Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Timberlake, Lizzo back Hydrow ahead of SPAC deal, Malaysia reviews framework for SPACs, and Embark Trucks collaborates with Cummins
Timberlake, Lizzo Back Rowing Startup Hydrow Ahead of SPAC Deal
Recording artists Justin Timberlake and Lizzo invested in Hydrow, a maker of at-home rowing machines that’s discussing going public through a merger with Sandbridge X2 Corp. (NYSE:SBII).
NFL star Travis Kelce of the Kansas City Chiefs and comedian Whitney Cummings, who like Timberlake and Lizzo, own Hydrow machines, are also among the company’s previously undisclosed investors. The foursome and retailer Fabletics join actor Kevin Hart, who was named creative director of Cambridge, Massachusetts-based Hydrow last October.
READMalaysia to Review SPACs Rules to Profit From Blockbuster Deals
Malaysia is reviewing its framework for SPACs, amid a surge in demand for such fundraising vehicles globally, according to the nation’s markets regulator.
The review is part of the Securities Commission’s five-year plan, which aims to make Malaysian markets more relevant and efficient. The move comes weeks after Singapore and Hong Kong introduced rules for blank-check companies to list in Asia’s main financial hubs.
READEmbark Testing Cummins Inc.’s Automatic Powertrain Control in Self-Driving Trucks
Embark Trucks Inc., a leading developer of autonomous technology for the trucking industry, today announced a collaboration with Cummins to accelerate the integration of next-generation truck components and controls in self-driving trucks.
Under this collaboration, Embark is testing Cummins’ automated driving system (ADS) powertrain interface to manage powertrain operations.
In June 2021, Embark entered into a definitive business combination agreement with Northern Genesis Acquisition Corp. II (NYSE: NGAB).
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At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
At 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...