Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Forge Global soars first day of trading, and Firefly eyes SPAC deal
Blythe Masters SPAC Merger Sends Forge Global Stock Soaring
Forge Global Holdings Inc. (NYSE:FRGE) soared in the first day of trading after completing its tie-up with a blank-check company led by Blythe Masters, the former JPMorgan Chase & Co. executive who helped create credit default swaps.
Shares of the private-securities marketplace gained as much as 166% in Tuesday trading on the New York Stock Exchange. It’s the first session for Forge Global after it combined with Motive Capital Corp. Masters, who was Motive’s chief executive officer, will remain on the board of the combined entity.READ
Fresh Off Dramatic Majority Shareholder Exit, Firefly Could Be Headed for a SPAC
Firefly Aerospace’s roller coaster ride could soon send the rocket startup to the public market via a merger with a SPAC, a recent filing with the FCC suggests.
Aerospace private equity firm AE Industrial Partners (AEI) announced last month that it had reached an agreement to acquire a “significant stake” in Firefly after its largest shareholder, Ukrainian Max Polyakov, was forced to sell his shares over national security concerns. A recent FCC filing provides new details of the deal, including that it involves a special purpose acquisition vehicle.READ
BuzzFeed Announces Staff Reduction as its Top Editors Resign
BuzzFeed (NASDAQ:BZFD) is cutting staff as its profits declined, CEO Jonah Peretti said in a conference call with analysts and investors March 22. Editor-in-Chief Mark Schoofs resigned along with two other senior editors.
Earnings before taxes and other costs fell 12 percent in the quarter ending Dec. 31 compared to the previous year, and perhaps more alarmingly for the company, time spent on the website fell 4 percent, BuzzFeed said in its quarterly earnings statement. The company projected earnings to decline in the first quarter of this year as well.
BuzzFeed went public in December through a special purpose acquisition company merger with 890 Fifth Avenue Partners. Some employees walked out on the day of the SPAC vote, protesting the company’s failure to accommodate the union’s wage negotiation demands.READ
Renewable Propane Partnership for LanzaTech and SHV Energy
SHV Energy and LanzaTech today announced a new strategic partnership to employ LanzaTech’s Carbon Capture and Transformation technology to bring renewable propane and other sustainable fuels to the market via existing and novel pathways. The collaboration will be dedicated to further expanding LanzaTech’s existing CCT technology and synthetic biology platform which transform waste carbon into sustainable fuels and other materials such as fabrics, packaging, and other products.
AMCI II (NASDAQ:AMCI) entered into a definitive agreement to combine with sustainable materials-maker LanzaTech at an enterprise value of $1.82 billion earlier this month.READ
Terms Tracker for the Week Ending March 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. While this week was relatively quiet on the filings front, we did see March’s second SPAC IPO price with Oak Woods Acquisition Corp’s $50 million...
Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Momentus SPAC backers accused of deliberately engineering a catastrophic deal Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...
DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...
Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...