Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting
Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal
USD Coin (USDC) issuer Circle has rejected claims that it blames the United States Securities and Exchange Commission (SEC) for the failure of its $9 billion plan to go public in December, according to a spokeswoman for the company.
The representative of the stablecoin issuer was responding to an article that was published on January 25 in the Financial Times. The article characterised Circle as having “blamed” the securities regulator for its “derailed” listing by dragging its feet on the approval of a merger agreement. “Circle has not and does not blame the SEC for anything related to the mutual termination of our SPAC merger agreement with Concord,” the representative said.
READBuzzFeed CEO Says AI-Powered Content Creation Will Become ‘Part of Our Core Business’ in 2023
BuzzFeed (NASDAQ: BZFD), amid an economic downturn that last month led it to lay off 12% of its workforce, this year will increasingly rely on artificial-intelligence technology to help produce content, CEO Jonah Peretti said in an email to staff Thursday.
In 2023, “you’ll see AI-inspired content move from an R&D stage to part of our core business, enhancing the quiz experience, informing our brainstorming, and personalizing our content for our audience,” Peretti wrote.
READFaZe Clan faces possible delisting from the Nasdaq just 6 months after going public
FaZe Clan (NASDAQ:FAZE), the digital gaming-and-e-sports-content platform that went public just over six months ago with a valuation of $1 billion, is already trading well below a dollar per share, putting the company at risk of delisting by the Nasdaq exchange.
Face Holdings, the parent company of FaZe Clan, has seen its stock price fall from a high of $24.69 on August 30, 2022 to just 75 cents on Thursday.
Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates...
At the SPAC of Dawn Coinbase (NASDAQ:COIN) notched a surprise profit of over $1.5 billion in the first quarter of 2024, well exceeding estimates, demonstrating the powerful effect of publicly traded ETFs have had on crypto marketplaces since the start of the year. The result has pushed the company to bump up its own guidance...
Online casino and sports company Rush Street (NYSE:RSI) is up +18.4% in trading today on the back of a solid first quarter earnings release, bringing the company’s stock to its highest price since the second half of 2022 (currently $7.60). This makes it the latest in a line of 2020 and 2021 de-SPACs that have...
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an...
Churchill Capital Corp IX (NASDAQ:CCIXU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIXU”, Thursday, May 2, 2024. The new SPAC will conduct a broad search and has not limited itself to any particular sector or focus, but it plans to...