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.
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...
Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...
Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...
Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...