Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ex-banker eyes M&A after SPAC deal forges $60B wealth firm, Virgin Orbit stock plunges as UK launch fails, and Palihapitiya says Musk will take SpaceX’s Starlink public in 2023
Ex-Banker Eyes M&A After SPAC Deal Forges $60 Billion Wealth Firm
Michael Tiedemann turned his back on a Wall Street banking career two decades ago to build a wealth-management firm targeting the world’s super-rich.
The former Credit Suisse First Boston executive grew his business in recent years by partnering with or backing buyouts of overseas rivals. Now, after completing a merger last week with Alvarium Investments through a blank-check company, he’s eyeing further deals.
Virgin Orbit Stock Plunges as UK Launch Fails
Virgin Orbit’s (NASDAQ: VORB) much hyped “Start Me Up” launch from the United Kingdom failed on Monday, sending nine satellites plunging to their doom and the company’s stock price sinking to its lowest point ever. The failure raised more questions about the financial viability of Richard Branson’s cash-strapped company.
Virgin Orbit initially tweeted that its air-launched LauncherOne booster had succeeded in placing the satellites into orbit. It later tweeted that the mission had failed after the rocket suffered an unidentified anomaly. The company said it would provide more information at a later time.
Virgin Orbit has struggled with funding since going public at the end of 2021 by merging with NextGen Acquisition Corp. II.
READElon Musk could take SpaceX’s Starlink business public in 2023 to ‘give him a ton of more dry powder,’ Chamath Palihapitiya says
Elon Musk could take SpaceX’s Starlink satellite-internet business public this year, according to Chamath Palihapitiya.
In a recent episode of his All-In podcast, the so-called SPAC King said a Starlink IPO would be “an obvious outcome in 2023.”
“[Musk] talked about this on our pod, about the difficulties and the dangers of margin loans and all of that stuff,” Palihapitiya said, according to Bloomberg. “He’s going to create breathing room for himself. This is the simplest and most obvious way for him to do it. It’ll give him a ton of more dry powder.”
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Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...