The Latest SPAC News and Rumors: August 1, 2023


The Latest SPAC News and Rumors: August 1, 2023

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

Latest SPAC News: Verde Clean Fuels announces agreement for renewable gasoline plant, Universal Entertainment accused of improper influence in Manila casino fight, and Integral 1 on the prowl again as $185M buyout falls over

Verde Clean Fuels Announces Carbon Capture Agreement for Renewable Gasoline Plant in California

Verde Clean Fuels  (Nasdaq: VGAS), a company focused on becoming the leading supplier of gasoline and other fuels derived from renewable feedstocks or natural gas, today announced a Carbon Dioxide Management Agreement (CDMA) between Verde and Carbon TerraVault JV HoldCo, LLC (“CTV JV”), a carbon management partnership focused on carbon capture and sequestration development formed between Carbon TerraVault, a subsidiary of California Resources Corporation (“CRC”) (NYSE: CRC), and Brookfield Renewable (NYSE: BEP).

Verde Clean Fuels, previously known as Bluescape, closed its combination with CENAQ Energy in February.


Japan’s Universal Entertainment Accused of Improper Influence in Manila Casino Fight

Officials of a Japanese entertainment company in a merger fight over a Manila casino resort sought to improperly influence a prominent Filipino legislator to regain control of the property, a special purpose acquisition company suing Universal Entertainment Corp. alleged.

In a filing Monday in Delaware Chancery Court, the SPAC, 26 Capital Acquisition Corp. (NASDAQ:ADER), claimed that Universal executives brought “heavy luggage” to a meeting with Philippine House of Representatives Speaker Martin Romualdez to try to secure his support in the dispute. They have been trying to take back control of the 100-acre (40-hectare) Okada Manila resort and casino, valued at $2.6 billion.


Melbourne SPAC on the prowl again as $185m buyout deal falls over

Financial Review can report that Aaron Hornlimann’s deal to sell his startup Elenium Automation to a Nasdaq-listed SPAC for an eye-watering $185 million valuation has fallen through.

But, Integral Acquisition Corporation 1 (NASDAQ:INTE), has been reaching out to other Australian startups in the recent weeks as its talks with Elenium die out and the clock ticks on finding an acquisition target.