From SPAC Dreams to Riviera Mirage: How Imploded had promised to do for lottery ticket sales what Uber did for getting a ride or DoorDash for getting a meal. No longer would you have to go into a convenience store to get your weekly fix of Powerball or Mega Millions; you could buy a ticket from anywhere on an app.

Instead, came to represent all the hubris and excesses of the special purpose acquisition company era: phantom revenues, multiple CEOs hired and fired, accusations of forged documents, an alleged check-kiting scheme, trails of stiffed investors and vendors—including a church— and finally, a promised rescue by a would-be Premier League team owner that turned into something else.

New executives are working to fend off lawsuits, raise money, and get operations going again. Prominent hedge fund Balyasny Asset Management bought a stake in last month. But its past looms large, with Securities and Exchange Commission and Department of Justice investigations underway. At least three company insiders say they’ve been interviewed by the US Attorney’s office for the Southern District of New York.

Source: From SPAC Dreams to Riviera Mirage: How Imploded