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Former President Donald Trump's social media company is promoting President Joe Biden's campaign account on the platform, as the two politicians gear up for a possible election rematch. You can find their account @BidenHQ here," Truth Social said in an email sent to users Wednesday. The email also noted that Trump's campaign account is on Truth Social. Trump's campaign account has gained 19,000 followers since its creation in February 2022. Truth Social, meanwhile, is still waiting to become part of a public company under Trump Media and Technology Group.
Persons: Joe Biden, Donald Trump's, Joe Biden's, Trump, Biden, Elon Musk, DWAC, Brandon Organizations: White, Washington , D.C, Truth, Trump, GOP, Biden, Capitol, Trump Media, Technology Group, CNBC, America Economic Survey Locations: Washington ,
That gave the PIPE investors the right to cancel their commitments. An Aug. 9 amendment of TMTG's deal with Digital World called for the unwinding of the PIPE. This amendment gives Trump new shares in Digital World with more voting power. It remains unclear when and if Digital World will ask its shareholders to vote on the deal with TMTG, a necessary step for its completion. Shares of Digital World dropped 2% on Thursday to $15.54, far below their peak of around $97 a share in March 2022.
Persons: Donald Trump, Dado Ruvic, Donald Trump's, Devin Nunes, TMTG, Helen Coster, Josie Kao, Rod Nickel Organizations: REUTERS, U.S, Trump Media & Technology, Digital, TMTG, DWAC, Trump, Reuters, U.S . Department of Justice, Securities and Exchange Commission, Thomson
The 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. The development is the nail in the coffin of the $1 billion investment that DWAC (DWAC.O) had raised for the merger with Trump Media & Technology Group (TMTG), which runs the Truth Social platform. It was unclear how TMTG will fund itself if the deal does not go through. TMTG previously raised $22.8 million in financing from private investors, Reuters reported last October. In September DWAC Investors voted to give up to a one-year extension to complete the TMTG deal, the deadline for which had been delayed several times.
Persons: Donald Trump, Dado Ruvic, Donald Trump's, TMTG, DWAC, Helen Coster, Josie Kao Organizations: REUTERS, U.S, Trump Media & Technology, Reuters, Trump, U.S . Department of Justice, Securities and Exchange Commission, SEC, DWAC, Thomson Locations: TMTG ., DWAC
That gave the PIPE investors the right to cancel their commitments. An Aug. 9 amendment of TMTG's deal with Digital World called for the unwinding of the PIPE. This amendment gives Trump new shares in Digital World with more voting power. It remains unclear when and if Digital World will ask its shareholders to vote on the deal with TMTG, a necessary step for its completion. Shares of Digital World dropped 2% on Thursday to $15.54, far below their peak of around $97 a share in March 2022.
Persons: Helen Coster, Donald Trump's, Devin Nunes, TMTG, Josie Kao, Rod Nickel Organizations: Corp, U.S, Trump Media & Technology, Digital, TMTG, DWAC, Trump, Reuters, U.S . Department of Justice, Securities and Exchange Commission
China's Big Tree Cloud in $500 mln SPAC deal for US listing
  + stars: | 2023-10-11 | by ( ) www.reuters.com   time to read: +1 min
The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon Acquire Licensing RightsOct 10 (Reuters) - U.S. blank-check firm Plutonian Acquisition Corp (PLTNU.O) agreed to merge with Big Tree Cloud International Group for the Chinese personal care products company to go public in a deal that will value the combined enterprise at about $500 million. After the completion of the merger with the special purpose acquisition company, Big Tree Cloud International Group will be operated under a holding entity named Big Tree Cloud Holdings Ltd and listed on the Nasdaq Stock Market, according to the statement. Big Tree Cloud, based in the southern Chinese tech hub Shenzhen and founded in 2020, focuses on feminine hygiene products like sterilized feminine pads and menstrual pants. "The proposed business combination with Plutonian Acquisition will enable us to accelerate our effort of accomplishing our mission of offering premium personal care products to consumers and expanding our product portfolio beyond feminine care," said Big Tree Cloud founder Wenquan Zhu.
Persons: Wenquan Zhu, Rishabh, Roxanne Liu, Rashmi Aich, Subhranshu Organizations: Nasdaq, REUTERS, Plutonian, Cloud, Group, U.S . Securities, Exchange Commission, Market, Cloud Holdings, Thomson Locations: New York City, U.S, Shenzhen, Bengaluru, Beijing
Temasek units put new spin on SPAC pass the parcel
  + stars: | 2023-10-03 | by ( ) www.reuters.com   time to read: +2 min
SINGAPORE, Oct 3 (Reuters Breakingviews) - Convincing companies to list in Singapore, the tiny Asian financial hub, has long been a tall order. Hopes that special-purpose acquisition companies would be able to help looked ill-timed: three listed on the city-state’s exchange in January 2022, just as its stock market peaked and the appeal of blank-cheque firms was waning. The SPAC is sponsored by Vertex Venture Holdings, a venture-capital firm indirectly owned by Temasek. The SPAC maintains that Temasek is not involved in the business or operational decisions of any of these entities. Investment firms like Blackstone (BX.N)have offloaded portfolio companies to SPACs in the past – just not usually to ones they set up.
Persons: Antony Currie, Katrina Hamlin Organizations: Reuters, Technology, Corp, Vertex Venture Holdings, Temasek . Companies, Temasek, Blackstone, Vertex Technology, Singapore Exchange, X, Thomson Locations: SINGAPORE, Singapore, Taiwan, Japan
New York CNN —The long-delayed and highly controversial deal to bring Truth Social and the Trump media empire to Wall Street has a new twist – the merger could get terminated by either party. Under an updated merger agreement, both parties in the deal will have the opportunity to kill the merger between October 31 and November 21, according to a regulatory filing on Monday. Likewise, Trump Media can terminate the deal for the same reasons over the same window of time. The parties did not explain why the new termination language was added to the merger agreement. The so-called blank-check firm targeted Trump Media in the fall of 2021.
Persons: that’s, Donald Trump, Trump, Matthew Tuttle, , Tuttle, ” Tuttle Organizations: New, New York CNN, Truth, Trump, Trump Media & Technology Group, Trump Media, Digital, Securities and Exchange Commission, Trump Organization, Tuttle Capital Management Locations: New York
Oct 2 (Reuters) - Singapore's Vertex Technology Acquisition Corp (VTAC) (VERT.SI) will buy live streaming platform 17LIVE Inc for up to S$925.1 million (about $676 million), the special purpose acquisition company (SPAC) backed by state investor Temasek said on Monday. The pro-forma equity value of the proposed deal will be up to S$1.16 billion, VTAC said. "We see 17LIVE as a company at its inflection point, backed by a strong management bench," VTAC Chief Executive Jiang Hong Hui said. VTAC will issue up to 160.6 million new shares at S$5.00 each and another 24.4 million new shares once certain financial targets are met. ($1 = 1.3682 Singapore dollars)Reporting by Adwitiya Srivastava in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.
Persons: VTAC, 17LIVE, Jiang Hong Hui, Adwitiya Srivastava, Savio D'Souza Organizations: Technology, Corp, Temasek, 17LIVE, Thomson Locations: Japan, Taiwan, Singapore, Bengaluru
(Excluding Aurora's stock price, shares of the Nasdaq-listed Better Home & Finance are down more than 59% from the opening day.) In an emailed statement, Schaefer said that the company plans to replace at least some of the laid-off employees. Employees were given 30 days of pay, and up to three months of company-provided COBRA coverage, according to two laid-off employees. The mortgage industry has been hit hard by rising rates, leading to revenue declines and layoffs across the industry. Both former employees told Insider that they were optimistic that the cash infusion might offer some relief after a year of what felt like constant layoffs.
Persons: Vishal Garg, Kevin Ryan, Jessica Schaefer, Schaefer, Jay Powell, Garg, Slack Organizations: Staff, Aurora Acquisition Corp, Aurora, Nasdaq, Finance, Employees Locations: India
The dating app told employees to start working from an office 2 days a week or lose their jobs. The Communication Workers of America union said about 80 of its 178 workers rejected the RTO order. Last month the LGBTQ+ dating app told employees to starting work in the office two days a week from October or face dismissal after August 31. A representative for Grindr told Bloomberg the union claims were without merit and that it was "returning to the office in a hybrid model in October." Google has been telling employees to show up at the office three days a week since April 2022, and Meta followed suit in June.
Persons: Grindr, Grindr didn't, Meta Organizations: Communication Workers of America, Service, Communications Workers, America, Bloomberg, United, CWA, National Labor Relations Board, Wired, Tiga Acquisition Corp, Beijing Kunlun Tech, Vicente, Meta, Google Locations: Wall, Silicon, Chicago , Los Angeles, San Francisco Bay, Beijing Kunlun, Delaware
The logo of Universal Entertainment Corp. is seen at the company's headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai/file photo Acquire Licensing RightsWILMINGTON, Del., Sept 7 (Reuters) - A Delaware judge ruled on Thursday that an affiliate of Japan's Universal Entertainment Corp (6425.T) does not have to complete a SPAC merger deal with 26 Capital Acquisition Corp that related to the largest casino in the Philippines. Vice Chancellor Travis Laster said the Universal Entertainment affiliate did not have to complete the 2021 merger agreement in part because 26 Capital Acquisition "engaged in conduct that should not be rewarded" by ordering the deal to close. Laster said 26 Capital could still seek damages, which he would address at a later date. Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Jonathan Stempel; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.
Persons: Toru Hanai, Chancellor Travis Laster, Laster, Tom Hals, Jonathan Stempel, Leslie Adler Organizations: Universal Entertainment Corp, REUTERS, Rights, Japan's Universal Entertainment Corp, Corp, Universal Entertainment, Thomson Locations: Tokyo, Japan, Rights WILMINGTON, Del, Delaware, Philippines, Wilmington , Delaware
[1/4] British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S., September 7, 2023. Johnstone said with Emeya, Lotus is targeting people "looking for something different in an electrified GT-style sports car." Since its founding in 1948, Lotus typically made 5,000 cars a year, but funded by Geely and Etika, the company has planned a massive expansion. Lotus Technology, which includes Lotus Cars, is also due to go public this year via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp (LCAA.O). Geely also plans to turn the London Electric Vehicle Company, which makes iconic black taxis, into a high-volume, all-electric brand.
Persons: Caitlin Ochs, Mike Johnstone, Johnstone, Emeya, Geely, Nick Carey, Susan Fenton Organizations: Lotus, REUTERS, HK, Automotive, Reuters, Geely, Lotus Technology, Asia, Corp, Volvo, London Electric Vehicle Company, Thomson Locations: British, New York City, U.S, New York, Wuhan, China, Tesla
NEW YORK, Sept 7 (Reuters) - Artificial intelligence startup Brand Engagement Network (BEN) on Thursday agreed to go public through a merger with a blank check acquisition company in a deal valuing the combined company at $358 million. The deal with DHC Acquisition Corp (DHCA.O) will provide Brand Engagement Network with about $40 million in gross proceeds, the company said, confirming an earlier Reuters report. Headquartered in Jackson, Wyoming, Brand Engagement Network is a provider of AI-powered chatbots and conversational AI technology to companies in industries like automotive, healthcare, and customer service. Brand Engagement Network's AI offerings help companies with services, including data leakage prevention and identity verification. SPACs are shell companies that raise money in an initial public offering and put it in a trust for the purpose of merging with a private company and taking it public.
Persons: “ BEN, doesn't, ” Said Chris Gaertner, ChatGPT, SPACs, Cohen, Echo Wang, Anirban Sen, Leslie Adler, David Gregorio Our Organizations: DHC Acquisition Corp, DHC, Brand, Acquisition Corp, Nasdaq, Cohen & Company Capital Markets, Thomson Locations: PitchBook, Jackson , Wyoming, New York
For the Biden administration, “the only thing they can pretty much do to counteract Saudi cuts is to bring more oil into the market from other countries,” León said. “Iran and Venezuela are the best candidates,” he added, even if it’s politically unpalatable to fully reopen talks with them. Domestic producers of oil from shale won’t fill the void in the short term. The SPAC buying Donald Trump’s social network gets more time for its deal. Shareholders in Digital World Acquisition Corporation voted to give the firm 12 more months to close its merger with Truth Social.
Persons: Biden, ” León, León, , Margrethe Vestager, Didier Reynders, Vestager, Donald Trump’s Organizations: European Investment Bank, European Commission, Truth Locations: Iran, Venezuela, States, Washington
New York CNN —Digital World Acquisition Corp., the blank-check firm seeking to merge with former President Donald Trump’s media company, will get another extension to complete its troubled deal. Shareholders voted to grant DWAC (DWAC) another year to pull off its merger with Trump Media & Technology Group, which owns Truth Social, according to an SEC document posted Wednesday. Had shareholders voted against the extension, DWAC would have liquidated, and the social media platform would have to find another financial backer by September 8, 2023. It’s the second time DWAC asked for an extension for closing the deal, the first being in September 2022. In June, federal prosecutors arrested three investors on insider trading charges related to Digital World’s deal with Trump’s media company.
Persons: Donald Trump’s, DWAC, Devin Nunes Organizations: New, New York CNN, Trump Media & Technology Group, SEC, TMTG Locations: New York
After a number of delays, enough shareholders agreed to give DWAC up to an additional 12 months to finalize its plans with Trump Media & Technology Group (TMTG), a person familiar with the vote said on Tuesday. Digital World needed to get 65% of its roughly 400,000 shareholders to vote to approve the extension. Digital World has faced a series of challenges since the October 2021 announcement that it was planning to acquire TMTG. If DWAC's deal with TMTG closes, Trump Media would gain access to more than $1 billion in cash from DWAC's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media.
Persons: Donald Trump's, TMTG Organizations: U.S, Trump Media & Technology, Digital, U.S . Department of Justice, Securities and Exchange Commission, SEC, Trump Media, Trump
Shareholders of a cash-rich shell company approved a measure on Tuesday that will give the firm 12 additional months to complete its long-delayed merger with former President Donald J. Trump’s social media company. The shareholder vote increases the likelihood that Trump Media & Technology Group will get access to at least $300 million in badly needed cash to operate Truth Social — a right-leaning social media platform. Online ads on the social media platform also account for a critical piece of Mr. Trump’s fund-raising effort for his 2024 presidential campaign. The shell company, Digital World Acquisition Corp., raised the $300 million in a September 2021 initial public offering. A little over a month later, the company, set up as a special purpose acquisition company, or SPAC, announced the deal to merge with Trump Media.
Persons: Donald J, Trump’s Organizations: Trump Media & Technology Group, Trump Media
Digital World slides as Trump returns to X, formerly Twitter
  + stars: | 2023-08-25 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsAug 25 (Reuters) - Shares of Digital World Acquisition Corp (DWAC.O), which has agreed to merge with Donald Trump's media company, fell 5% in premarket trading on Friday after the former U.S. president returned to social media platform X. He had over 88 million followers on the platform before the ban, while he had 6.39 million followers on Truth Social as of Friday. Blank-check firm Digital World said in October 2021 it had agreed to merge with TMTG, in a deal that would infuse the Truth Social parent with $1.3 billion in cash. The deal, however, faced scrutiny for months and Digital World settled fraud charges with the U.S. securities regulator earlier this year that had delayed its closing. Digital World earlier this month pushed the deadline for the merger by over three months to Dec. 31, in the latest extension.
Persons: Donald Trump, Evelyn Hockstein, Donald Trump's, Trump, Elon Musk, Chavi Mehta, Sriraj Organizations: Fair, REUTERS, Trump Media & Technology, Twitter, U.S, Capitol, Nasdaq, Thomson Locations: Iowa, Des Moines , Iowa, U.S, Fulton County Jail, Georgia, Bengaluru
The company hit the headlines in December 2021 after it laid off 900 employees via Zoom, and has since seen its profit dented by high mortgage rates that have dampened demand for home loans. "Here is an example of the exact wrong company at the wrong time - SPACs are hated and anything related to mortgage lending is hated at the moment," said Thomas Hayes, chairman at Great Hill Capital. U.S. mortgage rates have extended their surge as government bond yields rally. The popular 30-year fixed rate hit its highest level since 2000 last week, causing mortgage applications to hit a 28-year low. Amid ultra-low interest rates, the SPAC market exploded in 2021, but has since sputtered amid rising interest rates, high redemption rates and increased regulatory scrutiny.
Persons: SoftBank, Vishal Garg, Thomas Hayes, Bansari Mayur, Hannah Lang, Sriraj Kalluvila, Marguerita Choy Organizations: Home, Finance, Aurora, Corp, U.S . Securities, Exchange Commission, Great, Thomson Locations: Great Hill, Bengaluru, Washington
Trump returns to Twitter, now X, to post his mugshot
  + stars: | 2023-08-25 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +2 min
The post Thursday raises the question of whether X will become an important channel for Trump's election efforts moving forward. Former President Donald Trump posted to X , formerly Twitter, for the first time since his suspension from the platform, returning to share his mugshot in the Georgia election interference case . He moved to his own social media platform, Truth Social, created by the Trump Media & Technology Group. When billionaire Elon Musk took over Twitter, and eventually reversed the permanent ban on Trump, the former president didn't even return to the service, sticking with Truth. Still, Trump posted on Truth after sharing the mugshot on X, "I LOVE TRUTH SOCIAL.
Persons: Donald Trump, Joe Biden, Trump, Elon Musk, didn't, Jan Organizations: U.S, Atlanta Hartsfield, Jackson International, U.S . Capitol, Trump Media & Technology Group, Twitter, Trump, CNBC, YouTube Locations: Fulton County, Atlanta , Georgia, Georgia
Shares of online mortgage lender Better.com slumped as much as 95% after its Nasdaq debut. They fell so quickly that trading was halted four times in the first 30 minutes. Better.com CEO Vishal Garg brutally laid off 900 employees via a Zoom call in 2021. Shares of the Softbank-backed online mortgage lender — which had merged with blank-check company Aurora Acquisition Corp. — plunged at the opening bell. Better.com's disastrous debut on the Nasdaq followed dramatic turns at the digital mortgage company since December 2021 when CEO Vishal Garg brutally laid off 900 employees on a Zoom call.
Persons: Better.com, Vishal Garg, Insider's Alex Nicoll, Better.com's, Fortune Organizations: Nasdaq, Service, & Finance, Aurora Acquisition Corp, , Aurora Locations: Wall, Silicon
Better.com CEO Vishal Garg is known for firing hundreds of staff on a Zoom call in 2021. Garg now says he has "worked really, really hard" to be a kinder boss. AdvertisementAdvertisementBetter.com CEO Vishal Garg says he's "worked really, really hard" to be a kinder boss after firing over 900 people on a Zoom call. Garg is best known for laying off hundreds of Better.com staff via a brutal Zoom call in 2021. "I think I was very mission-centric, customer centric, and really, really focused on what it took to drive growth," Garg added.
Persons: Vishal Garg, Garg, he's, I've, TechCrunch, Better.com Organizations: Morning, Nasdaq, Aurora Acquisition Corp
Trump, who had over 88 million followers when Twitter banned him, posted a photo on Thursday of the mug shot with the words: "ELECTION INTERFERENCE! On Thursday evening, Trump broke from a vow that he would stick exclusively with his new platform Truth Social, the app developed by his Trump Media & Technology Group (TMTG) startup. Trump had 6.4 million followers on Truth Social as of Thursday. Truth Social has been Trump’s main source of direct communication with his followers since he began posting on the app regularly in May. The former president has used Truth Social to promote his allies, criticize his opponents and defend his reputation amid legal scrutiny from state, congressional and federal investigators.
Persons: Donald Trump, Trump, Elon Musk, , Georgia's, Tucker Carlson, TMTG, DWAC, Eric Beech, Costas Pitas, Mike Scarcella, Howard Goller, Stephen Coates Organizations: Twitter, U.S . Capitol, House, U.S, REUTERS Acquire, Fox News, Trump Media & Technology, Trump, Department of Justice, SEC, DWAC, TMTG, U.S . Constitution, Thomson Locations: Fulton County Jail, Georgia, Francisco, U.S ., U.S, California, Pasadena , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBetter.com CEO Vishal Garg on going public: We're disrupting the U.S. housing marketVishal Garg, Better.com founder & CEO, joins 'Squawk Box' to discuss the company going public on the Nasdaq via a SPAC merger with Aurora Acquisition Corp., the mortgage lender's rough road to debut amidst layoffs, losses and SEC probe, the mortgage business at large, and more.
Persons: Vishal Garg Organizations: Nasdaq, Aurora Acquisition Corp, SEC
Vishal Garg is taking Better, a mortgage startup, public through a long-delayed SPAC deal. Read what he said about making strategic acquisitions and the millions in company loans that stand to be forgiven. But CEO Vishal Garg, known for brutally laying off hundreds of employees via Zoom, insists he has a plan. One former employee told Insider that the move seems like a "Hail Mary," both for Garg personally and for the business more broadly. Here is what Garg said about his vision for the company and how he will spend the money Better receives from the IPO.
Persons: Vishal Garg, Garg, SPACs, Mary, refinancings, it's, SoftBank, indemnifying, , It'll Organizations: & Finance, Aurora Acquisition Corp, Nasdaq, World Trade Center, Federal Reserve, Silicon, Better, Mortgage, SEC, Scotsman, Aurora, Insider Locations: Garg, refinancings, Queens , NY
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