The Latest SPAC News and Rumors: August 18, 2023
by Marlena Haddad on 2023-08-18 at 11:52am

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

Latest SPAC News: WeWork plans 1-for-40 reverse stock split, Babylon files for bankruptcy for two of its subsidiaries, and Golden Rock Global to acquire 2Mee


WeWork Plans 1-for-40 Reverse Stock Split to Save Listing

WeWork Inc. (NYSE:WE), the troubled co-working company on the brink of collapse, is moving forward with a 1-for-40 reverse stock split in a bid to save its listing on the New York Stock Exchange.

Shares fell as much as 25% to around 12 cents Friday, hitting the lowest intraday level on record.

WeWork has been trying to deliver a turnaround story for years — one in which the rowdy co-working startup transforms into a stable, profitable public company. But the New York-based company has been bleeding cash, and customers of its office rentals are canceling memberships in droves, forcing the firm on Aug. 8 to warned that it may not be able to stay afloat.

WeWork completed its business combination with BowX in October 2021.

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Babylon files for bankruptcy in US

Digital health firm Babylon filed for bankruptcy in Delaware last week for two of its subsidiaries, according to court filings.

The Chapter 7 bankruptcy filings for Babylon Healthcare and Babylon Inc. come as the company shuts down core operations in the U.S., after a take-private deal with digital neurotherapy company MindMaze collapsed.

Babylon went public in 2021 through a merger with Alkali Global valued at $3.5 billion.

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Golden Rock Global to acquire software company 2Mee

Golden Rock Global PLC (LON:GCG) on Thursday said it has signed an initial deal to acquire software firm 2Mee.

Golden Rock is a special purpose acquisition company, while 2Mee is a York-based software company that has developed a “next-generation omnichannel communication platform that delivers influencers as on-screen web and app messages”.

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