Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: DWAC slides after key executives quit, FinAccel spends $200M for Indonesia digital banking push, and Hertz buys 65,000 EVs from Polestar
Trump-Tied Social Media SPAC Slides After Key Executives Quit
Shares of the shell company taking Donald Trump’s media venture public extended their selloff after a report that a pair of key executives resigned and Elon Musk bought a sizable stake in social media competitor Twitter Inc. (NYSE:TWTR).
Digital World Acquisition Corp. (NASDAQ:DWAC), the special-purpose acquisition company merging with Trump Media & Technology Group, fell as much as 14% Monday to extend a losing streak for a seventh-straight day as downloads of the Truth Social app dry. The decline was triggered by a Reuters report that Truth Social’s chiefs of technology and product development Josh Adams and Billy Boozer have resigned and as Musk became Twitter’s largest shareholder.READ
FinAccel Spends $200 Million for Indonesia Digital Banking Push
FinAccel Pte, the parent company of fintech platform Kredivo, has acquired a majority stake in Indonesia’s PT Bank Bisnis Internasional TB, pitting itself against Southeast Asia’s biggest internet companies for a share of a growing digital banking arena.
The Singapore-based company, which spent a total of about $200 million on accumulating the holding, will have a 75% stake in the Jakarta-based lender by the end of this week, Chief Executive Officer Akshay Garg said in an interview.
FinAccel’s purchase comes shortly after its planned merger with a blank-check company collapsed. The combination with Chicago-based Victory Park Capital Advisors LLC (NASDAQ:VCTR) was canceled after a tepid climate rocked confidence in many deals.READ
Hertz to Buy Up to 65,000 Electric Vehicles From Polestar
Rental car firm Hertz Global Holdings (NASDAQ:HTZ) said on Monday it would buy up to 65,000 electric vehicles over five years from Swedish EV maker Polestar, the latest move by the rental car firm to add zero-emission models.
The Florida-based rental car company said that it would initially order the Polestar 2 sedan. Hertz shares were up 1.75% in premarket trading Monday.
Polestar, which was founded by China’s Geely and Volvo Cars, is set to merge with special purpose acquisition company Gores Guggenheim Inc (NASDAQ:GGPI) this year.READ
Swvl Advances in Nasdaq Debut After Queen’s Gambit SPAC Tie-Up
Swvl Holdings Corp. (NASDAQ:SWVL), a Dubai-based mass transit startup, rose in its Nasdaq debut following a merger with blank-check firm Queen’s Gambit Growth Capital.
Shares gained as much as 9.8% to $10.30 on Friday. The deal originally valued the company at $1.5 billion, making Swvl one of the Persian Gulf’s few so-called unicorns.READ
Rumble Launches New Feature, and Releases iPhone App in Brazil & Portugal
Today, the video-sharing platform Rumble announced that the company has released a new mobile application on the iOS operating system that includes a full-screen vertical discovery feature and customized design for low-light environments, known as “dark mode.” The company also released the iPhone app in two new markets, Brazil and Portugal.
The company announced in December 2021 the execution of a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).READ
Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...
Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...
European Biotech (NASDAQ:EBAC) announced in an 8-K this morning that it has increased its PIPE by $7.8 million and added $7 million to the convertible loans attached to the combination with biotech firm Oculis. The new PIPE cash comes at $10 per share and joins $63.3 million in existing PIPE financing for a total of...
DHC Acquisition Corp (NASDAQ:DHCA) announced that it is formally terminating its combination with conservative banking venture GloriFi. This was essentially a formality because the SPAC already announced in November that GloriFi had begun the process of winding down. The two sides announced their $1.7 billion combination in July. But, even at the time, public details...