Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bridgetown Holdings nears merger with Hyphen, Bhutan’s investment arm and Bitdeer plan a $500M fund for crypto mining, and Ares’s $500M SPAC marks return of jumbo blank-check firms
Billionaire-Thiel Backed SPAC Is Said to Near Merger With Hyphen
Bridgetown Holdings Ltd. (NASDAQ:BTWN), the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is nearing a merger with financial technology firm Hyphen Group, according to people familiar with the matter.
Bridgetown has conducted due diligence on Hong Kong-based Hyphen and the firms are holding final negotiations with both existing and prospective shareholders, the people said.
READBhutan Plans a $500 Million Fund for Crypto Mining in the Himalayas
Bhutan’s investment arm and Nasdaq-listed company Bitdeer Technologies Group (NASDAQ:BTDR) plan to seek investors for a fund worth up to $500 million that will be used to develop green crypto mining in the Himalayan kingdom.
Fund raising targeting institutional investors will begin at the end of May and the goal is to set up carbon-free digital mining that taps Bhutan’s abundant hydroelectric power, according to a joint statement Wednesday.
Bitdeer completed its $4 billion business combination with Blue Safari in April.
READAres’s $500 Million SPAC Marks Return of Jumbo Blank-Check Firms
A $500 million special-purpose acquisition company backed by Ares Management Corp. (NYSE:ARES) is the first jumbo blank check firm to emerge after more than a year of mostly tiny offerings.
The alternative asset manager’s second blank-check effort shows there’s demand for SPACs amid a backdrop that has seen dozens shut down and a growing number forced to grapple with investors cashing out. Ares Acquisition Corp. II (NYSE:AACT) is the biggest SPAC offering to price since January 2022, when stock markets traded near all-time highs and hundreds of sponsors were still running to join the SPAC gold rush.
READ
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...