Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Lordstown Motors shares soar following production announcement, and Hong Kong’s SPAC reform discussed at the China Conference
Lordstown Motors Jumps on Outlook for Production Through May
Lordstown Motors Corp. jumped after saying it has enough money to make its battery-powered trucks through May of next year, paring a record decline the previous day following the departure of two top executives, according to Bloomberg.
The automaker is actively raising additional funds and has reconfirmed orders for its debut vehicle, President Rich Schmidt said Tuesday at an Automotive Press Association event in Detroit.
The shares closed up 11% to $10.31 in New York, clawing back part of a 19% plunge on Monday.
READHong Kong Stock Exchange Would Need Reforms To Allow SPACs And Smaller Companies To Raise Funds
Leading market experts called on the Hong Kong exchange to allow SPACs to raise funds and adopt a disclosure-based model to attract international firms and tweak rules to help smaller companies launch IPOs.
“I don’t think Hong Kong is too late to allow SPACs to raise funds,” Li told the annual China Conference organized by the South China Morning Post on Wednesday.
READAt the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...