Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Intuitive Machine soars 330%, FaZe Clan drops 20% of its workforce
Space-Exploration Co.’s 330% Jump Shines in Sea of De-SPAC Pain
It’s been a brutal start to the year for companies bold enough to go public through SPAC mergers, but in that sea of red, a space-exploration company stands out as a raging success.
Intuitive Machines Inc. (NASDAQ:LUNR), which debuted earlier this week, has soared 330% to $44.77 after more than tripling on Thursday, triggering at least seven halts. The Houston-based company, with the ticker LUNR, is the top performing de-SPAC to start trading this year.READ
FaZe Clan reportedly drops 20% of its workforce as stock price plummets
FaZe Clan (NASDAQ: FAZE) has reportedly laid off 20% of its overall workforce as the gaming and online entertainment brand continues to see its stock price plummet in 2023.
Staff members have allegedly been let go at a gradual pace since December, 2022, with the full round of layoffs only just concluded in February, 2023. Workers were seemingly notified at an all-hands meeting earlier this week.
Electric Vehicle Makers Eye SPAC Stock Fixes in Delaware Hearing
Marathon hearings begin Monday in a Delaware court where more than 20 businesses seek retroactive validation for common stock issued as part of a blank-check merger with a shell entity.
Most of the companies say they may have issued millions of shares without stockholder authorization—in some cases hundreds of millions—after misreading, or getting bad legal advice about, an obscure statutory provision. Now they face uncertainty about their capital structure, with potentially chaotic consequences for the status of their stock and shareholders.
Billionaire Bill Foley Accused of Pushing ‘Horrific’ SPAC Deal
Billionaire businessman Bill Foley—a prolific dealmaker who owns two professional sports teams—is facing investor litigation over claims he made a killing steering a shell company into a “horrific” blank-check merger with Paysafe Ltd.
An investor sued Foley and other architects of the transaction Thursday, claiming they were motivated to engineer the catastrophic deal by the capital structure of Foley Trasimene Acquisition Corp. II, which stood to give them a huge windfall from any merger, even a bad one.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: DWAC rises in wake of Trump’s indictment, Senator Kennedy introduces SPAC Act to protect investors, and Abacus Life appoints new managing director DWAC rises in wake of Donald Trump’s indictment Shares of Digital World...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13. The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures...
Latest SPAC Liquidations: JAWS Juggernaut Acquisition Corp., Talon 1 Acquisition Corp. JAWS Juggernaut Acquisition Corporation (JUGG) to Liquidate on June 22 JAWS Juggernaut Acquisition Corporation (Nasdaq: JUGG) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the...
Rice II (NYSE: RONI) announced today that it has completed its combination with energy technology company NET Power. The deal was originally approved by shareholders at a special meeting yesterday with relatively low redemptions. A total of 21,195,224 shares were redeemed in connection to the vote, removing 61% of Rice II’s trust. NET Power is to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: BlackSly and Momentus win contracts, Terran Orbital’s CAPSTONE completes primary mission, and Richard Branson puts himself and Virgin brand on trial BlackSky and Momentus Win Contracts Momentus (NASDAQ:MNTS) has won a contract with Apogeo...