The Latest SPAC News and Rumors: July 24, 2023


The Latest SPAC News and Rumors: July 24, 2023

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

Latest SPAC News: PlayUp pauses capital raise after business hit by regulator, Bridger Aerospace enters into definitive purchase agreement with Bighorn Airways, and True Velocity acquires Delta P

PlayUp pauses $10m capital raise after US business hit by regulator

PlayUp, the Australian fantasy sports betting outfit, has paused its $10 million capital raise until it can sell its business in the United States.

The decision to pause the capital raise comes after New Jersey’s gambling regulator, the Division of Gaming Enforcement, revoked PlayUp’s licence to provide betting services in the state.

PlayUp originally planned to merge with IG Acquisition Corp., but the business combination was terminated in January.


Bridger Aerospace Enters into Definitive Purchase Agreement with Bighorn Airways

Bridger Aerospace Group Holdings, Inc., (NASDAQ: BAER), one of the nation’s largest aerial firefighting companies, today announced that it has entered into a definitive purchase agreement with Bighorn Airways, Inc. (“Bighorn”), a specialty aviation company based in Sheridan, WY. Bridger will acquire Bighorn’s fleet of 12 aircraft used for wildfire smoke jumping as well as special mission transport and delivery for government customers. The transaction, valued at $39 million, is expected to close by the end of September 2023 and is subject to normal and customary closing conditions. The acquisition will be financed through a combination of cash and stock, with the majority of consideration paid to the sellers in the form of stock.


True Velocity Acquires Suppressor Manufacturer Delta P Design

Texas-based ammunition manufacturer TV Ammo, Inc. (“True Velocity”) announced today it has acquired advanced suppressor technology company Delta P Design (“Delta P”).

The strategic acquisition, approved by the True Velocity Board of Directors earlier this month, further strengthens the company’s portfolio of American-made advanced, lightweight ammunition technology and next-generation weapon systems.

As previously announced on November 1, 2022, TV Ammo, Inc. entered into a business combination agreement with Breeze Holdings Acquisition Corp. (“Breeze Holdings”) (NASDAQ: BREZ).