Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Universal Entertainment execs blamed for failed SPAC merger, DWAC names Eric Swider as new CEO, and Ocean Biomedical’s vaccine candidate demonstrates broad potential to address malaria
Universal Entertainment Executives Blamed for Failed SPAC Merger
Executives at Japan’s Universal Entertainment Corp. spent much of the past year coming up with creative ways to scuttle the $2.6 billion merger of their Okada Manila casino resort unit with a blank-check company, a former partner in the deal told a US judge.
Jason Ader founded 26 Capital Acquisition Corp., a special-purpose acquisition company, which agreed to combine with the Okada resort to give it a NASDAQ stock listing. But Ader, whose firm sued to revive the failed deal, testified Monday that Universal started working to sabotage the Philippines casino transaction starting in 2022. Universal declared the merger dead on June 30.
READTrump-tied SPAC Digital World names Swider as permanent CEO
Digital World Acquisition (NASDAQ:DWAC) has named Eric Swider as CEO, handing the interim boss reins of the blank-check company that is looking to complete its planned merger with former U.S. President Donald Trump’s media and tech company.
The move comes nearly four months after the special-purpose acquisition company (SPAC) ousted CEO Patrick Orlando, saying that a new management team was needed to tackle “unprecedented headwinds”.
READOcean Biomedical’s mRNA-based Vaccine Candidate Generates Over 90% Killing of Malaria Parasites in Non-human Primates, Demonstrating Broad Potential for Ocean’s Program to Address Global and Emerging U.S. Malaria Challenges
Ocean Biomedical, Inc. (NASDAQ:OCEA) a biopharma company working to accelerate the development of compelling discoveries from top research scientists, announced today that it is focusing its multi-pronged malaria program to address the chronic malaria crisis in sub-Saharan Africa while recognizing newly emerging global malaria challenges.
Based on discoveries by Scientific Co-founder, Jonathan Kurtis, MD, PhD, Ocean Biomedical is working on a multivalent mRNA-based malaria vaccine with potential to target several stages in the malaria cycle.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...