Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Shell company Vertex Tech to buy streaming platform in landmark deal for Singapore
Singapore’s Vertex Technology Acquisition Corp (VTAC) (VERT.SI) will buy live streaming platform 17LIVE Inc for up to S$925.1 million ($676 million), the special purpose acquisition company (SPAC) backed by state investor Temasek said on Monday.
The deal is the first purchase of a private company by a SPAC listed in the city-state since 2021 when the Singapore Exchange allowed SPACs, or shell firms, to float shares in a bid to position itself as a hub for this type of vehicle in Asia.
Bill Ackmans SPARC Initiative Unlocking the Potential of Social Media Platform X
In an exclusive interview with CNBC on October 2, 2023, renowned billionaire investor Bill Ackman expressed his enthusiasm for the significant improvements witnessed in the social media platform X. Ackman confidently stated that advertisers are highly likely to flock back to the platform, recognizing its enhanced features and capabilities. Moreover, he revealed his strong inclination towards striking a deal with X using his groundbreaking SPARC (Special Purpose Acquisition Company) initiative.
Excitingly, the innovative structure of Ackman’s SPARC has received the stamp of approval from U.S. regulators, paving the way for him to embark on a thrilling quest for potential collaborations and acquisitions. With this green light, Ackman is poised to navigate the market with his astute investment strategies and seize promising opportunities that align with his vision.
AERWINS Technologies Inc Explores Strategic Alternatives for NonCore Operations and Achieves Public Listing Milestone
AERWINS Technologies Inc., a leading player in the air mobility industry, has made an announcement regarding its non-core operations. The company is actively exploring strategic alternatives, such as the potential sale or disposal of assets, to streamline its focus on air mobility technologies.
In a significant move, AERWINS recently completed a reverse merger transaction with Pono Capital Corp., marking a major milestone for the company as it achieved a public listing. This transaction has valued AERWINS at an impressive $600 million, resulting in a projected combined pro forma equity value of approximately $750 million.
GNOG founder Winter exits DraftKings role
Thomas Winter is stepping down from his role at DraftKings 18 months after it acquired the Golden Nugget Online Gaming (GNOG) business he founded. Winter was appointed general manager for igaming in North America at DraftKings following its acquisition of GNOG in May 2022. He previously led GNOG as president after launching the business in September 2013.
Before his time with GNOG, Winter was CEO and director of Betclic and Expekt within the Betclic Group. He also had spells with French online sports publishing business Media365 and global luxury group Kering.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...