Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Wynn Resorts looks to sell sports betting business, and UAE approves regulatory framework for SPACs
Wynn Resorts Looks to Sell Online Sports Betting Biz at Steep Discount
Wynn Resorts (NASDAQ:WYNN) is looking to unload its online sports-betting business at a steep discount as the fledgling niche faces painful losses from stiff taxes and costly promotions needed to lure customers, according to The Post.
Just a few months ago, Wynn said it was scrapping plans it disclosed in May to merge Wynn Interactive with Bill Foley’s Austerlitz Acquisition Corporation (NYSE:AUS).
The Las Vegas-based casino giant is quietly shopping its Wynn Interactive unit, operator of the WynnBet online gaming app, and has slashed the asking price to $500 million after floating a $3 billion valuation less than a year ago.
READUAE Regulator Approves Gulf’s First SPAC Framework
The United Arab Emirates’ Securities and Commodities Authority (SCA) has approved a regulatory framework for SPACs, the first in the Gulf, the Abu Dhabi Media Office said on Monday.
The regulation also allows sponsors abroad to apply for approval to list their SPACs on the Abu Dhabi Securities Exchange (ADX), the office said.
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Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...