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).
READWeWork 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.
READPear 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.
Pear Therapeutics went public in December 2021 in a $1.6 billion deal with a special purpose acquisition company Thimble Point Acquisition Corp.
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Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...