The Latest SPAC News and Rumors: August 21, 2023
by Marlena Haddad on 2023-08-21 at 11:33am
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork plunges another 11% following reverse stock split announcement
WeWork Plunges Another 11% After Announcing Reversing Stock Split To Try And Keep NYSE Listing
WeWork (NYSE:WE), the office-sharing company once valued at $47 billion, said Friday it will undergo a 1-for-40 reverse stock split to try and keep its stock from being delisted.
The shares fell 11% after the announcement, closing at 14 cents. They’ve been trading under $1 since late March, and the company’s market cap now sits at around $300 million.
“The Reverse Stock Split is being effected to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on the New York Stock Exchange,” WeWork said in a filing with the SEC.
READ
Recent Posts
by Nicholas Alan Clayton on 2025-07-17 at 12:54pm
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
by Nicholas Alan Clayton on 2025-07-17 at 8:29am
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
by Kristi Marvin on 2025-07-16 at 5:33pm
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
by Nicholas Alan Clayton on 2025-07-16 at 8:18am
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
by Nicholas Alan Clayton on 2025-07-15 at 7:20pm
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...