The Latest SPAC News and Rumors: February 17, 2023
by Marlena Haddad on 2023-02-17 at 11:36am

 


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

Latest SPAC News: Intuitive Machine soars 330%, FaZe Clan drops 20% of its workforce


Space-Exploration Co.’s 330% Jump Shines in Sea of De-SPAC Pain

It’s been a brutal start to the year for companies bold enough to go public through SPAC mergers, but in that sea of red, a space-exploration company stands out as a raging success.

Intuitive Machines Inc. (NASDAQ:LUNR), which debuted earlier this week, has soared 330% to $44.77 after more than tripling on Thursday, triggering at least seven halts. The Houston-based company, with the ticker LUNR, is the top performing de-SPAC to start trading this year.

READ

FaZe Clan reportedly drops 20% of its workforce as stock price plummets

FaZe Clan (NASDAQ: FAZE) has reportedly laid off 20% of its overall workforce as the gaming and online entertainment brand continues to see its stock price plummet in 2023.

Staff members have allegedly been let go at a gradual pace since December, 2022, with the full round of layoffs only just concluded in February, 2023. Workers were seemingly notified at an all-hands meeting earlier this week.

READ


Electric Vehicle Makers Eye SPAC Stock Fixes in Delaware Hearing

Marathon hearings begin Monday in a Delaware court where more than 20 businesses seek retroactive validation for common stock issued as part of a blank-check merger with a shell entity.

Most of the companies say they may have issued millions of shares without stockholder authorization—in some cases hundreds of millions—after misreading, or getting bad legal advice about, an obscure statutory provision. Now they face uncertainty about their capital structure, with potentially chaotic consequences for the status of their stock and shareholders.

READ

Billionaire Bill Foley Accused of Pushing ‘Horrific’ SPAC Deal

Billionaire businessman Bill Foley—a prolific dealmaker who owns two professional sports teams—is facing investor litigation over claims he made a killing steering a shell company into a “horrific” blank-check merger with Paysafe Ltd.

An investor sued Foley and other architects of the transaction Thursday, claiming they were motivated to engineer the catastrophic deal by the capital structure of Foley Trasimene Acquisition Corp. II, which stood to give them a huge windfall from any merger, even a bad one.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-05-22 at 7:42am

At the SPAC of Dawn Autonomous driving de-SPACs gained a new playground this week as the UK has passed expansive new legislation allowing for autonomous vehicle testing and use on British roads. The new law will clarify liability issues around collisions and beef up its regulatory arm that considers new vehicles to be approved for...

by Kristi Marvin on 2024-05-22 at 7:35am

Providing dedicated power to industrial facilities is a task that has drawn in a variety of different energy technologies and, increasingly, a variety of SPAC transactions. This week, we speak with Jereme Kent, founder and CEO of One Energy. One Energy provides dedicated clean power generation to industrial clients allowing them to lock in cheaper energy,...

by Nicholas Alan Clayton on 2024-05-21 at 7:49am

At the SPAC of Dawn Yesterday’s trading provided a jumpy session for some of the highest profile recent de-SPACs with crypto marketplace Bakkt (NYSE:BKKT) leaping +45% to $16.65, although this price would be $0.67 adjusted for stock splits. DTC health firm Hims (NYSE:HIMS) and EV maker VinFast (NASDAQ:VFS) each gained more than +25% on the...

by Nicholas Alan Clayton on 2024-05-20 at 12:49pm

Distoken (NASDAQ:DIST) has entered into a definitive agreement to combine with staffing firm Youlife International. Shanghai-based Youlife provides a staffing and recruitment platform aimed at training up applicants and getting them matched with vocational careers in China and the Asia-Pacific region. The combined company is expected to trade on the Nasdaq under the symbol “YOUL”...

by Nicholas Alan Clayton on 2024-05-20 at 7:46am

At the SPAC of Dawn This week’s SPAC action is set to be front-loaded as far as votes are concerned with four extension votes today and tomorrow. Genesis Growth Tech (OTC:GGAAF) shareholders will also vote to complete its combination with Mind Maze Tuesday. Genesis Growth last closed at $12.50 – a $0.58 discount to its...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved