The Latest SPAC News and Rumors: June 9, 2023

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

Latest SPAC News: DWAC rises in wake of Trump’s indictment, Senator Kennedy introduces SPAC Act to protect investors, and Abacus Life appoints new managing director

DWAC rises in wake of Donald Trump’s indictment

Shares of Digital World Acquisition Corp. (NASDAQ:DWAC), the SPAC looking to take Donald Trump’s Trump Social public, rose 0.9% in premarket trading Friday, after the former president said he’s been indicted in the federal investigation into classified documents. Trump has been summoned to appear in federal court on June 13. After Trump was found liable for sexual abuse and defamation on May 9, the SPAC’s stock rose 3.6%, and climbed 7.5% over three days to close May 11 at $13.93, before pulling back.

A merger with Digital World Acquisition and Trump Media & Technology Group has been in the works since October 2021.

Kennedy introduces SPAC Act to protect investors by increasing transparency surrounding blank-check firms

Sen. John Kennedy (R-La.) today introduced the Sponsor Promote and Compensation (SPAC) Act, which would provide greater transparency for investors involved with Special Purpose Acquisition Companies (SPACs).

Abacus Life Appoints New Managing Director 

Abacus Settlements, LLC (d/b/a Abacus Life) and Longevity Market Assets, LLC, a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today announced that Nicholas Sawuk has joined the Company as Managing Director.

Abacus Life has entered into a definitive merger agreement with East Resources Acquisition Corporation (NASDAQ: ERES) that will result in Abacus becoming a publicly listed company.