Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Aurora plans to merge with Reinvent Technology Partners Y, SPAC target Astra makes acquisition, and Israeli Prime Minister-designate to rake in $5 million from SPAC merger
Aurora Innovation Reportedly Next In Line For SPAC
Autonomous vehicle startup Aurora is close to finalizing a deal to combine with Reinvent Technology Partners Y, the newest SPAC launched by LinkedIn co-founder and investor Reid Hoffman, Zynga founder Mark Pincus and managing partner Michael Thompson.
According to TechCrunch, the valuation of Aurora, which includes PACCAR Inc. (NASDAQ: PCAR) and Volvo Group (OTC: VLVLY) as partners in its relatively recent expansion into commercial vehicle autonomy, could be valued at $12 billion to $20 billion.
READAstra Acquires Apollo Fusion to Reach New Orbits
Space company Astra announced today its planned acquisition of electric propulsion engine manufacturer Apollo Fusion in a transaction valued up to $145 million. This acquisition allows Astra to provide launch and space services beyond low Earth orbit, to medium Earth orbit, geosynchronous, and lunar orbits.
Under the agreement, Astra will acquire Apollo Fusion for a purchase price of $50 million: $30 million in stock and $20 million in cash. Additionally, there is potential for earn-outs of up to $95 million: $10 million in employee incentive stock, $10 million in cash for reaching technical milestones, and $75 million ($60 million in stock, $15 million in cash) for reaching revenue milestones. PJT Partners is acting as financial advisor to Astra in connection with this series of transactions, according to Businesswire.
READThe SPAC Phenomena as an Introduction Channel of Israel FinTechs To The World
In Israel, the fintech industry is taking advantage of the SPAC phenomenon as several companies finalize their plans to get acquired. According to Hadas Mishli from KPMG Israel, one of the main challenges in executing a SPAC deal is the structure of the transaction.
Although it is common that in certain jurisdictions the SPAC is the entity purchasing the target company, the simplest structure from an Israeli tax standpoint would be for the Israeli company to remain the parent company while the SPAC becomes its subsidiary, which can be achieved by a reverse triangular merger, according to The Fintech Times.
From an Israeli perspective, as the Israeli entity’s shareholders maintain their holdings of the target company, this restructuring process should not lead to immediate Israeli tax implications.
READIsraeli Prime Minister-Designate Naftali Bennett to Profit From Payoneer SPAC Merger
Israeli Prime Minister-designate Naftali Bennett is set to profit from a third tech exit with the SPAC merger of Israeli fintech company Payoneer. According to Forbes Israel, Bennett invested several hundred thousand shekels in Payoneer soon after it was founded, and is personally acquainted with the founder Yuval Tal and its COO and CEO Israel Keren Levy. Forbes estimates that Bennett’s stake in Payoneer is worth over $5 million.
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AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...