy announces commercial operations of first Megawatt Hub
Global Entertainment Enterprise Falcon’s Beyond and Hong Kong-Based Cultural Commerce Giant K11 Group Plan to Launch New Entertainment Franchises and Attractions Across China
Falcon’s Beyond, a diversified global entertainment, consumer experience, and technology enterprise that accelerates intellectual property (IP) activations concurrently across physical and digital experiences, has announced its debut project as part of its joint venture with Raging Power Limited, an arm of K11 Group, the Hong Kong-based cultural commerce giant.
Through their joint venture, these two trailblazers in entertainment and retail, respectively, are expected to collaborate to develop and launch new entertainment franchises and location-based entertainment (LBE) attractions across China.
Last year, Falcon’s Beyond announced plans to become a publicly listed company through a definitive merger agreement with FAST Acquisition Corp. II (NYSE: FZT).
WeWork Declares Intent to Renegotiate Almost All Leases
After WeWork (NYSE:WE) warned last month that it might not be in business for much longer, its chief executive said on Wednesday that the co-working company was going to try to renegotiate nearly all of its leases and would probably pull out of underperforming locations.
The actions, detailed in a letter from David Tolley, who took over as chief executive after the sudden resignation of Sandeep Mathrani in May, are intended to reduce how much WeWork spends leasing office space.
WeWork went public in 2021 by merging with a blank check company, but its stock traded for pennies for months, prompting it to carry out a reverse stock split last week that was aimed at obtaining a share price above $1, a requirement for a New York Stock Exchange listing.
One Energy Announces Commercial Operations of First High-Voltage Megawatt Hub
One Energy Enterprises Inc., a vertically integrated industrial power solutions company, today announced that its first Megawatt Hub, in Findlay, Ohio has begun commercial operations.
One Energy’s Megawatt Hubs provide high-volume power connections for industries that require significant loads of power for their operations, such as electric truck charging, digital currency mining, and indoor farming. A typical factory might use between five and ten MW of power. The Findlay Megawatt Hub is a 30-megawatt (MW) site that is expandable to 150 MW and includes the first fully digital, plug-and-play, transmission-voltage substation in the United States.
On August 15, 2023, One Energy Enterprises Inc. and TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) announced that they have entered into a definitive Business Combination Agreement.
AI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while...
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...