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.READ
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.
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.READ
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.READ
Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...