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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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
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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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.
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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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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Lakeshore Acquisition I Corp. (NASDAQ:LAAA) has signed definitive agreements for $30 million in convertible notes for its combination with medical device company ProSomnus.
The recent commitment of debt financing comes from institutional investors led by funds affiliated with or managed by Cohanzick Management, LLC and CrossingBridge Advisors, LLC, but the closing of the notes are conditioned upon the closing of the business combination prior to December 10, 2022.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
General Electric Co.
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Isleworth (NASDAQ:ISLE) announced this afternoon that it will not complete a business combination by its initial deadline of September 1, and will instead redeem all shares.
The SPAC will cease all operations on August 29, and shareholders are expected to receive shortly thereafter $10.01 per share.
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Riverview Acquisition Corp. (NASDAQ:RVAC) announced this afternoon that its shareholders approved its combination with coffee and tea supplier Westrock Coffee at a special meeting earlier today.
At the special meeting, a total of 24,469,389 shares, or 78.3% of RVAC’s issued and outstanding shares of common stock were present.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that the Janssen Biotech, Inc.
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LMF (NASDAQ:LMAO) announced this afternoon that it has entered into a common stock purchase agreement, a registration rights agreement, and has secured a PIPE in connection to its combination with clinical biotech firm SeaStar Medical.
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Blue Owl (NYSE:OWL), which completed its combination with Altimar Acquisition Corp. in May 2021, announced the results of the redemption of its outstanding redeemable warrants.
Pursuant to the amended Warrant Agreement, Blue Owl redeemed its warrants for a redemption price of $0.10 per Public Warrant at 5:00 p.m.
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