The Latest SPAC News and Rumors: June 16, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Crypto-SPAC deals stuck in SEC limbo, Binance’s CEO says $200M Forbes deal is ‘changing’ and Vision Deal gets nod as Hong Kong’s second SPAC

Crypto-SPAC Deals Stuck in SEC Limbo as Token Demand Plunges

Crypto companies that have been trying to go public since last year’s boom remain stuck in a lengthy back-and-forth with US regulators, adding to the pile of challenges facing the industry.

Digital Health Acquisition Corporation (DHAC) to Combine with VSee Labs and iDoc Telehealth in $110M Deal

Digital Health (NASDAQ:DHAC) has entered into a definitive agreement to combine with telehealth software firm VSee and digital healthcare provider iDoc to create an entity valued at approximately $110 million.

California-based VSee provides a no code and low code SaaS platform to help physicians set up telehealth applications and Houston-based iDoc has a set of neurological telehealth tools to treat patients suffering from strokes or other brain injuries.

Sports Venture Acquisition Corp. (AKIC) Terminates DNEG Deal

Sports Venture (NASDAQ:AKIC) announced this morning that it has mutually terminated its combination agreement with technology-enabled visual effects and animation company DNEG.

Similar to a handful of other terminations we’ve seen, the parties decided to terminate the deal due to the headwinds in the SPAC market and general market volatility.

Waldencast Acquisition Corp. (WALD) Adds $8M PIPE to OBAGI and Milk Deal

Waldencast Acquisition Corp. (NASDAQ:WALD) announced this afternoon that it has increased its PIPE by $8 million and entered into a conditional consent in regards to its combination with beauty brands OBAGI and Milk Makeup.

East Stone Acquisition Corp. (ESCC) Adds $200M PIPE to ICONIQ Deal

East Stone Acquisition Corp. (NASDAQ:ESCC) has tacked on another $200 million to its PIPE for its combination with EV-maker ICONIQ, bringing the total PIPE to $400 million. 

As background, East Stone brought an estimated $33.5 million into the deal from its current trust and supplemented this with a $200 million PIPE at $10.26 per share from an investor.

The Latest SPAC News and Rumors: June 15, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: QuantumScape announces departure of Chief Manufacturing Officer, Rezolve acquires ANY Lifestyle Marketing, and ProKidney announces manufacturing efficiency initiatives 

QuantumScape’s Manufacturing Drama Tests Silicon Valley Moonshot

On Friday afternoon, QuantumScape announced the departure of Chief Manufacturing Officer Celina Mikolajczak after a year in the job.

Roth CH Acquisition IV Co. (ROCG) Announces LOI

Roth CH IV (NASDAQ:ROCG) announced in an 8-K filing this morning that it has signed a letter-of-intent (LOI) with a target company, but revealed no additional information about it.

The move is somewhat unusual in that Roth CH IV has plenty of time before its February 8, 2023 transaction deadline so it does not need to tease investors ahead of an extension.

LightJump Acquisition Corp. (LJAQ) to Combine with Moolec Science in $504M Deal

LightJump (NASDAQ:LJAQ) has entered into a definitive agreement to combine with science-based ingredients company Moolec Science at a proforma equity value of $504 million.

Warwickshire, United Kingdom-based Moolec develops animal proteins in plants using molecular farming, a scalable, affordable and sustainable technology that uses plants as small factories.

Future Health ESG Corp. (FHLT) to Combine with Excelera in $459M Deal

Future Health (NASDAQ:FHLT) has entered into a definitive agreement to combine with medical technology company Excelera Health at an enterprise value of $459 million, or 1.3x its annualized Q1 2022 revenues.

Virgin Group II (VGII) Shareholders Approve Grove Collaborative Deal

Virgin Group II (NYSE:VGII) announced that its shareholders have voted to approve its combination with sustainable home products-maker Grove in a special meeting held earlier today.

Today’s press release was short on details and did not disclose redemption numbers, but VGII traded below its trust value throughout its redemption deadline June 10, and closed today at $5.96.

The Latest SPAC News and Rumors: June 14, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Financial firms push back on SEC, Polestar to debut electric roadster concept, and DNEG announces business update 

U.S.

26 Capital Acquisition Corp. (ADER) Postpones Shareholder Vote

26 Capital Acquisition Corp. (NASDAQ:ADER) announced this morning that it has postponed its special meeting to approve its combination with gambling resort Okada Manila following a criminal and legal issue involving a former director of the company.

Mountain Crest III (MCAE) Re-Strikes ETAO Deal

Mountain Crest III (NASDAQ:MCAE) announced this afternoon that it has amended its merger agreement in connection to its proposed business combination with healthcare group ETAO.

As part of the amended merger agreement, Mountain Crest III has reduced ETAO’s valuation from $2.5 billion to just $1 billion due to unfavorable market conditions, ETAO’s financial statements, and its failure to close a private placement of its securities in the amount of $51 million that was scheduled to close on or before February 15, 2022.

G Squared Ascend I Inc. (GSQD) Amends Transfix Deal

G Squared Ascend I Inc. (NYSE:GSQD) announced this afternoon that it has amended its business combination agreement and FPA in connection to its proposed merger with digital freight platform Transfix.

Under the amended business combination agreement, the parties have extended the outside date to November 3, 2022, increased the minimum cash closing condition from $150 million to $200 million, and permitted Transfix to enter into preliminary discussions to issue equity securities to third parties as consideration in an acquisition.

The Latest SPAC News and Rumors: June 13, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Electric Last Mile plans to liquidate, Mondee partners with EBG, and federal regulators deepen probe into Trump’s social media deal

EV-Truck Startup Electric Last Mile Says It Plans to Liquidate

Electric Last Mile Solutions Inc.

Biotech Acquisition Company (BIOT) Terminates Blade Deal

Biotech Acquisition Company (NASDAQ:BIOT) announced this morning that it has mutually terminated its combination agreement with biopharmaceutical firm Blade Therapeutics.

Although the parties did not disclose the reason for the deal termination, it is likely due to unfavorable market conditions or difficulty satisfying closing conditions.