Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Zhaogang nears Hong Kong’s first SPAC merger, VinFast shares lose $83B as surge reverses, and SRIVARU awarded key patent
China Steel Website Zhaogang Nears Hong Kong’s First SPAC Merger, Sources Say
Chinese steel trading website Zhaogang.com is nearing a deal to merge with a Hong Kong-listed blank-check company backed by China Merchants Bank Co.’s overseas asset management arm, people with knowledge of the matter said.
The Shanghai-based company is in advanced talks to combine with special purpose acquisition company Aquila Acquisition Corp., the people said, asking not to be identified as the information isn’t public.
VinFast Shares Lose $83 Billion as World-Beating Surge Reverses
The head-scratching rally in VinFast Auto Ltd. (NASDAQ:VFS) shares came to a sudden halt on Tuesday, erasing $83 billion of market value.
The unprofitable and thinly traded maker of electric cars tumbled 44% in New York, snapping a six-day winning streak. It had been rising faster than any other large-cap stock worldwide, jumping 688% from its debut in a SPAC listing on Aug. 15 through Monday’s close.
Despite the wipeout, VinFast’s nearly $107 billion market capitalization still makes it larger than companies like BlackRock Inc. and FedEx Corp.
SRIVARU Awarded Key Patent for Motorcycle Chassis with Traction Battery Pack Protection System
SRIVARU, a commercial-stage provider of premium electric motorcycles, today announced it has been awarded a key patent from the Patent Office, Government of India, titled “Motorcycle Chassis with Traction Battery Pack Protection System” (patent #201841037229). The new patent provides the company with design IP protection in India for 20 years. In addition, the company plans to apply for patent protection in other target markets.
On March 13, 2023, SRIVARU announced an agreement for a business combination with Mobiv Acquisition Corp (“Mobiv”) (Nasdaq: MOBV).
READPalantir SPAC Spree Draws Insider Trading Lawsuit Against Thiel
A pension fund sued Peter Thiel and other Palantir Technologies Inc. (NYSE:PLTR) board members over claims they made billions in insider trades while jacking up its stock price through a spree of reckless investments with doomed blank-check companies.
The shareholder lawsuit, made public late Monday, also targets company president Stephen Cohen and CEO Alex Karp, who co-founded Palantir with Thiel, its chairman. The suit says they drove the analytics business to invest hundreds of millions with special purpose acquisition companies in exchange for side deals they could use to report revenue they knew Palantir would never see.
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...