The Latest SPAC News and Rumors: November 10, 2022


The Latest SPAC News and Rumors: November 10, 2022


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

Latest SPAC News: Forbes enters into exclusive buyout talks with investor group, Intuitive Machines mission control cleared to track Artemis I, and court partially rebukes securities suit against Virgin Galactic SPAC deal

Forbes enters into exclusive buyout talks with investor group 

Business news and information publisher Forbes said on Wednesday it has entered into “exclusive discussions” with an investor consortium for the sale of the company.

The move comes months after the publisher pulled out of a deal to go public through a special purpose acquisition company. In August, it said it hired Citigroup to manage the sale.

The consortium comprises of family offices and global investors, a Forbes spokesman said in a statement, but did not disclose the value of the deal.


Intuitive Machines Mission Control Cleared to Track Artemis I Mission

Intuitive Machines, LLC (“Intuitive Machines” or the “Company”), a leading exploration, infrastructure, and services company, today announced NASA’s approval for Intuitive Machines to utilize its mission control and global ground station network to track the Artemis I Mission (“Artemis I”). Artemis I is NASA’s first mission in a series of increasingly complex missions that are expected to enable human exploration to the Moon and Mars.

As previously announced on September 16, 2022, Intuitive Machines signed a definitive business combination agreement with Inflection Point Acquisition Corp. (Nasdaq: IPAX, IPAXU, IPAXW).


Court Partially Rebukes Securities Suit Against Virgin Galactic SPAC Deal

On Monday, Judge Allyne Ross of the Eastern District of New York issued an opinion that granted in part and denied in part a motion to dismiss the complaint in a federal securities law class action brought against Virgin Galactic (NYSE:SPCE), Richard Branson and other individual defendants.

Plaintiffs allege violations of Sections 10(b), 20(a) and 20(A) of the Securities Exchange Act of 1934. Defendants’ motion addressed the sufficiency of the allegations in the Corrected Amended Complaint. In their 153 page pleading, plaintiffs allege that at the beginning of the class period (when Virgin Galactic went public), “Defendants claimed it [Virgin Galactic] was on the cusp of sending tourists to space.” In fact, according to plaintiffs, the program had tremendous safety problems. “When the truth emerged through unexplained flight program delay after unexplained delay, as well as several corrective disclosures, investors suffered tremendous losses.”