Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
WeWork Inc. (NYSE:WE), the troubled co-working company on the brink of collapse, is moving forward with a 1-for-40 reverse stock split in a bid to save its listing on the New York Stock Exchange.
Shares fell as much as 25% to around 12 cents Friday, hitting the lowest intraday level on record.
WeWork has been trying to deliver a turnaround story for years — one in which the rowdy co-working startup transforms into a stable, profitable public company. But the New York-based company has been bleeding cash, and customers of its office rentals are canceling memberships in droves, forcing the firm on Aug. 8 to warned that it may not be able to stay afloat.
WeWork completed its business combination with BowX in October 2021.
READDigital health firm Babylon filed for bankruptcy in Delaware last week for two of its subsidiaries, according to court filings.
The Chapter 7 bankruptcy filings for Babylon Healthcare and Babylon Inc. come as the company shuts down core operations in the U.S., after a take-private deal with digital neurotherapy company MindMaze collapsed.
Babylon went public in 2021 through a merger with Alkali Global valued at $3.5 billion.
READGolden Rock Global PLC (LON:GCG) on Thursday said it has signed an initial deal to acquire software firm 2Mee.
Golden Rock is a special purpose acquisition company, while 2Mee is a York-based software company that has developed a “next-generation omnichannel communication platform that delivers influencers as on-screen web and app messages”.