Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Blue Owl to retire its Owl Rock and Dyal brands, former Lordstown Motors CEO cashes out
Blue Owl to Retire Its Owl Rock and Dyal Brands as Founders Feud
Blue Owl Capital Inc. (NYSE:OWL) is re-branding its business units in a public show of unity amid brewing tensions among the firm’s senior executives.
It’s renaming Dyal Capital, which takes stakes in private equity firms, to Blue Owl GP Strategic Capital, according to an investor letter seen by Bloomberg. Owl Rock (NYSE:ORCC), its direct lending arm, will become Blue Owl Credit, while its Oak Street real estate unit will be renamed Blue Owl Real Estate.
Blue Owl Capital was formed in 2021 after Owl Rock, founded by Marc Lipschultz and Doug Ostrover, merged with Dyal Capital, founded by Michael Rees, through a SPAC deal.
READFormer Lordstown Motors CEO Cashes Out
The former CEO of Lordstown Motors Corp. (NASDAQ:RIDE) has liquidated his remaining shares in the company he founded and from which he resigned two years ago.
According to a regulatory filing submitted Wednesday, Stephen S. Burns recently sold off nearly $3.9 million worth of common stock – the last of the more than 46 million shares the former CEO once owned when the company went public in October 2020.
The company went public via a special purpose acquisition company, or SPAC, in October 2020.
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Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...