Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Missouri Cobalt hires Goldman to go public through SPAC, WeWork’s occupancy increased in May, Zoomcar eyes listing via SPAC, and Amazon in talks to buy 20% of Plus
U.S. Nickel-Cobalt Miner Missouri Cobalt Hires Bank To Go Public Through SPAC
U.S.-based nickel-cobalt miner Missouri Cobalt, LLC has hired Goldman Sachs to assess options, including a public listing through a blank-check company in a deal that could value the miner at up to $5 billion, two sources told Reuters.
A deal would underline growing interest by Wall Street in strategic minerals as President Joe Biden seeks to cut U.S. reliance on industry leader China for electric vehicle materials.
READWeWork Offers Business Update Showing Occupancy Improved in May
Office-sharing company WeWork, which had a spectacular failed IPO attempt in 2019 and is now planning to hit public markets via a merger with a SPAC, offered a business update on Monday and said total occupancy stood at 53% as of May, up three percentage points from March.
READSequoia-backed Zoomcar Eyes U.S. Listing Via SPAC
Zoomcar Inc. is considering a listing in the U.S. within the next 12 months to tap markets beyond its home base of India and as coronavirus-related health concerns bolster demand for car rental.
“There’s a lot of momentum in the public markets for this type of story,” Zoomcar co-founder and CEO Greg Moran said in an interview on Friday, adding that a listing via a SPAC was also a possibility.
READAmazon Is in Talks To Buy Stake in AI Truck-Driving Startup Plus
Amazon.com Inc. has placed an order for 1,000 autonomous driving systems from self-driving truck technology startup Plus and is in talks to buy a stake of as much as 20%, a person familiar with the matter told Bloomberg.
The deal would give Amazon the right to buy preferred shares of Plus via a warrant at a price of $0.46647 per share, the person said. That would amount to a 20% stake based on Plus’s shares outstanding before its planned merger with SPAC Hennessy Capital Investment Corp. V.
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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...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...