The Latest SPAC News and Rumors: February 22, 2022

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

Latest SPAC News:  Eni adds six banks for IPO of $11 billion renewables unit, DWAC surges after Truth Social launch, and Gulf Capital considers SPAC with Abu Dhabi listing

Eni Adds Six Banks for IPO of $11 Billion Renewables Unit

Eni SpA has picked six more banks to work on the IPO of its retail and renewables unit Plenitude, which could be valued at about 10 billion euros ($11.3 billion).

The Italian energy giant has hired Barclays Plc, Bank of America Corp., BNP Paribas SA, Deutsche Bank AG, Equita Group SpA and UniCredit SpA as bookrunners for the Milan IPO, which could kick off as soon as May.

Eni SpA announced earlier this month that it is considering listing a SPAC that could target energy-transition businesses.

Trump-Linked SPAC’s Shares Surge After Truth Social App Tops Apple Downloads

Shares of Digital World Acquisition Corp (NASDAQ:DWAC), the blank-check company behind former U.S. President Donald Trump’s new social media venture, Truth Social, surged nearly 30% in premarket trading on Tuesday as the app climbed the charts after its debut on Apple’s App Store.

Digital World’s shares jumped 26% to $106.44 and were on track to open at levels last seen in October, days after Digital World announced a deal to publicly list Trump Media & Technology Group (TMTG), the venture behind Truth Social.

Gulf Capital Considering SPAC With Abu Dhabi Listing

Abu Dhabi asset manager Gulf Capital is considering setting up a SPAC that will list on the Abu Dhabi Securities Exchange.

Gulf Capital, which manages about $2.5 billion in assets, is working with boutique advisory Moelis & Co on the potential transaction.

Donald Trump’s New Social Media App Shows Errors on Launch Day

Donald Trump’s new social media network, Truth Social, got off to a rocky start on its launch day, with some users being unable to register and others receiving error messages.

Trump Media & Technology Group, which aims to take on big tech companies with offerings from social media to streaming, launched Truth Social to give the former U.S. President a platform after he was banned from Twitter and Facebook.