Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Digital World receives push-back in PIPE investor talks; Plaintiff lawyers increase focus on SPAC suits; Xos expands mobile EV-charger offerings
Trump-linked SPAC faces new pressure from PIPE investors as merger hangs in the balance
The Financial Times reported Tuesday that DWAC Chief Executive Patrick Orlando is negotiating with investors who said they would back the company through a private investment in public equity, or PIPE, deal. The $1 billion deal was set to expire Tuesday. Orlando was pushing for a 10-day extension, according to the newspaper.
The PIPE investors are hoping to bring down the minimum conversion price for their preferred stock from $10 to as low as $2, the FT reported, citing a person involved in the talks. That would boost their potential profit on the deal, even in the worst case scenario, as it would give the investors more shares and dilute other shareholders’ stakes – including Trump’s.
“Trump wants to make sure he doesn’t face a lot of dilution,” one person involved told the FT. “Optically, he wants to avoid a $2 floor. It looks weak and he doesn’t want to look weak.”READ
Approved settlements with plaintiffs’ attorneys up 30% in 1H22, with SPACs and crypto in focus
According to Cornerstone Research, although new filings remain consistent with the first half of 2021, the number of approved settlements is up over 30% from the same time last year, and the median settlement amount has rebounded from the low that we reported in our 2021 Mid-Year Securities Litigation Update. SPAC and crypto-related filings continue to be a focus of plaintiffs’ attorneys, even as the nature of these suits continues to evolve.
SPAC-related filings are on track to meet or exceed last year’s chart-topping performance and already exceed the total SPAC-related filings in all of 2019 and 2020 combined. This increase is driven primarily by SPAC-related actions in the technology and industrial sectors that have offset a potential decline in actions in the consumer space. Cryptocurrency-related actions are also on pace to increase in 2022, driven in part by the continued increase in actions against crypto exchanges and allegations related to securitization in the first half of the year.READ
Xos Expands Offering of Xos Energy Solutions with Mobile Chargers; Secures Purchase Order from Morgan Services
Xos, Inc. (NASDAQ: XOS), a leading technology company that provides fleet services, software solutions, and manufactures Class 5 through Class 8 battery-electric commercial vehicles, today announced a new offering to Xos Energy Solutions™, its business unit focused on comprehensive infrastructure and consulting services: a suite of Xos DC Fast Chargers that are compatible with both passenger and commercial electric vehicles, enabling a wide range of applications.
The five chargers include: a 30kW portable EV charger, a 30kW wall-mount EV charger, a 60kW EV charger, a 150kW EV charger, and a 300kW EV charger. Additionally, Xos has secured a purchase order from Morgan Services, Inc., a Chicago-based linen and uniform rental services provider, for nine Xos DC Fast Chargers.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...