The Latest SPAC News and Rumors: June 29, 2023


The Latest SPAC News and Rumors: June 29, 2023

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

Latest SPAC News: Trump SPAC investors charged in $22M scheme, Lordstown says it has had confidential settlement talks with SEC, and Virgin Galactic enters space tourism era with commercial debut 

Trump SPAC Investors Charged in $22 Million Scheme

Three investors in the special purpose acquisition company that has agreed to take Trump Media & Technology Group Corp. public were indicted on charges they used inside information about the deal to make $22 million in illegal trades.

Digital World Acquisition Corp.  (NASDAQ:DWAC) is a SPAC that has signed a deal to merge with Trump Media, which runs Donald Trump’s “Truth Social” network, and take it public.

Michael Shvartsman, the CEO of Rocket One Capital LLC. and his brother Gerald Shvartsman, were named in a federal indictment unsealed Thursday in Manhattan federal court. Bruce Garelick, chief investment officer of Rocket and a member of the DWAC board, was also named.


Bankrupt Lordstown Says It’s Held Confidential Settlement Talks With SEC

Bankrupt Lordstown Motors Corp. (NASDAQ:RIDE) has had confidential settlement talks with the US Securities and Exchange Commission, which has previously inquired about whether the electric vehicle startup misled investors in relation to its merger with a blank-check company when it went public in 2020.

Lordstown lawyer Thomas Lauria said during the company’s debut bankruptcy hearing in Delaware Wednesday that the SEC’s investigation could result in civil claims but it’s not yet known whether discussions will result in a settlement or future litigation.


Virgin Galactic Enters Space Tourism Era With Commercial Debut

Fifteen years later than planned, Richard Branson’s vision for space tourism is poised to become a reality.

Virgin Galactic Holdings Inc. (NYSE:SPCE) will begin commercial operations Thursday when it sends six people to the edge of space and back. It’ll offer paying passengers several minutes of weightlessness during the 90-minute research mission from New Mexico.