The Latest SPAC News and Rumors: May 25, 2023
by Marlena Haddad on 2023-05-25 at 12:18pm

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Nasdaq threatens to delist Trump SPAC, Plastiq files for bankruptcy, and Virgin Galactic faces crucial test flight


Nasdaq threatens to delist the Trump SPAC from the stock market

Digital World Acquisition Corp. (NASDAQ:DWAC), the blank-check firm seeking to merge with former President Donald Trump’s media venture that owns the Truth Social app, has received a delisting notice from the Nasdaq.

In a press release Wednesday, Digital World said it “received an expected letter” from the stock market because it hasn’t filed a quarterly report for the period ending on March 31. The letter doesn’t mean the company will be delisted, but its stock could disappear from the Nasdaq exchange if it doesn’t get its act together soon.

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Payments Processor Plastiq Files for Bankruptcy After Aborted SPAC Deal

Payments processor Plastiq has filed for bankruptcy, less than a year after an aborted merger with a special-purpose acquisition company and weeks after Silicon Valley Bank’s collapse temporarily halted its operations.

San Francisco-based Plastiq sought protection from creditors Wednesday with a proposed deal to be acquired by publicly traded payments business Priority Technology Holdings.


Richard Branson’s Space-Tourism Dreams Face a Crucial Test Flight

Virgin Galactic Holdings Inc.(NYSE:SPCE), the space-tourism startup founded by Richard Branson, plans to send a six-person crew to the edge of space and back on Thursday — a crucial test of whether the company is ready to start its commercial space service late next month.

The flight, called Unity 25, is scheduled to take off at 8 a.m. local time from New Mexico with two seasoned pilots and four passengers — all Virgin Galactic employees. It’s the company’s first crewed mission in almost two years.

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