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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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Mission Advancement Acquisition Corp., and Clarim Acquisition Corp. Mission Advancement Acquisition Corp. Shareholders Approve Liquidation Date Amendment On December 6, 2022, the stockholders of Mission Advancement Corp. approved an amendment to allow...
BYTE Acquisition Corp. (NYSE:BYTS) announced this afternoon that its special meeting to extend its deadline, originally scheduled for Tuesday, December 20, 2022, has been postponed. The SPAC has not yet disclosed the new date for the meeting, but it is expected to be announced at a later date. BYTE did note that it intends to...
D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...
EDOC Acquisition Corp. (NASDAQ:ADOC) has entered into a definitive agreement to combine with food oil processing company Australian Oilseeds at an enterprise value of $190 million. Australian Oilseeds manufactures food-grade, edible oils through several subsidiaries. Transaction Overview EDOC has an estimated $21.3 million in its current trust after seeing about 77.5% redemptions in extension votes....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC BuzzFeed cuts 12% of staff citing worsening econ conditions Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12%...