The Latest SPAC News and Rumors: September 5, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Rumble stock rises after CEO says he won’t sell shares when lock-up period ends, One Energy announces commercial operation of digital substation, and Singapore Exchange becomes first major bourse in Asia to allow SPAC listings
Rumble stock rises after CEO Chris Pavlovski says he won’t sell any shares when the lock-up period ends
Shares of Rumble Inc. (NASDAQ:RUM) rose 0.9% in premarket trading Tuesday, after the video-sharing and social-media site’s Founder and Chief Executive Chris Pavlovski said he will “not sell” any of its shares with the lock-up period ends.
“When the lock-up is lifted, it will become evident who truly stands for free speech and who has other motivations. I, for one, remain deeply and passionately committed to our mission to protect a free and open internet,” Pavlovski said. “I did not take Rumble public just to sell my shares as soon as I can, and therefore have no plans to sell.”
The company went public in September 2022 after the acquisition by SPAC CF Acquisition Corp. VI closed on Sept. 16. The lock-up agreement stipulates that Pavlovski, who owns a 44.6% stake in Rumble, would be able to start selling his shares on the one-year anniversary of the closing date.
READOne Energy Announces Commercial Operation of First Fully Digital Substation in the U.S.
One Energy Enterprises Inc., a vertically integrated industrial power solutions company, today announced that the first fully digital, plug-and-play, transmission-voltage substation in the United States at One Energy’s Findlay headquarters, has completed energization and testing and begun commercial operation. One Energy’s digital substation, intended to power a Megawatt Hub, was built as proof of concept for the company’s new, fully digital station architecture.
On August 15, One Energy Enterprises Inc. and TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) announced that they have entered into a definitive business combination agreement.
READSingapore Exchange Becomes the First Major Bourse in Asia to Allow SPAC Listings
As of September 3, 2021, the Singapore Exchange (SGX) is among Asia’s first major bourse to allow the listing of SPACs in a move that the city-state hopes will attract more firms to raise funds amid a stagnating IPO market.
The SGX has introduced a new framework to enable SPACs to list on the exchange, such as minimum market capitalization requirements, minimum SPAC IPO price, and minimum public float, among others.
Singapore’s benchmark index has traditionally been dominated by companies in property and finance, but through SPACs, the SGX has set its sights on attracting tech companies.
READMore Korean companies eying SPAC mergers to raise funds
A growing number of South Korean companies are going public by merging with a SPAC, with such mergers hitting an all-time high at the end of August. Analysts note that more companies are choosing to take a detour instead of a direct listing due to the worsening fundraising environment, including those for IPOs and investments, and the rising number of SPACs listed by brokerage houses this year.
According to the Korea Exchange on Sunday, 27 preliminary review requests were filed for SPAC mergers between January and August this year, up 68 percent from 16 a year ago.
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