Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump’s Truth Social cuts staff, Redbox expects boost in business, and Arrival raises $300M
Donald Trump’s Truth Social Cuts Staff as SPAC Languishes
The company behind former President Donald Trump’s Truth Social has trimmed staff while awaiting regulatory approval for a merger that offers a financial lifeline, according to two people with knowledge of the matter.
Trump Media & Technology Group, Truth Social’s parent company, laid off about half a dozen people, including senior members of its ranks, such as Chief Technology Officer William “BJ” Lawson, according to the people, who asked not to be identified because the information is private. Lawson was the third person to hold the role at the company. Some close to Trump Media estimate it can fund operations through September at present spending levels, according to the people.
READRedbox Expects Boost in Business Thanks to Robust Theatrical Slate
Chicken Soup for the Soul Entertainment Inc. is hoping a revitalized slate of strong theatrical features will boost business at its Redbox (NASDAQ:RDBX)subsidiary.
The company says more than 40 major titles are expected to be available this year and early next year, both on DVD/Blu-ray Disc at the approximately 34,000 Redbox kiosks and digitally through Redbox On Demand for digital rental (TVOD) and purchase (electronic sellthrough, or EST).
In May 2022, Redbox agreed to be acquired by Chicken Soup for the Soul Entertainment (NASDAQ:CSSE) in an all-stock deal just over six months after Redbox closed a SPAC deal with Seaport Global.
READCash-guzzling Arrival raises £250m
Embattled EV startup Arrival (NASDAQ: ARVL) has raised $300m (£246.5m) from Westwood Capital but is seeking even more funding as it looks to slow the rate it burns through cash and start production.
Arrival said the new cash influx extends its runway to “late 2023”. The company is aiming to start production of its Class 4 XL van in its Charlotte, US, factory in late 2024.
Arrival, which was founded in Britain but listed on the US Nadaq exchange in 2021 through a merger with a special purpose acquisition company, is yet to report any revenue. It anticipates losses for 2022 to be as high as £840m.
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Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...