Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims
Trump-Tied SPAC’s Shares Jump After Historic New York Charge
The criminal case against Donald Trump is providing a lift to the blank-check firm taking his media company public, as well as other stocks tied to the former president, as traders bet the news will drive traffic to conservative outlets.
Digital World Acquisition Corp.(NASDAQ:DWAC), the special-purpose acquisition company merging with Trump Media, rallied as much as 10%. Meanwhile, Phunware Inc.(NASDAQ:PHUN), a software company that worked on Trump’s 2020 reelection campaign, gained as much as 5.6% and Rumble Inc.(NASDAQ:RUM), the Peter Thiel-backed conservative video network, climbed as much as 11% after reporting results.
READPair of Delaware Chancery Court Decisions Deny Motions To Dismiss SPAC Shareholder’s Fiduciary Breach Claims, Following MultiPlan
On January 4, 2023, and again on March 1, 2023, Vice Chancellor Lori Will of the Delaware Court of Chancery denied motions to dismiss claims against directors and controlling shareholders of GigCapital-affiliated special purpose acquisition companies (“SPACs”) for alleged fiduciary duty breaches. Delman v. Gigacquisitions3, LLC, et. al., C.A. No. 2021-0679-LWW (Del. Ct. Ch. Jan. 4, 2023) (“Gigacquisitions3”); Laidlaw v. Gigacquisitions2, LLC, et. al., C.A. No. 2021-0821-LWW (Del. Ct. Ch. Mar. 1, 2023) (“Gigacquisitions2”).
In the second of the two decisions, Gigacquisitions2, the Court noted that the “legal theories presented and defendants named are largely indistinguishable” between the two cases.
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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...
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...
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...
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...
Embark Technology (NASDAQ:EMBK), which combined with Northern Genesis II in November 2021, announced this morning that it has agreed to merge with software firm Applied Intuition. The all-cash deal would give the company a total equity value of $71 million – a far drop from the roughly $5 billion valuation it had upon its Nasdaq...