The Latest SPAC News and Rumors: September 8, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Pono Capital Corp. (PONO) to Combine with AERWINS Technologies in $750M Deal
Pono Capital (NASDAQ:PONO) has entered into a definitive agreement to combine with air mobility company AERWINS at a pro forma equity value of approximately $750 million. Tokyo, Japan-based AERWINS develops technology that enables air mobility such as a luxury hoverbike and drone-based solution services. The parties expect to close the deal in either the fourth quarter of 2022 or theRead More
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Cohn Robbins Holdings (CRHC) Shareholders Approve Allwyn Deal
Cohn Robbins (NYSE:CRHC) announced this afternoon that its shareholders have approved its combination with Swiss lottery operator Allwyn at a special meeting held earlier today.
Approximately 66.7% of the total outstanding shares of CRHC participated in the vote and the business combination received support from over 99.2% of the shares voted at today’s meeting.
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The Latest SPAC News and Rumors: September 7, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC sues investment firm for not disclosing conflicts of interest, and Rumble sets new monthly active user record
SEC Sues SPAC Adviser for Not Disclosing Conflicts of Interest
The US Securities and Exchange Commission sued an investment firm on Tuesday for failing to properly disclose conflicts of interest tied to SPACs– the latest example of Wall Street’s main regulator clamping down on the once white-hot market.
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CleanTech Acquisition Corp. (CLAQ) Shareholders Approve Nauticus Robotics Deal
CleanTech (NASDAQ:CLAQ) disclosed this afternoon that its shareholders approved its combination with subsea robot company Nauticus at a special meeting held earlier today.
But, the 8-K filing also disclosed that stockholders holding 361,986 shares of common stock exercised their right to redeem for a portion of the funds in CLAQ’s trust account.
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The Latest SPAC News and Rumors: September 6, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump-tied SPAC drops after deal delay, Brazil’s Semantix ready to put money to work, and Australian Foreign Investment Board approves Metal’s acquisition
Trump-Tied SPAC Drops on Report It Can’t Get Deadline Push
Investors dumped shares of Digital World Acquisition Corp.
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Lux Health Tech Acquisition Corp. (LUXA) Signs LOI
Lux Health Tech Acquisition Corp. (NASDAQ:LUXA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with a leading life sciences company.
The SPAC kept the details pertaining to the unnamed target to a minimum, but disclosed that the company has an experienced executive and scientific leadership team that has built an extensive technology platform with multiple programs in development.
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Mudrick Capital Acquisition Corp. II (MUDS) to Liquidate Trust
Mudrick II (NASDAQ:MUDS) announced this afternoon that it intends to dissolve and liquidate its trust after being unable to complete a business combination.
The SPAC had a transaction deadline of September 10, but will now redeem all of its outstanding shares of Class A common stock issued as part of the units sold in its IPO, effective as of the close of business on September 12, 2022.
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The Latest SPAC News and Rumors: September 2, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Polestar slides to new low as EV maker’s operating loss widens and SOC Telemed acquires behavioral health company Forefront
Polestar Slides to New Low as EV Maker’s Operating Loss Widens
Polestar (NASDAQ:PSNY) Automotive Holding’s operating loss widened in the first half as the electric-vehicle maker struggles with rising costs for auto parts and expanding abroad.
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New SPAC: Translational Development Acquisition Corp. Files for $150M IPO
Following a quiet few weeks with no new S-1 registration statements, Translational Development Acquisition Corp. (NASDAQ:TDAC) filed its S-1 last Friday for a $150 million IPO, marking the second and final SPAC to file for an IPO in August. While Translational Development may acquire a business in any industry, its primary focus will be a target inRead More
The Latest SPAC News and Rumors: September 1, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Polestar doubles revenue, SeatGeek raises $238M after cancelling SPAC deal, and crypto miner PrimeBlock’s CEO leaves firm
Polestar revenue doubles as it rides electric car boom
Electric vehicle maker Polestar (NASDAQ: PSNY) said on Thursday that its revenue nearly doubled in the first half of 2022 on soaring demand and that it may have to raise its prices further if material costs continue to rise.
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Ackrell SPAC Partners I (ACKIT) Terminates Blackstone Products Deal, Liquidates Trust
Ackrell I (NASDAQ:ACKIT) announced this afternoon that its business combination with outdoor cooking company Blackstone Products has been terminated and will instead liquidate its trust.
While most SPACs have terminated their deals due to unfavorable market conditions, Ackrell claims its target company refused to fund a promissory note to extend the transaction deadline.
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The Latest SPAC News and Rumors: August 31, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: FaZe Clan announces partnership with McDonald’s USA, Transfix integrates with e2open, and Nikola announces leadership changes
FaZe Clan Announces Partnership Renewal With McDonald’s USA
FaZe Holdings Inc.
Warrior Technologies Acquisition Company (WARR) to Liquidate Trust
Warrior Technologies (NYSE:WARR) announced this afternoon that it will not complete a business combination and will instead redeem all shares.
The SPAC, which announced the pricing of its upsized $240 million IPO in February 2021, will now dissolve and liquidate its trust, effective as of the close of business on September 2.
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The Latest SPAC News and Rumors: August 30, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Amazon seller Packable to shut down in bankruptcy, and Otonomo to lay off dozens after losing 90% of value
Amazon Seller Packable to Shut Down in Bankruptcy After SPAC Deal Sinks
Packable Holdings LLC, a Carlyle Group-backed e-commerce platform valued at more than $1 billion less than two years ago, is shutting down in bankruptcy after it failed to go public through a merger with Highland Transcend Partners I Corp.
GigInternational1 (GIW) Announces Term Sheet with Convalt Energy
GigInternational1, Inc.(NASDAQ:GIW) announced this morning that it has entered into a non-binding term sheet to combine with renewable, manufacturing and power generating company Convalt Energy.
Convalt, a portfolio company of ACO Investment Group, focuses on power generation, transmission, and solar manufacturing development within the United States.
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North Mountain (NMMC) Terminates Corcentric Deal
North Mountain Merger Corp. (NASDAQ:NMMC) announced this afternoon that it has mutually terminated its combination with commerce solutions provider Corcentric, effective immediately.
Similar to most SPACs, North Mountain’s proposed merger was impacted by unfavorable market conditions resulting in the termination of the deal. The
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The Latest SPAC News and Rumors: August 29, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: New 1% excise tax on stock buybacks may have consequences for SPACs, investors and sponsors find ways to improve deal integrity, and DWAC falls as shareholders weigh delaying merger
New 1% Excise Tax on Stock Buybacks May Have Far-Reaching Consequences for Capital Markets, SPAC and M&A Transactions
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, H.R.
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Tailwind Acquisition Corp. (TWND) Adds $5M Note to NUBURU Deal
Tailwind (NYSE:TWND) announced this morning that it has secured over $5 million of convertible promissory notes in connection to its combination with manufacturing equipment-maker NUBURU.
The notes will convert into shares of NUBURU common stock immediately prior to the closing of the business combination, which will convert into common stock of the combined company.
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Westrock Coffee (WEST) Signs $350M Credit Agreement
Westrock Coffee (NASDAQ:WEST) announced this morning that it has entered into a new credit agreement after closing its business combination with Riverview Acquisition Corp. today.
The coffee and tea supplier will now have access to $350 million in debt capital that includes a $175 million senior secured first lien term loan facility and a $175 million senior secured first lien revolving credit facility.
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