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The Latest SPAC News and Rumors: November 1, 2022
by Marlena Haddad on 2022-11-01 at 11:38am

 


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.

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Intuitive 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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