Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork in discussions for fresh equity raise, and Mark Ein-backed SPACs scrap IPO plans
WeWork Explores Fresh Equity Raise Amid Stock Slump
WeWork Inc. (NYSE:WE) is in discussions to raise new equity after the co-working company’s shares fell by more than half since its October public debut. The stock plunged to a record low on the news.
The talks were kick-started by investor interest and the capital raise may be structured as a PIPE. New York-based WeWork is looking at bringing in more than $200 million.
Led by Chief Executive Officer Sandeep Mathrani, WeWork made its public markets debut in October following a merger with BowX Acquisition Corp. The shares plunged as much as 24% Friday to $4.66, a record low.
READInvestor Mark Ein-Backed SPACs Scrap U.S. IPO Plans
Two blank-check vehicles backed by investor Mark Ein have withdrawn their plans for initial public offerings in the United States, according to regulatory filings on Friday, joining a slew of companies that have canceled listings this year.
The withdrawal by Capitol Investment Corp. VI and Capitol Investment Corp. VII comes at a time when volatility in the U.S. market has spiked, triggered by geopolitical tensions, rate hike concerns and uneven earnings.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...
Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...
7GC & Co. (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....