Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Execs leave Digital World as Trump Launches NFT collection, Faraday Future slides on capex plans
Three Execs Abruptly Depart SPAC As Lingering Investigations And Market Chaos Imperil Deal
Digital World Acquisition Corp., the special-purpose acquisition company picked to take former President Donald Trump’s social media company public, unveiled a series of high-level departures on Friday since the end of last month—deepening potential worries for the firm as it struggles to finalize a deal amid regulatory investigations and broader market chaos.
In a regulatory filing released Friday morning, Digital World announced board member Rodrigo Veloso and chief financial officer Lee Jacobson sent letters of resignation to the company on December 9, while board member Luiz Philippe Braganza informed the firm of his departure on November 28.
READFaraday Future slides after signaling need for funds to start production
Shares of Faraday Future Intelligent Electric (NASDAQ:FFIE), which combined with Property Solutions in July 2021, tumbled 21% on Friday after the company unveiled production plans for its much-delayed luxury electric car that hinged on securing additional financing.
The company is in talks with new and existing investors to raise the $150 million to $170 million in capital needed to start production in March and deliveries a month later of the FF 91 Futurist, Faraday disclosed on Thursday.
READDonald Trump’s launch of $99 NFTs sparks 10% decline in Digital World SPAC linked to Truth Social
Former President Donald Trump’s launch of $99 digital NFTs failed to gin up excitement among investors in the Digital World Acquisition SPAC (NASDAQ:DWAC) that is seeking to merge with Trump’s Truth Social.
Shares of Digital World Acquisition initially spiked as much as 10% on Wednesday after Trump teased a “major announcement.” The stock has had a knack for rallying ahead of anticipated Trump rallies and other developments related to his 2024 re-election bid.
But Digital World stock gave up all of those gains on Thursday after the “major announcement” turned out to be the launch of the ‘Donald Trump Digital Trading Card Collection’ at a time when the crypto and NFT market has been decimated.
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Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...