Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork warns of possible bankruptcy, DoubleDragon considers Nasdaq SPAC listing for hotel arm, and Wheels Up gets fresh liquidity boost from Delta
WeWork shares sink after warning of bankruptcy risk
WeWork (NYSE:WE) warned of a possible bankruptcy in a stunning reversal of fortune for the shared workspace provider that four years ago was one of the world’s most prized startups with a valuation of $47 billion.
The SoftBank-backed company, valued at just $446.8 million as of last close, has been in turmoil ever since it filed its IPO paperwork in 2019 as investors pointed out governance issues involving its then founder-CEO Adam Neumann.
The company went public in 2021 through a SPAC merger after abandoning its IPO plans, but the struggles continued as investors doubted its business model while clients moved to hybrid work since the pandemic.
Philippines’ DoubleDragon considers Nasdaq SPAC listing for hotel arm
Philippine real estate company DoubleDragon Corp said on Tuesday it is considering listing its Singapore-registered unit Hotel101 Global on the U.S. Nasdaq via a merger with a SPAC.
DoubleDragon confirmed in response to a local media report that it was weighing the SPAC route as one option to accelerate the international expansion of hotel group Hotel101.
Private-Jet Firm Wheels Up Seeks Rescue Funding
Wheels Up Experience Inc. (NYSE:UP) just got a fresh liquidity boost from its largest shareholder, Delta Air Lines Inc. (NYSE: DAL).
The struggling concierge jet-service firm has been seeking new financing from investors as its cash dwindles, according to people with knowledge of the situation. It has been working with Jefferies Financial Group Inc. and Kirkland & Ellis to explore options, including asset sales and cost cutting, to improve profitability.
The New York-based company, which lets customers book private charter flights by the hour, has garnered big-name investors including former LVMH executives and the consumer-focused private equity firm L Catterton, but has reported losses in every quarter since it went public through a reverse merger with Aspirational Consumer Lifestyle Corp. in mid-2021.
eureKING to buy SCTbio, plans Paris-listed biotech firm
French SPAC eureKING on Wednesday said it would acquire full ownership of SCTbio with a view to creating a new biotech company, which will be listed in Paris.
eureKING said it will pay around 13.08 million euros ($14.35 million) for 67% of the share capital, on a fully diluted basis, of SCTbio, a pharma company specializing in the cell and gene-therapy field.
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...