The Latest SPAC News and Rumors: July 28, 2021
by Marlena Haddad on 2021-07-28 at 11:29am

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

Latest SPAC News: Lordstown to sell $400 million in stock, the London Stock Exchange has its first SPAC listing, and Sebi explores framework for SPACs in India


Lordstown Is Selling Some Stock

Electric-vehicle startup Lordstown Motors Corp. reached a deal to sell as much as $400 million in stock over the next three years to an investment fund managed by Yorkville Advisors Global.

The terms allow the Ohio-based truckmaker to direct the fund to buy a tranche of Class A shares equal to as much as 30% of a day’s trading value of the stock or a block of $30 million, the EV maker said in a regulatory filing Monday.

READ

U.K.’s SPAC Market Rouses From Its Slumber 

Almost eight months into 2021, the London Stock Exchange finally has its first listing of a SPAC for the year. The deal is likely to be a harbinger of more, bigger offerings to come, according to Bloomberg.

The tiny blank-check firm, Spinnaker Acquisitions Plc, surged as much as 25% Wednesday after raising 2 million pounds ($2.77 million).

READ

Sebi Exploring Framework for SPACs in India, Says Chairman Tyagi

The Primary Market Advisory Committee of Sebi is exploring whether the regulator should introduce a framework for SPACs in India, chairman Ajay Tyagi said today at a FICCI event.

“We have few other proposals in pipeline that are in the early discussion stage – IPO reforms on the book building & fixed price framework and provisions relating to price band and further reforms on preferential issue – being some of them,” Tyagi said.

READ

A SPAC Earnings Disaster Has Advent Facing $800 Million Loss

ATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. ATI’s shares closed Tuesday at $3.82, down 54% over the span of two days and ranking it among the worst-performing companies to have gone public via a SPAC.

Earlier this month, the company pulled a $570 million loan transaction to refinance its capital structure. The offering, led by Barclays Plc, was the first to be withdrawn from syndication since late May.

Boston-based Advent, with $75 billion in assets under management, owns about 62.9% of ATI, according to filings, and is now facing a paper loss of about $800 million.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-29 at 7:38am

At the SPAC of Dawn On a day when the US markets are closed, there’s always a chance of SPAC actions sliding by as the SEC has left its EDGAR filing system open. Right on cue, Welsbach Technology (NASDAQ:WTMA) filed that it had come to a definitive agreement with battery production technology firm Evolution Metals....

by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved