The Latest SPAC News and Rumors: August 17, 2023

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The Latest SPAC News and Rumors: August 17, 2023

by Marlena Haddad on 2023-08-17 at 11:35am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Wheels Up secures $500M lifeline but still faces turnaround challenges, and DWAC rallies as sponsors push for more time

Wheels Up flies for now, but private-jet rivals see opportunity

Loss-making private jet firm Wheels Up Experience (NYSE:UP) nabbed a key $500 million lifeline but still faces turnaround challenges, as demand for private travel softens in the wake of the COVID-19 pandemic and rival operators lure some of their customers.

Wheels Up avoided a possible bankruptcy when it secured backing from investors on Tuesday, including U.S. carrier Delta Air Lines. Shares rose 11% on Wednesday in midday trading.

Wheels Up, which charters planes by the hour, went public in 2021 through a special purpose acquisition company with the goal of appealing to a broader flying base as an “Uber of the sky.”

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Trump-Tied SPAC’s Rally at Risk as Sponsors Need More Time

The blank-check company seeking to take Donald Trump’s media company public sweetened the proposed deal to keep the former president from walking away. Now it needs to make sure rank—and-file investors stick around, too.

Digital World Acquisition Corp. (NASDAQ:DWAC), the special-purpose acquisition company that’s been waiting to take over Trump Media & Technology Group for nearly two years, will ask investors on Thursday to push out the deadline for closing the deal by another 12 months. The blank check said in a filing Wednesday evening that the meeting will be held on Sept. 5 and not Aug. 17 as originally scheduled.

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