The Latest SPAC News and Rumors: August 17, 2023
by Marlena Haddad on 2023-08-17 at 11:35am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Wheels Up secures $500M lifeline but still faces turnaround challenges, and DWAC rallies as sponsors push for more time


Wheels Up flies for now, but private-jet rivals see opportunity

Loss-making private jet firm Wheels Up Experience (NYSE:UP) nabbed a key $500 million lifeline but still faces turnaround challenges, as demand for private travel softens in the wake of the COVID-19 pandemic and rival operators lure some of their customers.

Wheels Up avoided a possible bankruptcy when it secured backing from investors on Tuesday, including U.S. carrier Delta Air Lines. Shares rose 11% on Wednesday in midday trading.

Wheels Up, which charters planes by the hour, went public in 2021 through a special purpose acquisition company with the goal of appealing to a broader flying base as an “Uber of the sky.”

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Trump-Tied SPAC’s Rally at Risk as Sponsors Need More Time

The blank-check company seeking to take Donald Trump’s media company public sweetened the proposed deal to keep the former president from walking away. Now it needs to make sure rank—and-file investors stick around, too.

Digital World Acquisition Corp. (NASDAQ:DWAC), the special-purpose acquisition company that’s been waiting to take over Trump Media & Technology Group for nearly two years, will ask investors on Thursday to push out the deadline for closing the deal by another 12 months. The blank check said in a filing Wednesday evening that the meeting will be held on Sept. 5 and not Aug. 17 as originally scheduled.

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Recent Posts
by Nicholas Alan Clayton on 2023-09-27 at 5:31pm

GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...

by Kristi Marvin on 2023-09-27 at 4:28pm

Anzu Special Acquisition Corp I (NASDAQ:ANZU) announced this afternoon that its stockholders voted in favor of the proposed business combination with Envoy Medical Corporation (“Envoy”), held earlier today. Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the business combination to be consummated on September 29, 2023....

by Nicholas Alan Clayton on 2023-09-27 at 11:30am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...

by Nicholas Alan Clayton on 2023-09-27 at 11:09am

Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...

by Nicholas Alan Clayton on 2023-09-27 at 9:02am

Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...

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