Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Circle’s SPAC partner looks to delay merger until 2023, and Intuitive Machines opens Houston’s first engine verification facility
Circle’s SPAC Partner Looks to Delay $9 Billion Acquisition of Stablecoin Issuer Until 2023
Concord Acquisition Group (NYSE:CND) is planning to delay its already-postponed purchase of Circle Internet Financial, primary issuer of the USD Coin cryptocurrency, until the end of January, a filing with the Securities and Exchange Commission indicated.
As recently as July, Circle CEO Jeremy Allaire was cited by Fortune as saying the transaction would close in Q4. Circle is the primary issuer of USD Coin (USDC), a blockchain-based token pegged to the dollar with a $43 billion circulating supply. It is the top challenger to market leader Tether, the controversial stablecoin with a $63 billion market capitalization.
The filing said that the reason for the proposed delay is because Concord’s board does not think it will have time to hold a special stockholder meeting to approve the deal.
READIntuitive Machines Opens Houston’s First Engine Verification Facility
Intuitive Machines, LLC (“Intuitive Machines” or the “Company”), a leading space exploration, infrastructure, and services company, today opened its Small Engine Verification Facility (“Flame Range”). The Flame Range is located within Intuitive Machines’ 12.5-acre lot at the Houston Spaceport, where Intuitive Machines is completing the construction on its 100,000 square feet Lunar Production and Operations Center (“LPOC”) with contractor Burns & McDonnell, and consulting by Griffin Partners.
As previously announced on September 16, 2022, Intuitive Machines signed a definitive business combination agreement with Inflection Point Acquisition Corp. (Nasdaq: IPAX, IPAXU, IPAXW), a publicly traded special purpose acquisition company, that is expected to result in Intuitive Machines becoming publicly listed.
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At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...