Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Digital World receives push-back in PIPE investor talks; Plaintiff lawyers increase focus on SPAC suits; Xos expands mobile EV-charger offerings
Trump-linked SPAC faces new pressure from PIPE investors as merger hangs in the balance
The Financial Times reported Tuesday that DWAC Chief Executive Patrick Orlando is negotiating with investors who said they would back the company through a private investment in public equity, or PIPE, deal. The $1 billion deal was set to expire Tuesday. Orlando was pushing for a 10-day extension, according to the newspaper.
The PIPE investors are hoping to bring down the minimum conversion price for their preferred stock from $10 to as low as $2, the FT reported, citing a person involved in the talks. That would boost their potential profit on the deal, even in the worst case scenario, as it would give the investors more shares and dilute other shareholders’ stakes – including Trump’s.
“Trump wants to make sure he doesn’t face a lot of dilution,” one person involved told the FT. “Optically, he wants to avoid a $2 floor. It looks weak and he doesn’t want to look weak.”READ
Approved settlements with plaintiffs’ attorneys up 30% in 1H22, with SPACs and crypto in focus
According to Cornerstone Research, although new filings remain consistent with the first half of 2021, the number of approved settlements is up over 30% from the same time last year, and the median settlement amount has rebounded from the low that we reported in our 2021 Mid-Year Securities Litigation Update. SPAC and crypto-related filings continue to be a focus of plaintiffs’ attorneys, even as the nature of these suits continues to evolve.
SPAC-related filings are on track to meet or exceed last year’s chart-topping performance and already exceed the total SPAC-related filings in all of 2019 and 2020 combined. This increase is driven primarily by SPAC-related actions in the technology and industrial sectors that have offset a potential decline in actions in the consumer space. Cryptocurrency-related actions are also on pace to increase in 2022, driven in part by the continued increase in actions against crypto exchanges and allegations related to securitization in the first half of the year.READ
Xos Expands Offering of Xos Energy Solutions with Mobile Chargers; Secures Purchase Order from Morgan Services
Xos, Inc. (NASDAQ: XOS), a leading technology company that provides fleet services, software solutions, and manufactures Class 5 through Class 8 battery-electric commercial vehicles, today announced a new offering to Xos Energy Solutions™, its business unit focused on comprehensive infrastructure and consulting services: a suite of Xos DC Fast Chargers that are compatible with both passenger and commercial electric vehicles, enabling a wide range of applications.
The five chargers include: a 30kW portable EV charger, a 30kW wall-mount EV charger, a 60kW EV charger, a 150kW EV charger, and a 300kW EV charger. Additionally, Xos has secured a purchase order from Morgan Services, Inc., a Chicago-based linen and uniform rental services provider, for nine Xos DC Fast Chargers.READ
Considerations for Creating Shareholder Value in a Volatile Market Join us for a virtual panel on December 14, 2022 The current trends of rising interest rates and inflationary cost increases, among other things, have imposed downward pressures on publicly traded equity prices, especially for businesses that became publicly traded via a de-SPAC merger. Please...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...
PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...
Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....