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.
READBakkt 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.
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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...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...