The Latest SPAC News and Rumors: November 23, 2022

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

Latest SPAC News: Cilo Cybin flops after failing to lure South Africa investors, DWAC wins shareholder support for one year extension, and Watersight adds global companies to AquaRing pilot program

Cannabis SPAC Flops After Failing to Lure South Africa Investors

Cilo Cybin Holdings Ltd., a South African medical cannabis company, abandoned plans for an initial public offering in Johannesburg after failing to attract enough investment.

The business, the first in South Africa to win the right to grow, process and package cannabis products, had planned to list as a special purpose acquisition company. The aim was to raise as much as 2 billion rand ($116 million), founder Gabriel Theron said earlier this year, yet investors offered to buy just 20.5 million rand of shares.

Trump-Tied SPAC DWAC wins shareholder support for one year extension 

Investors in the blank-check acquisition company that plans to merge with former U.S. President Donald Trump’s social media firm on Tuesday voted to approve an extension of the time Digital World Acquisition Corp has to complete a deal.

After several delays, enough shareholders agreed to give DWAC until September 2023 to finalize its plans, handing a victory to DWAC (NASDAQ:DWAC) and its chief executive Patrick Orlando who had spent months trying to woo shareholders into voting.

Watersight Adds Global Companies to the AquaRing Water Monitoring Pilot Program

Watersight, a watertech joint venture company of MEKOROT, Israel’s national water company, and Newsight Imaging Ltd., a technology company that specializes in advanced CMOS image sensors for spectral analysis and machine vision, today announced the start of the field test at MEKOROT’s water monitoring facility in northern Israel alongside the addition of U.S. global companies to its pilot water monitoring program utilizing the AquaRing. The AquaRing is a smart water monitoring system, a complete real-time sensing device for online water condition monitoring for water, utility, and food & beverage industries.

On August 30, 2022, Newsight Imaging announced that it has entered into a definitive agreement to become publicly listed through a merger transaction with Vision Sensing Acquisition Corp. (Nasdaq: VSAC), a publicly traded special purpose acquisition company.