Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump’s Truth Social asks Congress to probe SEC delays, Next.e.Go Mobile announces signing of MOU with Trafigura, and Euronext CEO confident IPO conditions are poised to improve
Trump’s Truth Social asks Congress to probe SEC delays, conflicts of interest during merger review
The parent company for former President Donald Trump’s Truth Social platform is asking Congress to investigate the SEC, alleging regulators there have engaged in “egregious conduct and blatant politicization” to delay the social media platform’s potential merger with an acquisition firm.
The SEC has been reviewing the so-called S4 plan submitted in fall 2021 by Digital World Acquisition Corp. (NASDAQ:DWAC) to merge with Trump Media & Technology Group, which owns the Truth Social platform that now boasts millions of users and has become a potent alternative for conservatives to traditional social media platforms like Twitter and Facebook.
READNext.e.GO Mobile SE Announces Signing of Memorandum of Understanding with Trafigura to Solidify Long-Term Supply of Aluminium and Battery Metals
Next.e.GO Mobile SE, an innovative producer of urban electric vehicles, today announced that it has entered into a memorandum of understanding (MOU) with Trafigura Pte. Ltd., a leading international commodity company, to establish a long-term supply chain management service agreement focused on the supply of aluminium and battery metals such as lithium, cobalt, and copper.
As announced on July 28, 2022, e.GO has entered into a definitive agreement for a business combination with Athena Consumer Acquisition Corp. (NYSE: ACAQ) that would result in e.GO becoming a publicly listed company.
READEuronext CEO Confident IPO Conditions Are Poised to Improve
Euronext NV, Europe’s largest stock-exchange group, says the pipeline for initial public offerings remains strong even amid a current drought, but companies are having difficulty picking the right time to list because of market volatility.
There’s a vibrant set of businesses, particularly in the technology sector, that are ready to go public, Euronext Chief Executive Officer Stephane Boujnah said in a video interview from Paris Monday.
Boujnah expects the wave of blank-check companies, or SPACs, that grew when there was abundant liquidity, to be over. “The reality is that most of those SPACs had two years to invest,” he said. “It turns out that some of them are starting to return money to shareholders.”
READTikTok Direct Sales Tank for Brands From Beachbody to Juice Plus
The pandemic gave the industry an unexpected reprieve — people stuck at home hawked vitamins and essential oils via TikTok and Facebook, and for a while the business boomed. But now, with that boom quickly becoming a distant memory, some of the biggest names in the industry are falling into financial trouble.
Beachbody (NYSE:BODY), backed by the likes of former NBA star Shaquille O’Neal and civil rights activist Martin Luther King III is seeing less demand for its online fitness programs and nutritional products as Americans get back to the gym. It’s also a victim of the SPAC crash: its shares have tumbled nearly 95% since it merged with a blank-check company in 2021.
Forest Road Acquisition Corp. completed its combination with Beachbody in June 2021.
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Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management. On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase...
AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...