Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Hedge fund accuses Concord SPAC backers of pocketing breakup fee, Virgin Group puts another $20M into Virgin Orbit, and X-Energy completes key safety system prototype
Hedge Fund Accuses Concord SPAC Backers of Pocketing Breakup Fee
Concord Acquisition Corp.’s (NYSE:CND) sponsors are facing investor litigation over claims they misappropriated a $20 million breakup fee—instead of distributing it to shareholders—after calling off a blank-check merger with a cryptocurrency business.
The lawsuit targets members of the special purpose acquisition company’s board and management, all allegedly with formal or informal ties to Atlas Merchant Capital LLC. It was filed Monday in Delaware’s Chancery Court by Funicular Funds LP, an affiliate of hedge fund sponsor Cable Car Capital LLC.
Virgin Group Puts Another $20 Million into Struggling Virgin Orbit
The Virgin Group has put another $20 million into Virgin Orbit (NASDAQ: VORB) less than seven weeks after pumping $25 million into the struggling launch provider. The latest infusion came through the sale of a senior secured convertible note to Virgin Investments Ltd.
Virgin Orbit has struggled to ramp up flights of its LauncherOne booster while dealing with dwindling cash reserves. The rocket is air launched from a modified Boeing 747 aircraft.
Virgin Orbit successfully launched two times in 2021 after LauncherOne failed on its maiden flight in 2020. The company launched only twice this year, well short of the four to six flights it had planned.READ
X-Energy Completes Key Safety System Prototype for Xe-100 Advanced Nuclear Reactors
X-Energy Reactor Company, LLC, a leading developer of small modular nuclear reactor and fuel technology for clean energy generation, in partnership with Paragon Energy Solutions, a leading specialist in the design and manufacturing of critical safety systems, today announced the completion of a Reactor Protection System prototype, a key safety feature of X-energy’s Xe-100 advanced nuclear reactors. The four-division RPS prototype utilizes Paragon’s highly integrated protection system and marks the first time that Paragon has deployed HIPS to a Generation IV high-temperature gas reactor, an evolution of their robust, reliable, and secure technology that is intended to further advance nuclear safety.
As previously announced, X-Energy has entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC), which will establish X-Energy as a public company.
AEON Biopharma Completes Enrollment in Phase 2 Trial of ABP-450 for Preventive Treatment of Episodic Migraine
AEON Biopharma, Inc., a private clinical-stage biopharmaceutical company focused on the development of its proprietary botulinum toxin complex ABP-450 (prabotulinumtoxinA) for therapeutic indications, and Priveterra Acquisition Corp. (NASDAQ: PMGM), a special purpose acquisition company, today announced the completion of patient enrollment in the Phase 2 study of ABP-450 for the preventive treatment of episodic migraine. The Company expects to announce topline data from the study in the second half of 2023.READ
Nikola and E.ON Announce Plans to Achieve CO2 Savings of 560,000 Metric-Tons Annually by 2027
Nikola Energy and E.ON Hydrogen, confirmed their goal of making hydrogen fuel cell electric vehicles (FCEVs) cost competitive to diesel trucks, in terms of total cost of ownership. This is an important step on the road to decarbonizing heavy-duty transport. Nikola Energy is a wholly-owned subsidiary of Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy infrastructure solutions. E.ON Hydrogen is a wholly-owned subsidiary of E.ON SE, one of Europe’s largest operators of energy networks and energy infrastructure and a provider of innovative customer solutions.READ
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...