Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Intuitive Machine soars 330%, FaZe Clan drops 20% of its workforce
Space-Exploration Co.’s 330% Jump Shines in Sea of De-SPAC Pain
It’s been a brutal start to the year for companies bold enough to go public through SPAC mergers, but in that sea of red, a space-exploration company stands out as a raging success.
Intuitive Machines Inc. (NASDAQ:LUNR), which debuted earlier this week, has soared 330% to $44.77 after more than tripling on Thursday, triggering at least seven halts. The Houston-based company, with the ticker LUNR, is the top performing de-SPAC to start trading this year.
READFaZe Clan reportedly drops 20% of its workforce as stock price plummets
FaZe Clan (NASDAQ: FAZE) has reportedly laid off 20% of its overall workforce as the gaming and online entertainment brand continues to see its stock price plummet in 2023.
Staff members have allegedly been let go at a gradual pace since December, 2022, with the full round of layoffs only just concluded in February, 2023. Workers were seemingly notified at an all-hands meeting earlier this week.
Electric Vehicle Makers Eye SPAC Stock Fixes in Delaware Hearing
Marathon hearings begin Monday in a Delaware court where more than 20 businesses seek retroactive validation for common stock issued as part of a blank-check merger with a shell entity.
Most of the companies say they may have issued millions of shares without stockholder authorization—in some cases hundreds of millions—after misreading, or getting bad legal advice about, an obscure statutory provision. Now they face uncertainty about their capital structure, with potentially chaotic consequences for the status of their stock and shareholders.
Billionaire Bill Foley Accused of Pushing ‘Horrific’ SPAC Deal
Billionaire businessman Bill Foley—a prolific dealmaker who owns two professional sports teams—is facing investor litigation over claims he made a killing steering a shell company into a “horrific” blank-check merger with Paysafe Ltd.
An investor sued Foley and other architects of the transaction Thursday, claiming they were motivated to engineer the catastrophic deal by the capital structure of Foley Trasimene Acquisition Corp. II, which stood to give them a huge windfall from any merger, even a bad one.
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...