Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Law firm Schulte sues SPAC over fees from failed Philippine casino merger
U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees following the special acquisition company’s failed merger with the Philippines’ largest casino.
The law firm on Tuesday asked Delaware’s Court of Chancery to block 26 Capital, a SPAC, from dissolving before it pays its alleged legal fees. Schulte had advised 26 Capital on its planned $2.5 billion SPAC merger with Okada Manila, an affiliate of Japan’s Universal Entertainment (6425.T). […]
Lucid opens Saudi Arabia’s first car production facility
Electric carmaker Lucid Group, which went public with Churchill IV, has inaugurated the first-ever car production facility in Saudi Arabia’s port city of Jeddah.
The facility, which is the automaker’s second Advanced Manufacturing Plant (AMP-2) and first international plant, will produce electric vehicles (EV) for Saudi Arabia and export to other markets.
The AMP-2 facility, located in King Abdullah Economic City (KAEC), will assemble the luxury electric sedan Lucid Air, with an initial capacity to produce 5,000 units a year.
Financial restatements surge among SPAC startups
The number of companies that have restated their financial results or disclosed accounting problems has increased significantly in recent years, and many of the problems have been occurring at special purpose acquisition companies.
SPACs, also known as blank check companies, are basically shell companies that are used as a vehicle for taking a company public.
Glass Lewis, a proxy advisory services company, reported last month that after several years of companies going public through IPOs or SPAC mergers, it observed a more than 2.5-fold increase in companies with concerning material weaknesses or restatements, partly because many of the companies are only in the early stages of developing strong internal controls.
Intuitive Machines launches apparel line
Intuitive Machines (NASDAQ:LUNR), which went public in a merger with Inflection Point in February, is selling a line of apparel on Amazon.com ahead of the planned November launch of its IM-1 mission to land on the Moon. The company is selling t-shirts, hoodies, tank tops, sweatshirts, and more.
Struggling Embark Gets Nod for $2.5 Million Investor Suit Accord
Embark Technology Inc. can proceed with plans for a $2.5 million settlement with shareholders who claim more than $230 million in total losses from their investments, a federal judge in California said, acknowledging the autonomous truck company’s “tenuous” financial position.
The settlement merits preliminary approval, Judge Jacqueline Scott Corley said Tuesday.
The case stems from Embark’s merger with Northern Genesis II, a special purpose acquisition company, as a route to going public.
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...
NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...
At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...
Dune Acquisition Corporation II (NASDAQ:IPODU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPODU”, Wednesday, May 7, 2025. The new SPAC aims expects to conduct a broad search for a combination target, but is interested in companies that are in the...
Oyster Enterprises II (NASDAQ:OYSEU) has filed for a $200 million SPAC to pursue a broad investment thesis, but one informed by the way that AI is shaking up industries. The new SPAC has units each containing one right to a 1/10 share and it will have 24 months to initially complete a business combination without...