Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: DWAC jumps after Trump posts on Truth Social, and Eve provides business updates
Stock of SPAC Buying Truth Social Jumps After Trump Posts for First Time in Months
Shares of Digital World Acquisition Corp. (NASDAQ:DWAC), the special purpose acquisition company that is buying the company behind Donald Trump’s Truth Social, soared in after-hours trading Thursday after Trump posted a message on the platform for the first time in months.
“I’M BACK! #COVFEFE,” Trump posted on Truth Social on Thursday afternoon, with a photo of himself at his Mar-a-Lago estate in Florida. “Covfefe” was one of Trump’s more infamous Twitter typos, which grew into a meme of its own.
Shares of DWAC initially shot more than 25% higher late Thursday after Trump’s post, which suggested the former president may be more active on the fledgling social network, though gains settled to 15% by the end of the extended session. That was after the stock closed the regular trading day up about 8%, at $48.06.
Eve Announces Business Updates in Preparation for Closing of Business Combination with Zanite
Eve UAM, LLC, an Embraer S.A. company and a leader in the development of next-generation Urban Air Mobility solutions, today announced a summary business update on several previously disclosed key milestones relating to its business and plans to go public through a proposed business combination with Zanite Acquisition Corp. (Nasdaq: ZNTE). The Business Combination includes a previously announced $357.3 million PIPE, inclusive of a $52.3 million upsize, which includes commitments from strategic partners Thales, Acciona and Space Florida, as well as an increased commitment by Embraer Aircraft Holding, Inc., a direct subsidiary of Embraer.
The Company also announced a number of new developments and business agreements in its UAM portfolio of solutions as it seeks to reshape the future of UAM.READ