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.
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...
At the SPAC of Dawn Dealmakers remain confident that AI is going to play a big role in their M&A processes, but feel unprepared for some the changes, according to a new survey of 225 corporate and 75 private equity transactions professionals. SS&C subsidiary Mergermarket generated the report that found more than half of respondents...
Trailblazer Merger I (NASDAQ:TBMC) has entered into a definitive agreement to combine with data intelligence firm Cyabra at an enterprise value of $70 million. Tel Aviv-based Cyabra provides tools to corporations and governments to identify fake accounts and combat social media disinformation. The combined company is expected to trade on the Nasdaq once the deal...