Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Equinox obtains new financing in prelude to potential SPAC merger, ELMS cuts 2021 production plans, and EO Charging announces expansion into U.S. market
Gym Chain Equinox Nets Financing to Ease Potential SPAC Deal
Equinox Group LLC has obtained $255 million in new financing commitments from some of its lenders and owners, as the cash-strapped gym chain seeks to bolster its liquidity, according to the WSJ.
Lenders extending new financing include Bank of America Corp., Citigroup Inc., and Goldman Sachs Group Inc., and executives at property developer Related Cos. who own a stake in Equinox are also providing funds.
Equinox, whose gyms are frequented by Wall Street staffers among others, is in talks to go public through a merger with Ares Acquisition Corp. (NYSE:AAC).
READCommercial EV Startup ELMS Cuts 2021 Production Plans, Citing Supply-Chain Constraints
U.S. commercial electric vehicle maker Electric Last Mile Solutions Inc. (NASDAQ:ELMS) on Wednesday cut its target for the number of electric delivery vans it will build this year, citing the supply-chain constraints.
The Troy, Michigan-based company said it now expects to build between 300 and 500 of its Class 1 small electric delivery van, instead of the 1,000 it said in August it was targeting. ELMS said it would deliver the rest of those orders in the first quarter of 2022.
Forum Merger Corp. III secured shareholder approval for its business combination with ELMS on June 24.
READEO Charging Announces Expansion into U.S. Market
EO Charging, a leading UK-based provider of technology-enabled turnkey solutions for electric vehicle (“EV”) fleets, today announced its expansion into the U.S. market and the initiation of the site selection process for its North American office, planned to open in early 2022. This new division will deliver EO’s complete fleet charging ecosystem for businesses and government fleet operators throughout the Americas, as well as additional offerings from EO’s charging products and services.
EO Charging previously announced an agreement for a business combination with First Reserve Sustainable Growth Corp. (NASDAQ: FRSG), which is expected to result in EO Charging becoming a public company listed on the Nasdaq.
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Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...