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The Latest SPAC News and Rumors: November 3, 2022
by Marlena Haddad on 2022-11-03 at 11:40am

 


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: DWAC delays meeting, Opendoor Technologies lays off 18% of workforce, and Bakkt to acquire Apex Crypto


Trump Media-Tied SPAC Still Can’t Get the Votes, Delays Meeting

The SPAC taking Donald Trump’s media venture public is running into a roadblock: Its own investors.

Digital World Acquisition Corp. (NASDAQ:DWAC) said on Thursday it will again delay a shareholder vote, this time to Nov. 22, for a no-cost deadline extension, the sixth postponement in the past two months. It’s the latest example that Trump’s loyal following of retail traders, regardless of their diamond hands, don’t understand the importance of voting.

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Opendoor Technologies lays off about 18% of workforce 

Property-selling platform Opendoor Technologies Inc (NASDAQ:OPEN) is laying off about 550 employees, Chief Executive Officer Eric Wu said on Wednesday.

“We’re navigating one of the most challenging real estate markets in 40 years and need to adjust our business,” Wu said in a blog post. The job cuts will result in an 18% reduction of Opendoor’s workforce.

Federal Reserve Chair Jerome Powell said in September the U.S. housing market will probably go through a “correction” after a period of “red hot” price increases that have put home ownership out of reach for many Americans. The company, which was earlier backed by SoftBank Group, went public via a reverse merger with a SPAC in 2020.

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Bakkt to Acquire Apex Crypto

Bakkt Holdings, Inc. (NYSE: BKKT) (the “Company” or “Bakkt”), a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients, has signed a definitive agreement to acquire Apex Crypto, LLC from Apex Fintech Solutions, Inc. This acquisition is expected to significantly bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals including fintechs, trading app platforms, and neo-banks.

Under the terms of the agreement, Bakkt will acquire Apex Crypto for a maximum purchase price of $200 million.

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VM Hotel SPAC Backs Out of Hotel Deals, Switches to Air Purification

A Canadian investment firm backed out of acquiring five hotels via a special purpose acquisition company (SPAC), and pivoted to an air-purification startup as its qualified acquisition.

VM Hotel Acquisition Corporation (VMH), a SPAC sponsored by VCM Global Asset Management, was launched in January 2021 with the expressed purpose of acquiring distressed hotel assets, according to its prospectus

VMH now plans to merge with Boynton Beach, Fla.-based Pyure, an indoor air-purification firm that was founded 15 years ago, according to a business combination agreement filed with the Alberta Exchange Commission.

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