Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
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 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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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
FaZe Holdings Inc.
This week, we speak with Raj Suri, Founder and CEO of Presto. Presto entered into a $634 million combination agreement with Ventoux CCM Acquisition Corp. (NASDAQ:VTAQ) in November 2021.
If you’ve ordered a fast-food meal using a smart touch screen or talking to a voice AI recently, there’s a good chance Presto made that order happen. The
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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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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
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, 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 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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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, H.R.
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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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Aurora (NASDAQ:AURC) announced its fourth tweak to its combination with homebuying marketplace Better, which includes an extension of the deal’s outside date to March 8, 2023.
Better must also cover up to $15 million in expenses for Aurora, half of which must be delivered within five days of this agreement, and the remainder in two $3.75 million tranches on January 2 and March 8.
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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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Cohn Robbins (NASDAQ:CRHC) announced that it has secured a $260 million backstop for its combination with Swiss lottery operator Allwyn.
European investment group PPF has agreed to buy up to 26,000,000 shares at $10 per share as needed, adding to 4,000,000 it already owns.
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African Gold (NYSE:AGAC) disclosed in an 8-K over the weekend that its management recently detected improper withdrawals from the company’s bank accounts and CFO Cooper Morgenthau has been terminated as a result.
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