SPACInsider Logo
The Latest SPAC News and Rumors: March 20, 2023
by Marlena Haddad on 2023-03-20 at 11:33am

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

Latest SPAC News:  Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives”


Virgin Orbit plans for insolvency amid rescue talks with investors

Sky News has learned that the commercial space satellite venture founded by Sir Richard Branson’s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the event that it cannot secure new funding.

The decision to line up the advisers underlines the parlous nature of Virgin Orbit’s (NASDAQ:VORB) finances, even as it continues talks with a small number of prospective investors about providing sufficient funding to restart its operations.

After going public in 2021 through a merger with a special purpose acquisition company in a $3.7bn (£3bn) deal, its listed shares are now valued at just $217m (£177m).

READ

WeWork reaches deal to cut debt, extend maturities

WeWork Inc. (NYSE:WE) said on Friday it had struck deals to cut debt by about $1.5 billion and extend the date of some maturities, in a bid to preserve cash as the flexible-workspace provider feels the heat of mass layoffs on its business.

WeWork said it will also infuse the company with about $540 million in new funding.

READ

Pear Therapeutics seeking a financial lifeline

Pear Therapeutics (NASDAQ:PEAR) said Friday it is exploring “strategic alternatives” and may need to restructure or fold if its efforts fail.

The digital therapeutics company is seeking a potential sale, merger, acquisition, divestiture of assets, licensing agreement or other strategic transactions, or additional financing, it said in a Friday filing with the Securities and Exchange Commission. Without outside financial help, Pear said it may need to liquidate or restructure.

Pear Therapeutics went public in December 2021 in a $1.6 billion deal with a special purpose acquisition company Thimble Point Acquisition Corp.

READ

 

Recent Posts
by Kristi Marvin on 2023-05-27 at 12:58pm

Terms Tracker for the Week Ending May 26, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we head into the holiday weekend, it’s looking like SPACs will end the month of May with an IPO count of three.  Technically, there’s...

by Marlena Haddad on 2023-05-26 at 5:41pm

Latest SPAC Liquidations: Social Capital Suvretta Holdings II & IV, Sculptor Acquisition Corp I, Logistics Innovation Technologies Corp., and Senior Connect I  Social Capital Suvretta Holdings Corp. II (DNAB) to Liquidate on June 30 On May 26,  Social Capital Suvretta Holdings Corp. II (NASDAQ:DNAB) announced that it would not complete its initial business combination by its...

by Marlena Haddad on 2023-05-26 at 5:39pm

Latest Non-Redemption Agreements:  Southport Acquisition Corp., and Social Leverage Acquisition Corp. I Southport Acquisition Corporation (PORT) Adds Non-Redemption Agreement On May 25, 2023, Southport Acquisition Corporation (NYSE:PORT) and its sponsor, Southport Acquisition Sponsor LLC, entered into voting and non-redemption agreements with unaffiliated third parties in exchange for such third parties agreeing  not to redeem an aggregate...

by Marlena Haddad on 2023-05-26 at 4:53pm

ST Energy Transition I Ltd. (NYSE: STET) announced this afternoon that it has cancelled its meeting to vote on an extension proposal. The SPAC initially announced the pricing of its $250 million IPO in December 2021 and had 18 months on its timeline to combine with a target. If the SPAC received shareholder approval of an...

by Marlena Haddad on 2023-05-26 at 11:32am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: VinFast recalls first batch of EVs in the US, Arrival seeks second chance with EV tax credits, and QualTek files for bankruptcy  Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk Vietnamese...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved