(Bloomberg) — One of the SPAC industry’s most well-known sponsors and a would-be serial backer have seen deals worth $10.6 billion go up in smoke in less than an hour. Alec Gores, one of the most well-respected sponsors, said Monday that Gores Holdings VIII Inc. would not be merging with materials science tech company Footprint. […]
Read More(Bloomberg) — The news came with little fanfare. It was late on a sleepy summer afternoon last week, and few on Wall Street even seemed to notice the pair of filings when they hit the SEC website. In terse, boilerplate language, the documents stated that two SPACs launched by Chamath Palihapitiya needed to push back […]
Read More(Bloomberg) — If the SPAC craze is over, it’s going out with a bang by making a Miami lawyer who has owned speedboats named “Class Action” and “Power of Attorney” one of the richest people in the US — if only briefly. MSP Recovery was valued at $32.6 billion in its merger with special purpose […]
Read More(Bloomberg) — The merger deal bringing Donald Trump’s media venture public carries a range of risks for its investors, including permission for the former president to resume tweeting about politics on rival social media platforms he has denounced like Twitter Inc. Trump, who will be chairman of the combined company that will bear his name, […]
Read More(Bloomberg) — Two years into the SPAC merger boom for electric-vehicle startups, companies are having a tough time finding cash to actually produce cars. First Lordstown Motors Corp. said it would back off investing in the tools to build its electric trucks until capital markets loosen up. Two days later, EV Startup Canoo Inc. issued […]
Read More(Bloomberg) — Shares of the shell company taking Donald Trump’s media venture public extended their selloff after a report that a pair of key executives resigned and Elon Musk bought a sizable stake in social media competitor Twitter Inc. Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media & Technology Group, fell […]
Read More(Bloomberg) — Meme stocks, blank-check companies and high-flying biotech names that were all the rage at the start of 2021 are now running cold. The first two weeks of the year have brought a 17% tumble for a group of stocks that went public via merger with blank-check firms and a 10% correction for the […]
Read MoreLess than two weeks after the stock price of a special purpose acquisitions company linked to former president Donald Trump jumped more than 1,000% in just two days before falling back to earth, the company behind that deal is launching its own SPAC. Last month, the former president announced plans to raise money for his […]
Read More(Bloomberg) — Donald Trump’s sagging fortune is suddenly poised to get a massive boost from meme-stock mania. News late Wednesday that the former president’s nascent media enterprise, Trump Media & Technology Group, is planning to go public via a special purpose acquisition company has sent retail investors into a frenzy, even with few details released. […]
Read More