Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Chamath Palihapitiya steps down from Virgin Galactic, speculative investors drive 700% spike in former SPACs with low floats, and Bakkt slides 19%
Virgin Galactic Chairman Chamath Palihapitiya Steps Down From Board
Serial dealmaker Chamath Palihapitiya stepped down as chairman of Virgin Galactic Holdings Inc. (NYSE:SPCE), an abrupt departure as the space-tourism company moves from startup phase toward paying flights.
Palihapitiya plans to focus on his other board commitments and the resignation did not result from any disagreements with the company, Virgin Galactic said Friday. Current director and Chief Investment Officer Evan Lovell was appointed interim chairman as the company begins a search for a successor.
READSpeculators Drive 700% Jump in Former SPACs With Low Floats
Speculative investors are piling into shares of companies that went public by merging with blank-check firms with low floats, according to Bloomberg.
At one point on Thursday, luxury travel company Inspirato Inc. (NASDAQ:ISPO) soared as much as 772% while Cepton Inc. (NASDAQ:CPTN) surged 746% and Middle Eastern Spotify Technology SA rival Anghami Inc. (NASDAQ:ANGH) tripled. The three recently combined with SPACs that saw the majority of investors opt to return their shares in the shell company for cash.
READCrypto Platform Bakkt Dives as Forecast Dims Post-SPAC Optimism
Bakkt Holdings Inc. (NYSE:BKKT) shares slid 19%, the biggest drop since mid-December, after quarterly results left investors questioning how long the digital-asset marketplace will take to realize its much ballyhooed potential.
The slide comes even after the Alpharetta, Georgia-based company reported revenue of $39.4 million, an almost 40% jump from the year-earlier period. Investors on a conference call keyed on the firm’s 2022 outlook, asking whether Bakkt could meet months-old projections made in the midst of its merger with a blank-check company.
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Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...
Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...
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...