In SPAC news this week, Digital World Acquisition was in the spotlight  after Truth Social dropped out of the App Store's top 125. Meanwhile, Bridgetown 2 shareholders approved the previously announced business combination with PropertyGuru.

App Store Slide

Digital World Acquisition (DWAC), the special purpose acquisition company that is merging with Trump Media & Technology Group, was under pressure on Monday as Truth Social dropped out of Apple's (AAPL) App Store's top 125, according to Axios' Dan Primark. Truth Social, the social media platform owned by Trump Media launched in late February.

PropertyGuru Debuts on NYSE

Bridgetown 2 Holdings (BTNB) announced that Bridgetown 2 shareholders approved the previously announced business combination with PropertyGuru, which it calls "Southeast Asia's leading property technology company," at an extraordinary meeting of shareholders.

The transaction closed March 17 and PropertyGuru's ordinary shares began trading on the New York Stock Exchange on Friday, March 18, under the ticker symbol 'PGRU.'

Sorrento Subsidiary SPAC Deal

On March 17, Scilex Holding Company, a majority-owned subsidiary of Sorrento Therapeutics (SRNE), and Vickers Vantage Corp. I (VCKA), a special purpose acquisition company sponsored by Vickers Venture Fund VI Pte Ltd and Vickers Venture Fund VI Pte Ltd, announced that they have entered into a definitive business combination agreement.

The combined company is expected to have a pro forma equity value post-money of approximately $1.64 billion, subject to potential adjustment, and with up to $140 million in expected gross proceeds before expenses, assuming no redemptions from Vickers Vantage Corp. I's existing public shareholders, which would provide the current stockholders of Scilex an estimated ownership of approximately 88% of the outstanding shares of the combined company.

The merger is expected to close by the third quarter of 2022, and the combined company's common stock is expected to be listed on Nasdaq under the new ticker symbol 'SCLX.' Available proceeds from the transaction are expected to fund commercialization plans for SP-102, or "SEMDEXA," if approved, along with potential Phase 3 and Phase 2 clinical development programs. Scilex also intends to pursue additional indications for SP-102 in the future.

SPAC IPOs This Week

• Goldenstone Acquisition (GDST) opened on March 17 at $10.02. The company has agreed that it will not undertake an initial business combination with any entity headquartered in, or conducts the majority of its business in China, including Hong Kong and Macau.