The Latest SPAC News and Rumors: April 17, 2023
by Marlena Haddad on 2023-04-17 at 11:33am

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

Latest SPAC News:  CXApp soars after merging with KINS Technology and Corvex settles with SEC over SPAC activities


AI-Linked De-SPAC CXApp Surges 1,480% in Blistering Three-Day Rally

CXApp Inc. (NASDAQ: CXAI) soared 94% on Friday, bringing its rally over the past three days to 941% on the back of a wave of retail investor interest after listing via a SPAC merger with KINS Technology Group Inc.

The artificial intelligence-powered enterprise software company has jumped from a Tuesday close of $1.33 to ending Friday’s session at $13.85 without having released any new updates with the US Securities and Exchange Commission in the period. The stock is the latest to ride the AI wave that’s boosted multiple companies this year. It was the most-mentioned stock over the past day in Stocktwits, according to data compiled by Bloomberg.

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Corvex Settles With SEC Over SPAC Activities 

Corvex Management has agreed to pay $1 million to settle an SEC complaint related to the activities of three SPACs co-sponsored by the hedge fund.

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