Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Circle’s SPAC partner looks to delay merger until 2023, and Intuitive Machines opens Houston’s first engine verification facility
Circle’s SPAC Partner Looks to Delay $9 Billion Acquisition of Stablecoin Issuer Until 2023
Concord Acquisition Group (NYSE:CND) is planning to delay its already-postponed purchase of Circle Internet Financial, primary issuer of the USD Coin cryptocurrency, until the end of January, a filing with the Securities and Exchange Commission indicated.
As recently as July, Circle CEO Jeremy Allaire was cited by Fortune as saying the transaction would close in Q4. Circle is the primary issuer of USD Coin (USDC), a blockchain-based token pegged to the dollar with a $43 billion circulating supply. It is the top challenger to market leader Tether, the controversial stablecoin with a $63 billion market capitalization.
The filing said that the reason for the proposed delay is because Concord’s board does not think it will have time to hold a special stockholder meeting to approve the deal.
READIntuitive Machines Opens Houston’s First Engine Verification Facility
Intuitive Machines, LLC (“Intuitive Machines” or the “Company”), a leading space exploration, infrastructure, and services company, today opened its Small Engine Verification Facility (“Flame Range”). The Flame Range is located within Intuitive Machines’ 12.5-acre lot at the Houston Spaceport, where Intuitive Machines is completing the construction on its 100,000 square feet Lunar Production and Operations Center (“LPOC”) with contractor Burns & McDonnell, and consulting by Griffin Partners.
As previously announced on September 16, 2022, Intuitive Machines signed a definitive business combination agreement with Inflection Point Acquisition Corp. (Nasdaq: IPAX, IPAXU, IPAXW), a publicly traded special purpose acquisition company, that is expected to result in Intuitive Machines becoming publicly listed.
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Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....