DWAC sister SPAC Yunhong International plans to liquidate
$Yunhong International Units 1 Cl A Ord Shs 1/2 Red Wt And 1 Rt(ZGYH.US$, who's CEO is also behind the Trump media SPAC $Digital World Acquisition Corp(DWAC.US$, plans to dissolve and liquidate.
SPAC Yunhong International, which is run by Patrick Orlando, will dissolve after it was unable to consummate a deal within the required timeframe, according to a 8-K filing.
Wuhan, China-based Yunhong went public in 2019 with a stated goal of looking to acquire a consumer/lifestyle business in Asia, later amended to exclude China.
Yunhong briefly reached a deal earlier this year to take battery and hydrogen-fuel-cell company Giga Energy public at a $7.4B valuation, with plans to operate in China. However, Giga canceled the merger some four months later when a deadline to close expired.
$Yunhong International C/Wts 31/01/2027 (To Pur Com)(ZGYHW.US$ soared on Oct. 22, jumping 265% after Trump's Media and Technology Group announced it would go public through a combination with DWAC.
The Yunhong news was reported earlier by Bloomberg.
Orlando's dealings with Trump have come under scrutiny in the wake of a New York Times article last month that claimed there might be potential violations of securities laws in regard to the DWAC SPAC. Earlier this week Sen. Elizabeth Warren (D-MA) sent a letter to SEC Chairman Gary Gensler yesterday requesting that the agency investigate the transaction.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
102175775 : looks like Sen Elizabeth is full of bitterness n hatred...
Roy Peck : I have being following this share.. And it surprise me on the post-market
101861963 : I hope it recover soon
Teddy Willson : How does a “sister” company dissolving for the reasons stated in this article impact DWAC? If I have two cars and send one of them to the junk yard because it got in a wreck someone can publish an article about the car I still own and berate it? Please elaborate what I am missing here.
James Browny Teddy Willson: You didn’t miss a thing. It’s because it is DWAC. I plan on carrying on with my investment.
Stitch-fu Teddy Willson: I don’t see any DWAC trashing going on in this story. As an investor don’t you want to know who you’re getting into bed with as far as the SPAC managers? This way you can make an intelligent, informed investment decision with your hard earned dollars.
Z9Gwqc14JU Stitch-fu: I hope you get it more with your money, it's all about getting Trump to keep him from running again. The news organizations and a senator don't announce they are going after Trump with their complaints, you've surely heard of the wolf in sheep's clothing.
ouySFiuuNu Stitch-fu: there could be many reasons why and I don’t want to speculate; however if I wanted to promote my Chinese energy company and the guy doing the SPAC for it was now associated with another politically controversial SPAC deal I would just let it expire with no fault on behalf of the SPAC dude (Orlando). Then open the door to another less controversial approach.
IWsnAFZDHM : Long DWAC
Ft7foG07XE : She is poison and a trouble maker.
View more comments...