In SPAC news this week, Truth Social, a social media platform owned by Trump Media and Technology Group (DWAC), launched on Monday. The app was made available for download from the Apple (AAPL) App Store to a limited number of subscribers who had preordered, while others on a waiting list will be given access over time.

TRUTH SOCIAL: Truth Social, a social media platform owned by Trump Media and Technology Group, launched on Monday. The app was made available for download from the Apple App Store to a limited number of subscribers who had preordered, while others on a waiting list will be given access over time. Former President Donald Trump’s social media app was offered for download from the Apple App Store to a limited number of subscribers who had preordered, Associated Press' Bernard Condon reported.

Others who were added to a waiting list are to be given access over the next 10 days, the author noted. According to the publication, the site encountered technical glitches shortly after launch, with reports that subscribers were shut out for hours. Others had trouble signing on. The site is not expected to be open to anyone who wants to download it until next month, Condon wrote.

Truth Social went live a year after former President Donald Trump was banned from Twitter (TWTR), Facebook (FB) and YouTube (GOOGL). Digital World Acquisition Corp. announced late last year that the special purpose acquisition company would merge with and bring public Trump Media & Technology Group.

MERGER AGREEMENT TERMINATION: Arya Sciences Acquisition Corp IV (ARYD), a publicly traded special purpose acquisition company sponsored by Perceptive Advisors announced that, due to existing market conditions, it has mutually agreed with Amicus Therapeutics (FOLD) to terminate their previously announced Business Combination Agreement, effective immediately. "While this is not the outcome we had hoped for, ARYA IV still has over a year remaining to identify and execute on a business combination transaction and the ARYA IV team believes it is well positioned to identify and execute on an opportunity that meets its key investment criteria and that can deliver value for its shareholders within that time period," said Adam Stone, Chief Executive Officer. ARYA IV's dissolution deadline is March 2, 2023. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Business Combination Agreement.

SUPERNOVA SEES CLOSING RIGETTI DEAL SOON: Supernova Partners Acquisition Company II (SNII) announced that it expects all conditions to be met, including minimum cash proceeds, subject to shareholder approval, to complete its previously announced business combination with Rigetti Holdings, which it calls "a pioneer in hybrid quantum-classical computing." Supernova and Rigetti expect to close the business combination on March 2, subject to final vote of Supernova shareholders on February 28. The transaction is expected to raise at least $114.24M from Supernova trust proceeds, after giving effect to preliminary redemption elections, and $147.51M from a fully committed common stock private placement, or "PIPE," resulting in expected total gross proceeds of at least $261.75M, exceeding the minimum cash condition included in the business combination agreement. Rigetti plans to use the net proceeds to accelerate its development of multiple generations of quantum processors, expand its operations and for general corporate purposes. Upon completion of the business combination, Supernova will change its name to "Rigetti Computing, Inc." Following the consummation of the business combination, Rigetti Computing Inc.'s shares are expected to trade on the Nasdaq Capital Market under the ticker symbol "RGTI."

ANALYST COVERAGE:

On February 23, Benchmark analyst Josh Sullivan initiated coverage of Tailwind Two Acquisition (TWNT) - a special purpose acquisition company in the process of merging with Terran Orbital - with a Buy rating and $16 price target. Upon the closing of the transaction, the combined company will operate as Terran Orbital Corporation, with plans to list on the NYSE under the symbol "LLAP," the companies have said. Terran is the largest independent maker of small-satellites for U.S military and commercial applications and is also developing a 96 satellite Earth Observation SAR constellation. With tens of thousands of small satellites slated to enter Low-Earth-Orbit over the next 10 years, Terran is "well positioned to capture much of this market" with vertical integration across design, building, launch, and mission operation, Sullivan said.

Also on February 23, Benchmark analyst David Williams noted that shares of Supernova Partners Acquisition II were under "heavy pressure" ahead of the redemption deadline with the shareholder meeting regarding its previously announced business combination and related transactions with Rigetti scheduled for next week. While he acknowledged the market backdrop has been "less than ideal for SPACs over the last few months," he thinks Rigetti - which has made significant strides in its quantum computing architecture in the last few months - offers investors a compelling opportunity to gain exposure to the accelerating quantum computing vertical and argues the current pullback presents an "attractive entry point" ahead of the February 28 shareholder meeting. Williams reiterated a Buy rating and $19 price target on the SPAC partner of Rigetti Computing.


SPAC IPOS THIS WEEK:

• FG Merger Corp. (FGMC) opened on February 25 at $10. While FG Merger Corp. will not limit its search for a target company to any particular business segment, FG Merger Corp. intends to focus its search for a target business in the financial services industry in North America.
• GSR II Meteora Acquisition (GSRM) opened on February 25 at $10. The company intends to focus on "high-growth businesses in the software, technology-enabled manufacturing and services, mobility and transportation sectors, as well as companies that help to address evolving environmental, social and governance related issues."
• Clean Earth Acquisitions (CLIN) opened on February 24 at $10. The company intends to focus on businesses in the clean and renewable energy industry with an enterprise value of approximately $800M to $1.5B, with "particular emphasis on businesses that participate in the global energy transition ecosystem and facilitate the way that energy is produced, stored, transmitted, distributed and consumed, all while reducing greenhouse gas emissions," it said.

"On the Fly: The Week in SPAC News" is The Fly's new recurring series of stories on the latest SPAC initial public offerings, SPAC deal news, and associated analyst commentary.