The Latest SPAC News and Rumors: April 4, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: DWAC slides after key executives quit, FinAccel spends $200M for Indonesia digital banking push, and Hertz buys 65,000 EVs from Polestar
Trump-Tied Social Media SPAC Slides After Key Executives Quit
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. (NYSE:TWTR).
Digital World Acquisition Corp. (NASDAQ:DWAC), the special-purpose acquisition company merging with Trump Media & Technology Group, fell as much as 14% Monday to extend a losing streak for a seventh-straight day as downloads of the Truth Social app dry. The decline was triggered by a Reuters report that Truth Social’s chiefs of technology and product development Josh Adams and Billy Boozer have resigned and as Musk became Twitter’s largest shareholder.
READFinAccel Spends $200 Million for Indonesia Digital Banking Push
FinAccel Pte, the parent company of fintech platform Kredivo, has acquired a majority stake in Indonesia’s PT Bank Bisnis Internasional TB, pitting itself against Southeast Asia’s biggest internet companies for a share of a growing digital banking arena.
The Singapore-based company, which spent a total of about $200 million on accumulating the holding, will have a 75% stake in the Jakarta-based lender by the end of this week, Chief Executive Officer Akshay Garg said in an interview.
FinAccel’s purchase comes shortly after its planned merger with a blank-check company collapsed. The combination with Chicago-based Victory Park Capital Advisors LLC (NASDAQ:VCTR) was canceled after a tepid climate rocked confidence in many deals.
READHertz to Buy Up to 65,000 Electric Vehicles From Polestar
Rental car firm Hertz Global Holdings (NASDAQ:HTZ) said on Monday it would buy up to 65,000 electric vehicles over five years from Swedish EV maker Polestar, the latest move by the rental car firm to add zero-emission models.
The Florida-based rental car company said that it would initially order the Polestar 2 sedan. Hertz shares were up 1.75% in premarket trading Monday.
Polestar, which was founded by China’s Geely and Volvo Cars, is set to merge with special purpose acquisition company Gores Guggenheim Inc (NASDAQ:GGPI) this year.
READSwvl Advances in Nasdaq Debut After Queen’s Gambit SPAC Tie-Up
Swvl Holdings Corp. (NASDAQ:SWVL), a Dubai-based mass transit startup, rose in its Nasdaq debut following a merger with blank-check firm Queen’s Gambit Growth Capital.
Shares gained as much as 9.8% to $10.30 on Friday. The deal originally valued the company at $1.5 billion, making Swvl one of the Persian Gulf’s few so-called unicorns.
READRumble Launches New Feature, and Releases iPhone App in Brazil & Portugal
Today, the video-sharing platform Rumble announced that the company has released a new mobile application on the iOS operating system that includes a full-screen vertical discovery feature and customized design for low-light environments, known as “dark mode.” The company also released the iPhone app in two new markets, Brazil and Portugal.
The company announced in December 2021 the execution of a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).
READ