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Welcome to The Rundown! Each week we'll identify and break down for you SPACs that are capturing market share and making an impact.

Happy Sunday, Friends!

SPAC Activity returned to full pace in the past week, with several deals being announced, including with a Sustainable Fuels Maker and a Gold Producer from South Africa. Also, Trump tried to sell his stake in his social media company to Elon Musk as his SPAC deal stalled, and fisker could be the latest EV De-SPAC to run out of cash. Read on to find out the latest about all things SPACs.

SPAC Deals Announced

$BHAC Set to Merge With XCF Global Capital in $1.84 Billion Deal

Sustainable Aviation Fuel (SAF) and clean biofuels producer XCF Global Capital is merging with SPAC BH3 Acquisition, in a deal valuing the combined company at $1.84 billion.

XCF Global plans to become a top SAF producer with an initial capacity of 38 million gallons by acquiring New Rise Renewables in Reno, Nevada.

The company aims to grow by converting new, strategically placed smaller sites into SAF facilities, having recently acquired locations in North Carolina and Florida to potentially boost capacity to over 150 million gallons of SAF annually within five years.

XCF aims to produce over 200 million gallons of jet-ready SAF from these sites, totaling nearly one billion gallons of blended SAF yearly. The company said that it has a long-term agreement in place with a Fortune 50 company to provide non-food feedstock and offtake of renewable fuels, providing cash flow visibility.

The transaction is anticipated to generate gross proceeds of up to $84 million from the cash held in the SPAC trust, which will be used for further acquisitions and other growth opportunities.

$RRAC is Taking South African Gold Producer Public in $362 Million Deal

South African gold producer Aurous, owner of the Blyvoor gold mine and Gauta tailings project, plans to go public by merging with US-based Rigel Resource Acquisition Corp.

The deal, which values Aurous at around $362 million, aims to fund the expansion and improvement of Blyvoor's mining operations.

The SPAC believes that Aurous is a profitable, cash-positive, low-debt company with significant operational milestones under its belt.

Alan Smith and Floyd will remain at the helm of Aurous, whose main asset is the Blyvoor mine, a significant underground gold mine near Johannesburg that restarted production in 2022, re-employing 1,500 workers previously laid off in 2013.

The transaction is anticipated to close sometime in the third quarter of this year, post which the combined company will list on the Nasdaq Stock Exchange under the name Aurous Resources.

SPAC Deal Updates

Trump Approached Musk to Buy Truth Social as $DWAC Deal Stalled

Former President Donald Trump inquired if Elon Musk was interested in purchasing truth social, as its merger with Digital World Acquisition Corp stalled amidst regulatory hurdles.

Trump has been suggesting to advisers and associates that Elon Musk should buy Truth Social, a move that could offer Trump a significant cash boost although there are some potential complications from the merger and lockup period.

This follows Trump's meetings with Musk after legal judgments that could cost Trump over $500 million.

At the time Trump suggested Musk buy Truth Social, Trump Media was financially struggling, with Trump disclosing his stake was worth between $5 million and $25 million and his income from it was under $200.

The situation worsened when Digital World Acquisition Corp, its merger partner, settled with the sec for $18 million for misleading investors, jeopardizing the merger. However, the SEC's recent approval of the merger could significantly boost Trump Media's value, offering Trump a potential financial boost.

De-SPAC News

EV-Maker $FSR Prepares for Bankruptcy Filing

Struggling electric-vehicle startup Fisker has enlisted restructuring advisers from FTI Consulting and Davis Polk amidst financial struggles.

The company recently reported it had $273 million in sales against over $1 billion in debt, and is seeking additional investment and a new manufacturing partner in the U.S.

Fisker postponed its annual financial report due to a shortage of skilled accountants, saw early sales slowdown signs after delivering its first vehicles in June, and adjusted its demand forecast and prices in response to market competition.

If it declares bankruptcy, it would mark the second failure for Henrik Fisker, who previously founded Fisker automotive which went bankrupt in 2013. His current company aimed to innovate car manufacturing by outsourcing production to cut costs.

Despite these efforts, Fisker faced immediate difficulties with its Ocean SUV, including regulatory, parts, and management issues, particularly within its finance division.

$BTTX Winds Down Operations and Lays of Staff

Digital treatment developer better therapeutics is shutting down, laying off its staff, and looking for a buyer for its assets.

The San Francisco-based company was at risk of being delisted from the Nasdaq and instead of trying to comply with trading rules, chose to wind down.

This move follows a difficult year where the company cut 35% of its staff in March 2023 to save money and shifted focus towards commercialization while awaiting FDA review of their diabetes therapy. Additionally, it also implemented pay cuts and other strategies to sustain operations while seeking financial coverage and adjusting debt agreements.

In July 2023, Better Therapeutics received FDA clearance for its AspyreRx program to provide digital therapy for blood sugar control, showing benefits in blood pressure, weight, and life quality in a study.

The company has since partnered with Glooko to increase AspyreRx's usage and planned to offer it through 1,400 health centers, aiming for 1 million prescriptions. Additionally, it has registered 1,000 participants for a real-world study and received FDA breakthrough status for a different therapy program targeting advanced liver disease in February.