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.READ
Elon 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.”READ
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...
Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...
Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...
Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...