Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: GloriFi to shut down, BM Technologies’ acquisition of Seattle community bank pushed to 2023, and Core Scientific loses $1.7 billion
Texas-based fintech firm GloriFi to shut down
Texas-based fintech firm GloriFi is shutting down and laid off most of its employees, the Wall Street Journal reported on Monday, citing people familiar with the matter.
The company’s decision comes after it failed to secure funding needed to carry its operations through the first quarter, the report said, citing an email from GloriFi’s chief marketing and communications officer Cathy Landtroop to employees.
In July, the company had agreed to go public in the United States by merging with special purpose acquisition company DHC Acquisition Corp (NASDAQ:DHCA), in a deal that valued the fintech at $1.7 billion.
READBM Technologies’ acquisition of Seattle community bank pushed to 2023
BM Technologies’ (NYSE:BMTX) said its planned $23 million acquisition of a Seattle-based community business bank has been pushed to 2023, following a decision to resubmit its merger application in order to answer questions from regulators regarding the tie-up.
BM Technologies was incubated by Wyomissing, Pennsylvania-based Customers Bank for five years before it was acquired for $140 million by special-purpose acquisition company Megalith Financial Acquisition Corp. in January 2021.
READBitcoin Miner Core Scientific Has Lost $1.7 Billion This Year
Core Scientific Inc. (NASDAQ:CORZW), the largest US publicly-traded Bitcoin mining company in terms of computing power which merged with Power & Digital Infrastructure Acquisition Corp. in January, said its loss for the first nine months of the year climbed to over $1.7 billion.
The Austin, Texas-based company is among the hardest hit miners with low Bitcoin prices depressing mining revenue to a record low. Soaring energy costs and more competition among miners have plummeted profit margins. Core Scientific first warned in October that it may have to file for bankruptcy if the company can’t find more funding to repay its debt that amounts to over $1 billion. It had a third-quarter loss of $434 million.
READ
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...