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 has learned that the commercial space satellite venture founded by Sir Richard Branson’s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the event that it cannot secure new funding.
The decision to line up the advisers underlines the parlous nature of Virgin Orbit’s (NASDAQ:VORB) finances, even as it continues talks with a small number of prospective investors about providing sufficient funding to restart its operations.
After going public in 2021 through a merger with a special purpose acquisition company in a $3.7bn (£3bn) deal, its listed shares are now valued at just $217m (£177m).
READWeWork reaches deal to cut debt, extend maturities
WeWork Inc. (NYSE:WE) said on Friday it had struck deals to cut debt by about $1.5 billion and extend the date of some maturities, in a bid to preserve cash as the flexible-workspace provider feels the heat of mass layoffs on its business.
WeWork said it will also infuse the company with about $540 million in new funding.
READPear Therapeutics seeking a financial lifeline
Pear Therapeutics (NASDAQ:PEAR) said Friday it is exploring “strategic alternatives” and may need to restructure or fold if its efforts fail.
Pear Therapeutics went public in December 2021 in a $1.6 billion deal with a special purpose acquisition company Thimble Point Acquisition Corp.
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At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
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Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...