Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims
Trump-Tied SPAC’s Shares Jump After Historic New York Charge
The criminal case against Donald Trump is providing a lift to the blank-check firm taking his media company public, as well as other stocks tied to the former president, as traders bet the news will drive traffic to conservative outlets.
Digital World Acquisition Corp.(NASDAQ:DWAC), the special-purpose acquisition company merging with Trump Media, rallied as much as 10%. Meanwhile, Phunware Inc.(NASDAQ:PHUN), a software company that worked on Trump’s 2020 reelection campaign, gained as much as 5.6% and Rumble Inc.(NASDAQ:RUM), the Peter Thiel-backed conservative video network, climbed as much as 11% after reporting results.
READPair of Delaware Chancery Court Decisions Deny Motions To Dismiss SPAC Shareholder’s Fiduciary Breach Claims, Following MultiPlan
On January 4, 2023, and again on March 1, 2023, Vice Chancellor Lori Will of the Delaware Court of Chancery denied motions to dismiss claims against directors and controlling shareholders of GigCapital-affiliated special purpose acquisition companies (“SPACs”) for alleged fiduciary duty breaches. Delman v. Gigacquisitions3, LLC, et. al., C.A. No. 2021-0679-LWW (Del. Ct. Ch. Jan. 4, 2023) (“Gigacquisitions3”); Laidlaw v. Gigacquisitions2, LLC, et. al., C.A. No. 2021-0821-LWW (Del. Ct. Ch. Mar. 1, 2023) (“Gigacquisitions2”).
In the second of the two decisions, Gigacquisitions2, the Court noted that the “legal theories presented and defendants named are largely indistinguishable” between the two cases.
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At the SPAC of Dawn September’s busy, but short, first week is set to keep rolling with three completion votes by Achari I (OTC:AVHI), Nova Vision (NASDAQ:NOVV) and Focus Impact (NASDAQ:FIAC) this week. All three of these have been postponed at least once, and could do so again, but Focus Impact has its transaction deadline...
Terms Tracker for the Week Ending September 6, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was a short holiday week and while it was light on filings, SPACs did manage to price two IPOs. That means 2024 has now...
Compass Digital (NASDAQ:CDAQ) has entered into a definitive agreement to combine with renewable energy firm EEW at a pro forma enterprise value of $386 million. London-based EEW is a solar, hydrogen and energy storage project developer with 1.4 GW of solar projects sold to date in Australia, the UK, Spain, and Sweden. The combined company...
Evergreen (NASDAQ:EVGR) has entered into a definitive agreement to combine with enterprise software firm Forekast at a pre-money enterprise value of $105 million. The company provides data analytics and customer engagement tools backed by some degree of AI automation to improve efficiencies for its business clients. The combined company is expected to trade on the...
At the SPAC of Dawn The auto-reply messages are off. SPACs are definitively back from vacation and in the thick of it. Two new SPACs are set to debut in trading today in Vine Hill (NASDAQ:VCICU) and Andretti II (NASDAQ:POLEU) and two SPACs have also landed their search on new targets, which could pull a...