Donald Trump’s beleaguered SPAC deal is finally going through, and just in time to pay nearly half a billion dollars owed over several legal actions — if the board agrees to let him sell.
And that’s without reckoning with the questionable success of Truth Social, the partisan social network hurriedly stood up after the former President was booted from Twitter.
TMTG reportedly had a net loss of around $49 million in 2023, on revenues of under $4 million — not exactly hot numbers.
There’s no doubt that many, many shareholders in the newly public TMTG will sell their shares as soon as possible.
But if Trump wanted to finance his current liabilities, he’d have to sell some 12 million shares at the current price — around 15% of his total stake.
Astra Space, the launch company that went public in 2021 at a $2.1 billion valuation, is going private again after months of burning cash and failing to secure alternate investment.
The deal is expected to close in the second quarter of 2024, at which time Astra will cease trading on the Nasdaq.
In an investor presentation from February 2021, Astra touted a “mass produced portable launch system” that could launch from anywhere in the world.
At the time Astra completed its SPAC merger it also acquired Apollo Fusion, an electric propulsion developer for spacecraft, with the aim of integrating those systems into an Astra satellite constellation.
That constellation never came to fruition, however, and while the company did succeed in selling many Apollo Fusion propulsion systems it has struggled to turn that backlog into revenue.
However, by the time the merger was closed, much of the SPAC cash was nowhere to be found.
The investors that chose to sell their shares in this way did better than anyone who stuck around, because MariaDB’s stock tanked sharply during its first day as a public company.
In its SPAC pitch, the company forecast its annual recurring revenue (ARR) to reach $53 million in FY 2022, and $72 million in FY 2023.
It also expected revenue of $47 million in FY 2022, and $64 million in FY 2023.
In the first quarter of FY 2024, MariaDB reported revenue of $13.6 million, up from $12.8 million a year ago.
USDC stablecoin issuer Circle files confidentially for an IPO Here we go againCircle Internet Financial (Circle) has confidentially filed for a proposed IPO, the company said on Thursday.
Circle is the issuer of the stablecoin USDC, which has the second-largest market capitalization on the market, worth about $25.25 billion, according to CoinMarketCap.
The largest stablecoin, Tether, had a market cap of $94.65 billion, at the time of publication.
The number of shares and price range for the proposed IPO is yet to be determined, the company said.
Circle did not immediately respond to queries on how this IPO will be different from its previous SPAC efforts.
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