The Latest SPAC News and Rumors: November 22, 2022
by Marlena Haddad on 2022-11-22 at 12:13pm

 


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

Latest SPAC News: GloriFi to shut down, BM Technologies’ acquisition of Seattle community bank pushed to 2023, and Core Scientific loses $1.7 billion


Texas-based fintech firm GloriFi to shut down

Texas-based fintech firm GloriFi is shutting down and laid off most of its employees, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The company’s decision comes after it failed to secure funding needed to carry its operations through the first quarter, the report said, citing an email from GloriFi’s chief marketing and communications officer Cathy Landtroop to employees.

In July, the company had agreed to go public in the United States by merging with special purpose acquisition company DHC Acquisition Corp (NASDAQ:DHCA), in a deal that valued the fintech at $1.7 billion.

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BM Technologies’ acquisition of Seattle community bank pushed to 2023 

BM Technologies’ (NYSE:BMTX) said its planned $23 million acquisition of a Seattle-based community business bank has been pushed to 2023, following a decision to resubmit its merger application in order to answer questions from regulators regarding the tie-up.

BM Technologies was incubated by Wyomissing, Pennsylvania-based Customers Bank for five years before it was acquired for $140 million by special-purpose acquisition company Megalith Financial Acquisition Corp. in January 2021.

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Bitcoin Miner Core Scientific Has Lost $1.7 Billion This Year

Core Scientific Inc. (NASDAQ:CORZW), the largest US publicly-traded Bitcoin mining company in terms of computing power which merged with Power & Digital Infrastructure Acquisition Corp. in January, said its loss for the first nine months of the year climbed to over $1.7 billion.

The Austin, Texas-based company is among the hardest hit miners with low Bitcoin prices depressing mining revenue to a record low. Soaring energy costs and more competition among miners have plummeted profit margins. Core Scientific first warned in October that it may have to file for bankruptcy if the company can’t find more funding to repay its debt that amounts to over $1 billion. It had a third-quarter loss of $434 million.

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