Tag Archives: SPAC

‘This one is next’ — here’s why WallStreetBets founder Jaime Rogozinski is tapping Trump’s SPAC as the clear new meme trade

‘This one is next’ — here’s why WallStreetBets founder Jaime Rogozinski is tapping Trump’s SPAC as the clear new meme trade Keeping a close eye on Reddit’s WallStreetBets forum has been a good idea for investors. The 11 million-member Internet community led the charge during GameStop’s two-week 1,500% short-squeeze in January and is largely responsible for AMC Entertainment’s massive 1,800% year-to-date run-up. Those incredible gains have led to the downfall of several hedge funds that… Source link

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Trump’s Tech SPAC Could Make Him Billions With Meme-Stock Frenzy

(Bloomberg) — Donald Trump’s sagging fortune is suddenly poised to get a massive boost from meme-stock mania. Most Read from Bloomberg 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. The stock gain drove the implied value of the new venture to more than $8.2 billion. Based on figures from press… Source link

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Trump-tied SPAC soars more than 270%, retail traders pile on

Shares of Digital World Acquisition Corp (DWAC), the special purpose acquisition company which will merge with former President Trump’s social media company soared more than 270% on Thursday. Trading was briefly halted for volatility as retail investors piled on the stock.  Digital World Acquisition is one of the top trending tickers on Yahoo Finance. It’s also the #1 stock on Fidelity’s orders by retail customers, behind Tesla (TSLA). It is also the most mentioned ticker on Stockwits in the… Source link

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The once ultra hot SPAC market has pretty much crumbled

The once red-hot SPAC market continues to be touch and go, at best.  Third quarter to-date, an average of six SPAC [special purpose acquisition company] IPOs have raised $1.2 billion in total capital each week, according to fresh data out of Goldman Sachs on Thursday. That pace is down sharply from the boom period seen in the first quarter, when an average of 21 SPACs raising $6 billion in capital came to market each week.  Goldman points to increased regulatory concerns — in part fueled… Source link

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EV Startup Lucid Risks SPAC Deal Collapse on No-Show Holders

(Bloomberg) — The blank-check company seeking to buy electric-car startup Lucid Motors Inc. made a last-minute appeal for retail shareholders to vote for the deal amid signs that it’s struggling to win their approval. Churchill Capital Corp. IV, the special purpose acquisition company started by investment banker Michael Klein, adjourned its Thursday shareholder meeting that was to determine the fate of the merger, pushing the decision back to the following day. It also appealed again in a… Source link

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Cryptocurrency firm Bullish to go public in $9 billion SPAC deal

By Gertrude Chavez-Dreyfuss (Reuters) – Cryptocurrency company Bullish announced on Friday it had agreed to go public on the New York Stock Exchange through a merger with Far Peak Acquisition, a special purpose acquisition company (SPAC), in a $9 billion deal. Bullish, a unit of blockchain software company Block.one, plans to launch a regulated crypto exchange later this year. The company is backed by billionaire entrepreneur Peter Thiel’s Thiel Capital and Founders Fund, British hedge fund… Source link

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Google-backed Planet Labs to go public in $2.8 bln SPAC deal

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri July 7 (Reuters) – Earth data and analytics company Planet Labs Inc, which is backed by Alphabet Inc’s (GOOGL.O) Google, will go public through a merger with a blank-check company in a deal valued at $2.8 billion, the companies said on Wednesday. Planet Labs will merge with dMY Technology Group Inc IV (DMYQ.N) and list on the New York Stock Exchange. The company, which… Source link

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Why SoFi’s dealmaking CEO went the SPAC route for its IPO

SoFi’s (SOFI) long-awaited IPO on Tuesday isn’t the first time CEO Anthony Noto has had a splashy deal day.  Noto is a former tech analyst and investment banker at Goldman Sachs who spent more than 12 years at the firm (1999 to 2008, then a return from 2010 to 2014 after a stint in between as the NFL’s CFO). He played a key role in Twitter’s IPO while at Goldman — he then joined CEO Jack Dorsey at the company as chief operating officer for an almost four-year period. Given that extensive… Source link

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The SPAC craze is done for now, and it’s ‘warranted’: Goldman Sachs

RIP, SPAC (Special Purpose Acquisition Company) craze.  Going public via a SPAC became all the rage late in 2020 and into 2021 because of its relative ease versus the traditional IPO route and the fact everyone on the Street seemed to be doing it. Now the process has darn near crashed.  New research out from Goldman Sachs strategist David Kostin on Thursday shows that only six new SPAC IPOs have come to market in the second quarter of 2021. For context, Goldman notes, at this point in the… Source link

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eToro Nears $10 Billion Merger With Betsy Cohen SPAC

(Bloomberg) — Trading platform EToro, a rival to Robinhood Markets Inc., plans to go public via a merger with a blank-check firm led by serial dealmaker Betsy Cohen. The agreement with FinTech Acquisition Corp. V values the combined company at about $10.4 billion, according to a statement Tuesday confirming a Bloomberg report. The companies are raising about $650 million in equity to support the deal. Investors in the equity transaction included ION Investment Group, Softbank Vision Fund II,… Source link

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