Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork in discussions for fresh equity raise, and Mark Ein-backed SPACs scrap IPO plans
WeWork Explores Fresh Equity Raise Amid Stock Slump
WeWork Inc. (NYSE:WE) is in discussions to raise new equity after the co-working company’s shares fell by more than half since its October public debut. The stock plunged to a record low on the news.
The talks were kick-started by investor interest and the capital raise may be structured as a PIPE. New York-based WeWork is looking at bringing in more than $200 million.
Led by Chief Executive Officer Sandeep Mathrani, WeWork made its public markets debut in October following a merger with BowX Acquisition Corp. The shares plunged as much as 24% Friday to $4.66, a record low.
READInvestor Mark Ein-Backed SPACs Scrap U.S. IPO Plans
Two blank-check vehicles backed by investor Mark Ein have withdrawn their plans for initial public offerings in the United States, according to regulatory filings on Friday, joining a slew of companies that have canceled listings this year.
The withdrawal by Capitol Investment Corp. VI and Capitol Investment Corp. VII comes at a time when volatility in the U.S. market has spiked, triggered by geopolitical tensions, rate hike concerns and uneven earnings.
READ
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...
European Biotech (NASDAQ:EBAC) announced in an 8-K this morning that it has increased its PIPE by $7.8 million and added $7 million to the convertible loans attached to the combination with biotech firm Oculis. The new PIPE cash comes at $10 per share and joins $63.3 million in existing PIPE financing for a total of...
DHC Acquisition Corp (NASDAQ:DHCA) announced that it is formally terminating its combination with conservative banking venture GloriFi. This was essentially a formality because the SPAC already announced in November that GloriFi had begun the process of winding down. The two sides announced their $1.7 billion combination in July. But, even at the time, public details...