Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bird gets lifeline from independent Canadian subsidiary, Disruptive Capital launches £125m share buyback, and Core Scientific files for bankruptcy
E-scooter company Bird gets lifeline from independent Canadian subsidiary
E-scooter sharing firm Bird Canada Inc. (NYSE:BRDS) has swooped in to rescue the troubled Miami-based parent company from which it licenses its branding and software.
City financier Truell to keep SPAC alive £125m share buyback
Sky News has learnt that Disruptive Capital Acquisition Co, which was listed on Amsterdam’s Euronext exchange by Edi Truell, will announce on Wednesday that it is launching a share buyback to return up to £128.5m to investors.
Under the terms of the offer, shareholders in the special purpose acquisition company (SPAC) will be able to tender up to 95% of their stock at a price equivalent to £10.25-a-share.
Cryptominer Core Scientific files for bankruptcy, but will keep on mining
One of the largest publicly traded US cryptocurrency miners has filed for Chapter 11 bankruptcy.
Core Scientific (NASDAQ:CORZ) was valued at $4.3 billion when it went public via a SPAC in July 2021.
It was worth $78 million this Tuesday. The company is still generating positive cashflow and will keep on mining. But that small profit does not cover its financing debt on equipment it is leasing.
READGeely-Backed Tech Startup Ecarx Erases Big Drop in Debut Trading
Smart-car tech startup Ecarx Holdings Inc.(NASDAQ:ECX) erased big losses to finish in the green on its first day of trading, the latest sign that the reverse-merger path for automotive technology firms remains rocky.
The five-year-old company, which was co-founded by Chinese billionaire Li Shufu and backed by his Zhejiang Geely Holding Group Co., raised $410 million in its listing.
Ecarx shares reversed a drop of about 40% midday Wednesday to finish up 1.9% in New York.
READAt 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...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...