The Latest SPAC News and Rumors: June 23, 2023


The Latest SPAC News and Rumors: June 23, 2023

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

Latest SPAC News: Blue Owl to retire its Owl Rock and Dyal brands, former Lordstown Motors CEO cashes out

Blue Owl to Retire Its Owl Rock and Dyal Brands as Founders Feud

Blue Owl Capital Inc. (NYSE:OWL) is re-branding its business units in a public show of unity amid brewing tensions among the firm’s senior executives.

It’s renaming Dyal Capital, which takes stakes in private equity firms, to Blue Owl GP Strategic Capital, according to an investor letter seen by Bloomberg. Owl Rock (NYSE:ORCC), its direct lending arm, will become Blue Owl Credit, while its Oak Street real estate unit will be renamed Blue Owl Real Estate.

Blue Owl Capital was formed in 2021 after Owl Rock, founded by Marc Lipschultz and Doug Ostrover, merged with Dyal Capital, founded by Michael Rees, through a SPAC deal.


Former Lordstown Motors CEO Cashes Out

The former CEO of Lordstown Motors Corp. (NASDAQ:RIDE) has liquidated his remaining shares in the company he founded and from which he resigned two years ago.

According to a regulatory filing submitted Wednesday, Stephen S. Burns recently sold off nearly $3.9 million worth of common stock – the last of the more than 46 million shares the former CEO once owned when the company went public in October 2020.

The company went public via a special purpose acquisition company, or SPAC, in October 2020.