The Latest SPAC News and Rumors: February 28, 2023

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

Latest SPAC News: Trump’s Truth Social asks Congress to probe SEC delays, Next.e.Go Mobile announces signing of MOU with Trafigura, and Euronext CEO confident IPO conditions are poised to improve

Trump’s Truth Social asks Congress to probe SEC delays, conflicts of interest during merger review

The parent company for former President Donald Trump’s Truth Social platform is asking Congress to investigate the SEC, alleging regulators there have engaged in “egregious conduct and blatant politicization” to delay the social media platform’s potential merger with an acquisition firm.

The SEC has been reviewing the so-called S4 plan submitted in fall 2021 by Digital World Acquisition Corp. (NASDAQ:DWAC) to merge with Trump Media & Technology Group, which owns the Truth Social platform that now boasts millions of users and has become a potent alternative for conservatives to traditional social media platforms like Twitter and Facebook.

Next.e.GO Mobile SE Announces Signing of Memorandum of Understanding with Trafigura to Solidify Long-Term Supply of Aluminium and Battery Metals

Next.e.GO Mobile SE, an innovative producer of urban electric vehicles, today announced that it has entered into a memorandum of understanding (MOU) with Trafigura Pte. Ltd., a leading international commodity company, to establish a long-term supply chain management service agreement focused on the supply of aluminium and battery metals such as lithium, cobalt, and copper.

As announced on July 28, 2022, e.GO has entered into a definitive agreement for a business combination with Athena Consumer Acquisition Corp. (NYSE: ACAQ) that would result in e.GO becoming a publicly listed company.

Euronext CEO Confident IPO Conditions Are Poised to Improve

Euronext NV, Europe’s largest stock-exchange group, says the pipeline for initial public offerings remains strong even amid a current drought, but companies are having difficulty picking the right time to list because of market volatility.

There’s a vibrant set of businesses, particularly in the technology sector, that are ready to go public, Euronext Chief Executive Officer Stephane Boujnah said in a video interview from Paris Monday.

Boujnah expects the wave of blank-check companies, or SPACs, that grew when there was abundant liquidity, to be over. “The reality is that most of those SPACs had two years to invest,” he said. “It turns out that some of them are starting to return money to shareholders.”

TikTok Direct Sales Tank for Brands From Beachbody to Juice Plus

The pandemic gave the industry an unexpected reprieve — people stuck at home hawked vitamins and essential oils via TikTok and Facebook, and for a while the business boomed. But now, with that boom quickly becoming a distant memory, some of the biggest names in the industry are falling into financial trouble.

Beachbody (NYSE:BODY), backed by the likes of former NBA star Shaquille O’Neal and civil rights activist Martin Luther King III is seeing less demand for its online fitness programs and nutritional products as Americans get back to the gym. It’s also a victim of the SPAC crash: its shares have tumbled nearly 95% since it merged with a blank-check company in 2021.

Forest Road Acquisition Corp. completed its combination with Beachbody in June 2021.