Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lucid’s sedan confirmed as longest-range EV, air-taxi startup Lilium generates 29-fold return on Atomico bet, and Spire Global acquires exactEarth
Lucid’s Debut Sedan Awarded 520-Mile EPA Rating, Eclipsing Tesla
Electric vehicle maker Lucid Group (NASDAQ:LCID) says a version of its debut sedan has been confirmed as the longest-range EV ever rated by the U.S. Environmental Protection Agency.
Lucid said the EPA awarded a version of its battery-electric Air Dream Edition with an official rating of 520 miles of range. This eclipses Tesla Inc.’s (NASDAQ:TSLA) highest range model — the S, which has an EPA-estimated range of 405 miles. Lucid plans to build fewer than 500 cars with these specifications, however, and they’ll cost $169,000.READ
Air-Taxi Startup Lilium Generates 29-Fold Return on Atomico Bet
Lilium’s sale to a blank-check company this week generated a 29-fold return on early investor Atomico’s initial investment, an extraordinary outcome for its bet on the German air-taxi startup that hasn’t had a commercial launch yet.
Atomico invested an initial 10 million euros ($11.8 million), helping Lilium fund the development of its jet and add staff. It was the only venture capital firm to participate in the company’s Series A fundraising in 2016. Atomico then invested in subsequent rounds and now holds more than 13% of the business.
Former General Motors Co. executive Barry Engle’s SPAC, Qell Acquisition Corp. (NASDAQ:QELL), agreed to buy Lilium in a deal that valued the combined company at about $3.3 billion.READ
Spire Global to Acquire exactEarth
Spire Global, Inc. (NYSE: SPIR), a leading provider of space-based data, analytics and space services, and exactEarth Ltd. (TSX: XCT) announced on Tuesday that the companies have entered into a definitive arrangement agreement under which Spire will acquire exactEarth for approximately US$161.2 million in cash and stock, which implies ~9.1x exactEarth’s Enterprise Value to LTM revenue.
Once completed, exactEarth will become a fully owned subsidiary of Spire and continue to operate from Cambridge, Ontario, Canada under the leadership of exactEarth’s CEO Peter Mabson, reporting directly to Spire CEO Peter Platzer.
Spire Global completed its combination with NavSight on August 13. SPIR is currently up 26.28% at $12.30 on the day thus far following the news.READ