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The Latest SPAC News and Rumors: March 3, 2022
by Marlena Haddad on 2022-03-03 at 12:08am

 


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

Latest SPAC News: Palihapitiya sued over insider sale of Virgin Galactic shares and CaixaBank collaborates with D-Wave on new quantum applications

Palihapitiya Sued Over Insider Sale of Virgin Galactic Shares

Chamath Palihapitiya took advantage of his insider role as chairman of Virgin Galactic Holdings Inc. (NYSE:SPCE) to sell 10 million shares of the struggling space travel company for $315 million before he abruptly quit the board last month, a shareholder alleged in a lawsuit.

The complaint, filed on behalf of Virgin Galactic to seek damages from its directors and officers, also alleges that founder Richard Branson pocketed $301 million by dumping his shares while the stock price was “artificially inflated.”

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CaixaBank Group, D-Wave Collaborate on Innovative New Quantum Applications for Finance Industry

CaixaBank, the leading financial group in Spain, and D-Wave Systems Inc., a global leader in quantum computing systems, software, and services, and the only provider building both annealing and gate-model quantum computers, today announced the business results for two significant financial quantum hybrid computing applications for investment portfolio optimization and investment hedging calculation.

The quantum hybrid applications have significantly decreased compute time to solve complex financial problems, improving investment portfolio optimization, increasing a bond portfolio internal rate of return (IRR), and minimizing the capital needed for hedging operations, as a result of their collaboration.

D-Wave announced in February it has entered into a definitive merger agreement with DPCM Capital, Inc. (NYSE:XPOA).

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by Marlena Haddad on 2022-12-01 at 10:02am

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by Nicholas Alan Clayton on 2022-12-01 at 9:31am

Iris Acquisition Corp. (NASDAQ:IRAA) has entered into a definitive agreement to combine with biotech firm Liminatus at an enterprise value of $334 million. La Palma, California-based Liminatus is a clinical-stage drug developer working on a range of cancer treatments utilizing both preventative vaccines and CAR-T therapies. The combined company is expected to trade on the...

by Marlena Haddad on 2022-12-01 at 9:22am

Lakeshore Acquisition Corp. I (NASDAQ:LAAA) announced this morning that it has entered into a non-redemption agreement and amended its purchaser support agreement with initial shareholders in connection to its proposed merger with medical device company ProSomnus. The SPAC entered into non-redemption agreements with certain institutional investors for an aggregate of 200,339 shares of the purchaser. These investors...

by Nicholas Alan Clayton on 2022-11-30 at 6:01pm

The companies and sponsors of six SPAC deals are set to see their lock-ups expire before the end of the year. This is a relatively small monthly total as the wave of deals from 2020 and 2021 are still hitting this milestone. The list nonetheless includes some major names starting with Forafric (NASDAQ:AFRI), which is...

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