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☆ European lottery group Allwyn calls off SPAC deal to list on NYSE
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSept 23 (Reuters) - European lottery group Allwyn Entertainment said on Friday it has called off its deal with a blank-check company that would have seen its shares list in New York, citing volatile market conditions. Allwyn struck a merger deal with the blank-check firm Cohn Robbins Holdings Corp (CRHC.N)in January, putting the combined firm's enterprise value at about $9.3 billion at that time. Register now for FREE unlimited access to Reuters.com RegisterAllwyn's announcement comes the same day as the SPAC backed by private equity firm TPG Inc (TPG.O)decided to wind down its operations, also citing market volatility. Cohn Robbins, set up by Gary Cohn, a former economic adviser to former U.S. President Donald Trump, and investor Clifton Robbins, raised $828 million from investors in September 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rhea Binoy in Bengaluru; Editing by Shailesh Kuber and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Trump-linked Digital World Acquisition Corp shares are now around $16 after hitting $97 earlier this year
▼ + stars: | 2022-09-23 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

DWAC, which is a special purpose acquisition company, or SPAC, has been set to be the vessel to take Trump Media and Technology Group public. Now, its share price sits around $16 as markets slide, the appetite for SPACs dries up and Trump faces mounting legal peril. DWAC secured $1 billion in financing from private investors in public equity, also known as PIPE, which would fund Trump Media after the merger. By converting and selling these shares, PIPE investors also have the power to significantly dilute the holdings of other investors including former president Trump. Trump Media, DWAC and the PIPE investors didn't immediately return a request for comment.

☆ Meet Michael Klausner, the Stanford law professor who is the biggest critic of the SPAC deal craze — and believes its crash was 'completely predictable'
▼ + stars: | 2022-09-23 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com time to read: +7 min

Many SPAC deals announced last year have been having a hard time closing. Now, the dismal fates of dozens of SPAC deals announced during last year's SPAC frenzy seem to vindicate his analysis. And others this year, like men's grooming brand Manscaped, SeatGeek, the live event ticket search engine, and business news outlet, Forbes, have all scrapped their SPAC deals to go public. Klausner has been paying attention to SPAC deals for a few years. Of the 275 deals announced in 2021, 240 have closed, according to Dealogic data.

☆ Novartis’ growth ills lay tricky treatment pathway
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 22 (Reuters Breakingviews) - Novartis (NOVN.S) is facing a prolonged period in recovery. On Thursday, the $187 billion Swiss drugmaker said it will make expansion in the U.S. market a top priority as it seeks to boost its lacklustre growth. He will also spin off its generic drug business next year and list it on the Swiss stock exchange. Strip that away from Novartis’ current enterprise value of $196 billion and the core drugs business is valued at around $167 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Investing in Space: An eyebrow-raising SPAC
▼ + stars: | 2022-09-22 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Lunar tech-focused Intuitive Machines announced a SPAC deal last Friday at a near $1 billion valuation. Additionally, SPAC projections have come under scrutiny and Intuitive Machines needs to find its stride quickly to hit its forecasts. Of the five business lines in the company's presentation – Lunar Access Services, Lunar Data Services, Orbital Services, Space Products, and Space Infrastructure – four of them are expected to bring in revenue between $0 and $7 million this year. I'll keep an eye on this one as it looks to swim against the frozen river of the SPAC market.

☆ Bank of Japan’s stubbornness keeps yen volatile
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Men look at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average in Tokyo, Japan September 14, 2022. read more That’s understandable, but it will make it harder to moderate an increasingly volatile exchange rate. The yen , currently trading around 144 per dollar, is at its weakest since 1998, but more important is the rate of change. A see-sawing foreign exchange rate, though, makes executives nervous. Exporters including carmakers Nissan Motor (7201.T) and Toyota Motor (7203.T), and drugmaker Takeda Pharmaceutical (4502.T), which reported nice forex tailwinds in its last quarterly report, are benefitting from unexpected exchange rate gains on paper.

☆ The Fed's credibility is still on the line
▼ + stars: | 2022-09-21 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com time to read: +6 min

The difference — known as the breakeven rate — tells you how much inflation investors foresee. The five-year breakeven rate stands at 2.48%, down significantly from a high of 3.59% in March and not far off from the Fed's 2% target. The 10-year breakeven inflation rate sits at 2.4%. The Fed makes its latest policy announcement at 2 p.m. Coming tomorrow: The latest policy decisions from the Bank of England, the Bank of Japan and the Swiss National Bank.

☆ Digital World Acquisition extends 6-day decline to 30% after Trump's Truth Social threatens a lawsuit against the SEC over delayed SPAC deal
▼ + stars: | 2022-09-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Digital World Acquisition fell 7% on Wednesday, extending its six-day decline to more than 30%. The SPAC's merger target Truth Social threatened to sue the SEC, alleging political bias delayed its proposed merger with Digital World. But Digital World has been unable to attract the 65% of shareholders needed to approve the business combination. Since Digital World first announced its deal with Truth Social last year, the SPAC has plunged 90% from its record high of $175 per share. But Truth Social believes the SEC is to blame for the delayed deal with the SPAC, according to a Wednesday regulatory filing.

☆ Sea CEO’s distress call will make tech waves
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

A person stands in front of a signage of Southeast Asian e-commerce and gaming group Sea Ltd's, at their office in Singapore March 5, 2021. REUTERS/Edgar SuHONG KONG, Sept 21 (Reuters Breakingviews) - Candour is often welcome during times of distress. Forrest Li, the chief executive of Singapore's Sea (SE.N), is not mincing his words as he sounds the alarm at his $26 billion e-commerce to video-games outfit. Losses are widening at the $11 billion super-app as it continues to invest in fintech read more . They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Investors once shied away from funding sex-tech, but now they're 'gung-ho.' Here's the pitch deck sexual-wellness startup Dame used to win over VCs and raise $7 million.
▼ + stars: | 2022-09-21 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +3 min

Once a crowdfunding darling, sexual wellness startup Dame has now raised a $7 million Series A. The 8-year-old startup believes that women's sexual wellness is key to their overall health. Here's the pitch deck Dame used to raise funding from investors like Amboy Street Ventures. One startup linked the importance of sexual pleasure to overall health and well-being in order to secure $7 million in fresh funding from VCs. But sexual health startups make up a small but growing sub-sector of the $175.6 billion global digital health market, with a few that specifically focus on women's sexual pleasure.

☆ ‘SPAC King’ Chamath Palihapitiya Closing Two SPACs After Failing to Find Deals
▼ + stars: | 2022-09-20 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

Chamath Palihapitiya will wind down and return cash from two special-purpose acquisition companies to shareholders after failing to find companies to take public. One of the biggest promoters of SPACs is shutting down two deal-making efforts that together hold more than $1.6 billion after the market collapsed, wiping out tens of billions in startup market value and punishing individual investors. Chamath Palihapitiya will wind down and return cash from the two special-purpose acquisition companies to shareholders after failing to find companies to take public. Giving up is an admission by the brash venture capitalist dubbed the “SPAC king” that the market that helped make him a mainstay on business television has effectively shut down.

Digital World's shares rallied as much as 1,650% that month, making it the most valuable SPAC of all time. 'HURTS REALLY, REALLY, BADLY'The deal's woes have rattled Trump's supporters who bought into Digital World because of him. When it still fell short, Digital World delayed the vote again, first until later that day and then to Oct. 10. It is unclear how many investors will do so and whether Digital World will seek new investors to replace them. They got about 40% of Digital World shareholders to vote in favor of the extension, sources told Reuters at the time.

☆ Trump-linked SPAC faces new pressure from investors as merger hangs in the balance
▼ + stars: | 2022-09-20 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The social media app will be developed by Trump Media and Technology Group (TMTG). If it falls apart, it would mean a lot less money for Trump Media, even if it did end up going public through a merger with DWAC. The negotiation is an attempt to shift risk to DWAC and Trump Media, which owns Truth Social. Representatives for DWAC and Trump Media didn't immediately respond to a request for comment. Trump founded Trump Media and Technology Group and its platform Truth Social after he was banned from Twitter following the Jan. 6, 2021, Capitol riot.

☆ The overwhelming majority of SPACs are not good investments, says Virtus' Joe Terranova
▼ + stars: | 2022-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe overwhelming majority of SPACs are not good investments, says Virtus' Joe TerranovaSPAC king Chamath Palihapitiya shuts down two of his SPACs after failing to find a deal. Virtus Investment Partners' Joe Terranova weighs in on the decision and whether the SPAC boom is over.

☆ SPAC-tacular demise of SPACs? Looking for winners in the space
▼ + stars: | 2022-09-20 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSPAC-tacular demise of SPACs? Looking for winners in the spaceJulian Klymochko of Accelerate Financial joins the traders to discuss where there are winners in the SPAC space. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Dan Nathan, Jeff Mills and Julie Biel.

☆ Big SPAC unwind has consequences for few
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. REUTERS/Brendan McDermid/File Photo/File PhotoNEW YORK, Sept 20 (Reuters Breakingviews) - Chamath Palihapitiya pushed the limits of the blank-check boom. If his shortcomings were the worst of the SPAC fallout, it isn't so bad. The SPAC boom was part of the stock market excess inflated by government stimulus and ultra-low interest rates following the global pandemic. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ U.S. trustbusters’ red faces match legal red tape
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

A UnitedHealth Group health insurance card is seen in a wallet in this picture illustration October 14, 2019. REUTERS/Lucy Nicholson/IllustrationNEW YORK, Sept 20 (Reuters Breakingviews) - America’s antitrust enforcers can’t catch a legal break. Unless they start scoring court wins, competition hawks’ legacy may be less stopping M&A than making it more painful. UnitedHealth’s victory, which followed 20 months of investigation and litigation, confirms that merger reviews generally are becoming more onerous. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ JPMorgan says this company could become a leader within autonomous vehicle technology
▼ + stars: | 2022-09-20 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Despite having a smaller order book than its peers, JPMorgan expects Luminar will exit the decade as a revenue leader. He said Luminar is expected to be the "supplier of choice" in the long-run due to its engagement and design. The Orlando-based company has also invested in its software stack with Zenseact, which Chatterjee sees as a differentiator that will help Luminar outgrow peers solely focused on hardware. Chatterjee forecasts Luminar will earn $7.25 per share on $6 billion in revenue by 2030. Having ended 2021, with a cash balance of about $750 million, the company is not in immediate need of additional capital, he said.

☆ Trump SPAC fails to pay proxy firm despite tough hunt for votes, Financial Times reports
▼ + stars: | 2022-09-17 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoSept 17 (Reuters) - Executives behind a blank-cheque company Digital World Acquisition Corp (DWAC.O) that plans to take Donald Trump's media business public have failed to pay their proxy solicitors, The Financial Times reported on Saturday. https://on.ft.com/3BpVjalDigital World Acquisition Corp, set up by Patrick Orlando, has not paid Saratoga Proxy Consulting for its work helping to rally shareholders, report said, citing people familiar with the matter. Digital World and Saratoga Proxy Consulting did not respond to emailed requests for comment outside of business hours. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Lunar tech company Intuitive Machines to go public via SPAC at close to $1 billion valuation
▼ + stars: | 2022-09-16 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

PARIS — Lunar-focused space company Intuitive Machines announced Friday it will go public via a SPAC in a deal that values the venture at about $1 billion. Intuitive Machines will be listed on the Nasdaq under ticker symbol "LUNR." Intuitive Machines is the latest space company to go public through a SPAC. The company has four business units: Lunar Access Services, Lunar Data Services, Orbital Services, and Space Products and Infrastructure. Together, Intuitive Machines is working on a variety of technologies that include propulsion and lunar vehicles.

☆ Video platform Rumble to go public after successful SPAC vote
▼ + stars: | 2022-09-15 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The Rumble video platform logo on a laptop computer arranged in Hastings on Hudson, New York, U.S., on Saturday, Jan. 23, 2021. Shareholders of the special purpose acquisition company Cantor Fitzgerald Acquisition Corp. VI voted Thursday to take the video platform Rumble public. The blank check company set to take it public is led by Cantor Fitzgerald CEO Howard Lutnick. The Rumble vote comes soon after shareholders of a SPAC seeking to take Trump Media and Technology Group public failed to approve a deadline extension for the deal. Shares of Cantor Fitzgerald Acquisition Corp.

☆ Trump-linked SPAC lacks votes to delay merger, adjourns shareholder meeting until October
▼ + stars: | 2022-09-08 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

This illustration photo shows Donald Trump's new social media app Truth Social, glitching on a smartphone in Los Angeles, February 21, 2022. Digital World Acquisition Corp ., the SPAC aiming to take former President Donald Trump's media company public, adjourned its shareholder meeting until Oct. 10 to allow voting to continue on delaying the merger. DWAC had already twice adjourned the meeting earlier in the day after previously adjourning it Tuesday. Trump Media owns Truth Social, which was founded by the former president after he was banned from Twitter following the Jan. 6, 2021, Capitol riot. Digital World had previously warned that the vote's failure could result in the SPAC's liquidation.

☆ Why celebrities are so interested in the unglamorous world of private equity
▼ + stars: | 2022-09-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Now she’s entering the secretive, not-so-pretty world of private equity, aka the land of “vulture capitalists.”Here’s the deal: Kim K is partnering with Jay Sammons, a former executive with Carlyle Group, to launch SKKY Partners, a private equity firm that plans to invest in areas such as consumer products, hospitality, luxury, digital commerce and media. “If I was a celebrity, I would jump in and start a private equity fund,” Hooke says. First up, the iPhone 14 (yes, 14! The iPhone 14 will start at $799, the same starting price as last year’s iPhone 13. The larger iPhone 14 Plus model will start at $899.

☆ Trump SPAC deal at risk as merger deadline approaches
▼ + stars: | 2022-09-07 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Digital World Acquisition Corp. has a Thursday deadline to merge with Trump Media and Technology Group, the owner of Truth Social. The companies have failed to complete the merger, and federal investigations surrounding the deal and Trump have piled up. The failure of the DWAC merger could burn retail investors who tried their hand in SPAC investing because of the president. The company is facing federal probes into possible securities violations by DWAC and Trump Media and Technology Group. Representatives from DWAC and Trump Media did not immediately respond to requests for comment Wednesday.

☆ Trump-linked SPAC to resume meeting Thursday as it seeks votes to delay merger with ex-president's firm
▼ + stars: | 2022-09-06 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The special purpose acquisition company had a Thursday deadline to take Trump's media company and its Truth Social platform public. Digital World Acquisition Corp . adjourned its shareholder meeting after two minutes on Tuesday and said it will continue counting votes on whether to delay a merger with former President Donald Trump's media company. The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year. Trump Media denied reports of financial strife that surfaced at the end of August. Orlando has been on a media campaign and posting on Truth Social to drum up enough votes for the extension.

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