The Latest SPAC News and Rumors: February 18, 2022

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

Latest SPAC News:  Chamath Palihapitiya steps down from Virgin Galactic, speculative investors drive 700% spike in former SPACs with low floats, and Bakkt slides 19%

Virgin Galactic Chairman Chamath Palihapitiya Steps Down From Board

Serial dealmaker Chamath Palihapitiya stepped down as chairman of Virgin Galactic Holdings Inc. (NYSE:SPCE), an abrupt departure as the space-tourism company moves from startup phase toward paying flights.

Palihapitiya plans to focus on his other board commitments and the resignation did not result from any disagreements with the company, Virgin Galactic said Friday. Current director and Chief Investment Officer Evan Lovell was appointed interim chairman as the company begins a search for a successor.

Speculators Drive 700% Jump in Former SPACs With Low Floats

Speculative investors are piling into shares of companies that went public by merging with blank-check firms with low floats, according to Bloomberg.

At one point on Thursday, luxury travel company Inspirato Inc. (NASDAQ:ISPO) soared as much as 772% while Cepton Inc. (NASDAQ:CPTN) surged 746% and Middle Eastern Spotify Technology SA rival Anghami Inc. (NASDAQ:ANGH) tripled. The three recently combined with SPACs that saw the majority of investors opt to return their shares in the shell company for cash.

Crypto Platform Bakkt Dives as Forecast Dims Post-SPAC Optimism

Bakkt Holdings Inc.  (NYSE:BKKT) shares slid 19%, the biggest drop since mid-December, after quarterly results left investors questioning how long the digital-asset marketplace will take to realize its much ballyhooed potential.

The slide comes even after the Alpharetta, Georgia-based company reported revenue of $39.4 million, an almost 40% jump from the year-earlier period. Investors on a conference call keyed on the firm’s 2022 outlook, asking whether Bakkt could meet months-old projections made in the midst of its merger with a blank-check company.