Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Co-founders of Electric Last Mile Solutions resign, and Bakkt provides preliminary financial results for 4Q21
Co-Founders of Embattled EV SPAC Exit After Bumpy Last Mile
The co-founders of Electric Last Mile Solutions Inc. have resigned following an internal investigation that discovered the top executives purchased equity in the company at substantial discounts to market value shortly before the commercial electric vehicle startup went public via a merger with Forum Merger III Corp. (NASDAQ:FIII).
President and CEO James Taylor and Chairman Jason Luo both resigned effective immediately following the internal investigation conducted by a special committee, according to a regulatory filing posted late Tuesday.READ
Bakkt Provides Details on Certain Preliminary Financial Results for Fourth Quarter 2021
Bakkt Holdings, Inc. (NYSE: BKKT) announced today details on certain preliminary financial results for fourth quarter 2021, which reflect, among other things, certain impacts of its business combination with VPC Impact Acquisition Holdings (VIH) that closed on October 15, 2021.
Intercontinental Exchange, Inc. (NYSE: ICE) announced today that its fourth quarter results will include an estimated $92 million loss on its equity method investment associated with its initial 68% non-controlling investment in Bakkt for the post-business combination period from October 15 – December 31, 2021. In order to provide additional context, Bakkt expects a pre-tax loss of approximately $150 – $155 million for the post-business combination period.READ