Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Execs leave Digital World as Trump Launches NFT collection, Faraday Future slides on capex plans
Three Execs Abruptly Depart SPAC As Lingering Investigations And Market Chaos Imperil Deal
Digital World Acquisition Corp., the special-purpose acquisition company picked to take former President Donald Trump’s social media company public, unveiled a series of high-level departures on Friday since the end of last month—deepening potential worries for the firm as it struggles to finalize a deal amid regulatory investigations and broader market chaos.
In a regulatory filing released Friday morning, Digital World announced board member Rodrigo Veloso and chief financial officer Lee Jacobson sent letters of resignation to the company on December 9, while board member Luiz Philippe Braganza informed the firm of his departure on November 28.READ
Faraday Future slides after signaling need for funds to start production
Shares of Faraday Future Intelligent Electric (NASDAQ:FFIE), which combined with Property Solutions in July 2021, tumbled 21% on Friday after the company unveiled production plans for its much-delayed luxury electric car that hinged on securing additional financing.
The company is in talks with new and existing investors to raise the $150 million to $170 million in capital needed to start production in March and deliveries a month later of the FF 91 Futurist, Faraday disclosed on Thursday.READ
Donald Trump’s launch of $99 NFTs sparks 10% decline in Digital World SPAC linked to Truth Social
Former President Donald Trump’s launch of $99 digital NFTs failed to gin up excitement among investors in the Digital World Acquisition SPAC (NASDAQ:DWAC) that is seeking to merge with Trump’s Truth Social.
Shares of Digital World Acquisition initially spiked as much as 10% on Wednesday after Trump teased a “major announcement.” The stock has had a knack for rallying ahead of anticipated Trump rallies and other developments related to his 2024 re-election bid.
But Digital World stock gave up all of those gains on Thursday after the “major announcement” turned out to be the launch of the ‘Donald Trump Digital Trading Card Collection’ at a time when the crypto and NFT market has been decimated.READ
Terms Tracker for the Week Ending March 31, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Filings continue to remain quiet, but SPACs did manage to price two more IPOs this week with TMT Acquisition Corp (Nasdaq: TMTCU) and Trailblazer Merger...
Hudson Acquisition I Corp. (NASDAQ:HUDA) announced that it has signed a non-binding letter of intent (LOI) to combine with a pre-clinical-stage biotechnology company. The SPAC did not provide many details on the unnamed target, but disclosed that the biotech company is focused on developing intranasal preventives for major disease-causing respiratory viruses. As a condition to the target...
Heading into April, SPACs are to see eight sponsors and 11 de-SPAC’d companies freed from lock-ups and ready to trade. Most of these lock-up expirations are loaded into the final week of the month, but those hitting this milestone already next week include some of the more interesting transactions of the crop. In particular, MoonLake...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims Trump-Tied SPAC’s Shares Jump After Historic New York Charge The...
Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...