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.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....