Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: ELMS signs battery supply deal with CATL, Redbox enters into multiyear distribution deal with Lionsgate, and NextNav collaborates with Qualcomm
Commercial EV Startup ELMS Signs Battery Supply Deal with CATL
U.S. commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) (ELMS.O) on Thursday said it has signed a battery supply deal with China’s Contemporary Amperex Technology Co Ltd (CATL).
Financial terms of the deal, which runs through 2025, were not disclosed. CATL’s batteries power the Class 1 small delivery vehicle that ELMS began building last month at its plant in Mishawaka, Indiana.
ELMS entered into a definitive agreement to combine with Forum Merger III on December 11.
Redbox Enters Into Multiyear Distribution Deal for Lionsgate to Distribute Redbox Entertainment Originals and License AVOD Content
Global content leader Lionsgate (NYSE: LGF.A, LGF.B) and entertainment company Redbox today announced a multiyear distribution deal under which Lionsgate will handle distribution of Redbox Entertainment titles across home entertainment windows in addition to subscription video on demand (SVOD) licensing for select titles under the Redbox Entertainment brand.
Redbox recently announced a definitive agreement to combine with Seaport Global Acquisition Corp. (NASDAQ:SGAM).
READNextNav and Qualcomm Collaborate to Deliver Precise Vertical Location for E911 Emergency Services
NextNav, a leader in next generation GPS, today announced that it is collaborating with wireless technology innovator Qualcomm Technologies, Inc. to enable NextNav’s Pinnacle 911 z-axis software and network-based services for use with the Qualcomm Innovation Suite. This effort makes it easy for device and original equipment manufacturer (OEM) vendors to integrate z-axis capabilities into existing carrier infrastructure for 911 purposes.
In June 2021, NextNav entered into a definitive merger agreement with Spartacus Acquisition Corporation (NASDAQ: TMTS).
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AI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while...
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...