Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
WeWork Inc. (NYSE:WE), the troubled co-working company on the brink of collapse, is moving forward with a 1-for-40 reverse stock split in a bid to save its listing on the New York Stock Exchange.
Shares fell as much as 25% to around 12 cents Friday, hitting the lowest intraday level on record.
WeWork has been trying to deliver a turnaround story for years — one in which the rowdy co-working startup transforms into a stable, profitable public company. But the New York-based company has been bleeding cash, and customers of its office rentals are canceling memberships in droves, forcing the firm on Aug. 8 to warned that it may not be able to stay afloat.
WeWork completed its business combination with BowX in October 2021.
READDigital health firm Babylon filed for bankruptcy in Delaware last week for two of its subsidiaries, according to court filings.
The Chapter 7 bankruptcy filings for Babylon Healthcare and Babylon Inc. come as the company shuts down core operations in the U.S., after a take-private deal with digital neurotherapy company MindMaze collapsed.
Babylon went public in 2021 through a merger with Alkali Global valued at $3.5 billion.
READGolden Rock Global PLC (LON:GCG) on Thursday said it has signed an initial deal to acquire software firm 2Mee.
Golden Rock is a special purpose acquisition company, while 2Mee is a York-based software company that has developed a “next-generation omnichannel communication platform that delivers influencers as on-screen web and app messages”.
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
