The Latest SPAC News and Rumors: June 27, 2022

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

Latest SPAC News: Trump-tied DWAC tumbles following grand jury subpoena and car charging start-up EO opts for private funding

Trump-Tied SPAC Tumbles After Disclosing Grand Jury Subpoena 

Digital World Acquisition Corp. (NASDAQ:DWAC), the special purpose acquisition company merging with Trump Media & Technology Group, tumbled after disclosing that a federal grand jury in the Southern District of New York issued subpoenas to the company and members of its board of directors.

The SPAC slumped 10% at the start of Monday’s trading, opening at the lowest level since the deal was announced last year. Warrants that are tied to the SPAC fell as much as 7% to $7.18 before trimming losses, they traded as high as $79 in October.

Car charging start-up EO dumps SPAC for private funding

EO, a British provider of electric vehicle charging to companies such as Amazon and Tesco, is close to securing private funds to back its expansion into the EU and US after a failed attempt to float in the US through a Spac. EO was forced this year to ditch a $675mn deal to combine with First Reserve Sustainable Growth (NASDAQ:FRSG), a New York-listed special purpose acquisition company.

The move came as the war in Ukraine and wider slump in tech-related stocks caused the market for Spac backed flotations to freeze. Charlie Jardine, who founded EO Charging in 2014, said it had been a “challenging time to go public” but that the collapse of the deal now looked like a “gift”.