The Latest SPAC News and Rumors: September 1, 2023

by Marlena Haddad on 2023-09-01 at 11:32am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Babylon Holdings reportedly teetering on edge of collapse following merger failure

Babylon Holdings’ Financial Difficulties Mount After Merger Failure

Digital health firm Babylon Holdings Ltd. (OTCMKTS:BBLNF) is reportedly teetering on the edge of collapse after its merger plans with another healthcare company fell through.

The United Kingdom-based company, known for its app that connects patients with doctors, has filed a notice of intention to appoint administrators in the U.K. High Court, indicating a potential cash shortage, Bloomberg reported Wednesday (Aug. 30).

The company had previously rejected a London listing and opted to go public in New York through a special purpose acquisition company in October 2021, valuing the firm at $4.2 billion.